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

Rhea-AI Filing Summary

First BanCorp EVP and CFO Orlando Berges Gonzalez reported an exercise of 28,595 Performance Share Units into an equal number of common shares on March 16, 2026. These units vested based on three-year performance goals tied to relative total shareholder return and tangible book value per share.

To cover related tax obligations, 9,108 and 3,734 common shares were withheld at $20.57 per share, both recorded as tax-withholding dispositions rather than market sales. After these transactions, Berges Gonzalez directly owns 312,038 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^*

Berges Gonzalez Orlando

(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 and CFO

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		28,595(1)	A	(2)	324,880	D
First BanCorp Common Stock, par value $0.10 per share	03/16/2026		F		9,108(3)	D	$20.57	315,772	D
First BanCorp Common Stock, par value $0.10 per share	03/16/2026		F		3,734(4)	D	$20.57	312,038	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			28,595	(2)	03/16/2026	Common Stock	28,595(2)	(1)	30,274(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 30,274 Performance Share Units were granted as a performance award with 15,561 shares granted on March 21, 2024 and 14,713 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 did First BanCorp (FBP) disclose in this Form 4 for its CFO?

First BanCorp reported that EVP and CFO Orlando Berges Gonzalez exercised 28,595 Performance Share Units into common stock. Shares were also withheld to cover taxes, and his direct ownership after these transactions totaled 312,038 First BanCorp common shares.

How many First BanCorp performance units did the CFO exercise in this filing?

The CFO exercised 28,595 Performance Share Units, receiving an equal number of First BanCorp common shares at a conversion price of $0.00. These units vested after a three-year performance period tied to total shareholder return and tangible book value targets.

Were any of the CFO’s First BanCorp shares sold on the market in this Form 4?

No open-market sales were reported. Instead, 9,108 and 3,734 shares were withheld at $20.57 per share to satisfy tax obligations. These transactions are categorized as tax-withholding dispositions, not discretionary sales into the market.

What is the CFO’s First BanCorp share ownership after these Form 4 transactions?

After the reported exercise and tax-withholding entries, EVP and CFO Orlando Berges Gonzalez directly owns 312,038 shares of First BanCorp common stock. This figure reflects his position immediately following the March 16, 2026 transactions disclosed in the filing.

How were the First BanCorp performance goals structured for the vested units?

The vested Performance Share Units were tied to equally weighted goals: total shareholder return versus the KBW Regional Bank Index and a targeted tangible book value per share. Payouts ranged from 50% to 150% of target based on achievement, with no payout below threshold performance.

Does the Form 4 mention any additional First BanCorp performance share grants?

Yes. The filing notes 30,274 Performance Share Units granted as performance awards, with 15,561 units granted March 21, 2024 and 14,713 units granted March 19, 2025. Each unit represents a contingent right to receive one First BanCorp common share, subject to performance goals.