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FIRST BANCORP /PR/·4

Mar 23, 6:30 PM ET

Lopez-Lay Ginoris 4

Research Summary

AI-generated summary

Updated

First BanCorp (FBP) EVP Lopez‑Lay Ginoris Receives Awards

What Happened

  • Lopez‑Lay Ginoris, an Executive Vice President of First BanCorp (FBP), received stock awards on March 19, 2026: 9,228 restricted shares valued at $20.59 each (total ≈ $190,005) and 9,227 Performance Share Units (PSUs) granted as a derivative award (no cash paid).
  • Separately, on March 21, 2026, 796 shares were disposed/withheld at $20.57 each (≈ $16,374) to cover taxes related to restricted stock that vested on March 21, 2026.
  • The grants are compensation awards (A = award/grant); the 796‑share disposition is tax withholding (F = tax withholding), not an open‑market sale.

Key Details

  • Transaction dates & prices:
    • 2026‑03‑19: 9,228 restricted shares @ $20.59 (acquired) — $190,005.
    • 2026‑03‑19: 9,227 Performance Share Units granted (derivative, $0).
    • 2026‑03‑21: 796 shares withheld @ $20.57 (disposed) — $16,374.
  • Shares owned after the transactions: not specified in the provided summary of the filing (check the full Form 4 for total beneficial ownership).
  • Filing: Form 4 was filed on March 23, 2026 (timely relative to the March 19 transaction).
  • Notable footnotes from the filing:
    • F1: Restricted stock vests solely by passage of time over 3 years (50% on year 2 — Mar 19, 2028; 50% on year 3 — Mar 19, 2029).
    • F2: 796 shares were withheld to cover taxes on restricted stock that vested Mar 21, 2026 from a Mar 21, 2024 award.
    • F3: PSUs pay out in shares based on achievement of performance goals (50% payout at threshold up to 150% at maximum; none if below threshold).
    • F4: The total PSU award referenced is 27,149 units granted over three years (9,168 in 2024; 8,754 in 2025; 9,227 in 2026).

Context

  • The 9,228 restricted shares and PSUs are compensation awards, not open‑market purchases; such grants are common for executive pay and typically vest over time or based on performance.
  • The 796‑share disposition was a tax‑withholding event tied to vesting and does not necessarily indicate a routine sale for investment purposes.
  • PSUs are contingent — they convert to actual shares only if performance goals are met at the end of the performance period. For full details (including exact post‑transaction ownership), review the complete Form 4 filing.