First BanCorp., the bank holding company for FirstBank Puerto Rico, announced its Board of Directors has declared a quarterly cash dividend of $0.03 per share on its outstanding common stock.
The dividend will be payable on Dec. 14, 2018 to shareholders on record at the close of business on Nov. 30, 2018.
“We’re pleased to reinstate a quarterly cash dividend, which is a reflection of our confidence in the corporation’s financial and capital strength,” said First BanCorp. President Aurelio Alemán.
“We believe that the considerable achievements we’ve made over the past several years have allowed us to create value for our shareholders, significantly improving the Corporation’s capital and risk profile while returning the corporation to a sustainable and profitable business model, even in a challenging economic environment,” Alemán said.
The corporation’s ability to continue to declare and pay dividends on the common stock is dependent on certain federal regulatory considerations, including the guidelines and regulations of the Federal Reserve Board regarding capital adequacy and distributions and on the corporation’s agreement with the Federal Reserve Bank of New York as to the payment of dividends to stockholders, the financial institution confirmed.