First Bancorp. New · NYSE:FBP

First Bancorp. New — First Bancorp — Q1 2022 Earnings Presentation

19 slides from First Bancorp. New's earnings presentation, Apr 28, 2022

  1. Slide 1: Financial Results 1Q 2022

    Financial Results1Q 2022

  2. 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

  3. Slide 3: Agenda

    Agenda 1Q 2022 Quarter Highlights Aurelio Alemán, President and Chief Executive Officer 1Q 2022 Results of Operations Orlando Berges, Executive Vice President and Chief Financial Officer Questions and Answers

  4. Slide 4: Performance Highlights

    First Quarter 2022 Performance Highlights Profitability Net income of $82.6 million ($0.41 per diluted share) compared to $73.6 million ($0.35 per diluted share) in 4Q 2021On a non-GAAP basis, adjusted pre-tax, pre-provision income of $111.8 million, compared to $104.9 million in 4Q 2021Net interest

  5. Slide 5: Balance Sheet Metrics: Loans and Deposits

    First Quarter 2022 - Balance Sheet MetricsLoans|Deposits Total loans increased in the first quarter by $29.8 million to $11.1 billion driven by an increase of $36.1 million in commercial and construction loans and $88.1 million in consumer loans, partially offset by an $94.4 million decrease in resi

  6. Slide 6: Growth Outlook and Franchise Highlights

    First Quarter 2022 – Growth Outlook and Franchise Highlights Core Franchise Highlights Record pre-tax pre-provision income; up 7% vs 4Q 2021 and 29% vs 1Q 2021Reached loan growth inflection point in 1Q 2022 and grew portfolio by $85 million net of PPP loans; healthy pipeline in place to gradually in

  7. Slide 7: Results of Operations

    RESULTS OF OPERATIONS BanCorp

  8. Slide 8: Highlights: Income Statement

    First Quarter 2022 HighlightsIncome Statement

  9. Slide 9: Highlights: Profitability Dynamics

    First Quarter 2022 HighlightsProfitability Dynamics Net Interest Income ($MM) Non-Interest Income ($MM) 1Q21 3.91% 3Q21 3.60% 3.81% 3.81% 2Q21 3.61% 4Q21 1Q22 Net Interest Income ($) Net Interest Margin (GAAP %) Net interest income increased to $185.6 million during the quarter, compared to $184.1 m

  10. Slide 10: Highlights: Profitability Dynamics (Non-Interest Expenses)

    First Quarter 2022 HighlightsProfitability Dynamics -5 0 60 85 80 120 75 95 125 100 105 65 110 70 90 130 135 115 $2.3 $62.4 $106.7 -$0.8 $68.0 $68.5 2Q21 1Q21 3Q21 -$0.8 $1.9 $60.7 4Q21 $0.2 $0.0 $56.9 1Q22 $133.3 $130.2 $114.0 $111.5 Other Operating Expenses Credit Related Merger Related Payroll Re

  11. Slide 11: Highlights: Asset Quality

    First Quarter 2022 Highlightsasset Quality Non-Performing Assets ($ in Millions) 1.5% 3Q21 2Q21 1Q21 1.2% $285 0.8% 0.8% 4Q21 $256 $172 $158 1Q22 $156 0.8% NPLs HFS Repossessed Assets and Other NPAs/Assets Loans HFI $6 $172 $6 1Q 2022 2Q 2021 $9 $15 1Q 2021 $256 $10 $6 3Q 2021 $10 $3 4Q 2021 $285 $1

  12. Slide 12: Highlights: ACL Levels and Capital Position

    First Quarter 2022 HighlightsACL Levels and Capital Position Total stockholders’ equity amounted to $1.8 billion as of 1Q 2022, a decrease of $320.7 million from 4Q 2021; decrease was driven by: (1) the repurchase of 3.4 million of shares of common stock for a total purchase price of approximately $

  13. Slide 13: Exhibits

    EXHIBITS BanCorp 13

  14. Slide 14: Highlights: Puerto Rico Government Exposure

    First Quarter 2022 HighlightsPuerto Rico Government Exposure ($ in millions) As of 1Q 2022, the Corporation had $356.8 million of direct exposure to the Puerto Rico Government, its municipalities and public corporations, compared to $360.1 million as of 4Q 202187% of direct government exposure is to

  15. Slide 15: Highlights: NPL Migration

    First Quarter 2022 Highlights NPL Migration

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

    First Quarter 2022 HighlightsUse of Non-GAAP Financial Measures Basis of PresentationUse 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

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

    First Quarter 2022 HighlightsUse of Non-GAAP Financial Measures Basis of PresentationUse 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

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

    First Quarter 2022 HighlightsUse of Non-GAAP Financial Measures Basis of PresentationUse 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

  19. Slide 19: Use of Non-GAAP Financial Measures

    First Quarter 2022 HighlightsUse of Non-GAAP Financial Measures Basis of PresentationUse 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

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