First BanCorp. Announces Payment of Dividends on Preferred Stock

First BanCorp. (the “Corporation”) (NYSE:FBP), the bank holding company for FirstBank Puerto Rico, announced today that its Board of Directors has declared the following monthly cash dividends on its outstanding shares of Series A through E Noncumulative Perpetual Monthly Income Preferred Stock (the “Preferred Stock”):

Series

Monthly

Dividend Per

Share

     

Outstanding

Shares

     

Record Date

     

Payment Date

(b) (c) A $0.14843750 197,386 November 28, 2018 November 30, 2018 B $0.17395800 296,146 November 15, 2018 November 30, 2018 C $0.15416670 249,852 November 15, 2018 November 30, 2018 D $0.15104167 285,522 November 15, 2018 November 30, 2018 E $0.14583330 415,240 November 15, 2018 November 30, 2018  

The Corporation’s ability to continue to declare and pay dividends on the Preferred Stock is dependent on certain Federal regulatory considerations, including the guidelines of the Federal Reserve Board regarding capital adequacy and dividends and on the Corporation’s agreement with the Federal Reserve Bank of New York (the “Federal Reserve”) to obtain regulatory approval to pay dividends to stockholders.