Form 4: First BanCorp EVP Carlos Power Reports Acquisition of Restricted Stock and Performance Share Units

Executive Vice President Carlos Power of First BanCorp reports the acquisition of restricted stock and performance share units, signaling changes in beneficial ownership.

Summary

• Carlos Power, an EVP at First BanCorp, filed a Form 4 detailing changes in beneficial ownership.
• On March 19, 2025, Power acquired 8,644 shares of First BanCorp common stock at $18.35 per share.
• These shares are restricted stock that vest over a three-year period, with 50% vesting on March 19, 2027, and the remaining 50% vesting on March 19, 2028.
• Additionally, Power acquired 8,644 Performance Share Units, which vest based on the achievement of performance goals.
• These units represent a contingent right to receive one share of FBP common stock each.
• The reporting person directly owns 182,571 shares of First BanCorp common stock following the reported transactions.
• The reporting person directly owns 42,246 Performance Share Units following the reported transactions.

Sentiment

Score: 6

Explanation: The sentiment is neutral as it primarily reports transactions. The acquisition of shares and performance units could be seen as a positive sign, but it's a routine disclosure.

Positives

• The acquisition of shares and performance units aligns the executive's interests with the company's performance.
• The vesting schedule of the restricted stock encourages long-term commitment from the executive.
• The performance-based vesting of the share units incentivizes the achievement of specific company goals.

Future Outlook

The performance share units vest based on the degree of achievement of performance goals, with payouts ranging from 50% to 150% of the award in FBP common stock.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.

Stakeholder Impact

• The acquisition of shares by an executive could be viewed positively by shareholders, signaling confidence in the company's future.

Key Dates

Keywords

Form 4, beneficial ownership, First BanCorp, FBP, restricted stock, performance share units, Carlos Power, executive compensation