First Bank · NASDAQ:FRBA
First Bank — Q4 2024 Earnings Presentation
19 slides from First Bank's earnings presentation, Jan 24, 2025
Slide 1: Financial Results Fourth Quarter and Full Year 2024
Financial Results Fourth Quarter and Full Year 2024 January 23, 2025 -1-
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
Slide 3: Agenda
AGENDA 4Q 2024 Quarter Highlights Aurelio Alemán, President and Chief Executive Officer 4Q 2024 Results of Operations Orlando Berges, Executive Vice President and Chief Financial Officer Questions and Answers -3-
Slide 4: Fourth Quarter 2024 Financial Performance Highlights
FOURTH QUARTER 2024 Financial Performance Highlights ▪ Net income of $75.7 million ($0.46 per diluted share), compared to $73.7 million ($0.45 per diluted share) in 3Q 2024 ▪ Solid return on average assets (“ROAA”) of 1.56%, compared to 1.55% in 3Q 2024; margin up 8 bps to 4.33% Profitability ▪ On a
Slide 5: Full Year 2024 – Delivering Strong Financial Results and Organic Growth
FULL YEAR 2024 – DELIVERING STRONG FINANCIAL RESULTS AND ORGANIC GROWTH 2024 HIGHLIGHTS AND STRATEGIC PRIORITIES FOR 2025 POSITIVE ECONOMIC BACKDROP PR Economic Activity Index (EAI)(2) ROAA: 1.58% CET1 Ratio:16.3% 16% Growth in YoY Change 1 2 3 Adj. ROACE(1): 13.8% ACL Coverage: 1.9% Tangible Book V
Slide 6: Results of Operations
Cred Bancorn | Results of Operations
Slide 7: Discussion of Results
FOURTH QUARTER 2024 Discussion of Results Income Statement and Selected Financial Data Non-GAAP Reconciliation – Selected Data(1) 4Q 2024 3Q 2024 Variance 4Q 2023 FY 2024 FY 2023 4Q24 Adjusted Tangible Common Equity Ratio ($ in thousands, except per share data and financial ratios) Interest income $
Slide 8: Profitability Dynamics: Net Interest Income
FOURTH QUARTER 2024 Profitability Dynamics Net Interest Income ($MM) Evolution of Loan Yields and Cost of Funds(1) 250 10 7.73% 7.79% 7.84% 7.83% 7.71% $202.1 $209.3 9 $196.7 $196.5 $199.6 200 8 7 150 6 4.14% 4.16% 4.22% 4.25% 4.33% 5 6.13% 6.11% 6.15% 6.14% 6.10% 100 4 3 1.60% 1.68% 1.69% 1.69% 1.6
Slide 9: Profitability Dynamics: Non-Interest Income and Expenses
FOURTH QUARTER 2024 Profitability Dynamics Non-Interest Income ($MM) Non-Interest Expenses ($MM) 35 $33.6 $34.0 $32.5 10 $32.0 $32.2 140 $126.6 10 $120.9 $118.7 $122.9 $124.5 30 120 8 8 25 $21.4 100 $21.8 $18.9 $19.6 $19.3 $55.6 $59.1 $59.6 20 6 $59.5 $57.5 6 80 15 4 $71.1 4 10 $2.1 $2.9 $3.4 $3.2 $
Slide 10: Asset Quality
FOURTH QUARTER 2024 Asset Quality Non-Performing Assets ($MM) Repossessed Assets and Other Residential Commercial Repossessed Assets and Other Loans HFI NPAs/Assets Consumer Construction 140 $130 $127 140 $130 $127 10 $126 1.0 $126 $119 $118 $119 $118 120 120 $37 $31 0.9 $37 $31 100 $42 $30 $31 100
Slide 11: ACL and Capital
FOURTH QUARTER 2024 ACL and Capital Evolution of ACL ($MM) and Capital Ratios (%) ACL on Loans to Total Loans (%) 18.6 18.4 18.2 18.3 18.0 16.3 300 $269.2 16.1 16.1 16.2 16.2 16.3 15.9 15.9 15.8 15.8 $252.1 $248.4 $248.0 $2.7 $4.6 250 $4.0 $8.0 $1.6 $3.5 $1.3 $3.1 7.5 200 10.8 10.7 10.6 11.0 11.1 $1
Slide 12: Appendix and Non-GAAP Financial Measures
4Q 2024 Financial Results Appendix and Non-GAAP Financial Measures -12-
Slide 13: Appendix – Balance Sheet Highlights
FOURTH QUARTER 2024 Appendix – Balance Sheet Highlights Loan Portfolio - $MM Commercial Loan Portfolio Distribution - $MM Total Deposits (excluding Brokered CDs) - $MM C&I $12,324 $12,396 $12,459 $12,762 $5,932 Office CRE (PR) $16,393 $12,193 $15 $15,773 $15,820 $15,904 $15,827 Loans HFS $7 $12 $10
Slide 14: Appendix - Puerto Rico Government Exposure
FOURTH QUARTER 2024 Appendix - Puerto Rico Government Exposure Government Loans Government Deposits Government Unit Source of Repayment Total Government Unit Time Deposits Transaction Accounts Total Puerto Rico Securities $ 2.9 Municipalities $ 29.4 $ 506.6 $ 536.0 Public Agencies 70.2 945.6 1,015.8
Slide 15: Appendix - NPL Migration
FOURTH QUARTER 2024 Appendix - NPL Migration 4Q 2024 Residential Commercial Commercial & Construction Consumer Total Mortgage Mortgage Industrial Beginning balance $ 31,729 $ 11,496 $ 18,362 $ 4,651 $ 23,106 $ 89,344 Plus: Additions to non-performing 4,209 44 1,321 - 31,534 37,108 Less: Non-performi
Slide 16: Appendix - Use of Non-GAAP Financial Measures
FOURTH QUARTER 2024 Appendix - Use 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
Slide 17: Appendix - Use of Non-GAAP Financial Measures
FOURTH QUARTER 2024 Appendix - Use 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
Slide 18: Appendix - Use of Non-GAAP Financial Measures
FOURTH QUARTER 2024 Appendix - Use 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
Slide 19: RLS LLLSSeee
RLS LLLSSeee RED LEE LEE RED LLEE LEE -19-