XML 29 R18.htm IDEA: XBRL DOCUMENT v3.25.3
STOCKHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2025
STOCKHOLDERS' EQUITY [Abstract]  
STOCKHOLDERS' EQUITY
NOTE 11 – STOCKHOLDERS’
 
EQUITY
Repurchase Programs
On
 
July
 
22,
 
2024,
 
the
 
Corporation
 
announced
 
that
 
its
 
Board
 
of
 
Directors
 
approved
 
a
 
repurchase
 
program
 
under
 
which
 
the
Corporation
 
may
 
repurchase
 
up
 
to
 
$
250
 
million
 
that
 
could
 
include
 
repurchases
 
of
 
common
 
stock
 
and/or
 
junior
 
subordinated
debentures. Under
 
this program,
 
the Corporation
 
repurchased
5,158,809
 
shares of common
 
stock through
 
open market
 
transactions at
an
 
average
 
price
 
of
 
$
19.38
 
for
 
a
 
total
 
cost
 
of
 
approximately
 
$
100.0
 
million
 
during
 
the
 
first
 
nine
 
months
 
of
 
2025.
 
In
 
addition,
 
the
Corporation
 
redeemed
 
$
61.7
 
million
 
of
 
outstanding
 
junior subordinated
 
debentures.
 
As of
 
September
 
30, 2025,
 
the Corporation
 
has
remaining
 
authorization
 
of approximately
 
$
38.3
 
million,
 
which it
 
expects to
 
execute during
 
the remainder
 
of 2025.
 
Furthermore, on
October 22,
 
2025, the
 
Corporation announced
 
that its Board
 
of Directors
 
approved a
 
new stock
 
repurchase program,
 
under which
 
the
Corporation may repurchase up to an additional $
200
 
million of its outstanding common stock, which it expects to execute
 
through the
end of the fourth quarter of 2026.
Repurchases
 
under
 
these programs
 
may
 
be
 
executed
 
through open
 
market
 
purchases,
 
accelerated
 
share
 
repurchases
 
and
 
privately
negotiated
 
transactions
 
or
 
plans,
 
including
 
plans
 
complying
 
with
 
Rule
 
10b5-1
 
under
 
the
 
Exchange
 
Act,
 
and
 
will
 
be
 
conducted
 
in
accordance with
 
applicable legal
 
and regulatory
 
requirements. The
 
Corporation’s
 
repurchase programs
 
are subject
 
to various
 
factors,
including
 
the Corporation’s
 
capital position,
 
liquidity,
 
financial performance
 
and alternative
 
uses of
 
capital, stock
 
trading price,
 
and
general
 
market conditions.
 
The repurchase
 
programs do
 
not obligate
 
it to
 
acquire any
 
specific number
 
of shares
 
and do
 
not have
 
an
expiration date. The
 
repurchase programs
 
may be modified, suspended,
 
or terminated at
 
any time at the
 
Corporation’s discretion.
 
Any
repurchased shares of common stock are
 
expected to be held as treasury shares.
 
The Corporation’s holding
 
company has no operations
and depends on dividends, distributions
 
and other payments from its
 
subsidiaries to fund dividend payments,
 
stock repurchases, and to
fund all payments on its obligations, including debt obligations.
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The
 
following
 
table
 
shows
 
the
 
changes
 
in
 
shares
 
of
 
common
 
stock
 
outstanding
 
for
 
the
 
quarters
 
and
 
nine-month
 
periods
 
ended
September 30, 2025 and 2024:
Total
 
Number of Shares
Quarter Ended
Nine-Month Period Ended
September 30,
September 30,
2025
2024
2025
2024
Common stock outstanding, beginning of period
161,507,795
163,865,453
163,868,877
169,302,812
Common stock repurchased
(1)
(2,386,504)
(898)
(5,353,068)
(5,984,078)
Common stock reissued under stock-based compensation plan
13,605
14,947
627,905
564,232
Restricted stock forfeited
-
(3,692)
(8,818)
(7,156)
Common stock outstanding, end of period
159,134,896
163,875,810
159,134,896
163,875,810
(1)
For the
 
quarter and
 
nine-month period
 
ended September
 
30, 2025
 
includes
5,993
 
and
194,259
 
shares, respectively,
 
of common stock
 
surrendered to
 
cover plan
 
participants’ payroll
 
and
income taxes.
 
For the quarter
 
and nine-month
 
period ended
 
September 30,
 
2024 includes
898
 
and
137,206
 
shares, respectively,
 
of common stock
 
surrendered to
 
cover plan
 
participants’
payroll and income taxes.
For
 
the
 
quarter
 
and
 
nine-month
 
period
 
ended
 
September
 
30,
 
2025,
 
total
 
cash
 
dividends
 
declared
 
on
 
shares
 
of
 
common
 
stock
amounted to
 
$
28.7
 
million ($
0.18
 
per share)
 
and $
87.4
 
million ($
0.54
 
per share),
 
respectively,
 
compared to
 
$
26.3
 
million ($
0.16
 
per
share) and $
79.7
 
million ($
0.48
 
per share), for
 
the same periods
 
of 2024, respectively.
 
On
October 22, 2025
, the Corporation’s
 
Board
of
 
Directors
 
declared
 
a
 
quarterly
 
cash
 
dividend
 
of
 
$
0.18
 
per
 
common
 
share.
 
The
 
dividend
 
is
 
payable
 
on
December 12, 2025
 
to
shareholders of record
 
at the close of business
 
on
November 28, 2025
. The Corporation intends
 
to continue to pay
 
quarterly dividends
on
 
common
 
stock.
 
However,
 
the
 
Corporation’s
 
common
 
stock
 
dividends,
 
including
 
the
 
declaration,
 
timing,
 
and
 
amount,
 
remain
subject to consideration and approval by the Corporation’s
 
Board of Directors at the relevant times.
Preferred Stock
The Corporation
 
has
50,000,000
 
authorized shares of
 
preferred stock with
 
a par value
 
of $
1.00
, subject to
 
certain terms. This
 
stock
may
 
be
 
issued
 
in
 
series
 
and
 
the
 
shares
 
of
 
each
 
series
 
have
 
such
 
rights
 
and
 
preferences
 
as
 
are
 
fixed
 
by
 
the
 
Corporation’s
 
Board
 
of
Directors
 
when
 
authorizing
 
the
 
issuance
 
of
 
that
 
particular
 
series
 
and
 
are
 
redeemable
 
at
 
the
 
Corporation’s
 
option.
No
 
shares
 
of
preferred stock were outstanding as of September 30, 2025 and December 31,
 
2024.
Treasury Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following
 
table
 
shows the
 
changes
 
in
 
shares of
 
treasury
 
stock
 
for
 
the quarters
 
and
 
nine-month
 
periods
 
ended September
 
30,
2025 and 2024:
Total
 
Number of Shares
Quarter Ended
Nine-Month Period Ended
September 30,
September 30,
2025
2024
2025
2024
Treasury stock, beginning of period
62,155,321
59,797,663
59,794,239
54,360,304
Common stock repurchased
2,386,504
898
5,353,068
5,984,078
Common stock reissued under stock-based compensation plan
(13,605)
(14,947)
(627,905)
(564,232)
Restricted stock forfeited
-
3,692
8,818
7,156
Treasury stock, end of period
64,528,220
59,787,306
64,528,220
59,787,306
FirstBank Statutory Reserve (Legal Surplus)
The
 
Puerto
 
Rico
 
Banking
 
Law
 
of
 
1933,
 
as
 
amended
 
(the
 
“Puerto
 
Rico
 
Banking
 
Law”),
 
requires
 
that
 
a
 
minimum
 
of
10
%
 
of
FirstBank’s
 
net income
 
for
 
the year
 
be transferred
 
to a
 
legal surplus
 
reserve
 
until such
 
surplus
 
equals the
 
total of
 
paid-in-capital
 
on
common and preferred
 
stock. Amounts transferred
 
to the legal surplus
 
reserve from retained
 
earnings are not available
 
for distribution
to the Corporation without the
 
prior consent of the Puerto
 
Rico Commissioner of Financial Institutions.
The Puerto Rico Banking Law
provides that, when the expenditures of a Puerto Rico commercial bank are greater than receipts, the excess of the expenditures over
receipts must be charged against the undistributed profits of the bank, and the balance, if any, must be charged against the legal
surplus reserve, as a reduction thereof. If the legal surplus reserve is not sufficient to cover such balance in whole or in part, the
outstanding amount must be charged against the capital account and the Bank cannot pay dividends until it can replenish the legal
surplus reserve to an amount of at least 20% of the original capital contributed.
 
FirstBank’s
 
legal surplus
 
reserve, included
 
as part
 
of
retained
 
earnings
 
in
 
the
 
Corporation’s
 
consolidated
 
statements
 
of
 
financial
 
condition,
 
amounted
 
to
 
$
230.2
 
million
 
as
 
of
 
each
 
of
September 30, 2025 and December 31, 2024. There were
no
 
transfers to the legal surplus reserve during the first nine months of 2025.