Form 4: First BanCorp EVP Lilian Diaz-Bento Reports Stock Transactions
SEC Form 4 Filing
EVP Lilian Diaz-Bento reports the vesting and subsequent tax withholding of shares and performance share units of First BanCorp common stock.
Summary
- On March 24, 2025, Lilian Diaz-Bento, an EVP at First BanCorp, reported transactions involving First BanCorp common stock.
- 9,235 Performance Share Units vested based on the achievement of performance goals, resulting in 100% of the target being met.
- 2,379 shares were withheld to cover taxes related to the vested Performance Share Units.
- 1,190 shares were withheld to cover taxes related to restricted stock that vested on the same date.
- Following these transactions, Diaz-Bento directly owns 43,693 shares of First BanCorp common stock and 31,930 Performance Share Units.
Sentiment
Score: 7
Explanation: The document reflects positive performance as indicated by the vesting of performance share units at 100% of the target level. The transactions are routine and expected.
Positives
- The vesting of Performance Share Units indicates the achievement of performance goals at 100% of the target level, suggesting positive performance by the company.
Industry Context
This filing is a routine disclosure of executive compensation and stock ownership changes, common in the financial services industry.
Comparison to Industry Standards
- Executive compensation practices, including the use of performance share units, are common among publicly traded financial institutions like First BanCorp.
- Companies such as Popular, Inc. and OFG Bancorp also utilize similar equity-based compensation plans to incentivize and retain key executives.
- The vesting of performance share units based on pre-defined performance goals aligns with industry best practices for aligning executive compensation with shareholder value.
Stakeholder Impact
- The vesting of performance share units, tied to company performance, can positively impact shareholder confidence.
- Executive compensation practices can influence employee morale and retention.
Key Dates
| Date | Description |
|---|---|
| 03/24/2022 | Date of the long-term incentive award and restricted stock award. |
| 03/16/2023 | Date of grant of 12,635 Performance Share Units. |
| 03/21/2024 | Date of grant of 9,823 Performance Share Units. |
| 03/19/2025 | Date of grant of 9,472 Performance Share Units. |
| 03/24/2025 | Date of transaction: Vesting of Performance Share Units and restricted stock, and tax withholding. |
| 03/26/2025 | Date of signature of the Form 4 filing. |
Keywords
First BanCorp, FBP, Lilian Diaz-Bento, Performance Share Units, Stock Transactions, Vesting, Form 4, Executive Compensation
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