Form 4: FBP CFO Berges Gonzalez Receives Equity Awards

First BanCorp's EVP and CFO, Orlando Berges Gonzalez, reported the acquisition of restricted stock and performance share units, alongside a tax-related sale of shares.

Summary

• Orlando Berges Gonzalez, EVP and CFO of First BanCorp, acquired 13,980 shares of common stock on March 19, 2026, at a price of $20.59 per share. These shares are restricted stock, vesting over a three-year period, with 50% vesting on March 19, 2028, and the remaining 50% on March 19, 2029.
• On March 21, 2026, Mr. Berges Gonzalez disposed of 2,479 shares of common stock at $20.57 per share. This disposition was to cover taxes related to restricted stock that vested on the same date, originating from an award made on March 21, 2024.
• He also acquired 13,980 Performance Share Units (PSUs) on March 19, 2026, which represent a contingent right to receive one share of FBP common stock each. These PSUs are performance-based awards, vesting upon the achievement of specific performance goals by March 19, 2029.
• Following these transactions, Mr. Berges Gonzalez beneficially owns 323,539 shares of First BanCorp common stock and 44,254 Performance Share Units.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive signal, reflecting ongoing executive compensation practices that align management's interests with long-term company performance through equity awards, which is generally favorable for shareholder confidence.

Positives

• The EVP and CFO received a significant grant of 13,980 restricted stock shares, aligning his interests with long-term shareholder value.
• An additional 13,980 Performance Share Units were granted, incentivizing the achievement of company performance goals.
• The total beneficial ownership of common stock remains substantial at 323,539 shares, indicating continued executive commitment.

Negatives

• A disposition of 2,479 shares occurred to cover tax obligations, which is a common practice but reduces direct shareholding.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that the grant of restricted stock and performance share units to a key executive like the CFO is a standard practice in the financial services industry. This type of equity compensation is designed to align executive incentives with long-term company performance and shareholder interests, a common strategy among regional banks and financial institutions to retain talent and drive strategic objectives.

Stakeholder Impact

• Shareholders: The equity awards align the CFO's interests with long-term shareholder value creation, potentially leading to more focused strategic decisions. The tax-related sale is a routine event and not indicative of a lack of confidence.
• Employees: The compensation structure for a senior executive may set a precedent or reflect the company's overall approach to incentivizing performance.

Next Steps

• Vesting of 50% of restricted stock on March 19, 2028.
• Vesting of the remaining 50% of restricted stock on March 19, 2029.
• Vesting of Performance Share Units based on achievement of performance goals by March 19, 2029.

Key Dates

Recommendation

The filing details routine executive compensation and tax-related share dispositions, which are expected events and do not provide new fundamental information to warrant a change in investment recommendation. The grants of restricted stock and performance units are standard practice for aligning executive incentives.

Keywords

First BanCorp, FBP, SEC Form 4, Insider Trading, Restricted Stock, Performance Share Units, Executive Compensation, Orlando Berges Gonzalez, CFO, Equity Awards