First BanCorp (NYSE: FBP) EVP exercises PSUs, 8,291 shares withheld for taxes

Rhea-AI Filing Summary

First BanCorp executive Sara Alvarez-Cabrero exercised 15,121 performance share units into common stock and had shares withheld for taxes. The EVP and General Counsel received 15,121 shares of common stock from vested Performance Share Units tied to three-year performance goals.

To cover tax obligations on these vestings, 5,799 and 2,492 shares of common stock, totaling 8,291 shares at $20.57 per share, were withheld rather than sold on the market. After these transactions, she directly holds 76,486 shares of common stock and 17,341 Performance Share Units that remain outstanding, all as equity-based compensation.

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^*

Alvarez-Cabrero Sara

(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, General Counsel

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		15,121(1)	A	(2)	84,777	D
First BanCorp Common Stock, par value $0.10 per share	03/16/2026		F		5,799(3)	D	$20.57	78,978	D
First BanCorp Common Stock, par value $0.10 per share	03/16/2026		F		2,492(4)	D	$20.57	76,486	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			15,121	(2)	03/16/2026	Common Stock	15,121(2)	(1)	17,341(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 17,341 Performance Share Units were granted as a performance award with 8,830 shares granted on March 21, 2024 and 8,511 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).
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* Form 4: SEC 1474 (03-26)

FAQ

What did First BanCorp (FBP) EVP Sara Alvarez-Cabrero report in this Form 4?

She reported exercising 15,121 Performance Share Units into common stock and related tax-withholding transactions. These moves reflect equity compensation vesting, not open-market buying or selling, and adjust her direct holdings in First BanCorp stock and performance share units.

How many First BanCorp (FBP) shares did the insider receive and how many were withheld for taxes?

She received 15,121 shares of common stock from vested Performance Share Units. To satisfy tax obligations, 5,799 and 2,492 shares, totaling 8,291 shares at $20.57 per share, were withheld, rather than sold in the open market.

What are Performance Share Units in this First BanCorp (FBP) filing?

These units are performance-based awards that can convert into common stock. Vesting depends on three-year goals tied to total shareholder return versus the KBW Regional Bank Index and a tangible book value per share target, rewarding threshold to maximum performance levels.

What are Sara Alvarez-Cabrero’s holdings in First BanCorp (FBP) after these transactions?

After the reported transactions, she directly holds 76,486 shares of First BanCorp common stock. She also has 17,341 Performance Share Units outstanding, each representing a contingent right to receive one additional share if future performance goals are achieved.

Were any of the First BanCorp (FBP) insider’s shares sold on the open market?

No open-market sales were reported. The Form 4 shows shares acquired through exercising Performance Share Units and shares withheld to cover tax liabilities, which are coded as tax-withholding dispositions rather than discretionary market sales.

What performance results drove the vesting of these First BanCorp (FBP) Performance Share Units?

The units vested based on total shareholder return at 150% of target and tangible book value per share at 101.46% of target. These results, measured over a three-year period, determined the final number of shares delivered under the 2023 performance award.