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FIRST BANCORP /PR/·4

Mar 18, 5:00 PM ET

Lacasa Jose Maria 4

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

Research Summary

AI-generated summary of this filing

Updated

First Bancorp (FBP) EVP Jose Maria Lacasa Converts PSUs; Shares Withheld

What Happened

  • On March 16, 2026, Jose Maria Lacasa, Executive Vice President of First Bancorp (FBP), had 14,451 performance-based units convert into common stock (reported as an exercise/conversion of a derivative instrument).
  • The filing shows two tax-withholding dispositions: 5,831 shares and 2,506 shares were withheld at $20.57 per share to cover tax liabilities, totaling $119,944 and $51,548 respectively (combined = $171,492).
  • The report also lists a derivative disposition related to the 14,451-share conversion. The combined entries indicate conversion of PSUs with shares withheld for taxes; the derivative disposition line may reflect the mechanics of conversion/sale as reported on Form 4.

Key Details

  • Transaction date: March 16, 2026 (filed March 18, 2026 — filing appears timely).
  • Conversion/acquisition: 14,451 shares (exercise/conversion of derivative, code M).
  • Tax-withholding dispositions: 5,831 shares @ $20.57 = $119,944; 2,506 shares @ $20.57 = $51,548 (codes F).
  • Net shares potentially retained after withholding: 14,451 − 8,337 = 6,114 shares (unless the reported derivative disposition indicates those shares were also disposed/sold).
  • Relevant footnotes: Vesting and conversion relate to performance share units (PSUs) granted as multi-year awards; F2 notes the PSU payout levels (150% and ~101.46% of target for the underlying goals). F3/F4 confirm shares were withheld to satisfy tax withholding on vested awards.
  • No indication this was a gift or 10b5-1 plan; this is compensation-related vesting and tax withholding, not an open-market purchase.

Context

  • These transactions reflect compensation vesting (PSUs converting to common stock) rather than an open-market buy or routine voluntary sale. Shares withheld to cover taxes (code F) are common when restricted or performance shares vest. The derivative reporting (code M) signals conversion/exercise mechanics; it does not necessarily mean an additional market sale beyond the withheld shares.

Insider Transaction Report

Form 4
Period: 2026-03-16
FIRST BANCORP /PR/FBP
Lacasa Jose Maria
EVP
Transactions
  • Exercise/Conversion

    First BanCorp Common Stock, par value $0.10 per share

    [F1][F2]
    2026-03-16+14,451→ 80,713 total
  • Tax Payment

    First BanCorp Common Stock, par value $0.10 per share

    [F3]
    2026-03-16$20.57/sh−5,831$119,944→ 74,882 total
  • Tax Payment

    First BanCorp Common Stock, par value $0.10 per share

    [F4]
    2026-03-16$20.57/sh−2,506$51,548→ 72,376 total
  • Exercise/Conversion

    Performance Share Unit

    [F1][F2][F5]
    2026-03-16−14,451→ 16,256 total
    Exp: 2026-03-16→ Common Stock (14,451 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 16,256 Performance Share Units were granted as a performance award with 7,907 shares granted on March 21, 2024 and 8,349 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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