First Bancorp. New · NYSE:FBP
First Bancorp. New — First Bancorp — Q1 2018 Earnings Presentation
22 slides from First Bancorp. New's earnings presentation, Apr 27, 2018
Slide 1: Financial Results 1Q 2018
Financial Results1Q 2018
Slide 2: Forward-Looking Statements
2 Forward-Looking Statements This presentation may contain “forward-looking statements” concerning the Corporation’s future economic, operational and financial performance. The words or phrases “expect,” “anticipate,” “intend,” “look forward,” “should,” “would,” “believes” and similar expressions ar
Slide 3: Agenda
Agenda First Quarter 2018 Highlights Aurelio Alemán, President & Chief Executive OfficerFirst Quarter 2018 Results of Operations Orlando Berges, Executive Vice President & Chief Financial OfficerQuestions & Answers 3
Slide 4: Key Highlights
Key Highlights 4 First Quarter 2018 Highlights
Slide 5: Profitability, Asset Quality and Core Deposits Highlights
Profitability 1Q 2018 net income of $33.1 million, or $0.15 per diluted share, compared to $24.2 million in 4Q 2017.Adjusted pre-tax, pre-provision income of $60.7 million, compared to $53.9 million for 4Q 2017. Net interest income increased $2.4 million compared to 4Q 2017. Asset Quality Total NPAs
Slide 6: Loan Originations and Loan Portfolio
6 Loan Originations* ($ millions) Loan Portfolio ($ millions) Residential Mortgage Consumer & Finance Leases Construction Commercial Loans HFS Despite a challenging market environment, we continue to achieve results through our regional diversification: * Including refinancing and draws from existin
Slide 7: Total Deposit Composition and Core Deposits
7 Total Deposit Composition (%) Core Deposits* ($ millions) * Core deposits are total deposits excluding brokered CDs. Core deposits experienced strong growth; noninterest bearing increased 10%, or $186.2 million. First Quarter 2018 Highlights: Deposit Mix Retail Commercial CDs & IRAs Public Funds $
Slide 8: Highlights: Capital Position
8 First Quarter 2018 Highlights: Capital Position Capital Ratios (%) Total stockholders’ equity amounted to $1.9 billion as of March 31, 2018, an increase of $8.0 million from December 31, 2017, mainly driven by the earnings generated in the first quarter, partially offset by a decrease in the fair
Slide 9: Results of Operations
9 Results of Operations First Quarter 2018 Results
Slide 10: First Quarter Financial Highlights
10 Results of Operations: First Quarter Financial Highlights ($ in thousands, except per share data) Select Financial Information
Slide 11: Net Interest Income
11 Key Highlights Net Interest Income ($ millions) Net interest income increased $2.4 million in 1Q 2018. This increase was mainly due to:A $2.2 million increase in interest income on investments securities tied to the full quarter effect of securities purchased toward the end of 4Q 2017 and a decre
Slide 12: Adjusted Non-Interest Income
12 Key Highlights Adj. Non-Interest Income** ($ millions) * Other for 1Q 2017 of -$1.2 million due to a $12.2 million OTTI charge on Puerto Rico Government securities.** Non-GAAP adjusted non interest income – See Appendix page 22 for reconciliation. Non-interest income for 1Q 2018 amounted to $22.8
Slide 13: Results of Operations: Operating Expenses
13 Results of Operations: Operating Expenses Non-interest expenses increased by $0.9 million in 1Q 2018 to $86.0 million. Non-interest expenses for 1Q 2018 included $1.6 million in storm-related costs substantially all included in occupancy and equipment. For 4Q 2017 insurance deductibles related to
Slide 14: Non-Performing Assets
14 Non-Performing Assets ($ millions) The decrease in NPAs was primarily attributable to charge-offs totaling $11.4 million taken on four commercial and construction loans and payments totaling $4.0 million received in the first quarter that reduced the outstanding balance of non-performing commerci
Slide 15: Net Charge-Offs
15 Key Highlights Net Charge-Offs ($ millions) Net charge-offs for 1Q 2018 were $26.5 million, or an annualized 1.21% of average loans, compared to $24.7 million, or an annualized 1.12% of average loans, in 4Q 2017.$9.7 million of the $26.5 million of net charge-offs were tied to loans transferred t
Slide 16: Q & A
16 First Quarter 2018 Results Q & A
Slide 17: Exhibits
17 First Quarter 2018 Results Exhibits
Slide 18: NPLs Held for Investment - Migration
18 NPLs Held for Investment - Migration ($ in 000)
Slide 19: Highlights: PR Government Exposure
19 First Quarter 2018 Highlights: PR Government Exposure ($ in millions) As of March 31, 2018, the Corporation had $213.4 million of direct exposure to the Puerto Rico Government, its municipalities and public corporations, compared to $214.5 million as of December 31, 2017. 86% of direct government
Slide 20: Use of Non-GAAP Financial Measures
20 Use of Non-GAAP Financial Measures Basis of PresentationUse of Non-GAAP Financial Measures This presentation contains non-GAAP financial measures. Non-GAAP financial measures are used when management believes they will be helpful to an understanding of the Corporation’s results of operations or f
Slide 21: Use of Non-GAAP Financial Measures
21 Use of Non-GAAP Financial Measures Basis of PresentationUse of Non-GAAP Financial Measures This presentation contains non-GAAP financial measures. Non-GAAP financial measures are used when management believes they will be helpful to an understanding of the Corporation’s results of operations or f
Slide 22: Use of Non-GAAP Financial Measures
22 Use of Non-GAAP Financial Measures Basis of PresentationUse of Non-GAAP Financial Measures This presentation contains non-GAAP financial measures. Non-GAAP financial measures are used when management believes they will be helpful to an understanding of the Corporation’s results of operations or f