FIRST BANCORP /PR/ — Director's Dealing 2017

May 12, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FIRST BANCORP /PR/ (FBP)
CIK: 0001057706
Period of Report: 2017-05-10

Reporting Person: Lopez-Lay Ginoris (EVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-10	First BanCorp Common Stock	A	1672	$5.75	Acquired	294672	Direct
2017-05-10	First BanCorp Common Stock	F	541	$5.75	Disposed	294131	Direct
2017-05-10	First BanCorp Common Stock	D	155261	$0.00	Disposed	138870	Direct
2017-05-10	First BanCorp Common Stock	F	3033	$5.75	Disposed	135837	Direct
2017-05-10	First BanCorp Common Stock	F	3099	$5.75	Disposed	132738	Direct
2017-05-10	First BanCorp Common Stock	F	3851	$5.75	Disposed	128887	Direct
2017-05-10	First BanCorp Common Stock	F	2976	$5.75	Disposed	125911	Direct

Footnotes

F1: Salary stock issued bi-weekly as a portion of the reporting person's salary compensation under the First BanCorp Omnibus Incentive Plan, as amended. Salary stock is fully vested on the date of grant. The number of shares represented by this award was determined by dividing the dollar value of the award granted to the reporting person by $5.75 (the closing price of the Issuer's common stock as quoted on the NYSE on May 10, 2017, the last trading day of the pay period). The shares reported as disposed of were withheld for taxes.

F2: Reflects the forfeiture of restricted stock resulting from the sale by the United States Department of the Treasury ("U.S. Treasury") of its remaining shares of the Issuer's Common Stock at a price that, together with its proceeds from prior sales of the Issuer's Common Stock, resulted in its failure to recoup its entire original investment in the Issuer through the U.S. Treasury Troubled Asset Relief Program Capital Purchase Program ("TARP").

F3: Shares withheld to cover taxes related to restricted stock that vested pursuant to the terms of the restricted stock award dated March 21, 2012 but remained subject to TARP restrictions on transfer until the U.S. Treasury confirmed on May 10, 2017 that it had agreed to sell all of its remaining 10,291,553 shares of the Issuer's common stock, which caused the restrictions on an additional 25% of the shares awarded to be released as of such date.

F4: Shares withheld to cover taxes related to restricted stock that vested pursuant to the terms of the restricted stock award dated April 3, 2013 but remained subject to TARP restrictions on transfer until the U.S. Treasury confirmed on May 10, 2017 that it had agreed to sell all of its remaining 10,291,553 shares of the Issuer's common stock, which caused the restrictions on an additional 25% of the shares awarded to be released as of such date.

F5: Shares withheld to cover taxes related to restricted stock that vested pursuant to the terms of the restricted stock award dated March 27, 2014 but remained subject to TARP restrictions on transfer until the U.S. Treasury confirmed on May 10, 2017 that it had agreed to sell all of its remaining 10,291,553 shares of the Issuer's common stock, which caused that the restrictions on an additional 25% of the shares awarded to be released as of such date.

F6: Shares withheld to cover taxes related to restricted stock that vested pursuant to the terms of the restricted stock award dated March 20, 2015 but remained subject to TARP restrictions on transfer until the U.S. Treasury confirmed on May 10, 2017 that it had agreed to sell all of its remaining 10,291,553 shares of the Issuer's common stock, which caused the restrictions on an additional 25% of the shares awarded to be released as of such date.