Form 4: First BanCorp Director Eaves Reports Stock Transactions

First BanCorp Director Patricia Eaves reported routine insider transactions involving restricted stock, including tax withholdings and a new equity grant.

Summary

• Patricia Eaves, a Director of First BanCorp /PR/ (FBP), reported transactions on March 31, 2026.
• 209 shares of First BanCorp Common Stock were disposed of at a price of $21.36 per share to cover taxes related to restricted stock that vested on the same date.
• 1,872 shares of restricted stock were acquired at a price of $21.36 per share, issued under the First BanCorp Omnibus Incentive Plan.
• These newly acquired restricted shares are scheduled to vest over a one-year period on March 31, 2027.
• Following these transactions, Patricia Eaves beneficially owns 21,651 shares of First BanCorp Common Stock directly.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive event. While shares were disposed for taxes, the overall increase in beneficial ownership through a new restricted stock grant aligns the director's interests with the company's future performance.

Positives

• Patricia Eaves received a new grant of 1,872 restricted shares, increasing her total beneficial ownership in First BanCorp.
• The new restricted stock grant aligns the director's interests with long-term shareholder value through future vesting.

Negatives

• 209 shares were withheld to cover tax obligations related to the vesting of previously awarded restricted stock, representing a disposition of shares.

Future Outlook

The 1,872 shares of restricted stock granted on March 31, 2026, are scheduled to vest over a one-year period, with full vesting expected on March 31, 2027.

Industry Context

StockSavvy.ai notes that these transactions are typical for directors receiving equity-based compensation. The withholding of shares for taxes upon vesting and the subsequent grant of new restricted stock are standard practices in executive and director compensation plans across the financial services industry.

Comparison to Industry Standards

• The use of restricted stock awards with time-based vesting is a common compensation mechanism for directors in the banking sector, similar to practices at peers like Popular, Inc. (BPOP) or OFG Bancorp (OFG).
• The withholding of shares to cover tax obligations upon vesting is a standard, non-discretionary event, consistent with equity compensation plans across publicly traded companies globally.

Corporate Governance

Stakeholder Impact

• Shareholders: The transactions demonstrate continued equity alignment of a director with the company's performance, which can be viewed positively.
• Employees: The Omnibus Incentive Plan is a standard compensation tool, potentially impacting other employees with similar equity awards.

Next Steps

• Vesting of the 1,872 restricted shares on March 31, 2027.

Key Dates

Keywords

FBP, First BanCorp, Form 4, Insider Transaction, Restricted Stock, Director, Equity Compensation, Stock Grant