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FIRST BANCORP /PR/·4

Mar 18, 5:00 PM ET

RIVERA NAYDA 4

4 · FIRST BANCORP /PR/ · Filed Mar 18, 2026

Research Summary

AI-generated summary of this filing

Updated

First Bancorp (FBP) EVP Nayda Rivera Receives 23,069 Shares

What Happened

  • Nayda Rivera, EVP, Chief Compliance Officer & Chief of Staff at First Bancorp (FBP), had 23,069 performance-based units convert to common shares on March 16, 2026. Per the filing, 13,797 of those shares were withheld to cover tax obligations (9,770 shares and 4,027 shares at $20.57 each, totaling $200,969 + $82,835 = $283,804). The remaining 9,272 shares were delivered to Ms. Rivera. The total pre-withholding value of the 23,069 shares was roughly $474,529 (using $20.57 per share); net value retained was roughly $190,725.

Key Details

  • Transaction date: March 16, 2026; Form 4 filed March 18, 2026 (timely).
  • Actions reported: M = exercise/conversion of derivative (22,069 PSUs converted to 23,069 shares per filing), F = shares withheld/disposed to cover taxes.
  • Shares converted/received: 23,069 vested/converted; 13,797 shares withheld for taxes; 9,272 shares delivered to insider.
  • Tax withholding amounts reported: $200,969 (9,770 shares) and $82,835 (4,027 shares), total $283,804.
  • Shares owned after the transaction: not specified in the provided filing excerpt.
  • Relevant footnotes: Awards were performance share units (PSUs) granted as part of long-term incentive grants (March 16, 2023); vesting was based on achievement of TSR and tangible book value goals (see footnotes: TSR at 150% of target and TBV at ~101.46% of target). Shares were withheld to satisfy tax withholding per plan terms.

Context

  • These entries reflect vested performance awards converting to company stock, not an open-market sale or purchase. The withholding of shares to cover taxes (F code) is a routine administrative disposition and does not necessarily signal a voluntary sale by the insider.
  • Transaction code M indicates conversion/exercise of a derivative (here, PSUs converting to shares); code F indicates shares withheld to satisfy tax obligations.
  • For retail investors: vested PSU conversions increase an insider’s stock position (net of withholding). Purchases typically carry more weight as an affirmative bullish signal; conversions/withholdings are often mandatory or routine.

Insider Transaction Report

Form 4
Period: 2026-03-16
FIRST BANCORP /PR/FBP
RIVERA NAYDA
EVP, CCO and Chief of Staff
Transactions
  • Exercise/Conversion

    First BanCorp Common Stock, par value $0.10 per share

    [F1][F2]
    2026-03-16+23,069→ 253,280 total
  • Tax Payment

    First BanCorp Common Stock, par value $0.10 per share

    [F3]
    2026-03-16$20.57/sh−9,770$200,969→ 243,510 total
  • Tax Payment

    First BanCorp Common Stock, par value $0.10 per share

    [F4]
    2026-03-16$20.57/sh−4,027$82,835→ 239,483 total
  • Exercise/Conversion

    Performance Share Unit

    [F1][F2][F5]
    2026-03-16−23,069→ 25,752 total
    Exp: 2026-03-16→ Common Stock (23,069 underlying)
Footnotes (5)
  • [F1]Performance Share Units granted as a performance award, vesting based upon degree of achievement of performance goal. Each Performance Share Unit represents a contingent right to receive one share of FBP common stock. At the end of the three-year performance period, 50% of the award is paid for threshold-level performance up to 150% for maximum level performance, in FBP common stock free of restriction. Amounts between threshold, target, and maximum level performance are interpolated to reward incremental achievement and no amounts are paid if actual results of the performance goal are below threshold-level performance.
  • [F2]Performance Share Units that vested based upon the degree of achievement of equally weighed performance goals at the end of a three-year performance period, comprising: (i) our total shareholder return relative to companies comprising the KBW Regional Bank Index ("TSR Target Performance"); and (ii) our pre-established targeted tangible book value per share goal ("TBV Target Performance"). Performance Share Units vested based on the achievement of (i) the TSR Target Performance goal at a level resulting in 150% of target, and (ii) the TBV Target Performance goal at a level resulting in 101.46% of target, each pursuant to the grant of Performance Units awarded on March 16, 2023.
  • [F3]Shares withheld to cover taxes related to Performance Shares Units that vested on March 16, 2026 pursuant to the terms of the long-term incentive award made on March 16, 2023.
  • [F4]Shares withheld to cover taxes related to restricted stock that vested on March 16, 2026 pursuant to the terms of the restricted stock award made on March 16, 2023.
  • [F5]The amount of 25,752 Performance Share Units were granted as a performance award with 12,564 shares granted on March 21, 2024 and 13,188 shares granted on March 19, 2025, and vest upon the degree of achievement of performance goals. Each Performance Share Unit represents a contingent right to receive one share of FBP common stock.
Signature
/s/ Adolfo Sepulveda, Esq., Attorney-in-Fact|2026-03-18

Documents

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    ownership.xmlPrimary

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