Diaz-Bento Lilian 4

What Happened

• Lilian Diaz-Bento, Executive Vice President of First Bancorp (FBP), had 15,886 Performance Share Units (PSUs) vest/convert into 15,886 shares on March 16, 2026 (reported on Form 4 filed 2026-03-18).
• To cover taxes, a total of 4,040 shares were withheld/sold in two withholding transactions: 2,757 shares for $56,711 and 1,283 shares for $26,391, each at $20.57 per share, totaling $83,102. The remaining shares retained from the vesting were 11,846 (15,886 − 4,040).
• Code explanations: M = conversion/exercise of derivative (PSUs converted to common stock); F = shares withheld/used to satisfy tax obligation.

Key Details

• Transaction date: March 16, 2026; Form 4 filed March 18, 2026 (appears timely).
• Withholding sales: 2,757 shares @ $20.57 = $56,711; 1,283 shares @ $20.57 = $26,391; total proceeds $83,102.
• Shares owned after transaction: not specified in the filing.
• Relevant footnotes: PSUs were performance-based awards (granted March 16, 2023). Vesting was determined by achievement of TSR and tangible book value goals (TSR achieved at 150% of target; TBV at ~101.46% of target). Shares were withheld to cover tax obligations per award terms.
• Transaction codes: M = derivative conversion (PSU vesting); F = tax withholding.

Context

• These transactions reflect PSUs vesting based on pre-set performance goals and routine tax withholding — not an open-market purchase or discretionary sale of existing holdings.
• For retail investors, this is a compensation-related issuance and withholding event (common and typically not a directional trading signal).