First BanCorp (NYSE: FBP) COO nets shares from performance unit vesting

Rhea-AI Filing Summary

First BanCorp EVP and COO Juan Carlos Pavia exercised 16,515 Performance Share Units into an equal number of common shares on March 16, 2026 after a three-year performance period. The units vested based on total shareholder return at 150% of target and a tangible book value goal at 101.46% of target.

To cover taxes on the vested performance shares and restricted stock, 7,090 common shares were withheld at $20.57 per share through two tax-withholding dispositions. After these transactions, Pavia directly holds 88,761 shares of First BanCorp common stock.

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^*

Pavia Juan Carlos

(Last) (First) (Middle)

PO 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, Chief Operating Officer

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		16,515(1)	A	(2)	95,851	D
First BanCorp Common Stock, par value $0.10 per share	03/16/2026		F		4,950(3)	D	$20.57	90,901	D
First BanCorp Common Stock, par value $0.10 per share	03/16/2026		F		2,140(4)	D	$20.57	88,761	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			16,515	(2)	03/16/2026	Common Stock	16,515(2)	(1)	20,311(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 20,311 Performance Share Units were granted as a performance award with 9,828 shares granted on March 21, 2024 and 10,483 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) report for Juan Carlos Pavia?

First BanCorp reported that EVP and COO Juan Carlos Pavia exercised 16,515 Performance Share Units into common stock and had 7,090 shares withheld at $20.57 per share to cover taxes, ending with 88,761 directly held common shares.

How many Performance Share Units did the First BanCorp COO exercise in this Form 4?

The COO exercised 16,515 Performance Share Units, receiving an equal number of First BanCorp common shares. These units vested after a three-year performance period tied to total shareholder return and tangible book value per share goals.

Why were First BanCorp (FBP) shares disposed of in Juan Carlos Pavia’s Form 4?

The reported share dispositions were tax-withholding events. A total of 7,090 common shares were withheld at $20.57 per share to cover taxes on vested Performance Share Units and restricted stock, rather than open-market sales.

What performance goals triggered the vesting of First BanCorp Performance Share Units?

The Performance Share Units vested based on two equally weighted goals: total shareholder return relative to the KBW Regional Bank Index at 150% of target, and a tangible book value per share target achieved at 101.46% of target over a three-year period.

How many First BanCorp shares does Juan Carlos Pavia hold after these transactions?

Following the exercise of 16,515 Performance Share Units and tax withholding of 7,090 shares, Juan Carlos Pavia directly holds 88,761 shares of First BanCorp common stock, as reported in the Form 4 filing.

What other Performance Share Units are outstanding for the First BanCorp COO?

The filing notes 20,311 Performance Share Units granted as performance awards, with 9,828 granted on March 21, 2024 and 10,483 on March 19, 2025. Each unit represents a contingent right to receive one share of First BanCorp common stock.