First Bancorp. New · NYSE:FBP

First Bancorp. New — First Bancorp — Q1 2023 Earnings Presentation

19 slides from First Bancorp. New's earnings presentation, Apr 25, 2023

  1. Slide 1: Financial Results 1Q 2023

    Financial Results1Q 2023

  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 1Q 2023 Quarter Highlights Aurelio Alemán, President and Chief Executive Officer 1Q 2023 Results of Operations Orlando Berges, Executive Vice President and Chief Financial Officer Questions and Answers

  4. Slide 4: Performance Highlights

    First Quarter 2023Performance Highlights Profitability Net income of $70.7 million ($0.39 per diluted share), compared to $73.2 million ($0.40 per diluted share) in 4Q 2022 Return on average assets (“ROAA”) remains strong at 1.55% On a non-GAAP basis, pre-tax, pre-provision income of $118.1 million,

  5. Slide 5: Balance Sheet Metrics – Loan Portfolio

    First Quarter 2023balance Sheet Metrics – Loan Portfolio Loan Portfolio - $MM Loan Originations - $MM(1) $28 $90 $112 1Q 2022 $23 $49 $115 2Q 2022 $12 $18 $124 3Q 2022 $12 $7 $133 4Q 2022 $15 $5 $144 1Q 2023 Loans HFS Commercial (Ex. PPP) PPP Consumer Construction Residential $11,126 $11,229 $11,311

  6. Slide 6: Balance Sheet Metrics – Deposits and Liquidity

    First Quarter 2023balance Sheet Metrics – Deposits and Liquidity Core Deposits exclude brokered CDs and government deposits Uninsured deposits exclude public funds which are fully collateralized Total Deposits (excluding Brokered CDs) - $MM 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 Public Funds CDs &

  7. Slide 7: Investment Merits and Franchise Highlights

    Investment Merits and Franchise Highlights Uncertain global macro mitigated by strong tailwinds in Puerto Rico Steady improvement in labor market dynamics Economic Activity Index continues to show a recovery trend since Hurricane Fiona (Sep. 2022) Over $600 million in disaster relief funds have been

  8. Slide 8: Results of Operations

    RESULTS OF OPERATIONS BanCorp

  9. Slide 9: Highlights: Discussion of Results, Income Statement, Selected Financial Data

    First Quarter 2023 HighlightsDiscussion of Results Income Statement Selected Financial Data

  10. Slide 10: Highlights: Profitability Dynamics – Net Interest Income and Non-Interest Income

    First Quarter 2023 Highlights Profitability Dynamics Net Interest Income ($MM) Non-Interest Income ($MM) 3.81% 1Q22 4.00% 2Q22 4.31% 3Q22 4.37% 4Q22 4.34% 1Q23 Net Interest Income ($) Net Interest Margin (GAAP %) 1Q22 2Q22 3Q22 $2.6 4Q22 $2.8 1Q23 $32.9 $30.9 $29.7 $29.6 $32.5 Other Mortgage Banking

  11. Slide 11: Highlights: Profitability Dynamics – Non-Interest Expenses

    First Quarter 2023 HighlightsProfitability Dynamics -5 0 60 65 70 75 80 85 90 95 100 105 110 115 120 $0.2 $56.9 1Q22 $61.8 4Q22 -$1.1 $60.0 1Q23 $106.7 $108.3 $115.2 $112.9 $115.3 -$0.4 2Q22 $0.2 $57.4 $62.1 3Q22 -$1.1 Credit Related Payroll Related Other Operating Expenses Non-Interest Expenses ($M

  12. Slide 12: Highlights: Asset Quality

    First Quarter 2023 Highlightsasset Quality Non-Performing Assets - $MM 0.78% 2Q22 0.79% 0.69% 1Q22 0.76% 3Q22 4Q22 1Q23 0.68% $147 $156 $143 $129 $129 Repossessed Assets and Other Loans HFI NPAs/Assets 4Q 2022 $129 $2 $3 1Q 2022 $143 2Q 2022 $2 $2 3Q 2022 $2 1Q 2023 $156 $147 $129 Repossessed Assets

  13. Slide 13: Highlights: ACL Levels and Capital Position

    First Quarter 2023 HighlightsACL Levels and Capital Position Total stockholders’ equity increased by $80.1 million to $1.4 billion as of 1Q 2023 driven by the $87.2 million increase in the fair value of available-for-sale debt securities due to changes in market rates recognized as part of accumulat

  14. Slide 14: Exhibits

    BanCorp EXHIBITS 114

  15. Slide 15: Highlights: Puerto Rico Government Exposure

    First Quarter 2023 HighlightsPuerto Rico Government Exposure Government Loans Key Highlights Government Deposits Key Highlights As of 1Q 2022, the Corporation had $340.0 million of direct exposure to the Puerto Rico government, its municipalities and public corporations, compared to $338.9 million a

  16. Slide 16: Highlights: NPL Migration

    First Quarter 2023 HighlightsNPL Migration

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

    First Quarter 2023 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 that the presentation of these non-GAAP financial measures en

  18. Slide 18: Highlights: Use of Non-GAAP Financial Measures – Non-GAAP Disclosures

    First Quarter 2023 HighlightsUse of Non-GAAP Financial Measures Non-GAAP Disclosures 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 enh

  19. Slide 19: Financial Results 1Q 2023

    Financial Results1Q 2023

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