Form 4: First BanCorp EVP and CFO Orlando Berges Gonzalez Reports Stock Transactions

Orlando Berges Gonzalez, EVP and CFO of First BanCorp, reports acquisition of restricted stock and performance share units, as well as shares withheld for taxes.

Summary

• On March 21, 2024, Orlando Berges Gonzalez, EVP and CFO of First BanCorp, acquired 15,562 shares of restricted stock at $17.35 per share.
• These shares vest over a three-year period, with 50% vesting on March 21, 2026, and the remaining 50% on March 21, 2027.
• On March 24, 2024, 2,544 shares were withheld at $16.86 per share to cover taxes related to restricted stock that vested on the same day.
• Gonzalez also acquired 15,561 Performance Share Units on March 21, 2024, which vest based on the achievement of performance goals and represent a contingent right to receive one share of FBP common stock each.
• Following these transactions, Gonzalez directly owns 345,760 shares of First BanCorp common stock and 66,262 Performance Share Units.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a routine filing related to stock grants and tax obligations. The acquisition of shares and performance units could be seen as a positive sign, but it's part of a pre-existing compensation plan.

Positives

• The acquisition of restricted stock and performance share units indicates confidence in the company's future performance.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. These filings are closely watched by investors seeking insights into management's perspective on the company's stock.

Stakeholder Impact

• The transactions have a minimal direct impact on stakeholders, as they primarily reflect compensation arrangements for the company's CFO.

Key Dates