<!-- CoverPageHeader start -->
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 3.2//EN">
<HTML>
<HEAD>
<TITLE> First BanCorp. (Form: 8-K) </TITLE>
</HEAD>
<BODY TEXT="#000000" BGCOLOR="#FFFFFF" ALINK="#0000FF" HLINK="#FF0000" VLINK="#800080">
<A NAME="DOCUMENT_TOP">&nbsp;</A>
<P>
<!-- CoverPageHeader end --><!-- CoverPageTitle START -->
<A NAME="DOCUMENT_TOP">&nbsp;</A>
<HR NOSHADE>
<P>
<P ALIGN="CENTER">
<FONT SIZE="4">
		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
</FONT>
<BR>
<FONT SIZE="2">
	WASHINGTON, D.C. 20549
</FONT>
<P ALIGN="CENTER">
<FONT SIZE="5">
	FORM 8-K
</FONT>
<FONT SIZE="2">

</FONT>
</P>
<P ALIGN="CENTER">
<FONT SIZE="3">
	CURRENT REPORT
</FONT>
</P>
<P ALIGN="CENTER">
<FONT SIZE="2">
	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
</FONT>
</P>
<CENTER>
<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
<TD WIDTH="51%">
	&nbsp;
</TD>
<TD WIDTH="5%">
	&nbsp;
</TD>
<TD WIDTH="44%">
	&nbsp;
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	Date of Report (Date of Earliest Event Reported):
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	March 21, 2017
</FONT>
</TD>
</TR>
</TABLE>
<BR>
</CENTER>
<!-- CoverPageTitle END --><!-- CoverPageRegistrant START -->
<P ALIGN="CENTER"><!-- -->
<FONT SIZE="6">
	First BanCorp.
</FONT>
<FONT SIZE="2">
<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
</FONT>
<CENTER>
<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
<TD WIDTH="33%">
	&nbsp;
</TD>
<TD WIDTH="34%">
	&nbsp;
</TD>
<TD WIDTH="33%">
	&nbsp;
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	Puerto Rico
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	001-14793
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	66-0561882
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
_____________________<BR>
	(State or other jurisdiction
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
_____________<BR>
	(Commission
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
______________<BR>
	(I.R.S. Employer
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	of incorporation)
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	File Number)
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	Identification No.)
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;&nbsp;
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	1519 Ponce de Leon Ave., PO Box 9146, San Juan, Puerto Rico
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	00908-0146
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
_________________________________<BR>
	(Address of principal executive offices)
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
___________<BR>
	(Zip Code)
</FONT>
</TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">

<TR VALIGN="BOTTOM">
<TD WIDTH="51%">
	&nbsp;
</TD>
<TD WIDTH="5%">
	&nbsp;
</TD>
<TD WIDTH="44%">
	&nbsp;
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	Registrant&#146;s telephone number, including area code:
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	787-729-8041
</FONT>
</TD>
</TR>
</TABLE>
</CENTER>
<P ALIGN="CENTER">
<FONT SIZE="2">
	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
</FONT>
<P ALIGN="CENTER">
<FONT SIZE="2">
	&nbsp;
</FONT>
<!-- CoverPageRegistrant END --><P><FONT SIZE="2">
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
</P>
<P><FONT SIZE="2">
[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
</P></FONT><!-- PageBreak START -->
<P>
<HR NOSHADE>
<DIV ALIGN="LEFT" STYLE="PAGE-BREAK-BEFORE:ALWAYS">
<A HREF="#DOCUMENT_TOP">
<U>
<B>
<FONT SIZE="2">Top of the Form</FONT>
</B>
</U>
</A>
</DIV>
<!-- PageBreak END -->



<P align="left" style="font-size: 10pt"><FONT style="font-size: 10pt"><B>5.02 (e)&nbsp;Compensatory Arrangements of Certain Officers</B>
</FONT>

<P align="left" style="font-size: 10pt">Effective March&nbsp;21, 2017, the independent members of the Board of Directors of First BanCorp. (the
&#147;Corporation&#148;), upon the recommendation of the Compensation and Benefits Committee (the
&#147;Compensation Committee&#148;), approved grants of restricted stock to the Corporation&#146;s named executive
officers (the &#147;NEOs&#148;). The actions taken were consistent with the requirements of the Interim Final
Rule on TARP Standards for Compensation and Corporate Governance issued by the U.S. Department of
the Treasury (the &#147;Treasury&#148;) in June&nbsp;2009 (the &#147;TARP Interim Final Rule&#148;). The TARP Interim Final
Rule imposes certain restrictions on compensation paid by the Corporation to its &#147;senior executive
officers&#148; and certain other employees as a recipient of funds through the TARP Capital Purchase
Program (&#147;TARP&#148;).


<P align="left" style="font-size: 10pt">In light of the TARP Interim Final Rule, the Corporation&#146;s incentive program for NEOs is solely in
the form of restricted stock, which aligns our executives&#146; compensation with the Corporation&#146;s
long-term profitability. Consistent with the requirements of the TARP Interim Final Rule, the
shares of restricted stock granted to the NEOs have a two-year vesting period. Once initially
vested, however, the shares are subject to transferability restrictions contingent on the
Treasury&#146;s recoupment of the TARP funds provided to the Corporation (the &#147;Transferability
Restrictions&#148;) through the sale of its shares of the Corporation&#146;s stock. To the extent the
Treasury does not recover the full amount of its original investment under TARP, the
Transferability Restrictions will result in the forfeiture of certain of the shares of restricted
stock awarded to the NEOs. In determining the number of shares of restricted stock to award to the
NEOs, the Compensation Committee and the independent directors have taken into consideration the
impact to the NEOs of the estimated amounts that the NEOs will forfeit given the Transferability
Restrictions. As such, it is estimated that 50% of the granted shares will be forfeited.


<P align="left" style="font-size: 10pt">The following table shows the number of shares of restricted stock awarded to the NEOs on March&nbsp;21,
2017 and their fair market value on that date as well as the fair market value of the number of
shares of restricted stock that the Corporation estimates the NEOs will eventually be able to
receive on an unrestricted basis assuming that the Transferability Restrictions require forfeitures
once the Treasury sells all of its shares of the Corporation&#146;s common stock:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value of the 50%</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares of</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Shares of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value of All Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Restricted Stock</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Restricted Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of Restricted Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>not Expected to be</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Named Executive Officer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Awarded</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Awarded (a)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Forfeited (b)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Aurelio Alem&#225;n,
President and Chief
Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189,672</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,026,126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">513,063</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Orlando Berges,
Executive Vice
President and Chief
Financial Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,027</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">459,996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">229,998</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Calixto Garc&#237;a-V&#233;lez,
Executive Vice
President and Florida
Region Executive and
Special Assets Group
Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">389,996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">194,998</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cassan Pancham,
Executive Vice
President and Business
Group Executive</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,604</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">289,998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">144,999</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Donald Kafka,
Executive Vice
President and Chief
Operating Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,452</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">299,995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">149,998</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fair market value was determined using the closing price of the Corporation&#146;s
common stock on March&nbsp;21, 2017 ($5.41), the grant date of the awards.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Transferability Restrictions terminate in 25% increments based on the recovery
by the Treasury of its original investment in the Corporation (e.g., when the Treasury
receives at least 25% of the amount of the TARP funds through the sale of its shares of
the Corporation&#146;s common stock, 25% of the vested shares become transferable). Based on a
sensitivity analysis performed by the Corporation, in order for the NEOs to fully vest in
their restricted stock awards, the Treasury would need to sell its remaining shares of
the Corporation&#146;s common stock at approximately $19.9 per share or higher, which is
significantly higher than the current market price of the Corporation&#146;s common stock as
well as the market prices of the Corporation&#146;s common stock during the last ten years. If
the Treasury were to sell its current shares of the Corporation&#146;s common stock at a price
that ranges from approximately $2.5 to $11.2 per share, the NEOs would forfeit 50% of
their restricted stock awards, including the awards of restricted stock reported herein,
as a result of the Transferability Restrictions. Hence, the fair market value reflected
herein was calculated taking into consideration this expected forfeiture by the NEOs of
50% of the shares of restricted stock awarded.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">Additionally, effective March&nbsp;21, 2017, the independent members of the Board of Directors of the
Corporation, upon the recommendation of the Compensation Committee, determined to increase the
salary amount paid to Mr.&nbsp;Aurelio Alem&#225;n, President and Chief Executive Officer, for fiscal year
2017 by adjusting the base salary component paid in the Corporation&#146;s common stock, par value $0.10
per share (the &#147;Salary Stock&#148;). The shares to be issued as Salary Stock are to be issued on a
biweekly basis consistent with the Corporation&#146;s pay cycle and the practice since 2013. No
adjustments were made to the base salaries of the other NEOs.


<P align="left" style="font-size: 10pt">The base salary amount in cash and Salary Stock to be paid to Mr.&nbsp;Alem&#225;n for fiscal year 2017, as
compared to 2016, is indicated in the table below.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Base Salary Paid in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Base Salary Paid in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Named Executive Officer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Cash</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Salary Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Base Salary</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Aurelio Alem&#225;n,
President and Chief
Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">959,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,093,260</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,052,260</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">959,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">959,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,918,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt; display: none">




<!-- v.121908 -->

<!-- PageBreak START -->
<P>
<HR NOSHADE>
<DIV ALIGN="LEFT" STYLE="PAGE-BREAK-BEFORE:ALWAYS">
<A HREF="#DOCUMENT_TOP">
<U>
<B>
<FONT SIZE="2">Top of the Form</FONT>
</B>
</U>
</A>
</DIV>
<!-- PageBreak END --><!-- SignatureHeader START -->
<P ALIGN="CENTER">
<FONT SIZE="2">
<B>
	SIGNATURES
</B>
</FONT>
</P>
<P ALIGN="LEFT">
<FONT SIZE="2">
	Pursuant to the requirements of the Securities Exchange Act of 1934, the
	registrant has duly caused this report to be signed on its behalf by the
	undersigned hereunto duly authorized.
</FONT>
</P>
<!-- SignatureHeader END --><!-- Signature START -->
<CENTER>
<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
<TD WIDTH="19%">
	&nbsp;
</TD>
<TD WIDTH="34%">
	&nbsp;
</TD>
<TD WIDTH="3%">
	&nbsp;
</TD>
<TD WIDTH="1%">
	&nbsp;
</TD>
<TD WIDTH="43%">
	&nbsp;
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD COLSPAN="3" VALIGN="TOP" ALIGN="LEFT">
<FONT SIZE="2">
	First BanCorp.
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP">
<FONT SIZE="2">
<I>
	March 27, 2017
</I>
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
<I>
	By:
</I>
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
<I>
	Lawrence Odell
</I>
<BR>
</FONT>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<HR SIZE="1" NOSHADE>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
<I>
	Name: Lawrence Odell
</I>
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
<I>
	Title: EVP and General Counsel
</I>
</FONT>
</TD>
</TR>
</TABLE>
</CENTER>
<!-- Signature END --><!-- HTMLFooter START -->
</BODY>
</HTML>
<!-- HTMLFooter END -->
[{"type": "8-K", "sequence": "1", "filename": "htm_54729.htm", "description": "LIVE FILING", "secsgml_size_bytes": 21784}]
{"company-data": {"conformed-name": "FIRST BANCORP /PR/", "cik": "0001057706", "assigned-sic": "6022", "irs-number": "660561882", "state-of-incorporation": "PR", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-14793", "film-number": "17715711"}, "business-address": {"street1": "1519 PONCE DE LEON AVE", "street2": "SANTURCE", "city": "SAN JUAN", "state": "PR", "zip": "00908-0146", "phone": "7877298200"}, "mail-address": {"street1": "1519 PONCE DE LEON AVE", "street2": "PO BOX 9146", "city": "SAN JUAN", "state": "PR", "zip": "00908-0146"}}
First BanCorp. (Form: 8-K)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
March 21, 2017
First BanCorp.
__________________________________________
(Exact name of registrant as specified in its charter)
Puerto Rico
001-14793
66-0561882
_____________________
(State or other jurisdiction
_____________
(Commission
______________
(I.R.S. Employer
of incorporation)
File Number)
Identification No.)
1519 Ponce de Leon Ave., PO Box 9146, San Juan, Puerto Rico
00908-0146
_________________________________
(Address of principal executive offices)
___________
(Zip Code)
Registrant's telephone number, including area code:
787-729-8041
Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Top of the Form
5.02 (e) Compensatory Arrangements of Certain Officers
Effective March 21, 2017, the independent members of the Board of Directors of First BanCorp. (the
"Corporation"), upon the recommendation of the Compensation and Benefits Committee (the
"Compensation Committee"), approved grants of restricted stock to the Corporation's named executive
officers (the "NEOs"). The actions taken were consistent with the requirements of the Interim Final
Rule on TARP Standards for Compensation and Corporate Governance issued by the U.S. Department of
the Treasury (the "Treasury") in June 2009 (the "TARP Interim Final Rule"). The TARP Interim Final
Rule imposes certain restrictions on compensation paid by the Corporation to its "senior executive
officers" and certain other employees as a recipient of funds through the TARP Capital Purchase
Program ("TARP").
In light of the TARP Interim Final Rule, the Corporation's incentive program for NEOs is solely in
the form of restricted stock, which aligns our executives' compensation with the Corporation's
long-term profitability. Consistent with the requirements of the TARP Interim Final Rule, the
shares of restricted stock granted to the NEOs have a two-year vesting period. Once initially
vested, however, the shares are subject to transferability restrictions contingent on the
Treasury's recoupment of the TARP funds provided to the Corporation (the "Transferability
Restrictions") through the sale of its shares of the Corporation's stock. To the extent the
Treasury does not recover the full amount of its original investment under TARP, the
Transferability Restrictions will result in the forfeiture of certain of the shares of restricted
stock awarded to the NEOs. In determining the number of shares of restricted stock to award to the
NEOs, the Compensation Committee and the independent directors have taken into consideration the
impact to the NEOs of the estimated amounts that the NEOs will forfeit given the Transferability
Restrictions. As such, it is estimated that 50% of the granted shares will be forfeited.
The following table shows the number of shares of restricted stock awarded to the NEOs on March 21,
2017 and their fair market value on that date as well as the fair market value of the number of
shares of restricted stock that the Corporation estimates the NEOs will eventually be able to
receive on an unrestricted basis assuming that the Transferability Restrictions require forfeitures
once the Treasury sells all of its shares of the Corporation's common stock:
Value of the 50%
Shares of
Number of Shares of
Value of All Shares
Restricted Stock
Restricted Stock
of Restricted Stock
not Expected to be
Named Executive Officer
Awarded
Awarded (a)
Forfeited (b)
Aurelio Alemán,
President and Chief
Executive Officer
189,672
$
1,026,126
$
513,063
Orlando Berges,
Executive Vice
President and Chief
Financial Officer
85,027
$
459,996
$
229,998
Calixto García-Vélez,
Executive Vice
President and Florida
Region Executive and
Special Assets Group
Director
72,088
$
389,996
$
194,998
Cassan Pancham,
Executive Vice
President and Business
Group Executive
53,604
$
289,998
$
144,999
Donald Kafka,
Executive Vice
President and Chief
Operating Officer
55,452
$
299,995
$
149,998
a)
Fair market value was determined using the closing price of the Corporation's
common stock on March 21, 2017 ($5.41), the grant date of the awards.
b)
The Transferability Restrictions terminate in 25% increments based on the recovery
by the Treasury of its original investment in the Corporation (e.g., when the Treasury
receives at least 25% of the amount of the TARP funds through the sale of its shares of
the Corporation's common stock, 25% of the vested shares become transferable). Based on a
sensitivity analysis performed by the Corporation, in order for the NEOs to fully vest in
their restricted stock awards, the Treasury would need to sell its remaining shares of
the Corporation's common stock at approximately $19.9 per share or higher, which is
significantly higher than the current market price of the Corporation's common stock as
well as the market prices of the Corporation's common stock during the last ten years. If
the Treasury were to sell its current shares of the Corporation's common stock at a price
that ranges from approximately $2.5 to $11.2 per share, the NEOs would forfeit 50% of
their restricted stock awards, including the awards of restricted stock reported herein,
as a result of the Transferability Restrictions. Hence, the fair market value reflected
herein was calculated taking into consideration this expected forfeiture by the NEOs of
50% of the shares of restricted stock awarded.
Additionally, effective March 21, 2017, the independent members of the Board of Directors of the
Corporation, upon the recommendation of the Compensation Committee, determined to increase the
salary amount paid to Mr. Aurelio Alemán, President and Chief Executive Officer, for fiscal year
2017 by adjusting the base salary component paid in the Corporation's common stock, par value $0.10
per share (the "Salary Stock"). The shares to be issued as Salary Stock are to be issued on a
biweekly basis consistent with the Corporation's pay cycle and the practice since 2013. No
adjustments were made to the base salaries of the other NEOs.
The base salary amount in cash and Salary Stock to be paid to Mr. Alemán for fiscal year 2017, as
compared to 2016, is indicated in the table below.
Base Salary Paid in
Base Salary Paid in
Named Executive Officer
Year
Cash
Salary Stock
Total Base Salary
Aurelio Alemán,
President and Chief
Executive Officer
2017
$
959,000
$
1,093,260
$
2,052,260
2016
$
959,000
$
959,000
$
1,918,000
Top of the Form
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
	registrant has duly caused this report to be signed on its behalf by the
	undersigned hereunto duly authorized.
First BanCorp.
March 27, 2017
By:
Lawrence Odell
Name: Lawrence Odell
Title: EVP and General Counsel