First Bancorp. New · NYSE:FBP
First Bancorp. New — First Bancorp — Investor Presentation (February 2013)
17 slides from First Bancorp. New's investor presentation, Feb 27, 2013
Slide 1: Investor Presentation
Exhibit 99.1 Investor Presentation February 2013
Slide 2: Disclaimer
Disclaimer This presentation contains “forward-looking statements” concerning First BanCorp’s (the “Corporation”) future economic performance. The words or phrases “would be,” “will allow,” “intends to,” “will likely result,” “are expected to,” “expect,” “anticipate,” “look forward,” “should,” “beli
Slide 3: Franchise Overview
Franchise Overview Well diversified with significant competitive strengths Founded in 1948 (65 years) Headquartered in San Juan, Puerto Rico with operations in PR, Eastern Caribbean (Virgin Islands) and Florida A well diversified operation with over 650,000 retail & commercial customers 2nd largest
Slide 4: Franchise Overview
Franchise Overview Unique challenger to Puerto Rico’s largest player ($ in millions) 1 1 1 PuertoRicoTotalAssets PuertoRicoTotalLoans PuertoRicoDeposits,Netof Brokered Portfolio Market Portfolio Market Portfolio Market Institutions Institutions Institutions Balance Share Balance Share Balance Share
Slide 5: Core Franchise is Strong
Core Franchise is Strong Executing Strategic Plan Toward Goal to Return to Profitability Improving risk profile; focusing on reducing NPAs th • NPAsdecreasedfor the 11 consecutivequarter Balance Sheet • NPLs down 14.5% year over year Executing on opportunities to reduce cost of funds • $2.2 billion
Slide 6: Select Financial Data
Select Financial Data 2012 vs. 2011 Financial Highlights ($ in millions; except per share data) FY 2012 FY 2011 Variance Net Income (Loss) $ 29.8 $ (82.2) 136.2% Adjusted Pre-tax, Pre-provision Income $ 178.5 $ 129.5 37.8% Net Interest Margin (GAAP) 3.63% 2.82% 28.7% Nonperforming Loans $ 978 $ 1,14
Slide 7: Focus on Rebuilding Earnings
Focus on Rebuilding Earnings Third consecutive quarterly profit and first profitable year since 2008 ($ in millions, except per share results) Income Statement 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 Net interest income, excluding valuations $ 100.3 $ 101.6 $ 108.2 $ 125.3 $ 125.2 Valuations (1.7) 0
Slide 8: Building Franchise Value
Building Franchise Value Targeted strategies for growth 1 Puerto Rico MarketShareinMainMarket Opportunities for ongoing market share gains on 2011 2012 selected products based on fair share of market Mkt Share Rank Largest opportunity on deposit products, 16% Assets 15% 85% 2 electronic banking & tr
Slide 9: Building Franchise Value
Building Franchise Value Successful deposits growth over recent years ($ in millions) Deposits, Net of Brokered CDs Total Deposit Composition $7,500 $6,490 $6,176 Brokered CDs $5,800 34% 529 $6,000 $5,108 481 470 448 2,077 Interest 2,126 Bearing $4,500 2,090 1,505 57% 915 1,108 $3,000 774 763 Non-in
Slide 10: Well Diversified Loan Portfolio
Well Diversified Loan Portfolio Strong Origination Capabilities ($ in millions) Asset Composition Loan Portfolio $25,000 $13,949 Total loans, net of ALLL Investments & Money Markets $15,000 20 $19,628 $11,957 Cash & Other $20,000 1,340 $10,575 $10,139 $15,593 301 4,867 $13,127 $13,100 6,942 16 44 $1
Slide 11: Improved Risk Profile
Improved Risk Profile Proactively Managing Asset Quality ($ in millions) Non-performing Assets Net Charge-offs Loans Held for Sale Repossessed Assets & Other $650 $610 1,790 Non-performing Loans $1,800 1,701 1,669 1,562 1,410 1,390 1,377 1,337 1,332 1,308 1,259 1,238 313 $333 $295 1,639 183 101 976
Slide 12: Investment Opportunity
Investment Opportunity Core Franchise is Strong Strong capital position: – Total capital, Tier 1 capital and Leverage ratios of the Corporation of 17.8%, 16.5% and 12.6%, respectively. Focus on execution of our Strategic Plan: – Asset Qualityremains our number one focus and our Special Assets team i
Slide 13: Exhibits
Exhibits Investor Presentation February 2013
Slide 14: Stock Profile
Stock Profile 5% or more Beneficial Ownership Trading Symbol: • FBP Percent of Beneficial Owner Amount Exchange: • NYSE Class Entities affiliated with Thomas H. Lee 50,684,485 24.59% Partners, L.P. Share Price (2/19/13): • $5.77 Entities affiliated with Oaktree Capital 50,684,485 24.59% Management,
Slide 15: Non-performing Assets
Non-performing Assets ($ in millions) Dec 2012 Sep 2012 Jun 2012 Mar 2012 Dec 2011 YoY % change Non-performing loans Residential mortgage $ 313.6 $ 320.9 $ 333.0 $ 341.2 $ 338.2 -7.3% Commercial mortgage 205.4 231.2 239.9 244.4 240.4 -14.5% Commercial & Industrial 239.4 230.5 255.3 263.6 270.2 -11.4
Slide 16: Adjusted Pre-tax, Pre-provision Income Reconciliation
Adjusted Pre-tax, Pre-provision Income Reconciliation ($ in thousands) Quarter Ended 4Q 2012 3Q 2012 2Q 2012 1Q 2012 4Q 2011 Loss before income taxes $ 16,028 $ 19,834 $ 10,901 $ (11,049) $ (14,600) Add: Provision for loan and lease losses 30,466 28,952 24,884 36,197 41,987 Less: Net (gain) loss on
Slide 17: Reconciliation of the (Loss) Earnings per Common Share
Reconciliation of the (Loss) Earnings per Common Share ($ in thousands, except per share information) 4Q 2012 3Q 2012 2Q 2012 1Q 2012 4Q 2011 Net income (loss) $ 14,535 $ 19,073 $ 9,356 $ (13,182) $ (14,842) Cumulative convertible preferred stock dividend (Series G) - - - - (997) 1 Preferredstock di
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