20 slides from First Bancorp. New's earnings presentation, Jan 24, 2024
Slide 1: 4Q 2023 and Full Year 2023
4Q 2023 and Full Year 2023 1First
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 4Q 2023 Quarter Highlights Aurelio Alemán, President and Chief Executive Officer 4Q 2023 Results of Operations Orlando Berges, Executive Vice President and Chief Financial Officer Questions and Answers -3-
Slide 4: Performance Highlights
Fourth Quarter 2023 Performance Highlights Balance Sheet Total loans grew by 1.9% linked-quarter to $12.2 billion; registered growth across all business segments Total loan originations, other than credit card utilization activity, of $1.3 billion; up $116.5 million vs. 3Q 2023 Core deposits, other
Slide 5: Full Year 2023 - Successfully Adapting to Market Cycles while Achieving Profitable Growth
Full Year 2023 - Successfully Adapting to Market Cycles while Achieving Profitable Growth 2023 Key Highlights ROAA: 1.62% Adj. ROACE(1): 14.1% 1 CET1 Ratio: 16.1% ACL Coverage: 2.15% 2 ~100% dividend and buyback payout ratio 3 Business Highlights Earned $302.9 million in net income ($1.71 per dilute
Slide 6: Results of Operations
RESULTS OF OPERATIONS
Slide 7: Discussion of Results
Fourth Quarter 2023 Discussion of Results 4Q23 Adjusted Tangible Common Equity Ratio 4Q23 Adjusted Tangible Book Value per Share 2023 Adjusted ROACE 2023 TCE Ratio AOCL Impact Adj. TCE Ratio 2023 TBVPS AOCL Impact Adj. TBVPS 2023 ROACE AOCL Impact Adj. ROACE (1) Non-GAAP financial measures. Please r
Slide 8: Profitability Dynamics: Net Interest Income
Fourth Quarter 2023 Profitability Dynamics Net Interest Income ($MM) 4.37% 4Q22 4.34% 1Q23 4.23% 2Q23 4.15% 3Q23 4.14% 4Q23 Net Interest Income ($) Net Interest Margin (GAAP %) Net interest income registered a decrease of $3.0 million to $196.7 million during the quarter primarily reflecting the fol
Slide 9: Profitability Dynamics: Non-Interest Expenses
Fourth Quarter 2023 Profitability Dynamics 65 70 75 80 85 90 60 95 -5 115 100 120 125 0 130 105 110 $61.8 4Q22 -$1.1 -$1.1 1Q23 -$0.8 $59.4 2Q23 -$1.2 $61.3 3Q23 -$0.1 $71.1 $60.0 -$0.1 $64.8 4Q23 Adj. $112.9 $115.3 $112.9 $116.6 $126.6 $120.3 4Q23 Credit Related Payroll Related Other Operating Expe
Slide 10: Profitability Dynamics: Non-Performing Assets
Fourth Quarter 2023 Profitability Dynamics Non-Performing Assets ($MM) 0.69% 4Q22 0.68% 1Q23 0.63% 2Q23 0.70% 3Q23 0.67% 4Q23 $129 $129 $121 $130 $126 Repossessed Assets and Other Loans HFI NPAs/Assets $2 4Q22 $2 1Q23 $2 2Q23 $2 3Q23 $2 4Q23 $129 $129 $121 $130 $126 Repossessed Assets and Other Cons
Slide 11: Profitability Dynamics: Capital and ACL
Fourth Quarter 2023 Profitability Dynamics Total stockholders’ equity increased by $194.5 million to $1.5 billion as of 4Q 2023 driven by the $212.0 million increase in the fair value of available-for-sale debt securities due to changes in market rates, recognized as part of accumulated other compre
Slide 12: 4Q23 Financial Results - Appendix
4Q23 Financial Results - Appendix
Slide 13: Balance Sheet Metrics
Fourth Quarter 2023 Balance Sheet Metrics Loan Portfolio - $MM Loan Originations - $MM(1) $12 $133 4Q22 $15 $144 1Q23 $14 $164 2Q23 $9 $203 3Q23 $7 $215 4Q23 Loans HFS Commercial Consumer Construction Residential $11,565 $11,593 $11,734 $11,960 $12,193 $627.7(+5.4%) $24 4Q22 $77 $36 1Q23 $47 2Q23 $4
Slide 14: Operating Environment and Franchise Highlights
Operating Environment and Franchise Highlights Stable operating environment in our primary market 1Q20 2Q20 3Q20 4Q20 4Q21 4Q22 4Q23 YoY Change PR Economic Activity Index (EAI)(1) Disaster Relief Funds Disbursed Per Year(2) (1) Sources: Puerto Rico Economic Development Bank (EDB). 4Q23 index level =
Slide 15: Puerto Rico Government Exposure
Fourth Quarter Puerto Rico Government Exposure Government Loans Key Highlights Government Deposits Key Highlights As of 4Q 2023, the Corporation had $297.9 million of direct exposure to the Puerto Rico government, its municipalities and public corporations, compared to $294.9 million as of 3Q 2023 8
Slide 16: NPL Migration
Fourth Quarter NPL Migration -16-
Slide 17: Use of Non-GAAP Financial Measures
Fourth Quarter 2023 Use 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 enhances t
Slide 18: Use of Non-GAAP Financial Measures
Fourth Quarter 2023 Use 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 enhances t
Slide 19: Use of Non-GAAP Financial Measures
Fourth Quarter 2023 Use 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 enhances t
Slide 20: 4Q 2023 and Full Year 2023
4Q 2023 and Full Year 2023 1First