Form 4: First BanCorp Director Reports Stock Transactions

Director Juan Acosta Reboyras reports acquisition and disposal of First BanCorp common stock on September 30, 2024.

Summary

• On September 30, 2024, Juan Acosta Reboyras, a director of First BanCorp, engaged in transactions involving the company's common stock.
• 298 shares were withheld to cover taxes related to restricted stock that vested on September 30, 2024, from an award made on September 30, 2023, at a price of $21.17 per share.
• Additionally, 1,889 shares of restricted stock were issued on September 30, 2024, under the First BanCorp Omnibus Incentive Plan, vesting over a one-year period until September 30, 2025.
• Following these transactions, Acosta Reboyras beneficially owns 74,603 shares of First BanCorp common stock.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing stock transactions, indicating a neutral sentiment.

Future Outlook

The director's holdings will change again upon the vesting of the newly issued restricted stock on September 30, 2025.

Industry Context

This filing is a routine disclosure of insider transactions, which are common in publicly traded companies. It provides transparency into the actions of company directors regarding their holdings of company stock.

Comparison to Industry Standards

• Form 4 filings are standard practice for directors and officers of publicly traded companies in the US, as mandated by the SEC.
• Companies like JP Morgan Chase & Co, Bank of America, and Citigroup all have similar insider transaction reporting requirements.
• The reporting requirements ensure transparency and prevent insider trading, aligning with global benchmarks for corporate governance.

Stakeholder Impact

• The transactions have a minimal direct impact on stakeholders, as they are related to standard compensation practices.
• The disclosure provides transparency to shareholders regarding the director's stock ownership.

Key Dates