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

Rhea-AI Filing Summary

First BanCorp EVP Michael McDonald reported routine equity compensation and tax-related share withholding. On March 19, 2026, he received 7,613 shares of First BanCorp common stock as restricted stock and 7,612 Performance Share Units, each representing a contingent right to one common share.

The restricted stock vests over three years, with 50% vesting on March 19, 2028 and the remainder on March 19, 2029. The Performance Share Units vest based on achievement of performance goals, with payout ranging from 50% to 150% of the award. On March 21, 2026, 794 shares of common stock were withheld to cover taxes on previously granted restricted stock that vested, leaving 76,170 common shares held directly and 19,449 Performance Share Units outstanding.

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^*

McDonald Michael

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/19/2026

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	03/19/2026		A		7,613(1)	A	$20.59	76,964	D
First BanCorp Common Stock, par value $0.10 per share	03/21/2026		F		794(2)	D	$20.57	76,170	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	(3)	03/19/2026		A		7,612		(3)	03/19/2029	Common Stock	7,612	$0	19,449(4)	D

Explanation of Responses:

1. Shares of restricted stock issued pursuant to the First BanCorp Omnibus Incentive Plan, as amended. The shares shall fully vest solely on the basis of the passage of time over a three-year period, with 50% vesting on year two or March 19, 2028, and the remaining 50% vesting on year three or March 19, 2029.

2. Shares withheld to cover taxes related to restricted stock that vested on March 21, 2026 pursuant to the terms of the restricted stock award made on March 21, 2024.

3. 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 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.

4. The amount of 19,449 Performance Share Units were granted as a performance award with 6,023 shares granted on March 21, 2024, 5,814 shares granted on March 19, 2025, and 7,612 shares granted on March 19, 2026 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, Es., Attorney-in-Fact	03/23/2026
	** 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 FBP EVP Michael McDonald report on this Form 4?

Michael McDonald reported equity awards and tax withholding. He received 7,613 restricted common shares and 7,612 Performance Share Units on March 19, 2026, and had 794 common shares withheld on March 21, 2026 to cover taxes on previously vested restricted stock.

How many First BanCorp (FBP) shares does Michael McDonald hold after these transactions?

After these transactions, Michael McDonald directly holds 76,170 shares of First BanCorp common stock. He also has 19,449 Performance Share Units outstanding, each representing a contingent right to receive one additional share of FBP common stock if performance conditions are met.

What are the terms of Michael McDonald’s restricted stock grant at First BanCorp (FBP)?

The restricted stock grant consists of 7,613 common shares issued under the First BanCorp Omnibus Incentive Plan. These shares vest solely based on time over three years, with 50% vesting on March 19, 2028, and the remaining 50% vesting on March 19, 2029.

How do Michael McDonald’s Performance Share Units at First BanCorp (FBP) vest?

McDonald’s 19,449 Performance Share Units vest based on achievement of performance goals. Each unit can pay out between 50% and 150% of the target in FBP common stock, with interpolation between thresholds, and pays nothing if results fall below threshold-level performance.

Was the 794-share disposition by Michael McDonald an open-market sale of FBP stock?

No, the 794-share disposition was not an open-market sale. These shares were withheld by First BanCorp on March 21, 2026 to cover taxes related to restricted stock that vested from a March 21, 2024 award, as allowed under the award’s terms.

What performance awards make up Michael McDonald’s 19,449 Performance Share Units at FBP?

The 19,449 Performance Share Units reflect three grants: 6,023 units granted March 21, 2024, 5,814 units granted March 19, 2025, and 7,612 units granted March 19, 2026. Each unit represents a contingent right to receive one FBP common share if performance conditions are achieved.