Form 4: First BanCorp EVP Juan Carlos Pavia Reports Acquisition of Shares and Performance Share Units
SEC Form 4 Filing
Juan Carlos Pavia, EVP and Chief Credit Officer of First BanCorp, reports the acquisition of common stock and performance share units.
Summary
- On March 19, 2025, Juan Carlos Pavia, EVP and Chief Credit Officer of First BanCorp, acquired 10,484 shares of First BanCorp common stock at a price of $18.35 per share.
- Following this transaction, Pavia directly owns 74,748 shares of First BanCorp common stock.
- Pavia also acquired 10,483 Performance Share Units on March 19, 2025, which vest based on the achievement of performance goals and represent a contingent right to receive one share of FBP common stock each.
- The total number of Performance Share Units held by Pavia after the reported transaction is 42,362.
- The restricted stock vests over a three-year period, with 50% vesting on March 19, 2027, and the remaining 50% vesting on March 19, 2028.
Sentiment
Score: 6
Explanation: Neutral sentiment as it's a standard regulatory filing detailing stock transactions. The acquisition of shares by an executive is generally viewed as a positive sign, but it's not overwhelmingly so.
Positives
- The acquisition of shares by a high-ranking executive could be interpreted as a sign of confidence in the company's future performance.
Future Outlook
The Performance Share Units vest based on the degree of achievement of performance goals, suggesting a link between executive compensation and company performance.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates the executive's continued investment in the company's stock.
Stakeholder Impact
- The transaction could have a minor positive impact on shareholder sentiment due to the executive's increased investment in the company.
Key Dates
| Date | Description |
|---|---|
| 03/24/2022 | 8,916 Performance Share Units granted |
| 03/16/2023 | 13,135 Performance Share Units granted |
| 03/21/2024 | 9,828 Performance Share Units granted |
| 03/19/2025 | Date of transaction: Acquisition of 10,484 shares and 10,483 Performance Share Units |
| 03/19/2027 | 50% vesting of restricted stock |
| 03/19/2028 | Remaining 50% vesting of restricted stock |
Keywords
First BanCorp, FBP, Juan Carlos Pavia, EVP, Chief Credit Officer, Stock Acquisition, Performance Share Units, Beneficial Ownership, Form 4
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