First BanCorp (NYSE: FBP) EVP vests 14,451 PSUs, withholds shares for taxes
Rhea-AI Filing Summary
First BanCorp EVP Jose Maria Lacasa exercised 14,451 Performance Share Units into an equal number of common shares on March 16, 2026, as a performance-based award vested.
To cover related taxes, 8,337 common shares were withheld at $20.57 per share, leaving 72,376 common shares held directly and 16,256 Performance Share Units outstanding under other awards.
Positive
- None.
Negative
- None.
Insights
Routine PSU vesting with tax withholding; no open-market trading signal.
EVP Jose Maria Lacasa had 14,451 Performance Share Units vest into common stock after achieving pre-set three-year performance goals tied to relative total shareholder return and tangible book value per share. The exercise price was zero, reflecting a standard performance share structure.
On the same date, 8,337 shares were withheld at $20.57 per share to satisfy tax obligations, classified as F-code tax-withholding dispositions rather than market sales. Following these transactions, Lacasa held 72,376 common shares directly and 16,256 additional Performance Share Units from prior awards, indicating a continuing equity stake.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Performance Share Unit | 14,451 | $0.00 | -- |
| Exercise | First BanCorp Common Stock, par value $0.10 per share | 14,451 | $0.00 | -- |
| Tax Withholding | First BanCorp Common Stock, par value $0.10 per share | 5,831 | $20.57 | $120K |
| Tax Withholding | First BanCorp Common Stock, par value $0.10 per share | 2,506 | $20.57 | $52K |
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 16,256 Performance Share Units were granted as a performance award with 7,907 shares granted on March 21, 2024 and 8,349 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.
