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.
First BanCorp EVP and COO Juan Carlos Pavia exercised 16,515 Performance Share Units into an equal number of common shares on March 16, 2026 after a three-year performance period. The units vested based on total shareholder return at 150% of target and a tangible book value goal at 101.46% of target.
To cover taxes on the vested performance shares and restricted stock, 7,090 common shares were withheld at $20.57 per share through two tax-withholding dispositions. After these transactions, Pavia directly holds 88,761 shares of First BanCorp common stock.
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.
FIRST BANCORP /PR/ executive vice president Michael McDonald exercised performance-based equity awards and settled related taxes in shares. On March 16, 2026, he exercised 10,380 Performance Share Units into the same number of First BanCorp common shares at a conversion price of $0.00 per share.
To cover tax obligations on vested awards, 3,966 common shares were withheld at $20.57 per share through tax-withholding dispositions, a non-market mechanism. After these transactions, McDonald directly held 69,351 shares of First BanCorp common stock and 11,837 outstanding Performance Share Units that remain subject to future performance-vesting conditions.
First BanCorp EVP Jose Maria Lacasa exercised 14,451 Performance Share Units into an equal number of common shares on March 16, 2026, as a performance-based award vested.
To cover related taxes, 8,337 common shares were withheld at $20.57 per share, leaving 72,376 common shares held directly and 16,256 Performance Share Units outstanding under other awards.
FIRST BANCORP /PR/ executive EVP Lopez-Lay Ginoris exercised performance share units into common stock and had shares withheld for taxes. On March 16, 2026, 15,599 Performance Share Units converted into 15,599 shares of First BanCorp common stock. To cover tax obligations tied to vesting awards, 6,918 shares of common stock were withheld at a price of $20.5700 per share across two transactions. After these moves, the executive directly owned 212,957 shares of common stock and held 17,922 Performance Share Units that remain subject to future performance-based vesting.
FIRST BANCORP /PR/ EVP Lilian Diaz-Bento exercised performance-based equity awards and had shares withheld for taxes. She exercised 15,886 Performance Share Units, receiving the same number of shares of First BanCorp common stock. Following these transactions, she directly owns 55,539 common shares.
The Performance Share Units vested after a three-year period based on two equally weighted goals: total shareholder return versus the KBW Regional Bank Index, which paid out at 150% of target, and a tangible book value per share goal, which paid out at 101.46% of target. A total of 4,040 shares of common stock were withheld at $20.57 per share to cover tax obligations related to vested performance share units and restricted stock. Footnotes also note an outstanding grant of 19,295 Performance Share Units that will vest based on future performance.
First BanCorp President and CEO Aurelio Alemán exercised performance share units and settled related taxes in stock. On March 16, 2026 he converted 86,511 Performance Share Units into the same number of common shares, increasing his direct holdings to 1,136,058 shares before tax withholding.
To cover taxes on the vested performance shares and restricted stock, 51,208 common shares were withheld at a price of $20.57 per share, leaving him with 1,084,850 directly held shares. The vested award reflected three-year performance, with total shareholder return at 150% of target and tangible book value per share at 101.46% of target. He also holds 118,797 additional Performance Share Units granted in 2024 and 2025 that remain subject to future performance goals.
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.
First BanCorp. files its 2025 annual report, detailing a regulated Puerto Rico-based financial holding company with operations in Puerto Rico, Florida, and the U.S. and British Virgin Islands. As of December 31, 2025, it reported total assets of $19.1 billion, loans held for investment of $13.1 billion, total deposits of $16.7 billion, and stockholders’ equity of $2.0 billion.
The bank operates 73 branches across its regions and had 3,218 employees, with roughly 66% of employees and 58% of management positions held by women. It reports strong regulatory capital ratios, including a total capital ratio of 18.01% and a CET1 ratio of 16.76% at the holding-company level, and remains “well-capitalized.”
The report emphasizes extensive supervision by U.S. and Puerto Rico regulators, a six-segment business model, and a formal ESG and sustainability framework. Key risk factors include interest-rate and inflation pressure on net interest income, economic and political conditions in Puerto Rico and the U.S., competition from banks and fintechs, cybersecurity threats, and evolving regulatory and compliance demands, including FDIC special assessments and consumer protection rules.