19 slides from First Bancorp. New's earnings presentation, Jul 27, 2023
Slide 1: Financial Results 2Q 2023
Financial Results2Q 2023
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains “forward-looking statements” concerning the Corporation’s future economic, operational and financial performance. The words or phrases “expect,” “anticipate,” “intend,” “should,” “would,” “will,” “plans,” “forecast,” “believe” and similar express
Slide 3: Agenda
Agenda 2Q 2023 Quarter Highlights Aurelio Alemán, President and Chief Executive Officer 2Q 2023 Results of Operations Orlando Berges, Executive Vice President and Chief Financial Officer Questions and Answers
Slide 4: Performance Highlights
Second Quarter 2023Performance Highlights Profitability Net income of $70.7 million ($0.39 per diluted share), compared to $70.7 million ($0.39 per diluted share) in 1Q 2023 Adjusted net income of $66.8 million ($0.37 per share) after excluding non-recurring items Return on average assets (“ROAA”) r
Slide 5: Balance Sheet Metrics – Loan Portfolio
Second Quarter 2023balance Sheet Metrics – Loan Portfolio Loan Portfolio - $MM Loan Originations - $MM(1) $23 $49 $115 2Q22 $12 $18 $124 3Q22 $12 $7 $133 4Q22 $15 $5 $144 1Q23 $14 $4 $164 2Q23 Loans HFS Commercial (Ex. PPP) PPP Consumer Construction Residential $11,229 $11,311 $11,565 $11,593 $11,73
Slide 6: Balance Sheet Metrics – Deposits and Liquidity
Second Quarter 2023balance Sheet Metrics – Deposits and Liquidity Core Deposits exclude brokered CDs and government deposits Uninsured deposits exclude public funds which are fully collateralized Total Deposits (excluding Brokered CDs) - $MM 2Q22 3Q22 4Q22 1Q23 2Q23 Public Funds CDs & IRAs Commercia
Slide 7: Operating Environment and Franchise Highlights
Operating Environment and Franchise Highlights Stable operating environment in our main market 1Q20 2Q20 2Q21 2Q22 2Q23 -9.2% YoY Change PR Economic Activity Index (EAI)(1) Disaster Relief Funds Disbursed Per Year(2) (1) Sources: Puerto Rico Economic Development Bank (EDB); 2Q23 data is based on pre
Slide 8: Results of Operations
RESULTS OF OPERATIONS BanCorp
Slide 9: Highlights: Discussion of Results, Income Statement, Selected Financial Data
Second Quarter 2023 HighlightsDiscussion of Results Income Statement Selected Financial Data
Slide 10: Highlights: Profitability Dynamics – Net Interest Income
Second Quarter 2023 Highlights Profitability Dynamics Net Interest Income ($MM) 4.00% 2Q22 4.31% 3Q22 4.37% 4Q22 4.34% 1Q23 4.23% 2Q23 Net Interest Income ($) Net Interest Margin (GAAP %) Net interest income of $199.8 million, a decrease of $1.1 million during the quarter driven by a: $11.7 million
Slide 11: Highlights: Profitability Dynamics – Non-Interest Expenses and Income
Second Quarter 2023 HighlightsProfitability Dynamics 60 65 70 75 80 85 100 90 105 0 110 95 115 -5 120 -$0.4 $57.4 2Q22 $0.2 $62.1 3Q22 -$1.1 $61.8 4Q22 -$1.1 $60.0 1Q23 -$0.8 $59.4 2Q23 $108.3 $115.2 $112.9 $115.3 $112.9 Credit Related Payroll Related Other Operating Expenses Non-Interest Expenses (
Slide 12: Highlights: Asset Quality
Second Quarter 2023 Highlightsasset Quality Non-Performing Assets - $MM 0.76% 2Q22 0.78% 3Q22 0.69% 4Q22 0.68% 1Q23 0.63% 2Q23 $147 $143 $129 $129 $121 Repossessed Assets and Other Loans HFI NPAs/Assets $2 2Q22 $2 3Q22 $2 4Q22 $2 1Q23 $2 2Q23 $147 $143 $129 $129 $121 Repossessed Assets and Other Con
Slide 13: Highlights: ACL Levels and Capital Position
Second Quarter 2023 HighlightsACL Levels and Capital Position Total stockholders’ equity decreased by $7.6 million to $1.4 billion as of 2Q 2023 driven by the $54.8 million decrease in the fair value of available-for-sale debt securities due to changes in market rates recognized as part of accumulat
Slide 14: Exhibits
BanCorp EXHIBITS 114
Slide 15: Highlights: Puerto Rico Government Exposure
Second Quarter 2023 HighlightsPuerto Rico Government Exposure Government Loans Key Highlights Government Deposits Key Highlights As of 2Q 2023, the Corporation had $344.3 million of direct exposure to the Puerto Rico government, its municipalities and public corporations, compared to $340.0 million
Slide 16: Highlights: NPL Migration
Second Quarter 2023 HighlightsNPL Migration
Slide 17: Use of Non-GAAP Financial Measures – Basis of Presentation
Second Quarter 2023 HighlightsUse of Non-GAAP Financial Measures Basis of Presentation Use of Non-GAAP Financial Measures This presentation contains non-GAAP financial measures. Non-GAAP financial measures are used when management believes that the presentation of these non-GAAP financial measures e
Slide 18: Use of Non-GAAP Financial Measures – Non-GAAP Disclosures
Second Quarter 2023 HighlightsUse of Non-GAAP Financial Measures Non-GAAP Disclosures Use of Non-GAAP Financial Measures This presentation contains non-GAAP financial measures. Non-GAAP financial measures are used when management believes that the presentation of these non-GAAP financial measures en
Slide 19: Financial Results 2Q 2023
Financial Results2Q 2023