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EXHIBIT 18

November 8, 2022

Board of Directors

First BanCorp.

1519 Ponce De Leon Ave. 

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

furnishing this letter. 

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. 

Very truly yours, 

/s/ Crowe LLP

Crowe LLP

Fort Lauderdale, Florida