1
EXHIBIT 18
November 8, 2022
Board of Directors
First BanCorp.
San Juan, Puerto Rico 00908-0146
Ladies and Gentlemen:
We have been furnished
a copy of the quarterly report on Form 10-Q of First BanCorp. (the “Company”) for the three and nine months
ended September 30,
2022, and have
read the Company’s statement
contained in Note
1 to the
consolidated financial statements
included
therein. As stated
in Note 1 to those
financial statements, the Company
changed its method of
accounting for Treasury
Stock from the
par value method to the cost method of accounting.
We
have not audited
any financial statements
of the Company
as of any
date or for
any period subsequent
to December 31,
2021, nor
have we audited the information set forth in
the aforementioned Note 1 to the condensed consolidated financial
statements; accordingly,
we do not express an opinion concerning the factual information contained
therein.
With regard to the aforementioned accounting change, authoritative criteria have not been established for evaluating the preferability of
one acceptable method of accounting over another acceptable method.
However,
for
purposes
of
the
Company’s
compliance
with
the
requirements
of
the
Securities
and
Exchange
Commission,
we
are
Based on our review and discussion, with
reliance on management’s business judgment and planning, we concur that the newly adopted
method of accounting is preferable in the Company’s
circumstances.
/s/ Crowe LLP
Crowe LLP
Fort Lauderdale, Florida