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FIRST BANCORP /PR/·4

Mar 23, 6:30 PM ET

Pavia Juan Carlos 4

4 · FIRST BANCORP /PR/ · Filed Mar 23, 2026

Research Summary

AI-generated summary of this filing

Updated

First BanCorp (FBP) COO Juan Carlos Pavia Receives 11,583-Share Award

What Happened Juan Carlos Pavia, Chief Operating Officer of First BanCorp (FBP), received equity awards on March 19, 2026. The filing shows an award of 11,583 restricted shares at a reported value of $20.59 per share (total value $238,494) and a grant of 11,583 Performance Share Units (PSUs) recorded as a derivative (no immediate cash value). Separately, on March 21, 2026, 1,474 shares were withheld/disposed at $20.57 per share to cover taxes related to a prior restricted-stock vesting (proceeds ≈ $30,320).

Key Details

  • Award date(s): March 19, 2026 (restricted shares and PSUs); tax withholding on March 21, 2026.
  • Prices/values: Restricted shares valued at $20.59 each (11,583 shares; $238,494). Tax-withheld shares: 1,474 shares at $20.57 ($30,320).
  • Transaction codes: A = Award/Grant; F = Tax withholding (sale/disposition of shares to cover taxes).
  • Vesting and performance notes:
    • Restricted shares issued under the First BanCorp Omnibus Incentive Plan vest over three years: 50% on year two (Mar 19, 2028) and 50% on year three (Mar 19, 2029). (Footnote F1)
    • The 11,583 PSUs are part of a multi-year performance award that vests based on the degree of achievement of specified performance goals; payout ranges from 0% up to 150% of target and is paid in common stock when earned. (Footnotes F3, F4)
    • The 1,474-share disposition was tax withholding for shares that vested on March 21, 2026 from a 2024 restricted-stock award. (Footnote F2)
  • Shares owned after the transactions: Not specified in the filing.
  • Filing timeliness: Report filed March 23, 2026 for transactions dated March 19–21, 2026 (Form 4 is normally due within two business days), so this filing appears later than the usual two-business-day window.

Context

  • The PSU grant is a contingent, performance-based award — it only converts to shares if performance goals are met; amounts can range from zero to a multiple of the target.
  • The restricted shares are time-based awards and will vest over future years (not immediate liquid ownership).
  • The tax-withholding disposition is routine and does not indicate a voluntary sale or change in insider sentiment.

Insider Transaction Report

Form 4
Period: 2026-03-19
FIRST BANCORP /PR/FBP
Pavia Juan Carlos
EVP, Chief Operating Officer
Transactions
  • Award

    First BanCorp Common Stock, par value $0.10 per share

    [F1]
    2026-03-19$20.59/sh+11,583$238,494→ 100,344 total
  • Tax Payment

    First BanCorp Common Stock, par value $0.10 per share

    [F2]
    2026-03-21$20.57/sh−1,474$30,320→ 98,870 total
  • Award

    Performance Share Unit

    [F3][F4]
    2026-03-19+11,583→ 31,894 total
    Exp: 2029-03-19→ Common Stock (11,583 underlying)
Footnotes (4)
  • [F1]Shares of restricted stock issued pursuant to the First BanCorp Omnibus Incentive Plan, as amended. The shares shall fully vest solely on the basis of the passage of time over a three-year period, with 50% vesting on year two or March 19, 2028, and the remaining 50% vesting on year three or March 19, 2029.
  • [F2]Shares withheld to cover taxes related to restricted stock that vested on March 21, 2026 pursuant to the terms of the restricted stock award made on March 21, 2024.
  • [F3]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 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.
  • [F4]The amount of 31,894 Performance Share Units were granted as a performance award with 9,828 shares granted on March 21, 2024, 10,483 shares granted on March 19, 2025, and 11,583 shares granted on March 19, 2026 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, Es., Attorney-in-Fact|2026-03-23

Documents

1 file
  • 4
    ownership.xmlPrimary

    4