First BanCorp (NYSE: FBP) CEO vests performance share units and settles taxes in stock

Rhea-AI Filing Summary

First BanCorp President and CEO Aurelio Alemán exercised performance share units and settled related taxes in stock. On March 16, 2026 he converted 86,511 Performance Share Units into the same number of common shares, increasing his direct holdings to 1,136,058 shares before tax withholding.

To cover taxes on the vested performance shares and restricted stock, 51,208 common shares were withheld at a price of $20.57 per share, leaving him with 1,084,850 directly held shares. The vested award reflected three-year performance, with total shareholder return at 150% of target and tangible book value per share at 101.46% of target. He also holds 118,797 additional Performance Share Units granted in 2024 and 2025 that remain subject to future performance goals.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

ALEMAN AURELIO

(Last) (First) (Middle)

P.O. BOX 9146

(Street)

SAN JUAN PUERTO RICO 00908-0146

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
FIRST BANCORP /PR/ [ FBP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/16/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
First BanCorp Common Stock, par value $0.10 per share	03/16/2026		M		86,511(1)	A	(2)	1,136,058	D
First BanCorp Common Stock, par value $0.10 per share	03/16/2026		F		36,638(3)	D	$20.57	1,099,420	D
First BanCorp Common Stock, par value $0.10 per share	03/16/2026		F		14,570(4)	D	$20.57	1,084,850	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Performance Share Unit	(1)	03/16/2026		M			86,511	(2)	03/16/2026	Common Stock	86,511(2)	(1)	118,797(5)	D

Explanation of Responses:

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.

2. 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.

3. 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.

4. 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.

5. The amount of 118,797 Performance Share Units were granted as a performance award with 59,942 shares granted on March 21, 2024 and 58,855 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.

	/s/ Adolfo Sepulveda, Esq., Attorney-in-Fact	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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* Form 4: SEC 1474 (03-26)

FAQ

What did First BanCorp (FBP) CEO Aurelio Alemán report in this Form 4?

Aurelio Alemán reported the vesting and exercise of 86,511 Performance Share Units into common stock. He then had 51,208 shares withheld at $20.57 per share to cover taxes, ending with 1,084,850 directly held common shares after these transactions.

How many First BanCorp shares does the CEO hold after the March 16, 2026 transactions?

After the March 16, 2026 transactions, Aurelio Alemán directly holds 1,084,850 shares of First BanCorp common stock. This figure reflects the conversion of 86,511 Performance Share Units and the withholding of 51,208 shares to satisfy tax obligations on vested awards.

How were the First BanCorp Performance Share Units earned and vested for the CEO?

The Performance Share Units vested over a three-year performance period based on two equally weighted metrics. Total shareholder return versus the KBW Regional Bank Index reached 150% of target, while the tangible book value per share goal was achieved at 101.46% of target, triggering the 86,511-share payout.

Why were 51,208 First BanCorp shares withheld in the CEO’s Form 4?

A total of 51,208 shares were withheld to cover tax liabilities tied to equity awards. Specifically, 36,638 shares related to vested Performance Share Units and 14,570 shares related to restricted stock that vested on March 16, 2026, under awards originally granted in March 2023.

Does the First BanCorp CEO still hold unvested Performance Share Units after this filing?

Yes. The CEO holds 118,797 Performance Share Units granted as performance awards. These consist of 59,942 units granted on March 21, 2024 and 58,855 units granted on March 19, 2025, each representing a contingent right to receive one share of First BanCorp common stock upon future performance vesting.

Was the CEO’s Form 4 transaction an open-market sale of First BanCorp stock?

No. The Form 4 shows a performance share unit exercise and related tax withholding in stock, not an open-market sale. The "F" coded transactions represent shares surrendered to satisfy tax obligations, while the underlying 86,511 shares were acquired at a $0.00 exercise price from vested performance awards.