BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 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 nine-month period ended September 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 nine-month period ended September 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 Accounting Standards Updates (“ASUs”) 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 ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” In November 2024, the FASB issued ASU 2024-03, which requires disclosure in the notes to financial statements at each interim and annual reporting period, of specified information about certain costs and expenses in a tabular format, including but not limited to, employee compensation and intangible asset amortization; the inclusion of amounts already required under previous GAAP in the same disclosure as these disaggregation requirements; and a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. The amendments in this Update should be applied either prospectively to financial statements issued for reporting periods after the effective date of this Update or retrospectively to any or all prior periods presented in the financial statements and are effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure” In November 2023, the FASB issued ASU 2023-07 to improve the disclosures about a public entity’s reportable segments. Among other things, the amendments in this ASU require disclosure on an interim and annual basis of the following: significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss; and an amount for other segment items (to reconcile segment revenues less significant expenses to the reported measure(s) of a segment’s profit or loss) by reportable segment and a description of its composition. This ASU also requires disclosure on an annual basis of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. In addition, this ASU requires interim disclosure of segment-related disclosures that were previously only required on an annual basis and permits disclosure of multiple measures of segment profit or loss, provided that disclosure of the measure that is closest to GAAP is also provided and certain other criteria are met. The Corporation has carried out the necessary data updates to be able to include the above information in its footnote disclosures for all periods presented. The Corporation does not expect adoption of the standard during the fourth quarter of 2024 to have a material impact on its consolidated financial statements. 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.