Alvarez-Cabrero Sara 4
4 · FIRST BANCORP /PR/ · Filed Mar 18, 2026
Research Summary
AI-generated summary of this filing
First Bancorp (FBP) EVP Sara Alvarez‑Cabrero Converts 15,121 PSUs
What Happened Sara Alvarez‑Cabrero, Executive Vice President and General Counsel of First Bancorp (FBP), had 15,121 performance share units convert to common stock on March 16, 2026 (reported Mar 18, 2026). Of those shares, 5,799 and 2,492 shares (total 8,291) were withheld to cover taxes at a withholding price of $20.57 per share (values: $119,285 and $51,260). The net shares delivered to her were 6,830 (15,121 − 8,291). This was a vesting/conversion of performance awards (not an open‑market purchase or discretionary sale).
Key Details
- Transaction date: March 16, 2026; Form 4 filed March 18, 2026 (timely).
- Actions reported: M = exercise/conversion of derivative (15,121 PSUs converted to shares); F = shares withheld to pay tax liabilities (5,799 and 2,492 shares at $20.57).
- Tax withholding value: $119,285 + $51,260 = $170,545 (approx).
- Net shares received: 6,830 shares (approx value using $20.57 = ~$140,500).
- Shares owned after transaction: not disclosed in the filing.
- Relevant footnotes: These were Performance Share Units granted in March 2023 that vested based on multi‑year performance goals (TSR and tangible book value). Footnote F2 notes the TSR component achieved 150% of target and the TBV component ~101.46% of target; F3 confirms shares were withheld for taxes.
Context This was a routine conversion/settlement of long‑term incentive awards (performance share units) that vested after a three‑year performance period. The withholding of shares to cover tax obligations is a common cashless mechanism and should not be read as an opportunistic sale signal. The filing does not show any open‑market purchase or discretionary sale by the insider on that date.
Insider Transaction Report
- Exercise/Conversion
First BanCorp Common Stock, par value $0.10 per share
[F1][F2]2026-03-16+15,121→ 84,777 total - Tax Payment
First BanCorp Common Stock, par value $0.10 per share
[F3]2026-03-16$20.57/sh−5,799$119,285→ 78,978 total - Tax Payment
First BanCorp Common Stock, par value $0.10 per share
[F4]2026-03-16$20.57/sh−2,492$51,260→ 76,486 total - Exercise/Conversion
Performance Share Unit
[F1][F2][F5]2026-03-16−15,121→ 17,341 totalExp: 2026-03-16→ Common Stock (15,121 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 17,341 Performance Share Units were granted as a performance award with 8,830 shares granted on March 21, 2024 and 8,511 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.