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FIRST BANCORP /PR/·4

Mar 23, 6:30 PM ET

Diaz-Bento Lilian 4

Research Summary

AI-generated summary

Updated

First BanCorp (FBP) EVP Lilian Diaz‑Bento Receives Stock Award

What Happened

  • Lilian Diaz‑Bento, EVP of First BanCorp (FBP), was granted 9,689 restricted shares on 2026-03-19 valued at $20.59 each (total ~$199,497). The filing also shows a grant of 9,689 Performance Share Units (PSUs) on 2026-03-19 (reported as derivative units at $0). Separately, 853 shares were withheld on 2026-03-21 to cover taxes related to restricted stock that vested, disposed at $20.57 each (total ~$17,546).
  • The grants are company compensation (awards), not open‑market purchases; the withholding is a routine disposition to satisfy tax obligations.

Key Details

  • Transaction dates & amounts:
    • 2026-03-19: Award (A) — 9,689 restricted shares @ $20.59 = $199,497.
    • 2026-03-19: Award (A, derivative) — 9,689 Performance Share Units @ $0 (contingent).
    • 2026-03-21: Tax withholding (F) — 853 shares @ $20.57 = $17,546 (disposed).
  • Shares owned after transaction: Not specified in the provided filing excerpt.
  • Relevant footnotes:
    • F1: Restricted stock vests solely by time over three years — 50% on Mar 19, 2028 and 50% on Mar 19, 2029.
    • F2: The 853 shares withheld relate to restricted stock that vested on Mar 21, 2026 from a Mar 21, 2024 award.
    • F3/F4: PSUs are performance‑based (each unit = right to one share); payout ranges from 0% to 150% depending on performance. The 9,689 PSU tranche is the 2026 portion of a multi‑year award totaling 28,984 PSUs.
  • Transaction codes: A = Award/Grant, F = Tax withholding/disposition.
  • Filing timing: Report filed 2026-03-23 covering transactions through 2026-03-21; this appears to be within the standard Form 4 reporting window.

Context

  • PSUs are contingent awards that convert to shares only if performance goals are met (may pay between 0% and 150% of target). Restricted shares are time‑based and will not be freely tradable until they vest per the schedule above.
  • Withholding of shares for taxes is a routine disposition and does not necessarily indicate the insider’s market view. Grants indicate company compensation rather than an insider purchase signal.