Form 4: First BanCorp EVP Lopez-Lay Ginoris Reports Acquisition of Restricted Stock and Performance Share Units

Ginoris Lopez-Lay, EVP of First BanCorp, reports the acquisition of restricted stock and performance share units, impacting their beneficial ownership in the company.

Summary

• Ginoris Lopez-Lay, an Executive Vice President at First BanCorp, filed a Form 4 detailing changes in their beneficial ownership of the company's securities.
• On March 19, 2025, Lopez-Lay acquired 8,755 shares of First BanCorp common stock at a price of $18.35 per share.
• These shares are restricted stock issued under the First BanCorp Omnibus Incentive Plan and will vest over a three-year period: 50% on March 19, 2027, and the remaining 50% on March 19, 2028.
• On the same date, Lopez-Lay also acquired 8,754 Performance Share Units (PSUs).
• These PSUs vest based on the achievement of performance goals, with payouts ranging from 50% to 150% of the award in FBP common stock, depending on performance levels.
• Following these transactions, Lopez-Lay directly owns 199,596 shares of First BanCorp common stock and 40,974 Performance Share Units.
• The 40,974 Performance Share Units include 10,646 shares granted on March 24, 2022, 12,406 shares granted on March 16, 2023, 9,168 shares granted on March 21, 2024, and 8,754 shares granted on March 19, 2025.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a routine filing indicating stock and PSU acquisition by an executive, which could be interpreted as a sign of confidence, but it's not overwhelmingly positive.

Positives

• The acquisition of restricted stock and performance share units by an executive could be seen as a positive sign, indicating confidence in the company's future performance.

Future Outlook

The restricted stock will vest over a three-year period, and the performance share units will vest based on the achievement of performance goals.

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 for insights into management's perspective on the company's stock.

Comparison to Industry Standards

• Executive compensation packages often include a mix of salary, stock options, restricted stock, and performance-based incentives.
• The vesting schedules and performance metrics associated with these awards are typically aligned with industry standards and designed to incentivize long-term value creation.
• Comparing First BanCorp's executive compensation structure to that of its peers, such as Popular, Inc. (BPOP) or OFG Bancorp (OFG), would provide a more comprehensive understanding of its competitiveness.

Stakeholder Impact

• The transactions reported in the Form 4 filing may have a minor impact on shareholders, as they provide insight into executive compensation and ownership.

Key Dates

Keywords

Form 4, beneficial ownership, First BanCorp, FBP, restricted stock, performance share units, insider trading