First Bank · NASDAQ:FRBA

First Bank — Q1 2025 Earnings Presentation

19 slides from First Bank's earnings presentation, Apr 23, 2025

  1. Slide 1: Financial Results First Quarter 2025

    Financial Results First Quarter 2025 April 24, 2025 -1-

  2. 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

  3. Slide 3: Agenda

    AGENDA Aurelio Alemán, 1 1Q 2025 – Quarter Highlights President and Chief Executive Officer Orlando Berges, 2 1Q 2025 – Results of Operations Executive Vice President and Chief Financial Officer 3 1Q 2025 – Questions and Answers -3-

  4. Slide 4: Financial Performance Highlights

    FIRST QUARTER 2025 Financial Performance Highlights ▪ Net income of $77.1 million ($0.47 per diluted share), compared to $75.7 million ($0.46 per diluted share) in 4Q 2024 ▪ Strong return on average assets (“ROAA”) of 1.64%, compared to 1.56% in 4Q 2024; margin up 19 bps to 4.52% Profitability ▪ On

  5. Slide 5: Franchise Highlights and Operating Environment

    FRANCHISE HIGHLIGHTS AND OPERATING ENVIRONMENT 1Q 2025 FRANCHISE HIGHLIGHTS AND PRIORITIES OPERATING ENVIRONMENT PR Economic Activity Index (EAI)(2) ROAA: 1.64% CET1 Ratio:16.6% 7% Growth in YoY Change 1 2 3 Adj. ROACE(1): 13.8% ACL Coverage: 2.0% Tangible Book Value 119.8 121.1 123.3 127.5 125.7 12

  6. Slide 6: Results of Operations

    Cred Bancorn | Results of Operations

  7. Slide 7: Discussion of Results

    FIRST QUARTER 2025 Discussion of Results Income Statement and Selected Financial Data Non-GAAP Reconciliation – Selected Data(1) 1Q 2025 4Q 2024 Variance 1Q 2024 1Q25 Adjusted Tangible Common Equity Ratio ($ in thousands, except per share data and financial ratios) Interest income $ 277,065 $ 279,72

  8. Slide 8: Profitability Dynamics: Net Interest Income

    FIRST QUARTER 2025 Profitability Dynamics Net Interest Income ($MM) Evolution of Loan Yields and Cost of Funds(1) 250 10 7.79% 7.84% 7.83% 7.71% 7.75% $209.3 $212.4 9 $196.5 $199.6 $202.1 200 8 7 150 6 4.16% 4.22% 4.25% 4.33% 4.52% 6.11% 6.15% 6.14% 5 6.10% 6.22% 100 4 3 1.68% 1.69% 1.69% 1.61% 1.53

  9. Slide 9: Profitability Dynamics: Non-Interest Income and Expenses

    FIRST QUARTER 2025 Profitability Dynamics Non-Interest Income ($MM) Non-Interest Expenses ($MM) 40 $35.7 10 140 10 $34.0 $120.9 $118.7 $122.9 $124.5 $123.0 $32.0 $32.5 $32.2 8 120 8 30 100 $59.1 $59.6 $21.4 $18.9 $19.6 $19.3 $22.9 6 $59.5 $57.5 $62.1 6 20 80 4 4 10 $2.9 $3.4 $3.2 $3.2 $3.2 $61.5 $63

  10. Slide 10: Asset Quality

    FIRST QUARTER 2025 Asset Quality Non-Performing Assets ($MM) Repossessed Assets and Other Residential Commercial Repossessed Assets and Other Loans HFI NPAs/Assets Consumer Construction 140 $130 $127 $129 140 $130 $127 $129 10 $119 $118 1.0 $119 $118 120 120 $37 $31 $31 $37 $31 $31 $30 $31 0.9 $30 $

  11. Slide 11: ACL and Capital

    FIRST QUARTER 2025 ACL and Capital Evolution of ACL ($MM) and Capital Ratios (%) ACL on Loans to Total Loans (%) $270.2 $260.9 18.4 18.2 18.3 18.0 16.3 18.0 16.6 $4.9 $252.1 $248.4 $251.7 300 $4.5 $3.5 $3.1 16.2 16.2 16.3 16.6 $1.7 $3.1 15.9 15.9 15.8 15.8 $1.8 $1.6 $1.4 $248.0 $1.3 250 $4.0 $8.0 7.

  12. Slide 12: Appendix and Non-GAAP Financial Measures

    1Q 2025 Financial Results Appendix and Non-GAAP Financial Measures -12-

  13. Slide 13: Appendix – Balance Sheet Highlights

    FIRST QUARTER 2025 Appendix – Balance Sheet Highlights Loan Portfolio - $MM Commercial Loan Portfolio Distribution - $MM Total Deposits (excluding Brokered CDs) - $MM C&I $12,324 $12,396 $12,459 $12,762 $12,690 $5,862 Office CRE (PR) $16,393 $16,340 $15 $15 $15,820 $15,904 $15,827 Loans HFS $12 $10

  14. Slide 14: Appendix - Puerto Rico Government Exposure

    FIRST QUARTER 2025 Appendix - Puerto Rico Government Exposure Government Loans Government Deposits Government Unit Source of Repayment Total Government Unit Time Deposits Transaction Accounts Total Puerto Rico Security $ 2.9 Municipalities $ 78.8 $ 480.9 $ 559.7 Public Agencies 60.7 994.7 1,055.4 Mu

  15. Slide 15: Appendix - NPL Migration

    FIRST QUARTER 2025 Appendix - NPL Migration 1Q 2025 Residential Commercial Commercial & Construction Consumer Total Mortgage Mortgage Industrial Beginning balance $ 31,949 $ 10,851 $ 20,514 $ 1,365 $ 22,788 $ 87,467 Plus: Additions to non-performing 4,585 12,982 856 - 24,940 43,363 Less: Non-perform

  16. Slide 16: Appendix - Use of Non-GAAP Financial Measures

    FIRST QUARTER 2025 Appendix - 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

  17. Slide 17: Appendix - Use of Non-GAAP Financial Measures

    FIRST QUARTER 2025 Appendix - 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

  18. Slide 18: Appendix - Use of Non-GAAP Financial Measures

    FIRST QUARTER 2025 Appendix - 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

  19. Slide 19: RLS LLLSSeee

    RLS LLLSSeee RED LEE LEE RED LLEE LEE -19-

First Bank — Q1 2025 Earnings Presentation on 6ix