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FIRST BANCORP /PR/·4

Mar 18, 5:00 PM ET

Diaz-Bento Lilian 4

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

Research Summary

AI-generated summary of this filing

Updated

First Bancorp (FBP) EVP Lilian Diaz-Bento Receives Performance Shares

What Happened

  • Lilian Diaz-Bento, Executive Vice President of First Bancorp (FBP), had 15,886 Performance Share Units (PSUs) vest/convert into 15,886 shares on March 16, 2026 (reported on Form 4 filed 2026-03-18).
  • To cover taxes, a total of 4,040 shares were withheld/sold in two withholding transactions: 2,757 shares for $56,711 and 1,283 shares for $26,391, each at $20.57 per share, totaling $83,102. The remaining shares retained from the vesting were 11,846 (15,886 − 4,040).
  • Code explanations: M = conversion/exercise of derivative (PSUs converted to common stock); F = shares withheld/used to satisfy tax obligation.

Key Details

  • Transaction date: March 16, 2026; Form 4 filed March 18, 2026 (appears timely).
  • Withholding sales: 2,757 shares @ $20.57 = $56,711; 1,283 shares @ $20.57 = $26,391; total proceeds $83,102.
  • Shares owned after transaction: not specified in the filing.
  • Relevant footnotes: PSUs were performance-based awards (granted March 16, 2023). Vesting was determined by achievement of TSR and tangible book value goals (TSR achieved at 150% of target; TBV at ~101.46% of target). Shares were withheld to cover tax obligations per award terms.
  • Transaction codes: M = derivative conversion (PSU vesting); F = tax withholding.

Context

  • These transactions reflect PSUs vesting based on pre-set performance goals and routine tax withholding — not an open-market purchase or discretionary sale of existing holdings.
  • For retail investors, this is a compensation-related issuance and withholding event (common and typically not a directional trading signal).

Insider Transaction Report

Form 4
Period: 2026-03-16
FIRST BANCORP /PR/FBP
Diaz-Bento Lilian
EVP
Transactions
  • Exercise/Conversion

    First BanCorp Common Stock, par value $0.10 per share

    [F1][F2]
    2026-03-16+15,886→ 59,579 total
  • Tax Payment

    First BanCorp Common Stock, par value $0.10 per share

    [F3]
    2026-03-16$20.57/sh−2,757$56,711→ 56,822 total
  • Tax Payment

    First BanCorp Common Stock, par value $0.10 per share

    [F4]
    2026-03-16$20.57/sh−1,283$26,391→ 55,539 total
  • Exercise/Conversion

    Performance Share Unit

    [F1][F2][F5]
    2026-03-16−15,886→ 19,295 total
    Exp: 2026-03-16→ Common Stock (15,886 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 19,295 Performance Share Units were granted as a performance award with 9,823 shares granted on March 21, 2024 and 9,472 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

1 file
  • 4
    ownership.xmlPrimary

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