First Bank · NASDAQ:FRBA
First Bank — Q1 2024 Earnings Presentation
19 slides from First Bank's earnings presentation, Apr 23, 2024
Slide 1: Financial Results 1Q 2024
FINANCIAL RESULTS 1Q 2024
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 1Q 2024 Quarter Highlights Aurelio Alemán, President and Chief Executive Officer 1Q 2024 Results of Operations Orlando Berges, Executive Vice President and Chief Financial Officer Questions and Answers -3-
Slide 4: Financial Performance Highlights
FIRST QUARTER 2024 Financial Performance Highlights ▪ Net income of $73.5 million ($0.44 per diluted share), compared to $79.5 million ($0.46 per diluted share) in 4Q 2023 ▪ Solid return on average assets (“ROAA”) of 1.56%, compared to 1.70% in 4Q 2023 Profitability ▪ On a non-GAAP basis, adjusted p
Slide 5: Franchise Highlights and Operating Environment
FRANCHISE HIGHLIGHTS AND OPERATING ENVIRONMENT KEY HIGHLIGHTS POSITIVE ECONOMIC BACKDROP PR Economic Activity Index (EAI)(2) ~105% dividend and ROAA: 1.56% CET1 Ratio: 15.9% YoY Change 1 2 3 buyback payout ratio Adj. ROACE(1): 13.7% ACL Coverage: 2.14% 128.9 (1Q 2024) 119.8 121.5 122.6 117.0 118.9 +
Slide 6: Results of Operations
Cred Bancorn | Results of Operations
Slide 7: Discussion of Results
FIRST QUARTER 2024 Discussion of Results Income Statement and Selected Financial Data Non-GAAP Reconciliation – Selected Data(1) 1Q 2024 4Q 2023 Variance 1Q 2023 1Q24 Adjusted Tangible Common Equity Ratio ($ in thousands, except per share data and financial ratios) 10.7% Interest income $ 268,505 $
Slide 8: Profitability Dynamics: Net Interest Income
FIRST QUARTER 2024 Profitability Dynamics Net Interest Income ($MM) Cumulative Deposit Betas by Deposit Type(1) 78% 81% 78% 250 10 75% $200.9 $199.8 $199.7 68% $196.7 $196.5 61% 63% 200 8 57% 52% 150 4.34% 6 43% 4.23% 4.15% 4.14% 4.16% 100 4 50 2 12% 14% 14% 14% 13% 0 0 1Q23 2Q23 3Q23 4Q23 1Q24 1Q23
Slide 9: Profitability Dynamics: Non-Interest Income and Expenses
FIRST QUARTER 2024 Profitability Dynamics Non-Interest Income ($MM) Non-Interest Expenses ($MM) 40 $36.3 10 140 $126.6 10 $32.5 $33.6 $34.0 $115.3 $116.6 $120.9 $30.3 120 $112.9 30 8 8 100 $55.6 $20.2 $24.1 $21.8 $21.4 6 $56.4 $54.3 $56.5 $59.5 6 20 $17.9 80 4 60 $71.1 4 10 $2.8 $2.9 $2.8 $2.1 $2.9
Slide 10: Asset Quality
FIRST QUARTER 2024 Asset Quality Non-Performing Assets ($MM) Repossessed Assets and Other Residential Commercial Repossessed Assets and Other Loans HFI NPAs/Assets Consumer Construction 140 $129 $130 $130 140 $129 $130 $130 10 $121 $126 1.0 $121 $126 120 120 $40 $37 $37 0.9 $40 $37 $37 100 $39 $42 1
Slide 11: ACL and Capital
FIRST QUARTER 2024 ACL and Capital Evolution of ACL ($MM) and Capital Ratios (%) ACL on Loans to Total Loans (%) $277.8 $280.8 $271.1 $270.2 $269.2 19.0 19.2 18.8 $4.2 $4.9 $4.8 18.6 18.4 $4.6 $4.9 300 $8.1 $8.8 16.6 16.6 $2.7 $2.7 $1.7 16.3 16.3 16.4 16.4 16.1 16.1 15.9 15.9 $248.0 250 $4.0 $8.0 7.
Slide 12: 1Q24 Financial Results - Appendix
1Q24 Financial Results - Appendix
Slide 13: Balance Sheet Metrics
FIRST QUARTER 2024 Balance Sheet Metrics Loan Portfolio - $MM Loan Originations - $MM(1) $1,427 $11,960 $12,193 $12,324 $1,298 $11,593 $11,734 $12 $1,193 $1,209 $320 $1,201 $14 $9 $7 Loans HFS $15 $339 Consumer $317 $328 $125 $288 $5,267 $5,347 $5,491 $5,593 $102 Commercial $5,216 Credit Cards $123
Slide 14: Puerto Rico Government Exposure
First Quarter 2024 Puerto Rico Government Exposure Government Loans Government Deposits Total Transaction Government Unit Source of Repayment Government Unit Time Deposits Total Outstanding Accounts Municipalities $ 53.6 $ 507.8 $ 561.4 PR Securities $ 3.1 Public Agencies 70.2 967.3 1,037.5 Municipa
Slide 15: NPL Migration
First Quarter 2024 NPL Migration 1Q 2024 Residential Commercial Commercial & Construction Consumer Total Mortgage Mortgage Industrial Beginning balance $ 32,239 $ 12,205 $ 15,250 $ 1,569 $ 22,444 $ 83,707 Plus: Additions to non-performing 4,596 - 11,041 - 31,186 46,823 Less: Non-performing loans tra
Slide 16: Use of Non-GAAP Financial Measures
First Quarter 2024 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 th
Slide 17: Use of Non-GAAP Financial Measures
First Quarter 2024 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 th
Slide 18: Use of Non-GAAP Financial Measures
First Quarter 2024 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 th
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