First Bancorp. New · NYSE:FBP
First Bancorp. New — First Bancorp — Q1 2019 Earnings Presentation
23 slides from First Bancorp. New's earnings presentation, Apr 24, 2019
Slide 1: Financial Results 1Q 2019
Financial Results1Q 2019
Slide 2: Forward-Looking Statements
2 Forward-Looking Statements This presentation may contain “forward-looking statements” concerning the Corporation’s future economic, operational and financial performance. The words or phrases “expect,” “anticipate,” “intend,” “look forward,” “should,” “would,” “believes” and similar expressions ar
Slide 3: Agenda
Agenda First Quarter 2019 Highlights Aurelio Alemán, President & Chief Executive OfficerFirst Quarter 2019 Results of Operations Orlando Berges, Executive Vice President & Chief Financial OfficerQuestions & Answers 3
Slide 4: Key Highlights
Key Highlights 4 First Quarter 2019 Highlights
Slide 5: Key Highlights: Profitability, Loan Portfolio, Asset Quality
Profitability 1Q 2019 net income of $43.3 million, or $0.20 per diluted share. Adjusted 1Q 2019 net income of $37.0 million, or $0.17 per diluted share, compared to 4Q 2018 adjusted net income of $44.4 million, or $0.20 per diluted share.Adjusted pre-tax, pre-provision income of $70.4 million, compa
Slide 6: Results of Operations
6 Results of Operations First Quarter 2019 Results
Slide 7: First Quarter Financial Highlights
7 Results of Operations: First Quarter Financial Highlights ($ in thousands, except per share data) Select Financial Information
Slide 8: Net Interest Income
8 Key Highlights Net Interest Income ($ millions) Net interest income increased $2.5 million in 1Q 2019. This increase was mainly due to:A $2.7 million increase in interest income on commercial and construction loans, due to higher balances and upward repricing of variable rate commercial loans and
Slide 9: Results of Operations: Non-Interest Income
9 Non-interest income for 1Q 2019 amounted to $22.6 million, compared to $20.5 million for 4Q 2018. The $2.0 million increase was primarily due to: A $2.4 million increase in insurance income, included as part of Other, reflecting the effect of seasonal contingent commissions of $2.7 million recorde
Slide 10: Results of Operations: Non-interest Expenses
10 Results of Operations: Non-interest Expenses Non-interest expenses decreased by $0.7 million in 1Q 2019 to $90.0 million due to:A $1.4 million decrease in professional service fees, mainly $0.9 million in consulting fees reflecting a decrease in costs incurred in efforts to support the implementa
Slide 11: Results of Operations: Asset Quality
11 Non-Performing Assets ($ millions) A $12.9 million decrease related to the restructuring at maturity of a commercial mortgage loan that financed multiple properties in Puerto Rico. A $15.2 million decrease in nonaccrual residential mortgage loans driven by loans brought current, charge-offs, coll
Slide 12: Results of Operations: Net Charge-offs
12 Key Highlights Net Charge-Offs ($ millions) Net charge-offs for 1Q 2019 were $24.4 million, or an annualized 1.10% of average loans, compared to $11.9 million, or an annualized 0.54% of average loans, in 4Q 2018. The $12.6 million increase was primarily related to: the effect in the previous quar
Slide 13: Questions & Answers
13 First Quarter 2019 Results Q & A
Slide 14: Exhibits
14 First Quarter 2019 Results Exhibits
Slide 15: Loan Originations and Loan Portfolio
15 Loan Originations* ($ millions) Loan Portfolio ($ millions) Residential Mortgage Consumer & Finance Leases Construction Commercial Loans HFS Our island is beginning to show signs of growth and we continue relying on our regional diversification: * Including refinancing and draws from existing rev
Slide 16: Deposit Composition and Core Deposits
16 Total Deposit Composition (%) Core Deposits* ($ millions) * Core deposits are total deposits excluding brokered CDs. Continue improving deposit mix; noninterest bearing increased $99.3 million. First Quarter 2019 Highlights: Deposit Mix Retail Commercial CDs & IRAs Public Funds $8,439 $8,110 Over
Slide 17: Highlights: Capital Position
17 First Quarter 2019 Highlights: Capital Position Capital Ratios (%) Total stockholders’ equity amounted to $2.1 billion as of March 31, 2019, an increase of $55.8 million from December 31, 2018, mainly driven by the earnings generated in the first quarter and the $20.5 million increase in the fair
Slide 18: Highlights: PR Government Exposure
18 First Quarter 2019 Highlights: PR Government Exposure ($ in millions) As of March 31, 2019, the Corporation had $213.5 million of direct exposure to the Puerto Rico Government, its municipalities and public corporations, compared to $214.7 million as of December 31, 2018. 89% of direct government
Slide 19: NPL Migration
NPL MIGRATION (Sin 000) Beginning balance $ 147,287 $ 120,907 § 32,107 § 11,377 $20,406 $332,085 Pls: ‘Additions to non-performing 11,460 94 139 07 114,972 24,132 Less: Non performing loans transferred to OREO (6,222) (822) (214) (459) 7 717) Non-performing loans charged-off (4,342) (2,395) (6,235)
Slide 20: Use of Non-GAAP Financial Measures
20 Use 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 results of operations or f
Slide 21: Use of Non-GAAP Financial Measures
21 Use 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 results of operations or f
Slide 22: Use of Non-GAAP Financial Measures
22 Use 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 results of operations or f
Slide 23: Use of Non-GAAP Financial Measures
23 Use 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 results of operations or f