McDonald Michael 4
4 · FIRST BANCORP /PR/ · Filed Mar 18, 2026
Research Summary
AI-generated summary of this filing
First Bancorp (FBP) EVP Michael McDonald Receives 10,380 Shares
What Happened
- Michael McDonald, Executive Vice President of First Bancorp (FBP), had 10,380 Performance Share Units vest and convert into 10,380 shares on March 16, 2026. To satisfy tax obligations, 2,736 shares and 1,230 shares were withheld (disposed) at $20.57/share, totaling $81,581. Net shares retained from the vesting = 6,414 shares (approx. $131,936 at $20.57).
Key Details
- Transaction date: March 16, 2026; Form 4 filed March 18, 2026 (timely).
- Activity codes: M = exercise/conversion of derivative (PSUs converted to shares); F = shares withheld to cover tax liabilities.
- Withheld shares: 2,736 shares ($56,280) and 1,230 shares ($25,301) at $20.57 per share; total withheld value = $81,581.
- Gross shares delivered on vesting: 10,380; net retained: 6,414.
- Shares owned after transaction: filing does not report total holdings; net increase of 6,414 shares from this vesting.
- Relevant footnotes: F2 explains the PSU vesting levels (TSR at 150% and TBV at 101.46% for the 3‑year grant from March 16, 2023). F3 and F4 confirm the withheld shares cover taxes on vested awards.
Context
- These were performance-based equity awards vesting after a three-year performance period (not an open-market purchase or sale). Withholding to cover taxes is routine and should not be read as a voluntary sale signal. Code M indicates conversion of performance units into common stock; code F indicates shares surrendered/withheld for tax obligations.
Insider Transaction Report
Form 4
Transactions
- Exercise/Conversion
First BanCorp Common Stock, par value $0.10 per share
[F1][F2]2026-03-16+10,380→ 73,317 total - Tax Payment
First BanCorp Common Stock, par value $0.10 per share
[F3]2026-03-16$20.57/sh−2,736$56,280→ 70,581 total - Tax Payment
First BanCorp Common Stock, par value $0.10 per share
[F4]2026-03-16$20.57/sh−1,230$25,301→ 69,351 total - Exercise/Conversion
Performance Share Unit
[F1][F2][F5]2026-03-16−10,380→ 11,837 totalExp: 2026-03-16→ Common Stock (10,380 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 11,837 Performance Share Units were granted as a performance award with 6,023 shares granted on March 21, 2024 and 5,814 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