First Bancorp. New · NYSE:FBP
First Bancorp. New — First Bancorp — Merger or Acquisition (March 2015)
6 slides from First Bancorp. New's merger presentation, Mar 5, 2015
Slide 1: First BanCorp Investor Presentation
Exhibit 99.1 First BanCorp Investor Presentation Acquisition of Certain Assets and Assumption of Deposits of Doral Bank March 2015
Slide 2: Disclaimer
Disclaimer This presentation may contain “forward-looking statements” concerning the Corporation’s future economic performance. The words or phrases “expect,” “anticipate,” “look forward,” “should,” “believes” and similar expressions are meant to identify “forward-looking statements” within the mean
Slide 3: Transaction Overview
Transaction Overview On February27, 2015,FirstBankacquired,certainassetsand deposits previously owned by Doral Bank, in a transaction managed by the FDIC, as receiver for Doral Bank. The transactionincluded10 branches,approximately$625 million in depositsanda performing residential mortgage loan por
Slide 4: Transaction Rationale
Transaction Rationale Solidifies FirstBank’s position in Puerto Rico as the second largest banking institution. Enhances FirstBank’s branch network with 10 additional branches, expanding coverage to additional geographical areas in Puerto Rico and improving FirstBank’s December 31, 2014 (1) deposit
Slide 5: Transaction Overview: Loans acquired & deposits assumed
Transaction Overview (1) Loans acquired & deposits assumed Loans Acquired: Deposits Assumed: Total of approximately $325 million Approximately $625 million of Puerto of performing residential mortgage Rico branch deposits (10 branches) were loans were purchased at a 9% assumed for a 1.60% deposit pr
Slide 6: Financial Impact
Financial Impact (1) The transaction is accretive to earnings. Estimated annual pre-tax impact of $10 to 12 million. Fee income increase of $6 to 8 million. Noninterest expense associated with branch operations and additional employees of $10 to 12 million. The excess cash received will either be re