18 slides from First Bancorp. New's earnings presentation, Oct 25, 2022
Slide 1: Financial Results 3Q 2022
Financial Results3Q 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 3Q 2022 Quarter Highlights Aurelio Alemán, President and Chief Executive Officer 3Q 2022 Results of Operations Orlando Berges, Executive Vice President and Chief Financial Officer Questions and Answers
Slide 4: Performance Highlights
Third Quarter 2022Performance Highlights Profitability Net income of $74.6 million ($0.40 per diluted share) compared to $74.7 million ($0.38 per diluted share) in 2Q 2022 On a non-GAAP basis, adjusted pre-tax, pre-provision income of $122.4 million, compared to $118.8 million in 2Q 2022 Net interes
Slide 5: Balance Sheet Metrics – Loans and Deposits
Third Quarter 2022balance Sheet Metrics – Loans and Deposits Total loans grew by $81.3 million to $11.3 billion driven by an increase of $112.8 million in consumer loans, partially offset by a $31.1 million reduction in residential mortgage loans and a $0.4 million decrease in commercial and constru
Slide 6: Operating Environment and Franchise Highlights
Third Quarter 2022Operating Environment and Franchise Highlights Core Franchise Highlights Record pre-tax pre-provision income of $122.4 million, up 3.0% vs 2Q 2022 and 18.2% vs 3Q 2021 Strong expense management culture; lowest efficiency ratio among peers Executed $75 million in common stock repurc
Slide 7: Results of Operations
RESULTS OF OPERATIONS BanCorp
Slide 8: Discussion of Results: Income Statement Selected Financial Data
Third Quarter 2022 HighlightsDiscussion of Results Income Statement Selected Financial Data
Slide 9: Profitability Dynamics: Net Interest Income and Non-Interest Income
Third Quarter 2022 HighlightsProfitability Dynamics Net Interest Income ($MM) Non-Interest Income ($MM) 3.60% 3.61% 1Q22 3Q21 4Q21 3.81% 4.00% 2Q22 3Q22 4.31% Net Interest Margin (GAAP %) Net Interest Income ($) Net interest income increased by 6.0% to $207.9 million, compared to $196.2 million in 2
Slide 10: Profitability Dynamics: Operating Expenses
Third Quarter 2022 HighlightsProfitability Dynamics 100 95 -5 120 60 0 70 80 105 90 85 65 110 75 115 -$0.8 $108.3 3Q22 $62.1 $0.0 $0.2 $0.0 3Q21 -$0.8 $56.9 $114.0 1Q22 -$0.4 $62.4 $0.0 $1.9 $0.2 $57.4 2Q22 4Q21 $111.5 $106.7 $115.2 $60.7 $2.3 Merger Related Credit Related Payroll Related Other Oper
Slide 11: Asset Quality: Non-Performing Assets
Third Quarter 2022 Highlightsasset Quality Non-Performing Assets ($ in Millions) $156 0.81% 3Q22 3Q21 0.76% 4Q21 0.79% 1Q22 0.76% 2Q22 0.78% $172 $158 $147 $143 Repossessed Assets and Other Loans HFI NPAs/Assets 3Q 2021 $11 $10 $3 $10 $6 $172 $3 4Q 2021 1Q 2022 $10 2Q 2022 $2 $2 3Q 2022 $158 $156 $1
Slide 12: ACL Levels and Capital Position
Third Quarter 2022 HighlightsACL Levels and Capital Position Total stockholders’ equity amounted to $1.3 billion as of 3Q 2022, a decrease of $292.6 million from 2Q 2022; decrease was driven by: (1) the repurchase of 5.4 million shares of common stock for a total purchase price of approximately $75
Slide 13: Exhibits
EXHIBITS BanCorp 13
Slide 14: Puerto Rico Government Exposure
Third Quarter 2022 HighlightsPuerto Rico Government Exposure ($ in millions) As of 3Q 2022, the Corporation had $327.2 million of direct exposure to the Puerto Rico Government, its municipalities and public corporations, compared to $353.2 million as of 2Q 2022 87% of direct government exposure is t
Slide 15: NPL Migration
Third Quarter 2022 Highlights NPL Migration
Slide 16: Use of Non-GAAP Financial Measures
Third 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’s
Slide 17: Use of Non-GAAP Financial Measures
Third 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’s
Slide 18: Use of Non-GAAP Financial Measures
Third 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’s