NATURAL DISASTERS	9 Months Ended
Sep. 30, 2017
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Natural Disasters [Text Block]	NOTE 2 – NATURAL DISASTERS AFFECTING FIRST BANCORP. IN THIRD QUARTER 2017 Two strong hurricanes affected the Corporation’s service areas during the third quarter of 2017. Early in September, Hurricane Irma hit ground through the eastern Caribbean as a Category 5 storm affecting several islands, including the U.S. Virgin Islands of St. Thomas and St. John and Tortola in the British Virgin Islands, with lesser impacts on St. Croix and Puerto Rico. After hitting the eastern Caribbean, Hurricane Irma made landfall along Florida’s southwest shoreline. Two weeks after Hurricane Irma sideswiped Puerto Rico, Hurricane Maria made landfall in the south east corner of Puerto Rico as a Category 4 storm and exited on the northern coast at a point between the cities of Arecibo and Barceloneta after battering other islands in the Caribbean, including the U.S. Virgin Island of St. Croix. These storms caused, among other things, widespread property damage, flooding, power outages, and water and communication services interruptions, and severely disrupted normal economic activity in all of these regions. The following summarizes the more significant financial repercussions of these natural disasters for the Corporation and for its major subsidiary, FirstBank. Credit Quality and Allowance for Loan and Lease Losses The Corporation established a $66.5 million allowance for loan and lease losses in the third quarter of 2017 directly related to the initial estimate, based on available information, of inherent losses resulting from the impact of the recent storms. As the Corporation acquires additional information on overall economic prospects in the affected areas together with loan officers’ further assessments of the impact on individual borrowers, the loss estimate will be revised as needed, and these revisions could be material. The Corporation’s approach to estimating the storms’ impact on credit quality is presented in Note 8 – “Allowance for Loan and Lease Losses.” Interruptions in regular collection efforts caused by Hurricanes Irma and Maria adversely affected the Corporation’s non-performing loan statistics. Non-performing residential mortgage loans increased in the third quarter by $23.2 million to $178.5 million as of September 30, 2017 and non-performing consumer loans and finance leases increased in the third quarter by $5.4 million to $26.5 million as of September 30, 2017. Refer to Note 7 – “Loans Held For Investment” for additional information about early delinquency statistics and payment deferral programs established by the Corporation to assist individuals affected by the recent storms. Disaster Response Plan Costs, Casualty Losses and Related Insurance The Corporation implemented its disaster response plan as these storms approached its service areas. To operate in disaster response mode, the Corporation incurred expenses for, among other things, buying diesel and generators for electric power, debris removal, security matters, and emergency communications with customers regarding the status of Bank operations. The disaster response plan costs, combined with payroll and rental costs during the idle time caused by the storms, totaled $2.9 million as of September 30, 2017, including $0.6 million in donations and other storm relief efforts and employee assistance. The Corporation will incur additional costs through the end of 2017 as the Corporation addresses ongoing operational issues. The Corporation maintains insurance for its disaster response costs, as well as for certain revenue lost through business interruption. The Bank was able to resume operations in Puerto Rico within a week after Hurricane Maria made landfall, but with some limitations. Certain of the Corporation’s facilities and their contents were damaged by these storms. The Corporation has recognized asset impairments of approximately $0.6 million as of September 30, 2017, and the Corporation may identify additional impairments through the end of 2017. The Corporation maintains insurance policies for casualty losses that provide for replacement value coverage. Management believes, based on its understanding of the insurance coverages, that recovery of $2.9 million of the $3.5 million above-mentioned costs and asset impairments identified as of September 30, 2017 is probable. Accordingly, a receivable of $2.9 million was included in “Other assets” as of September 30, 2017 for the expected recovery. The impairments, recoverable expenses and expected recoveries are included as part of “Other non-interest income” in the statement of (loss) income. Management also believes that there is a possibility that some gains will be recognized with respect to casualty and lost revenue claims in future periods, but this is contingent on reaching agreement on the Corporation’s claims with the insurance carriers.

NOTE 2 – NATURAL DISASTERS AFFECTING FIRST BANCORP. IN THIRD QUARTER 2017

Two strong hurricanes affected the Corporation’s service areas during the third quarter of 2017. Early in September, Hurricane Irma hit ground through the eastern Caribbean as a Category 5 storm affecting several islands, including the U.S. Virgin Islands of St. Thomas and St. John and Tortola in the British Virgin Islands, with lesser impacts on St. Croix and Puerto Rico. After hitting the eastern Caribbean, Hurricane Irma made landfall along Florida’s southwest shoreline. Two weeks after Hurricane Irma sideswiped Puerto Rico, Hurricane Maria made landfall in the south east corner of Puerto Rico as a Category 4 storm and exited on the northern coast at a point between the cities of Arecibo and Barceloneta after battering other islands in the Caribbean, including the U.S. Virgin Island of St. Croix. These storms caused, among other things, widespread property damage, flooding, power outages, and water and communication services interruptions, and severely disrupted normal economic activity in all of these regions.

The following summarizes the more significant financial repercussions of these natural disasters for the Corporation and for its major subsidiary, FirstBank.

Credit Quality and Allowance for Loan and Lease Losses

The Corporation established a $66.5 million allowance for loan and lease losses in the third quarter of 2017 directly related to the initial estimate, based on available information, of inherent losses resulting from the impact of the recent storms. As the Corporation acquires additional information on overall economic prospects in the affected areas together with loan officers’ further assessments of the impact on individual borrowers, the loss estimate will be revised as needed, and these revisions could be material. The Corporation’s approach to estimating the storms’ impact on credit quality is presented in Note 8 – “Allowance for Loan and Lease Losses.”

Interruptions in regular collection efforts caused by Hurricanes Irma and Maria adversely affected the Corporation’s non-performing loan statistics. Non-performing residential mortgage loans increased in the third quarter by $23.2 million to $178.5 million as of September 30, 2017 and non-performing consumer loans and finance leases increased in the third quarter by $5.4 million to $26.5 million as of September 30, 2017. Refer to Note 7 – “Loans Held For Investment” for additional information about early delinquency statistics and payment deferral programs established by the Corporation to assist individuals affected by the recent storms.

Disaster Response Plan Costs, Casualty Losses and Related Insurance

The Corporation implemented its disaster response plan as these storms approached its service areas. To operate in disaster response mode, the Corporation incurred expenses for, among other things, buying diesel and generators for electric power, debris removal, security matters, and emergency communications with customers regarding the status of Bank operations. The disaster response plan costs, combined with payroll and rental costs during the idle time caused by the storms, totaled $2.9 million as of September 30, 2017, including $0.6 million in donations and other storm relief efforts and employee assistance. The Corporation will incur additional costs through the end of 2017 as the Corporation addresses ongoing operational issues. The Corporation maintains insurance for its disaster response costs, as well as for certain revenue lost through business interruption.

The Bank was able to resume operations in Puerto Rico within a week after Hurricane Maria made landfall, but with some limitations. Certain of the Corporation’s facilities and their contents were damaged by these storms. The Corporation has recognized asset impairments of approximately $0.6 million as of September 30, 2017, and the Corporation may identify additional impairments through the end of 2017. The Corporation maintains insurance policies for casualty losses that provide for replacement value coverage.

Management believes, based on its understanding of the insurance coverages, that recovery of $2.9 million of the $3.5 million above-mentioned costs and asset impairments identified as of September 30, 2017 is probable. Accordingly, a receivable of $2.9 million was included in “Other assets” as of September 30, 2017 for the expected recovery. The impairments, recoverable expenses and expected recoveries are included as part of “Other non-interest income” in the statement of (loss) income. Management also believes that there is a possibility that some gains will be recognized with respect to casualty and lost revenue claims in future periods, but this is contingent on reaching agreement on the Corporation’s claims with the insurance carriers.