# EDGAR Filing Document

**Accession Number:** 0001057706
**File Stem:** 0001209191-23-020125
**Filing Date:** 2023-3
**Character Count:** 12531
**Document Hash:** 0ba911b2e28d76e7be82d7afa1f2b866
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001209191-23-020125.hdr.sgml**: 20230320

**ACCESSION NUMBER**: 0001209191-23-020125

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230316

**FILED AS OF DATE**: 20230320

**DATE AS OF CHANGE**: 20230320

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Berges Gonzalez Orlando
- **CENTRAL INDEX KEY:** 0001464458

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14793
- **FILM NUMBER:** 23747594

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 9146
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00908-0146
**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

## Ex-24

```
<PRE>
LIMITED POWER OF ATTORNEY FOR FILINGS UNDER
THE SECURITIES ACT OF 1933, AS AMENDED AND
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

Know all by these presents, that the undersigned hereby constitutes and appoints
Sara Alvarez-Cabrero, Esq. and/or
Adolfo Sepulveda Esq., or any one of them, with full power of substitution, as
the undersigneds true and lawful attorneys-in-fact
and agents to:

     (1) execute for and on behalf of the undersigned, in the undersigned's
capacity
as: (a) an Officer of the Board of Directors of First BanCorp. and/or FirstBank
Puerto Rico; (b) in any other capacity related to any of these entities; or (c)
in
the undersigned's individual capacity, all documents, certificates, instruments,

statements, filings and agreements ("documents") to be filed with or delivered
in
accordance with the Securities Act of 1933, as amended (the "Securities Act"),
and
the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the
rules
and regulations thereunder;

     (2) do and perform any and all acts for and on behalf of the undersigned
that
may be necessary or desirable to complete and execute and timely file any such
documents with the United States Securities and Exchange Commission (the "SEC")
and
any stock exchange or similar authority; and

     (3) take any other action of any type whatsoever that, in the opinion of
such
attorneys-in-fact, may be necessary or desirable in connection with the
foregoing
authority, it being understood that the documents executed by such attorneys-in-
fact on behalf of the undersigned pursuant to this Limited Power of Attorney
shall
be in such form and shall contain such terms and conditions as such
attorneys-in-
fact may approve.

The undersigned hereby grants to such attorneys-in-fact full power and authority
to
do and perform any and every act and thing whatsoever requisite, necessary, or
proper to be done in the exercise of any of the rights and powers herein
granted,
as fully to all intents and purposes as the undersigned might or could do if
personally present, with full power of substitution or revocation, hereby
ratifying
and confirming all that such attorneys-in-fact, or such attorneys-in-fact?s
substitute or substitutes, have lawfully done or cause to be done or shall
lawfully
do or cause to be done by virtue of this Limited Power of Attorney and the
rights
and powers herein granted. The undersigned acknowledges that the foregoing
attorneys-in-fact, in serving in such capacity at the request of the
undersigned,
is not assuming, any of the undersigned's responsibilities to comply with the
Act.

This Limited Power of Attorney shall remain in full force and effect until the
undersigned is no longer required to file documents under the Securities Act and

the Exchange Act with respect to securities held by the undersigned, unless
earlier
revoked by the undersigned in a signed writing delivered to the foregoing
attorneys-in-fact. This Limited Power of Attorney may be filed with the SEC as a

confirming statement of the authority granted herein.

       IN WITNESS WHEREOF, the undersigned has caused this Limited Power of
Attorney
to be executed as of this 20th day of March 2023.

/s/ Orlando Berges

Agreed to and Accepted by:

/s/ Sara Alvarez

/s/ Adolfo Sepulveda

Affidavit Number 105

	Sworn and subscribed before me by Sara Alvarez-Cabrero and Adolfo Sepulveda,
of legal age, single, attorneys at law and residents of San Juan, Puerto Rico,
in
their capacities as Secretary and Assistant Secretary of the Board of Directors
of
First BanCorp. and FirstBank Puerto Rico, respectively, who are personally known
to
me.

Subscribed and sworn to before me on this 20th day of March 2023.

[SEAL] 	/s/ William Eduardo Morales, Esq.
	Notary Public

</PRE>
```

### 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>Berges Gonzalez Orlando<br><sub>(Last) (First) (Middle)</sub><br>P.O. BOX 9146<br><sub>(Street)</sub><br>SAN JUAN, PR 00908-0146<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 CFO_ |
| **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 |  | 22744<sup>(1)</sup> | A | $11.99 | 316408 | D |  |
| First BanCorp Common Stock, par value $0.10 per share. | 2023-03-18 |  | M |  | 35073<sup>(2)</sup> | A | <sup>(3)</sup> | 351481 | D |  |
| First BanCorp Common Stock, par value $0.10 per share. | 2023-03-18 |  | F |  | 11219<sup>(4)</sup> | D | $11.15 | 340262 | D |  |
| First BanCorp Common Stock, par value $0.10 per share. | 2023-03-18 |  | F |  | 5610<sup>(5)</sup> | D | $11.15 | 334652 | 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 |  | 22743 |  | <sup>(6)</sup> | 2026-03-16 | Common Stock | 22743 | $0.00 | 85774 | D |  |
| Performance Share Unit | <sup>(2)</sup> | 2023-03-18 |  | M |  |  | 35073 | <sup>(3)</sup> | 2023-03-18 | Common Stock | 35073<sup>(3)</sup> | <sup>(2)</sup> | 50701<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 awarded on March 18, 2020.

(4) Shares withheld to cover taxes related to the Performance Share Units granted in a restricted stock that vested on March 18, 2023, pursuant tothe 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 50,701 Performance Share Units were granted as a performance award with 11,989 shares granted on March 31, 2021, 15,969 shares granted on March 24, 2022, and 22,743 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/ Orlando Berges  
**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.**