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Pay vs Performance Disclosure
pure in Millions

12 Months Ended

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

PAY VERSUS PERFORMANCE

As discussed in the CD&A above, the Compensation Committee has implemented an executive compensation program designed to link a substantial portion of the NEOs’ realized compensation to the achievement of the Corporation’s financial and strategic objectives. As required by SEC rules, the following information is being presented to disclose the relationship during 2023, 2022, 2021 and 2020 between (i) executive compensation actually paid (“CAP”), as such term is defined in accordance with SEC rules, to the Corporation’s (a) CEO, and (b) our other NEOs on an average basis, and (ii) the Corporation’s financial performance. The methodology followed for calculating amounts presented in the columns “Compensation Actually Paid to CEO” and “Average Compensation Actually Paid to non-CEO NEOs,” including details of the amounts that were added to, and deducted from, the Summary Compensation Table totals to determine the CAP, are provided in the footnotes to the table. Please refer to the “Executive Compensation Disclosure – Compensation Discussion & Analysis” section in this Proxy Statement for a complete description of how executive compensation relates to the Corporation’s performance and how the Compensation Committee makes its decisions.

	Year			Summary Compensation Table Total for CEO			Compensation Actually Paid to CEO (a)			Average Summary Compensation Table Total for non-CEO NEOs			Average Compensation Actually Paid to non-CEO NEOs (a)			Value of Initial Fixed $100 Investment Based On:						Net Income (in millions)			Pre-Tax, Pre- Provision Income (in millions) (c)
	Year			Summary Compensation Table Total for CEO			Compensation Actually Paid to CEO (a)			Average Summary Compensation Table Total for non-CEO NEOs			Average Compensation Actually Paid to non-CEO NEOs (a)			Corporation’s TSR			Peer Group TSR (b)			Net Income (in millions)			Pre-Tax, Pre- Provision Income (in millions) (c)
	2023			$4,078,567(d)			$5,204,095			$1,221,715			$1,490,183(d)			$176			$106			$302.9			$459.5
	2022			3,767,180(d)			3,327,912			1,173,516			1,094,728(d)			131			97			305.1			475.3
	2021			4,183,057(d)			7,420,884			1,135,883			1,732,848(d)			137			118			281.0			391.5
	2020			3,639,706(d)			5,231,444			1,348,801			1,571,134(d)			90			87			102.3			299.8

(a)	The table below sets forth each of the amounts (as calculated in accordance with SEC rules) to be deducted from or added to the amount of total compensation as reflected in the Summary Compensation Table in order to calculate the CAP:

				2023						2022						2021						2020
				CEO			Average for Other NEOs			CEO			Average for Other NEOs			CEO			Average for Other NEOs			CEO			Average for Other NEOs
	Total Compensation from Summary Compensation Table			$4,078,567			$1,221,715			$3,767,180			$1,173,516			$4,183,057			$1,135,883			$3,639,706			$1,348,801
	Less: amount reported under the “Stock Awards” column of the Summary Compensation Table			(1,667,193)			(391,887)			(1,390,547)			(318,746)			(1,246,696)			(269,367)			(1,732,911)			(283,161)
	Add: year-end fair value (FV) of equity awards granted during the year that are outstanding and unvested as of year-end			2,263,750			532,112			1,345,076			308,323			1,525,708			329,652			3,916,038			639,888
	Add: change in FV as of year-end of awards granted in prior years that are outstanding and unvested as of year-end			704,164			157,334			(455,025)			(80,103)			2,391,953			408,992			(363,103)			(80,154)
	Add: change in FV from end of the prior fiscal year to the vesting date for equity awards granted in prior years for which vesting conditions were satisfied during year or at year-end			(536,106)			(88,861)			(70,104)			(12,899)			495,663			111,629			(236,001)			(56,072)

				2023						2022						2021						2020
				CEO			Average for Other NEOs			CEO			Average for Other NEOs			CEO			Average for Other NEOs			CEO			Average for Other NEOs
	Add: for equity awards that earn dividends, the dollar value of such dividends paid in the covered fiscal year, prior to the vesting date			360,913			59,770			131,332			24,637			71,199			16,059			$7,715			$1,832
	Compensation Actually Paid			5,204,095			1,490,183			3,327,912			1,094,728			7,420,884			1,732,848			5,231,444			1,571,134

(b)

The Corporation’s peer group for purposes of Item 201(e) of Regulation S-K, which is the S&P Supercom Banks Index, was utilized for purposes of calculating peer group TSR for years 2023, 2022, 2021 and 2020. The TSR for both the Corporation and the peer group is based on an initial investment of $100, measured on a cumulative basis from market close on December 31, 2019, through and including the end of the fiscal year for which the TSR is being presented in the table. The TSR calculations reflect the investment of dividends.

(c)	The Corporation has identified pre-tax, pre-provision income as our Company-Selected Measure. Pre-tax, pre-provision income is a non-GAAP financial measure. See Appendix A for a reconciliation of the most directly comparable GAAP financial measure to this non-GAAP financial measure.

(d)	The CEO and the non-CEO NEOs included in this calculation for each fiscal year were as indicated in the table below:

	Year			CEO			Non-CEO NEOs
	2023			Aurelio Alemán			Orlando Berges, Donald Kafka, Cassan Pancham and Nayda Rivera
	2022			Aurelio Alemán			Orlando Berges, Donald Kafka, Cassan Pancham and Nayda Rivera
	2021			Aurelio Alemán			Orlando Berges, Donald Kafka, Cassan Pancham and Nayda Rivera
	2020			Aurelio Alemán			Orlando Berges, Calixto García-Vélez, Donald Kafka and Nayda Rivera

Company Selected Measure Name

Pre-tax, pre-provision income

Named Executive Officers, Footnote

(d)	The CEO and the non-CEO NEOs included in this calculation for each fiscal year were as indicated in the table below:

	Year			CEO			Non-CEO NEOs
	2023			Aurelio Alemán			Orlando Berges, Donald Kafka, Cassan Pancham and Nayda Rivera
	2022			Aurelio Alemán			Orlando Berges, Donald Kafka, Cassan Pancham and Nayda Rivera
	2021			Aurelio Alemán			Orlando Berges, Donald Kafka, Cassan Pancham and Nayda Rivera
	2020			Aurelio Alemán			Orlando Berges, Calixto García-Vélez, Donald Kafka and Nayda Rivera

Peer Group Issuers, Footnote

(b)

The Corporation’s peer group for purposes of Item 201(e) of Regulation S-K, which is the S&P Supercom Banks Index, was utilized for purposes of calculating peer group TSR for years 2023, 2022, 2021 and 2020. The TSR for both the Corporation and the peer group is based on an initial investment of $100, measured on a cumulative basis from market close on December 31, 2019, through and including the end of the fiscal year for which the TSR is being presented in the table. The TSR calculations reflect the investment of dividends.

PEO Total Compensation Amount

$ 4,078,567

$ 3,767,180

$ 4,183,057

$ 3,639,706

PEO Actually Paid Compensation Amount

$ 5,204,095

3,327,912

7,420,884

5,231,444

Adjustment To PEO Compensation, Footnote

(a)	The table below sets forth each of the amounts (as calculated in accordance with SEC rules) to be deducted from or added to the amount of total compensation as reflected in the Summary Compensation Table in order to calculate the CAP:

				2023						2022						2021						2020
				CEO			Average for Other NEOs			CEO			Average for Other NEOs			CEO			Average for Other NEOs			CEO			Average for Other NEOs
	Total Compensation from Summary Compensation Table			$4,078,567			$1,221,715			$3,767,180			$1,173,516			$4,183,057			$1,135,883			$3,639,706			$1,348,801
	Less: amount reported under the “Stock Awards” column of the Summary Compensation Table			(1,667,193)			(391,887)			(1,390,547)			(318,746)			(1,246,696)			(269,367)			(1,732,911)			(283,161)
	Add: year-end fair value (FV) of equity awards granted during the year that are outstanding and unvested as of year-end			2,263,750			532,112			1,345,076			308,323			1,525,708			329,652			3,916,038			639,888
	Add: change in FV as of year-end of awards granted in prior years that are outstanding and unvested as of year-end			704,164			157,334			(455,025)			(80,103)			2,391,953			408,992			(363,103)			(80,154)
	Add: change in FV from end of the prior fiscal year to the vesting date for equity awards granted in prior years for which vesting conditions were satisfied during year or at year-end			(536,106)			(88,861)			(70,104)			(12,899)			495,663			111,629			(236,001)			(56,072)

				2023						2022						2021						2020
				CEO			Average for Other NEOs			CEO			Average for Other NEOs			CEO			Average for Other NEOs			CEO			Average for Other NEOs
	Add: for equity awards that earn dividends, the dollar value of such dividends paid in the covered fiscal year, prior to the vesting date			360,913			59,770			131,332			24,637			71,199			16,059			$7,715			$1,832
	Compensation Actually Paid			5,204,095			1,490,183			3,327,912			1,094,728			7,420,884			1,732,848			5,231,444			1,571,134

Non-PEO NEO Average Total Compensation Amount

$ 1,221,715

1,173,516

1,135,883

1,348,801

Non-PEO NEO Average Compensation Actually Paid Amount

$ 1,490,183

1,094,728

1,732,848

1,571,134

Adjustment to Non-PEO NEO Compensation Footnote

(a)	The table below sets forth each of the amounts (as calculated in accordance with SEC rules) to be deducted from or added to the amount of total compensation as reflected in the Summary Compensation Table in order to calculate the CAP:

				2023						2022						2021						2020
				CEO			Average for Other NEOs			CEO			Average for Other NEOs			CEO			Average for Other NEOs			CEO			Average for Other NEOs
	Total Compensation from Summary Compensation Table			$4,078,567			$1,221,715			$3,767,180			$1,173,516			$4,183,057			$1,135,883			$3,639,706			$1,348,801
	Less: amount reported under the “Stock Awards” column of the Summary Compensation Table			(1,667,193)			(391,887)			(1,390,547)			(318,746)			(1,246,696)			(269,367)			(1,732,911)			(283,161)
	Add: year-end fair value (FV) of equity awards granted during the year that are outstanding and unvested as of year-end			2,263,750			532,112			1,345,076			308,323			1,525,708			329,652			3,916,038			639,888
	Add: change in FV as of year-end of awards granted in prior years that are outstanding and unvested as of year-end			704,164			157,334			(455,025)			(80,103)			2,391,953			408,992			(363,103)			(80,154)
	Add: change in FV from end of the prior fiscal year to the vesting date for equity awards granted in prior years for which vesting conditions were satisfied during year or at year-end			(536,106)			(88,861)			(70,104)			(12,899)			495,663			111,629			(236,001)			(56,072)

				2023						2022						2021						2020
				CEO			Average for Other NEOs			CEO			Average for Other NEOs			CEO			Average for Other NEOs			CEO			Average for Other NEOs
	Add: for equity awards that earn dividends, the dollar value of such dividends paid in the covered fiscal year, prior to the vesting date			360,913			59,770			131,332			24,637			71,199			16,059			$7,715			$1,832
	Compensation Actually Paid			5,204,095			1,490,183			3,327,912			1,094,728			7,420,884			1,732,848			5,231,444			1,571,134

Compensation Actually Paid vs. Total Shareholder Return

Descriptions of the Information Presented in the Pay Versus Performance Table

One of the objectives of the SEC’s “Pay Versus Performance Table” required disclosures is to illustrate the relationship between the CAP under the Corporation’s executive compensation program and certain financial performance metrics, as well as the Corporation’s TSR and the TSR of the peer group. The Corporation believes that the below information reflects an alignment of the CAP with the Corporation’s strong performance, including on the highlighted key financial performance.

The illustrations below compare CAP and the following measures:

•	The Corporation’s cumulative TSR;

•	The peer group cumulative TSR;

•	The Corporation’s Net Income; and

•	The Corporation’s Pre-Tax, Pre-Provision Income.

CAP versus First BanCorp’s TSR

Compensation Actually Paid vs. Net Income

Descriptions of the Information Presented in the Pay Versus Performance Table

One of the objectives of the SEC’s “Pay Versus Performance Table” required disclosures is to illustrate the relationship between the CAP under the Corporation’s executive compensation program and certain financial performance metrics, as well as the Corporation’s TSR and the TSR of the peer group. The Corporation believes that the below information reflects an alignment of the CAP with the Corporation’s strong performance, including on the highlighted key financial performance.

The illustrations below compare CAP and the following measures:

•	The Corporation’s cumulative TSR;

•	The peer group cumulative TSR;

•	The Corporation’s Net Income; and

•	The Corporation’s Pre-Tax, Pre-Provision Income.

CAP versus Net Income

Compensation Actually Paid vs. Company Selected Measure

Descriptions of the Information Presented in the Pay Versus Performance Table

One of the objectives of the SEC’s “Pay Versus Performance Table” required disclosures is to illustrate the relationship between the CAP under the Corporation’s executive compensation program and certain financial performance metrics, as well as the Corporation’s TSR and the TSR of the peer group. The Corporation believes that the below information reflects an alignment of the CAP with the Corporation’s strong performance, including on the highlighted key financial performance.

The illustrations below compare CAP and the following measures:

•	The Corporation’s cumulative TSR;

•	The peer group cumulative TSR;

•	The Corporation’s Net Income; and

•	The Corporation’s Pre-Tax, Pre-Provision Income.

CAP versus Pre-Tax, Pre-Provision Income*

*	See Appendix A for a reconciliation of the most directly comparable GAAP financial measure to this non-GAAP financial measure

Total Shareholder Return Vs Peer Group

Descriptions of the Information Presented in the Pay Versus Performance Table

One of the objectives of the SEC’s “Pay Versus Performance Table” required disclosures is to illustrate the relationship between the CAP under the Corporation’s executive compensation program and certain financial performance metrics, as well as the Corporation’s TSR and the TSR of the peer group. The Corporation believes that the below information reflects an alignment of the CAP with the Corporation’s strong performance, including on the highlighted key financial performance.

The illustrations below compare CAP and the following measures:

•	The Corporation’s cumulative TSR;

•	The peer group cumulative TSR;

•	The Corporation’s Net Income; and

•	The Corporation’s Pre-Tax, Pre-Provision Income.

First BanCorp’s TSR versus Peer Group TSR

In accordance with SEC rules, TSR for the Corporation and its peer group were calculated on a cumulative, market weighted basis over the three-year period of 2020 through 2023. The TSR calculations assumed an initial investment of $100 made on December 31, 2019.

Tabular List, Table

Most Important Performance Measures

In our assessment, the most important performance measures used to link CAP (as calculated in accordance with SEC rules) to the Corporation’s performance are listed in the table below, not ranked in order of importance. The role of each of these performance measures in our executive compensation program is discussed in the CD&A section of this Proxy Statement.

	Financial Performance Measures
	Pre-Tax, Pre-Provision Income
	Earnings Per Share
	Non-Performing Assets Ratio
	Efficiency Ratio

Total Shareholder Return Amount

$ 176

131

137

90

Peer Group Total Shareholder Return Amount

106

97

118

87

Net Income (Loss)

$ 302,900,000

$ 305,100,000

$ 281,000,000

$ 102,300,000

Company Selected Measure Amount

459.5

475,300,000

391,500,000

299,800,000

Aurelio Alemán

Aurelio Alemán

Aurelio Alemán

Aurelio Alemán

Pay vs Performance Disclosure

Pre-Tax, Pre-Provision Income

Non-GAAP Measure Description

(c)	The Corporation has identified pre-tax, pre-provision income as our Company-Selected Measure. Pre-tax, pre-provision income is a non-GAAP financial measure. See Appendix A for a reconciliation of the most directly comparable GAAP financial measure to this non-GAAP financial measure.

Pay vs Performance Disclosure

Earnings Per Share

Pay vs Performance Disclosure

Non-Performing Assets Ratio

Pay vs Performance Disclosure

Efficiency Ratio

PEO | Amount Reported Under the Stock Awards Column of the Summary Compensation Table [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (1,667,193)

$ (1,390,547)

$ (1,246,696)

$ (1,732,911)

PEO | Year-end Fair Value (FV) of Equity Awards Granted During the Year that are Outstanding and Unvested as of Year-end [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

2,263,750

1,345,076

1,525,708

3,916,038

PEO | Change in FV as of Year-end of Awards Granted in Prior Years that are Outstanding and Unvested as of Year-end [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

704,164

(455,025)

2,391,953

(363,103)

PEO | Change in FV from End of the Prior Fiscal Year to the Vesting Date for Equity Awards Granted in Prior Years for which Vesting Conditions were Satisfied During Year or at Year-end [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(536,106)

(70,104)

495,663

(236,001)

PEO | For Equity Awards that Earn Dividends, the Dollar Value of Such Dividends Paid in the Covered Fiscal Year, Prior to the Vesting Date [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

360,913

131,332

71,199

7,715

Non-PEO NEO | Amount Reported Under the Stock Awards Column of the Summary Compensation Table [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(391,887)

(318,746)

(269,367)

(283,161)

Non-PEO NEO | Year-end Fair Value (FV) of Equity Awards Granted During the Year that are Outstanding and Unvested as of Year-end [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

532,112

308,323

329,652

639,888

Non-PEO NEO | Change in FV as of Year-end of Awards Granted in Prior Years that are Outstanding and Unvested as of Year-end [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

157,334

(80,103)

408,992

(80,154)

Non-PEO NEO | Change in FV from End of the Prior Fiscal Year to the Vesting Date for Equity Awards Granted in Prior Years for which Vesting Conditions were Satisfied During Year or at Year-end [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(88,861)

(12,899)

111,629

(56,072)

Non-PEO NEO | For Equity Awards that Earn Dividends, the Dollar Value of Such Dividends Paid in the Covered Fiscal Year, Prior to the Vesting Date [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 59,770

$ 24,637

$ 16,059

$ 1,832