20 slides from First Bancorp. New's earnings presentation, Jan 27, 2023
Slide 1: Financial Results 4Q 2022 and Full Year 2022
Financial Results4Q 2022 and Full Year 2022
Slide 2: Forward Looking Statements
Forward Looking Statements This press release may contain “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 exp
Slide 3: Agenda
Agenda 4Q 2022 Quarter Highlights Aurelio Alemán, President and Chief Executive Officer 4Q 2022 Results of Operations Orlando Berges, Executive Vice President and Chief Financial Officer Questions and Answers
Slide 4: Performance Highlights
Fourth Quarter 2022Performance Highlights Profitability Net income of $73.2 million ($0.40 per diluted share), compared to $74.6 million ($0.40 per diluted share) in 3Q 2022 On a non-GAAP basis, adjusted pre-tax, pre-provision income of $122.2 million, compared to $122.4 million in 3Q 2022 Net inter
Slide 5: Balance Sheet Metrics – Loans and Deposits
Fourth Quarter 2022balance Sheet Metrics – Loans and Deposits Total loans grew by $254.3 million to $11.6 billion driven by increases of $130.2 million in commercial and construction loans, $107.7 million in consumer loans, and $16.4 million in residential mortgage loans Commercial and construction
Slide 6: Full Year 2022 - Profitably Growing Our Franchise
Full Year 2022 - Profitably Growing Our Franchise 2022 - Strong Corporate Performance Value Driven Capital Allocation LOAN PORTFOLIO Overall loan portfolio growth of $469 million, up 4% vs 2021 Excluding SBA-PPP loans and strategic reduction of residential mortgages, loan portfolio grew by $762 mill
Slide 7: Operating Environment and Franchise Highlights
Operating Environment and Franchise Highlights Uncertain global macro mitigated by strong tailwinds in Puerto Rico Steady improvement in labor market dynamics; payroll employment reaching decade high in November 2022; up 3.8% year-over-year and 5% vs March 2020 1 Economic Activity Index sustaining u
Slide 8: Results of Operations
RESULTS OF OPERATIONS BanCorp
Slide 9: Discussion of Results: Income Statement Selected Financial Data
Fourth Quarter 2022 HighlightsDiscussion of Results Income Statement Selected Financial Data
Slide 10: Profitability Dynamics: Net Interest Income and Non-Interest Income
Fourth Quarter 2022 HighlightsProfitability Dynamics Net Interest Income ($MM) Non-Interest Income ($MM) 4.00% 3Q22 3.81% 4Q21 3.61% 2Q22 1Q22 4.31% 4Q22 4.37% Net Interest Income ($) Net Interest Margin (GAAP %) Net interest income amounted to $205.6 million, a decrease of $2.3 million when compare
Slide 11: Profitability Dynamics: Non-Interest Expenses and Efficiency Ratio
Fourth Quarter 2022 HighlightsProfitability Dynamics 85 -5 0 60 65 70 75 80 120 100 105 95 115 90 110 $0.0 3Q22 $111.5 $106.7 $108.3 $115.2 4Q22 $112.9 $61.8 $0.0 $1.9 $0.2 $56.9 -$0.8 -$0.4 $0.0 $57.4 1Q22 $60.7 2Q22 $0.2 $0.0 4Q21 $62.1 -$1.1 Credit Related Merger Related Payroll Related Other Ope
Slide 12: Asset Quality: Non-Performing Assets
Fourth Quarter 2022 Highlightsasset Quality Non-Performing Assets ($ in Millions) 0.76% 0.76% 4Q21 0.79% 1Q22 3Q22 2Q22 0.78% 0.69% 4Q22 $158 $156 $147 $143 $129 Repossessed Assets and Other Loans HFI NPAs/Assets $3 3Q 2022 4Q 2022 4Q 2021 $2 $2 $3 2Q 2022 1Q 2022 $2 $158 $156 $147 $129 $143 Commerc
Slide 13: ACL Levels and Capital Position
Fourth Quarter 2022 HighlightsACL Levels and Capital Position Total stockholders’ equity amounted to $1.3 billion as of 4Q 2022, an increase of $60.2 million from 3Q 2022; increase was driven by: Earnings generated during 4Q 2022 and a $60.1 million increase in the fair value of available-for-sale d
Slide 14: Exhibits
BanCorp EXHIBITS 114
Slide 15: Puerto Rico Government Exposure
Fourth Quarter 2022 HighlightsPuerto Rico Government Exposure As of 4Q 2022, the Corporation had $338.9 million of direct exposure to the Puerto Rico Government, its municipalities and public corporations, compared to $327.2 million as of 3Q 2022 88% of direct government exposure is to municipalitie
Slide 16: NPL Migration
Fourth Quarter 2022 Highlights NPL Migration
Slide 17: Use of Non-GAAP Financial Measures
Fourth 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
Fourth 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 19: Use of Non-GAAP Financial Measures
Fourth 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 20: Financial Results 4Q 2022 and Full Year 2022
Financial Results4Q 2022 and Full Year 2022