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.

Insights

Equity compensation analyst

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.

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

OMB APPROVAL

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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^*

Lacasa Jose Maria

(Last) (First) (Middle)

P.O. BOX 9146

(Street)

SAN JUAN PUERTO RICO 00908

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP

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		14,451(1)	A	(2)	80,713	D
First BanCorp Common Stock, par value $0.10 per share	03/16/2026		F		5,831(3)	D	$20.57	74,882	D
First BanCorp Common Stock, par value $0.10 per share	03/16/2026		F		2,506(4)	D	$20.57	72,376	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			14,451	(2)	03/16/2026	Common Stock	14,451(2)	(1)	16,256(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 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.

	/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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did First BanCorp (FBP) EVP Jose Maria Lacasa report?

EVP Jose Maria Lacasa reported exercising 14,451 Performance Share Units into common stock and having 8,337 shares withheld to cover taxes. These actions reflect routine vesting of long-term incentives rather than open-market buying or selling activity in First BanCorp shares.

How many First BanCorp (FBP) shares does Jose Maria Lacasa hold after this Form 4?

After the reported transactions, Jose Maria Lacasa directly holds 72,376 shares of First BanCorp common stock. He also has 16,256 Performance Share Units outstanding from prior grants, each representing a contingent right to receive one additional share if future performance goals are met.

Were Jose Maria Lacasa’s First BanCorp (FBP) transactions open-market sales or tax withholding?

The dispositions reported were not open-market sales. Instead, 8,337 shares of First BanCorp common stock were withheld at $20.57 per share to cover taxes related to vested Performance Share Units and restricted stock, a standard F-code tax-withholding mechanism in equity compensation.

What performance goals triggered Jose Maria Lacasa’s Performance Share Unit vesting at First BanCorp (FBP)?

The vested Performance Share Units were tied to three-year goals: total shareholder return versus the KBW Regional Bank Index and a targeted tangible book value per share. For the relevant grant, total shareholder return reached 150% of target and tangible book value reached 101.46% of target performance.

Does this First BanCorp (FBP) Form 4 suggest a change in insider sentiment?

The filing mainly reflects routine equity compensation vesting and tax withholding, not discretionary trading. Lacasa converted 14,451 Performance Share Units into shares and had 8,337 shares withheld for taxes, while retaining 72,376 common shares plus 16,256 additional Performance Share Units tied to future performance.

What additional Performance Share Units does Jose Maria Lacasa still have at First BanCorp (FBP)?

Lacasa has 16,256 Performance Share Units outstanding from awards granted on March 21, 2024 and March 19, 2025. Each unit is a contingent right to receive one First BanCorp common share, depending on future achievement of specified performance goals over the applicable measurement periods.