XML 20 R9.htm IDEA: XBRL DOCUMENT v3.24.2.u1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2024
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
NOTE 1 – BASIS
 
OF PRESENTATION AND
 
SIGNIFICANT
 
ACCOUNTING
 
POLICIES
 
The
 
Consolidated
 
Financial
 
Statements
 
(unaudited)
 
for
 
the
 
quarter
 
and
 
six-month
 
period
 
ended
 
June
 
30,
 
2024
 
(the
 
“unaudited
consolidated financial
 
statements”) of
 
First BanCorp.
 
(the “Corporation”)
 
have been
 
prepared in
 
conformity with
 
the accounting
 
policies
stated
 
in
 
the
 
Corporation’s
 
Audited
 
Consolidated
 
Financial
 
Statements
 
for
 
the
 
fiscal
 
year
 
ended
 
December
 
31,
 
2023
 
(the
 
“audited
consolidated financial
 
statements”) included
 
in the
 
2023 Annual
 
Report on
 
Form 10-K,
 
as updated
 
by the
 
information contained
 
in this
report.
 
Certain
 
information
 
and
 
note
 
disclosures
 
normally
 
included
 
in
 
the
 
financial
 
statements
 
prepared
 
in
 
accordance
 
with
 
generally
accepted accounting principles in the United States of America
 
(“GAAP”) have been condensed or omitted from these statements pursuant
to
 
the
 
rules
 
and
 
regulations
 
of
 
the
 
SEC
 
and,
 
accordingly,
 
these
 
financial
 
statements
 
should
 
be
 
read
 
in
 
conjunction
 
with
 
the
 
audited
consolidated financial statements, which are included in the 2023 Annual Report on Form 10-K. All adjustments (consisting only of normal
recurring adjustments) that are, in the opinion of management,
 
necessary for a fair presentation of the statement of
 
financial position, results
of operations and cash flows
 
for the interim periods have
 
been reflected. All significant
 
intercompany accounts and transactions
 
have been
eliminated in consolidation. The Corporation evaluates subsequent events through
 
the date of filing with the SEC.
 
The results
 
of operations
 
for the
 
quarter and
 
six-month period
 
ended June
 
30, 2024
 
are not
 
necessarily indicative
 
of the
 
results to
 
be
expected
 
for the
 
entire year.
Adoption of New Accounting Requirements
The Corporation was not impacted by the adoption
 
of the following ASU during 2024:
●
ASU
 
2023-02,
 
“Investments
 
-
 
Equity
 
Method
 
and
 
Joint
 
Ventures
 
(Topic
 
323):
 
Accounting
 
for
 
Investments
 
in
 
Tax
 
Credit
Structures Using the Proportional Amortization Method”
●
ASU 2023-01, “Leases (Topic 842):
 
Common Control Arrangements”
●
ASU 2022-03,
 
“Fair Value
 
Measurements (Topic
 
820): Fair
 
Value Measurement
 
of Equity
 
Securities Subject
 
to Contractual
Sale Restrictions”
Recently Issued Accounting Standards Not Yet
 
Effective or Not Yet
 
Adopted
The Corporation does not expect to be impacted by the following ASUs
 
issued during 2024 that are not yet effective
 
or have not yet been
adopted:
●
ASU 2024-02, “Codification Improvements – Amendments to
 
Remove References to the Concepts Statements”
●
ASU 2024-01, “Compensation – Stock Compensation (Topic 718):
 
Stock Application of Profits Interest and Similar Awards”
For
 
other
 
issued
 
accounting
 
standards
 
not
 
yet
 
effective
 
or
 
not
 
yet
 
adopted,
 
see
 
Note
 
1
 
–
 
“Nature
 
of
 
Business
 
and
 
Summary
 
of
Significant Accounting Policies”, to the audited consolidated financial
 
statements included in the 2023 Annual Report on Form 10-K.