First BanCorp (NYSE: FBP) EVP exercises 23,069 units, 13,797 shares withheld for taxes

Rhea-AI Filing Summary

First BanCorp executive Nayda Rivera exercised performance share units into common stock and had shares withheld for taxes. On March 16, 2026, she converted 23,069 Performance Share Units into an equal number of First BanCorp common shares at a stated exercise price of $0.00 per share.

To cover tax obligations on vested performance units and restricted stock, a total of 13,797 common shares were withheld at $20.57 per share. Following these transactions, Rivera directly holds 239,483 shares of common stock and 25,752 Performance Share Units that remain outstanding and subject to future performance-based vesting.

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^*

RIVERA NAYDA

(Last) (First) (Middle)

P.O. BOX 9146

(Street)

SAN JUAN 00908-0146

(City) (State) (Zip)

(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, CCO and Chief of Staff

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		23,069(1)	A	(2)	253,280	D
First BanCorp Common Stock, par value $0.10 per share	03/16/2026		F		9,770(3)	D	$20.57	243,510	D
First BanCorp Common Stock, par value $0.10 per share	03/16/2026		F		4,027(4)	D	$20.57	239,483	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			23,069	(2)	03/16/2026	Common Stock	23,069(2)	(1)	25,752(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 25,752 Performance Share Units were granted as a performance award with 12,564 shares granted on March 21, 2024 and 13,188 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.
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* Form 4: SEC 1474 (03-26)

FAQ

What did First BanCorp (FBP) executive Nayda Rivera report in this Form 4?

Nayda Rivera exercised 23,069 Performance Share Units into First BanCorp common stock and had 13,797 shares withheld to pay taxes. These transactions reflect equity compensation activity rather than open-market buying or selling of shares.

How many First BanCorp (FBP) shares did Nayda Rivera acquire through the performance unit exercise?

She acquired 23,069 First BanCorp common shares by exercising an equal number of Performance Share Units at a stated $0.00 exercise price. Each unit converted into one share, reflecting the vesting of a long-term performance-based equity award.

Were Nayda Rivera’s First BanCorp (FBP) transactions open-market sales or tax withholding?

They were tax-withholding dispositions, not open-market sales. A total of 13,797 shares were withheld at $20.57 per share to cover taxes on vested performance share units and restricted stock, consistent with the terms of her long-term incentive awards.

How many First BanCorp (FBP) shares does Nayda Rivera hold after these transactions?

After the March 16, 2026 transactions, Nayda Rivera directly holds 239,483 First BanCorp common shares. This figure reflects the net result after exercising performance share units and having shares withheld to satisfy related tax obligations.

What performance awards remain outstanding for Nayda Rivera at First BanCorp (FBP)?

She has 25,752 Performance Share Units outstanding as of the reported transactions. These units were granted in 2024 and 2025 and will vest based on future achievement of specified performance goals, with each unit representing one potential common share.

What performance goals determined the vesting of Nayda Rivera’s First BanCorp (FBP) units?

The vested Performance Share Units were tied to three-year goals based on total shareholder return versus the KBW Regional Bank Index and a targeted tangible book value per share. Achieved levels included 150% of target for TSR and 101.46% of target for tangible book value.