First BanCorp. announced that its Board of Directors has declared a quarterly cash dividend of $0.16 per share, which represents an increase of 14% or $0.02 per common share compared to its most recent dividend paid in December 2023. The dividend is payable on March 8, 2024 to shareholders of record at the close of business on February 23, 2024.

The increased quarterly dividend level equates to an annualized dividend rate of $0.64 per common share.