Lopez-Lay Ginoris 4
4 · FIRST BANCORP /PR/ · Filed Mar 18, 2026
Research Summary
AI-generated summary of this filing
First Bancorp (FBP) EVP Lopez-Lay Ginoris Exercises Performance Awards
What Happened Lopez-Lay Ginoris, Executive Vice President of First Bancorp (FBP), had 15,599 Performance Share Units convert into common stock on March 16, 2026 (transaction code M). To cover required tax withholding, 6,918 shares were surrendered/disposed (two withholding transactions of 4,816 and 2,102 shares) at $20.57 per share, generating proceeds of $99,065 and $43,238 respectively (total $142,303). Net shares delivered after withholding were 8,681 (15,599 converted minus 6,918 withheld).
Key Details
- Transaction date: March 16, 2026; Form 4 filed March 18, 2026 (appears timely).
- Conversion: 15,599 Performance Share Units (exercise/conversion, code M).
- Withholding/dispositions: 4,816 shares @ $20.57 = $99,065 and 2,102 shares @ $20.57 = $43,238 (code F); total $142,303.
- Net shares received by insider: 8,681 shares (15,599 - 6,918).
- Shares owned after transaction: not reported in this filing.
- Relevant footnotes: F2 explains the PSUs vested based on achievement of TSR and tangible book value goals (resulting in 150% and ~101.46% payouts, respectively); F3/F4 note shares were withheld to cover taxes related to vested Performance Share Units and restricted stock.
Context
- These were Performance Share Units (long-term incentive awards) that vested based on pre-set performance goals; conversion is not an open-market purchase and withholding to cover taxes is a routine administrative step, not an opportunistic sale.
- Transaction codes: M = exercise/conversion of derivative (PSUs); F = shares withheld/used to pay taxes.
Insider Transaction Report
Form 4
Transactions
- Exercise/Conversion
First BanCorp Common Stock, par value $0.10 per share
[F1][F2]2026-03-16+15,599→ 219,875 total - Tax Payment
First BanCorp Common Stock, par value $0.10 per share
[F3]2026-03-16$20.57/sh−4,816$99,065→ 215,059 total - Tax Payment
First BanCorp Common Stock, par value $0.10 per share
[F4]2026-03-16$20.57/sh−2,102$43,238→ 212,957 total - Exercise/Conversion
Performance Share Unit
[F1][F2][F5]2026-03-16−15,599→ 17,922 totalExp: 2026-03-16→ Common Stock (15,599 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 17,922 Performance Share Units were granted as a performance award with 9,168 shares granted on March 21, 2024 and 8,754 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