First BanCorp (FBP) EVP converts 15,599 PSUs, 6,918 shares withheld for taxes
Rhea-AI Filing Summary
FIRST BANCORP /PR/ executive EVP Lopez-Lay Ginoris exercised performance share units into common stock and had shares withheld for taxes. On March 16, 2026, 15,599 Performance Share Units converted into 15,599 shares of First BanCorp common stock. To cover tax obligations tied to vesting awards, 6,918 shares of common stock were withheld at a price of $20.5700 per share across two transactions. After these moves, the executive directly owned 212,957 shares of common stock and held 17,922 Performance Share Units that remain subject to future performance-based vesting.
Positive
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Negative
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Insights
Routine performance share vesting with tax withholding, not an open-market trade.
EVP Lopez-Lay Ginoris converted 15,599 Performance Share Units into the same number of common shares, reflecting vesting of a long-term incentive award tied to multi-year performance goals, including total shareholder return and tangible book value per share.
Two dispositions totaling 6,918 shares at $20.5700 per share were coded as F, meaning shares were withheld to satisfy tax liabilities on vested performance shares and restricted stock, rather than sold in the open market.
Following the transactions, the executive held 212,957 common shares and 17,922 remaining Performance Share Units that may vest based on future performance. This pattern is typical for equity compensation and does not by itself signal a change in sentiment toward the stock.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Performance Share Unit | 15,599 | $0.00 | -- |
| Exercise | First BanCorp Common Stock, par value $0.10 per share | 15,599 | $0.00 | -- |
| Tax Withholding | First BanCorp Common Stock, par value $0.10 per share | 4,816 | $20.57 | $99K |
| Tax Withholding | First BanCorp Common Stock, par value $0.10 per share | 2,102 | $20.57 | $43K |
Footnotes (1)
- 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. 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. 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. 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. The amount of 17,922 Performance Share Units were granted as a performance award with 9,168 shares granted on March 21, 2024 and 8,754 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.
