Form 4: First BanCorp Executive Lopez-Lay Ginoris Reports Stock Transactions

EVP Lopez-Lay Ginoris reports the vesting and subsequent tax withholding of performance share units and restricted stock, resulting in adjustments to their holdings of First BanCorp common stock.

Summary

• Ginoris Lopez-Lay, an Executive Vice President at First BanCorp, filed a Form 4 detailing changes in beneficial ownership.
• On March 24, 2025, performance share units vested, resulting in the acquisition of 10,646 shares of First BanCorp common stock.
• Simultaneously, 3,977 shares were withheld to cover taxes related to the vested performance share units at a price of $19.04.
• Additionally, 1,989 shares were withheld to cover taxes related to restricted stock that vested on the same date, also at $19.04.
• Following these transactions, Lopez-Lay Ginoris directly owns 204,276 shares of First BanCorp common stock and 30,328 Performance Share Units.

Sentiment

Score: 6

Explanation: The document is neutral to slightly positive. It reflects routine executive compensation activity, with the vesting of performance share units suggesting the achievement of performance goals. There are no explicit negative indicators.

Positives

• The vesting of performance share units indicates the achievement of certain performance goals, which is generally a positive sign for the company.

Future Outlook

The document does not contain specific forward-looking statements, but it does mention ongoing performance share unit grants that will vest based on future performance.

Industry Context

Form 4 filings are a routine part of executive compensation and provide transparency into the trading activities of company insiders. The vesting of performance share units suggests that First BanCorp is meeting certain performance targets, which is generally viewed positively by investors.

Comparison to Industry Standards

• Equity compensation, including performance share units and restricted stock, is a common practice among financial institutions like First BanCorp to align executive incentives with shareholder value.
• Comparable companies such as Popular, Inc. and OFG Bancorp also utilize similar equity-based compensation plans for their executives.
• The vesting schedule and performance metrics associated with these awards are typically disclosed in the company's proxy statements.

Stakeholder Impact

• Shareholders may view the vesting of performance share units positively, as it indicates the achievement of performance goals.
• The transactions have a minor impact on the overall share count due to the vesting and subsequent tax withholding.

Key Dates

Keywords

Form 4, Beneficial Ownership, Stock Transactions, Performance Share Units, Restricted Stock, First BanCorp, FBP, Vesting, Tax Withholding, Equity Compensation