Form 4: First BanCorp Executive Said Ortiz Reports Stock Transaction

Said Ortiz, Chief Accounting Officer of First BanCorp, reports the withholding of shares to cover taxes related to vested restricted stock.

Summary

• On March 16, 2025, Said Ortiz, Chief Accounting Officer of First BanCorp, had 2,289 shares of First BanCorp Common Stock withheld to cover taxes.
• The shares were related to restricted stock that vested on March 16, 2025, pursuant to a long-term incentive award made on March 16, 2023.
• The price per share was $18.26.
• Following the transaction, Ortiz beneficially owns 33,309.831 shares of First BanCorp Common Stock directly.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing a stock transaction related to tax withholding, which has a neutral sentiment.

Industry Context

This Form 4 filing is a routine disclosure of insider transactions, which is a common practice for publicly traded companies. It provides transparency into the trading activities of company executives.

Comparison to Industry Standards

• Form 4 filings are standard practice for publicly traded companies in the US, ensuring transparency of insider transactions.
• Similar filings are made by executives at comparable financial institutions like Popular, Inc. and OFG Bancorp.

Stakeholder Impact

• The transaction has a minimal direct impact on stakeholders, as it is a routine tax withholding event.

Key Dates