Pavia Juan Carlos 4
4 · FIRST BANCORP /PR/ · Filed Mar 18, 2026
Research Summary
AI-generated summary of this filing
First Bancorp (FBP) COO Juan Carlos Pavia Exercises PSUs; Taxes Withheld
What Happened
Juan Carlos Pavia, COO of First Bancorp (FBP), had 16,515 Performance Share Units (PSUs) vest/convert on March 16, 2026 (transaction code M). To satisfy tax withholding (code F), 7,090 shares were withheld — 4,950 shares at $20.57 each ($101,822) and 2,140 shares at $20.57 each ($44,020) — for a total withholding value of $145,842. The net shares issued to Pavia from the vesting were 9,425 shares (16,515 gross − 7,090 withheld). These disposals were tax withholdings, not open-market sales.
Key Details
- Transaction date: March 16, 2026; Form 4 filed March 18, 2026 (appears timely).
- Transactions: Exercise/conversion of 16,515 PSUs (M); tax withholding disposals of 4,950 and 2,140 shares at $20.57 each (F).
- Withheld shares/value: 7,090 shares withheld, totaling $145,842. Net shares retained: 9,425.
- Shares owned after transaction: Not disclosed in the provided filing excerpt.
- Notable footnotes: F2 indicates PSU vesting was based on performance goals (TSR and tangible book value); the TSR goal paid at 150% of target and the TBV goal at ~101.46% of target for the March 16, 2023 grant. F3 confirms shares were withheld to cover taxes on PSUs that vested on March 16, 2026.
- Transaction codes: M = exercise/conversion of derivative (PSU vesting); F = shares withheld for taxes (not market sales).
Context
PSUs are performance-based compensation that convert to shares when vesting conditions are met; this is a routine compensation event rather than a purchase or an investment decision by the insider. Tax-withholding disposals are common and do not indicate a directional view on the stock. The filing shows enhanced payout levels for the relevant performance measures (per F2), which explains why 16,515 shares vested.
Insider Transaction Report
- Exercise/Conversion
First BanCorp Common Stock, par value $0.10 per share
[F1][F2]2026-03-16+16,515→ 95,851 total - Tax Payment
First BanCorp Common Stock, par value $0.10 per share
[F3]2026-03-16$20.57/sh−4,950$101,822→ 90,901 total - Tax Payment
First BanCorp Common Stock, par value $0.10 per share
[F4]2026-03-16$20.57/sh−2,140$44,020→ 88,761 total - Exercise/Conversion
Performance Share Unit
[F1][F2][F5]2026-03-16−16,515→ 20,311 totalExp: 2026-03-16→ Common Stock (16,515 underlying)
Footnotes (5)
- [F1]Performance Share Units granted as a performance award, vesting based upon degree of achievement of performance goal. Each Performance Share Unit represents a contingent right to receive one share of FBP common stock. At the end of the three-year performance period, 50% of the award is paid for threshold-level performance up to 150% for maximum level performance, in FBP common stock free of restriction. Amounts between threshold, target, and maximum level performance are interpolated to reward incremental achievement and no amounts are paid if actual results of the performance goal are below threshold-level performance.
- [F2]Performance Share Units that vested based upon the degree of achievement of equally weighed performance goals at the end of a three-year performance period, comprising: (i) our total shareholder return relative to companies comprising the KBW Regional Bank Index ("TSR Target Performance"); and (ii) our pre-established targeted tangible book value per share goal ("TBV Target Performance"). Performance Share Units vested based on the achievement of (i) the TSR Target Performance goal at a level resulting in 150% of target, and (ii) the TBV Target Performance goal at a level resulting in 101.46% of target, each pursuant to the grant of Performance Units awarded on March 16, 2023.
- [F3]Shares withheld to cover taxes related to Performance Shares Units that vested on March 16, 2026 pursuant to the terms of the long-term incentive award made on March 16, 2023.
- [F4]Shares withheld to cover taxes related to restricted stock that vested on March 16, 2026 pursuant to the terms of the restricted stock award made on March 16, 2023.
- [F5]The amount of 20,311 Performance Share Units were granted as a performance award with 9,828 shares granted on March 21, 2024 and 10,483 shares granted on March 19, 2025, and vest upon the degree of achievement of performance goals. Each Performance Share Unit represents a contingent right to receive one share of FBP common stock.