# EDGAR Filing Document

**Accession Number:** 0001631334
**File Stem:** 0001209191-23-020133
**Filing Date:** 2023-3
**Character Count:** 8643
**Document Hash:** 5dd8194e571e6911bcb427ad53ae955d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001209191-23-020133.hdr.sgml**: 20230320

**ACCESSION NUMBER**: 0001209191-23-020133

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230316

**FILED AS OF DATE**: 20230320

**DATE AS OF CHANGE**: 20230320

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Kafka Donald
- **CENTRAL INDEX KEY:** 0001631334

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14793
- **FILM NUMBER:** 23747615

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 9146
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00908
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST BANCORP /PR/
- **CENTRAL INDEX KEY:** 0001057706
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 660561882
- **STATE OF INCORPORATION:** PR
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 1519 PONCE DE LEON AVE
- **STREET 2:** SANTURCE
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00908-0146
- **BUSINESS PHONE:** 7877298200

**MAIL ADDRESS:**
- **STREET 1:** 1519 PONCE DE LEON AVE
- **STREET 2:** PO BOX 9146
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00908-0146

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Kafka Donald<br><sub>(Last) (First) (Middle)</sub><br>PO BOX 9146<br><sub>(Street)</sub><br>SAN JUAN, PR 00908<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-03-16 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_EVP and COO_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>FIRST BANCORP /PR/ [ FBP ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| First BanCorp Common Stock, par value $0.10 per share. | 2023-03-16 |  | A |  | 11124<sup>(1)</sup> | A | $11.99 | 263999 | D |  |
| First BanCorp Common Stock, par value $0.10 per share. | 2023-03-18 |  | M |  | 33700<sup>(2)</sup> | A | <sup>(3)</sup> | 297699 | D |  |
| First BanCorp Common Stock, par value $0.10 per share. | 2023-03-18 |  | F |  | 12672<sup>(4)</sup> | D | $11.15 | 285027 | D |  |
| First BanCorp Common Stock, par value $0.10 per share. | 2023-03-18 |  | F |  | 6336<sup>(5)</sup> | D | $11.15 | 278691 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Performance Share Unit | <sup>(6)</sup> | 2023-03-16 |  | A |  | 11123 |  | <sup>(6)</sup> | 2026-03-16 | Common Stock | 11123 | $0.00 | 67490 | D |  |
| Performance Share Unit | <sup>(2)</sup> | 2023-03-18 |  | A |  |  | 33700 | <sup>(2)</sup> | 2023-03-18 | Common Stock | 33700 | <sup>(2)</sup> | 33790<sup>(7)</sup> | D |  |

---

### Footnotes:

(1) Shares of restricted stock issued pursuant to the First BanCorp Omnibus Incentive Plan, as amended. The shares shall fully vest solely on the basis of the passage of time over a three-year period, with 50% vesting on year two or March 16, 2025 and the remaining 50% vesting on year three or March 16, 2026.

(2) Performance Share Units granted as a performance award, vesting based upon degree of achievement of performance goal. Each Performance Share Units represents a contingent right to receive one share of FBP common stock. At the end of the performance period, 50% of the award is paid for threshold-level performance up to 100% for target-level performance, in FBP common stock free of restriction. Amounts between threshold and target level performance are interpolated to reward incremental achievement and no amounts are paid if actual results of the performance goal are below threshold-level performance.

(3) Performance Share Units that vested based on the achievement of the performance goal at a level resulting in 100% of target, pursuant to a grant of Performance Share Units award made on March 18, 2020.

(4) Shares withheld to cover taxes related to the Performance Share Units that vested on March 18, 2023 pursuant to the terms of the long-term incentive award made on March 18, 2020.

(5) Shares withheld to cover taxes related to a restricted stock that vested on March 18, 2023 pursuant to the terms of the restricted stock award made on March 18, 2020.

(6) Performance Share Units granted as a performance award, vesting based upon degree of achievement of performance goal. Each Performance Share Units represents a contingent right to receive one share of FBP common stock. At the end of the performance period, 50% of the award is paid for threshold-level performance up to 150% for maximum level performance, in FBP common stock free of restriction. Amounts between threshold, target, and maximum level performance are interpolated to reward incremental achievement and no amounts are paid if actual results of the performance goal are below threshold-level performance.

(7) The amount of 33,790 Performance Share Units were granted as a performance award with 12,211 shares granted on March 31, 2021, 10,456 shares granted on March 24, 2022, and 11,123 shares granted on March 16, 2023, and vest upon the degree of achievement of performance goals. Each Performance Share Unit represents a contingent right to receive one share of FBP common stock.

**Signature:** /s/ Donald Kafka  
**Date:** 2023-03-20

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**