[Form 4] FIRST BANCORP /PR/ Insider Trading Activity

Rhea-AI Filing Summary

Donald Kafka, Executive Vice President and director at First BanCorp (FBP), reported three share dispositions on 09/15/2025 related to restricted stock vesting. A total of 5,309 shares were withheld to cover taxes from three separate restricted stock awards granted on 03/16/2023, 03/21/2024 and 03/15/2025; each tranche was withheld at a price of $21.65 per share. Following these transactions Mr. Kafka beneficially owned 58,501, 60,318 and 62,344 shares in the respective security lines shown on the form, reported as direct ownership. The Form 4 was signed by an attorney-in-fact on 09/17/2025.

Positive

• Restricted stock vested, indicating continued compensation alignment between management and shareholders
• Insider retains substantial direct ownership (reported holdings in the tens of thousands of shares)

Negative

• Shares were disposed (withheld) to cover taxes, reducing outstanding insider holdings by 5,309 shares

Insights

Financial Analyst

TL;DR: Routine tax-withholding on vested restricted stock resulted in modest share disposals; no evidence of market-timing or material divestiture.

These transactions are described as tax withholding upon vesting rather than open-market sales, indicating compensation realization rather than portfolio reallocation. Aggregate withheld shares (1,466; 2,026; 1,817) total 5,309 shares at $21.65 each. Reported beneficial ownership figures remain in the tens of thousands of shares, suggesting continued alignment with shareholders. For investors, this is a standard insider compensation mechanics item and is typically neutral for valuation.

Corporate Governance Expert

TL;DR: Transactions reflect routine vesting and tax withholding under equity compensation plans; governance impact is minimal.

The Form 4 discloses that restricted stock awards vested on 09/15/2025 and shares were withheld to satisfy tax obligations tied to awards dated 03/16/2023, 03/21/2024 and 03/15/2025. Such withholding is a common practice under grant agreements and does not indicate any change in executive control or a planned exit. The filing is properly executed via attorney-in-fact and includes clear explanatory notes, meeting disclosure expectations.

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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X

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^*

Kafka Donald

(Last) (First) (Middle)

PO BOX 9146

(Street)

SAN JUAN PR 00908

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

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

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

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

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	09/15/2025		F		1,466(1)	D	$21.65	62,344	D
First BanCorp Common Stock, par value $0.10 per share	09/15/2025		F		2,026(2)	D	$21.65	60,318	D
First BanCorp Common Stock, par value $0.10 per share	09/15/2025		F		1,817(3)	D	$21.65	58,501	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

Explanation of Responses:

1. Shares withhled to cover taxes related to a restricted stock that vested on September 15, 2025 pursuant to the terms of the restricted stock award made on March 16, 2023

2. Shares withhled to cover taxes related to a restricted stock that vested on September 15, 2025 pursuant to the terms of the restricted stock award made on March 21, 2024.

3. Shares withhled to cover taxes related to a restricted stock that vested on September 15, 2025 pursuant to the terms of the restricted stock award made on March 15, 2025.

	/s/ Adolfo Sepulveda, Esq., Attorney-in-Fact	09/17/2025
	** 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.

FAQ

What transactions did Donald Kafka report on Form 4 for FBP?

He reported three dispositions on 09/15/2025 where 1,466, 2,026, and 1,817 shares were withheld to cover taxes related to vested restricted stock awards.

Why were shares disposed of according to the Form 4?

The explanations state the shares were withheld to cover taxes upon vesting of restricted stock awarded on 03/16/2023, 03/21/2024, and 03/15/2025.

At what price were the shares reported on the Form 4?

Each withheld share is reported at a price of $21.65 per share.

How many shares were withheld in total and how does this affect beneficial ownership?

A total of 5,309 shares were withheld; the filing shows resulting direct beneficial ownership figures of 62,344, 60,318, and 58,501 across the reported lines.

Who signed the Form 4 filing?

The Form 4 was signed by Adolfo Sepulveda, Esq., Attorney-in-Fact on 09/17/2025.