BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 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 ended March 31, 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 ended March 31, 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.