18 slides from First Bancorp. New's earnings presentation, Jul 22, 2022
Slide 1: Financial Results 2Q 2022
Financial Results2Q 2022
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to the Corporation’s future economic, operational and financial performance and can be identified by the words or phr
Slide 3: Agenda
Agenda 2Q 2022 Quarter Highlights Aurelio Alemán, President and Chief Executive Officer 2Q 2022 Results of Operations Orlando Berges, Executive Vice President and Chief Financial Officer Questions and Answers
Slide 4: Performance Highlights
Second Quarter 2022Performance Highlights Profitability Net income of $74.7 million ($0.38 per diluted share) compared to $82.6 million ($0.41 per diluted share) in 1Q 2022 Income before income taxes of $108.8 million, compared to $125.6 million in 1Q 2022 On a non-GAAP basis, adjusted pre-tax, pre-
Slide 5: Balance Sheet Metrics – Loans and Deposits
Second Quarter 2022balance Sheet Metrics – Loans and Deposits Total loans grew by $103.9 million to $11.2 billion driven by an increase of $130.7 million in consumer loans and $18.5 million in commercial and construction loans, partially offset by an $45.3 million reduction in residential mortgage l
Slide 6: Operating Environment and Franchise Highlights
Second Quarter 2022Operating Environment and Franchise Highlights Core Franchise Highlights Record pre-tax pre-provision income of $118.8 million, up 6.2% vs 1Q 2022 and 22.9% vs 2Q 2021 Linked quarter loan growth of $144 million net of PPP; strategically grew all targeted portfolios and registered
Slide 7: Results of Operations
RESULTS OF OPERATIONS BanCorp
Slide 8: Discussion of Results: Income Statement Selected Financial Data
Second Quarter 2022 HighlightsDiscussion of Results Income Statement Selected Financial Data
Slide 9: Profitability Dynamics: Net Interest Income and Non-Interest Income
Second Quarter 2022 HighlightsProfitability Dynamics Net Interest Income ($MM) Non-Interest Income ($MM) 3.81% 3.60% 2Q21 3.61% 3Q21 4Q21 1Q22 3.81% 4.00% 2Q22 Net Interest Income ($) Net Interest Margin (GAAP %) Net interest income increased by 5.7% to $196.2 million, compared to $185.6 million in
Slide 10: Profitability Dynamics: Non-Interest Expenses
Second Quarter 2022 HighlightsProfitability Dynamics 100 125 110 -5 105 120 135 0 115 60 65 95 130 70 85 75 80 90 2Q22 3Q21 1Q22 $106.7 $108.3 $1.9 $130.2 $111.5 $68.5 2Q21 -$0.8 $2.3 $62.4 -$0.8 $60.7 4Q21 $0.2 -$0.4 $0.0 $56.9 $0.0 $57.4 $114.0 Other Operating Expenses Payroll Related Credit Relat
Slide 11: Asset Quality: Non-Performing Assets
Second Quarter 2022 Highlightsasset Quality Non-Performing Assets ($ in Millions) $158 1.20% 2Q21 0.81% 0.76% 3Q21 $147 4Q21 0.79% 1Q22 0.76% 2Q22 $256 $172 $156 Repossessed Assets and Other NPAs/Assets Loans HFI $6 $10 $9 $6 2Q 2021 $158 $11 $10 3Q 2021 $3 4Q 2021 $3 1Q 2022 $10 $2 2Q 2022 $156 $25
Slide 12: ACL Levels and Capital Position
Second Quarter 2022 HighlightsACL Levels and Capital Position Total stockholders’ equity amounted to $1.6 billion as of 2Q 2022, a decrease of $223.2 million from 1Q 2022; decrease was driven by: (1) the repurchase of 7.07 million of shares of common stock for a total purchase price of approximately
Slide 13: Exhibits
EXHIBITS BanCorp 13
Slide 14: Puerto Rico Government Exposure
Second Quarter 2022 HighlightsPuerto Rico Government Exposure ($ in millions) As of 2Q 2022, the Corporation had $353.2 million of direct exposure to the Puerto Rico Government, its municipalities and public corporations, compared to $356.8 million as of 1Q 2022 88% of direct government exposure is
Slide 15: NPL Migration
Second Quarter 2022 Highlights NPL Migration
Slide 16: Use of Non-GAAP Financial Measures
Second Quarter 2022 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 they will be helpful to an understanding of the Corporation’
Slide 17: Use of Non-GAAP Financial Measures
Second Quarter 2022 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 they will be helpful to an understanding of the Corporation’
Slide 18: Use of Non-GAAP Financial Measures
Second Quarter 2022 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 they will be helpful to an understanding of the Corporation’