Berges Gonzalez Orlando 4
4 · FIRST BANCORP /PR/ · Filed Mar 23, 2026
Research Summary
AI-generated summary of this filing
First BanCorp (FBP) CFO Orlando Berges Gonzalez Receives Award
What Happened Orlando Berges Gonzalez, Executive Vice President and CFO of First BanCorp (FBP), received equity awards on March 19, 2026. The filing shows (1) a grant of 13,980 restricted shares at $20.59 each (value ≈ $287,848) and (2) a grant of 13,980 Performance Share Units (PSUs) (recorded as derivative units, $0 purchase price). Separately, on March 21, 2026, 2,479 shares were disposed/withheld to cover taxes related to restricted stock that vested, at $20.57 per share (≈ $50,993). The award (A) is an equity grant; the withholding (F) is a routine tax-related disposition.
Key Details
- Filing date: March 23, 2026; Reported transactions dated March 19, 2026 (grants) and March 21, 2026 (tax withholding).
- Grants: 13,980 restricted shares @ $20.59 = $287,848 (acquired); 13,980 PSUs (derivative, $0 recorded).
- Tax withholding: 2,479 shares withheld/ disposed @ $20.57 = $50,993 (code F).
- Vesting/profile notes: Restricted shares vest over three years (50% on March 19, 2028; remaining 50% on March 19, 2029) per the Omnibus Incentive Plan.
- Shares owned after the transactions: not specified in the provided excerpt—see the full Form 4 for total post-transaction holdings.
- Filing timeliness: Form 4 filed March 23, 2026 (no late filing flag indicated in this report).
Context
- The 13,980 PSUs are performance-based awards that convert to common shares only if performance goals are met; payout ranges from 50% at threshold up to 150% at maximum (interpolated between levels), with no payout below threshold.
- The 2,479-share disposition was a tax-withholding event tied to restricted stock that vested on March 21, 2026 and is a common administrative transaction, not an open-market sale.
- Transaction codes: A = award/grant; F = tax withholding/disposition. These awards are typical executive compensation events and do not, by themselves, signal a buy or sell conviction.
Insider Transaction Report
Form 4
Berges Gonzalez Orlando
EVP and CFO
Transactions
- Award
First BanCorp Common Stock, par value $0.10 per share
[F1]2026-03-19$20.59/sh+13,980$287,848→ 326,018 total - Tax Payment
First BanCorp Common Stock, par value $0.10 per share
[F2]2026-03-21$20.57/sh−2,479$50,993→ 323,539 total - Award
Performance Share Unit
[F3][F4]2026-03-19+13,980→ 44,254 totalExp: 2029-03-19→ Common Stock (13,980 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 44,254 Performance Share Units were granted as a performance award with 15,561 shares granted on March 21, 2024, 14,713 shares granted on March 19, 2025, and 13,980 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