Form 4: First BanCorp EVP, General Counsel Sara Alvarez-Cabrero Reports Share Transactions

Sara Alvarez-Cabrero, EVP and General Counsel of First BanCorp, reports the vesting and subsequent tax withholding of shares related to performance share units and restricted stock, along with the acquisition of additional performance share units.

Summary

• On March 24, 2025, Sara Alvarez-Cabrero, EVP and General Counsel of First BanCorp, reported transactions involving First BanCorp common stock.
• 9,528 Performance Share Units vested based on the achievement of performance goals, resulting in the receipt of shares.
• A total of 4,036 shares were withheld to cover taxes related to the vested Performance Share Units at a price of $19.04 per share.
• Additionally, 2,018 shares were withheld to cover taxes related to restricted stock that vested on the same date at a price of $19.04 per share.
• Following these transactions, Alvarez-Cabrero directly owns 69,656 shares of First BanCorp common stock and 29,367 Performance Share Units.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The document simply reports transactions related to executive compensation, which are routine.

Positives

• The vesting of Performance Share Units indicates the achievement of certain performance goals within First BanCorp.

Industry Context

Executive stock transactions are a common occurrence in publicly traded companies and are closely monitored by investors for insights into management's confidence in the company's future performance.

Comparison to Industry Standards

• Executive compensation packages, including performance share units and restricted stock, are standard practice among financial institutions like First BanCorp to incentivize and retain key personnel.
• The vesting schedules and performance metrics associated with these awards are typically aligned with the company's long-term strategic goals and are comparable to those of its peers.
• Comparable companies include Popular, Inc. (BPOP) and OFG Bancorp (OFG), which also utilize similar equity-based compensation strategies.

Stakeholder Impact

• The vesting of shares and subsequent tax withholding have a minor impact on the company's outstanding shares and financial statements.
• The transactions reflect the compensation structure for key executives, which is of interest to shareholders.

Key Dates

Keywords

First BanCorp, FBP, Sara Alvarez-Cabrero, Performance Share Units, Restricted Stock, Vesting, Tax Withholding, Form 4, Beneficial Ownership, Executive Compensation