First BanCorp (NYSE: FBP) COO gets stock awards as tax shares withheld

Rhea-AI Filing Summary

First BanCorp EVP and COO Juan Carlos Pavia reported routine equity compensation activity and related tax withholding. On March 19, 2026, he received 11,583 shares of restricted stock at $20.59 per share under the First BanCorp Omnibus Incentive Plan. These shares vest over three years, with 50% vesting on March 19, 2028 and the remaining 50% on March 19, 2029, based solely on time in service.

On the same date, he was also granted 11,583 Performance Share Units, each representing a contingent right to one share of common stock, vesting based on achievement of performance goals between threshold and maximum levels. On March 21, 2026, 1,474 common shares were withheld at $20.57 per share to cover taxes on previously granted restricted stock that vested that day. After these transactions, he holds 98,870 common shares directly and 31,894 Performance Share Units tied to performance outcomes.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Pavia Juan Carlos

Role EVP, Chief Operating Officer

Type	Security	Shares	Price	Value
Tax Withholding	First BanCorp Common Stock, par value $0.10 per share	1,474	$20.57	$30K
Grant/Award	Performance Share Unit	11,583	$0.00	--
Grant/Award	First BanCorp Common Stock, par value $0.10 per share	11,583	$20.59	$238K

Holdings After Transaction: First BanCorp Common Stock, par value $0.10 per share — 98,870 shares (Direct); Performance Share Unit — 31,894 shares (Direct)

Footnotes (1)

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. 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. 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. The amount of 31,894 Performance Share Units were granted as a performance award with 9,828 shares granted on March 21, 2024, 10,483 shares granted on March 19, 2025, and 11,583 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.

Form 4 Insider Transactions: What Each Field Means →

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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)
03/19/2026

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		11,583(1)	A	$20.59	100,344	D
First BanCorp Common Stock, par value $0.10 per share	03/21/2026		F		1,474(2)	D	$20.57	98,870	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		11,583		(3)	03/19/2029	Common Stock	11,583	$0	31,894(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 31,894 Performance Share Units were granted as a performance award with 9,828 shares granted on March 21, 2024, 10,483 shares granted on March 19, 2025, and 11,583 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 First BanCorp (FBP) report for Juan Carlos Pavia?

First BanCorp reported equity awards and tax withholding for EVP and COO Juan Carlos Pavia. He received 11,583 restricted shares, 11,583 Performance Share Units, and had 1,474 shares withheld to cover taxes on previously vested restricted stock.

How many First BanCorp (FBP) restricted shares did Juan Carlos Pavia receive?

Juan Carlos Pavia received 11,583 restricted shares of First BanCorp common stock at $20.59 per share. These restricted shares were issued under the First BanCorp Omnibus Incentive Plan and vest over three years, with 50% vesting in 2028 and 50% in 2029.

What are the terms of the Performance Share Units granted to the First BanCorp (FBP) COO?

Pavia was granted 11,583 Performance Share Units, each tied to one First BanCorp common share. Vesting depends on achievement of performance goals, paying 50% at threshold and up to 150% at maximum performance, with no payout if results fall below threshold.

Why were 1,474 First BanCorp (FBP) shares withheld from Juan Carlos Pavia?

First BanCorp withheld 1,474 common shares at $20.57 per share to cover taxes. The withholding related to restricted stock that vested on March 21, 2026, from a restricted stock award originally granted on March 21, 2024 under plan terms.

How many First BanCorp (FBP) shares does Juan Carlos Pavia own after these transactions?

After these transactions, Pavia directly owns 98,870 shares of First BanCorp common stock. He also holds 31,894 Performance Share Units in total, granted across 2024, 2025, and 2026, each representing a contingent right to receive one common share.

How do the First BanCorp (FBP) Performance Share Units for Pavia vest?

The Performance Share Units vest based on performance goal achievement over a performance period. At threshold performance, 50% of the award is paid, increasing up to 150% at maximum performance. Payout is made in First BanCorp common stock, with nothing paid below threshold.