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: Kafka Donald (Chief Operating Officer)

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	226431	Direct
2017-05-10	First BanCorp Common Stock	F	544	$5.75	Disposed	225887	Direct
2017-05-10	First BanCorp Common Stock	D	80358	$0.00	Disposed	145529	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").