BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2025
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, 2025 (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, 2024 (the “audited consolidated financial statements”) included in the 2024 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 2024 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, 2025 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 the first quarter of 2025: ● 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” Recently Issued Accounting Standards Not Yet Effective or Not Yet Adopted Standard Description Effective Date Effect on the Financial Statements ASU 2025-06, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” In September 2025, the FASB issued ASU 2025-06, which, among other things, removes all references to project stages in ASC 350-40 and replaces them with a probability-based assessment framework to determine the appropriate point at which capitalization of software development costs should begin. Effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. Any of the following transition approaches may be elected: a prospective transition approach, a modified transition approach that is based on the status of the project and whether software costs were capitalized before the date of adoption, and a retrospective transition approach. The Corporation does not expect to be materially impacted by the adoption of this ASU during the first quarter of 2028. ASU 2025-05, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets” In July 2025, the FASB issued ASU 2025-05, which provides a practical expedient for current accounts receivable and current contract assets accounted for pursuant to ASC Topic 606. Such practical expedient, if elected, allows an entity to assume that current economic conditions as of the reporting date remain unchanged over their remaining lives. Effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted for both interim and annual financial statements that have not yet been made available for issuance. Prospective application is required. The Corporation does not expect to be materially impacted by the adoption of this ASU during the first quarter of 2026. ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures, Issued December 2023 In December 2023, the FASB issued ASU 2023-09 to improve the annual income tax disclosures to, among other things, require disclosure of the following: eight prescribed categories in the tabular rate reconciliation (using both percentages and dollar amounts) with certain reconciling items at or above 5% further broken out by nature and/or jurisdiction; income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes; the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5% of total income taxes paid (net of refunds received); income or loss from continuing operations before income tax expense or benefit disaggregated between domestic and foreign; and income tax expense or benefit from continuing operations disaggregated by federal, state, and foreign. Effective for fiscal years ending on December 31, 2025. The amendments in this ASU should be applied on a prospective basis. Retrospective application is permitted. The Corporation has carried out the necessary data updates to support these expanded disclosure requirements. The Corporation will adopt this ASU in its Form 10-K for the year ending December 31, 2025 applying a retrospective approach. Accordingly, comparative disclosures will be provided for all periods presented. As part of the adoption, the Corporation will expand its income tax rate reconciliation to separately present nontaxable or nondeductible items, as well as changes in unrecognized tax benefits. Additionally, the Corporation will provide disaggregated disclosures for its major jurisdictions, which include local and federal taxes. The Corporation does not expect to be impacted by the following ASU issued during 2025 that is not yet effective or has not yet been adopted: ● ASU 2025-03, “Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity” 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 2024 Annual Report on Form 10-K.