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FIRST BANCORP /PR/·4

Mar 23, 6:30 PM ET

Lacasa Jose Maria 4

Research Summary

AI-generated summary

Updated

First BanCorp (FBP) EVP Jose Maria Lacasa Receives Awards

What Happened
Jose Maria Lacasa, Executive Vice President of First BanCorp (FBP), was granted equity awards on March 19, 2026 and had shares withheld for taxes on March 21, 2026. The filing reports: 10,693 restricted stock units (RSUs) issued at an imputed value of $20.59 each (total ~$220,169), a performance award of 10,692 Performance Share Units (PSUs) shown at $0.00 (contingent), and the withholding/ disposition of 1,596 shares on March 21, 2026 at $20.57 each to cover taxes (proceeds ~$32,830).

Key Details

  • Transaction dates/prices:
    • 2026-03-19: RSU grant 10,693 shares @ $20.59 (Acquired) — value $220,169.
    • 2026-03-19: PSU grant 10,692 units @ $0.00 (Derivative/contingent award).
    • 2026-03-21: 1,596 shares withheld/disposed for taxes @ $20.57 — proceeds ~$32,830.
  • Shares owned after the transaction: Not reported in the information provided on this filing.
  • Footnotes of note:
    • F1: RSUs vest solely by passage of time over three years — 50% vest on year two (Mar 19, 2028) and 50% on year three (Mar 19, 2029).
    • F2: The 1,596-share withholding covered taxes on RSUs that vested on Mar 21, 2026 from a Mar 21, 2024 award.
    • F3/F4: PSUs are performance-based; each PSU can convert to one share if performance thresholds are met. Payout ranges from 50% at threshold up to 150% at maximum; no payout below threshold. The filing notes 26,948 total PSUs granted across 2024–2026 (10,692 granted on Mar 19, 2026).
  • Filing timeliness: Form filed on 2026-03-23 for transactions dated 2026-03-19; this appears to be within the required two business-day filing window.

Context

  • The March 19 transactions are mainly awards (acquisitions of RSUs and PSUs), which are grants of future equity rather than open-market purchases — they do not represent an immediate cash investment by the insider.
  • The March 21 transaction is a routine tax-withholding disposition (F code), where shares are withheld/sold to satisfy tax obligations tied to vested restricted stock; such withholdings are common and do not necessarily signal sentiment.
  • PSUs are contingent on performance; the 10,692-unit PSU grant will only convert to shares if First BanCorp meets preset performance goals during the relevant performance period.