First Bancorp. New · NYSE:FBP

First Bancorp. New — First Bancorp — Q1 2024 Earnings Presentation

19 slides from First Bancorp. New's earnings presentation, Apr 23, 2024

  1. Slide 1: Financial Results 1Q 2024

    FINANCIAL RESULTS 1Q 2024

  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

    -3- Agenda 1Q 2024 Quarter Highlights Aurelio Alemán, President and Chief Executive Officer 1Q 2024 Results of Operations Orlando Berges, Executive Vice President and Chief Financial Officer Questions and Answers

  4. Slide 4: Financial Performance Highlights

    -4- First Quarter 2024 Financial Performance Highlights Balance Sheet Total loans grew by 4.3% linked-quarter annualized to $12.3 billion driven by healthy growth in commercial business segment Total loan originations, other than credit card utilization activity, of $1.1 billion Total deposits, othe

  5. Slide 5: Franchise Highlights and Operating Environment

    -5- Franchise Highlights and Operating Environment Key Highlights ROAA: 1.56% Adj. ROACE(1): 13.7% 1 CET1 Ratio: 15.9% ACL Coverage: 2.14% 2 ~105% dividend and buyback payout ratio (1Q 2024) 3 Strategic Priorities Operating Environment Main market benefitting from an unprecedented level of federal s

  6. Slide 6: Results of Operations

    Eatery BanCorp | Results of Operations

  7. Slide 7: Discussion of Results

    -7- First Quarter 2024 Discussion of Results 1Q24 Adjusted Tangible Common Equity Ratio 1Q24 Adjusted Tangible Book Value per Share 1Q24 Adjusted ROACE 1Q24 TCE Ratio AOCL Impact Adj. TCE Ratio 1Q24 TBVPS AOCL Impact Adj. TBVPS 2023 ROACE AOCL Impact Adj. ROACE (1) Non-GAAP financial measures. Pleas

  8. Slide 8: Profitability Dynamics: Net Interest Income

    -8- First Quarter 2024 Profitability Dynamics Net Interest Income ($MM) 4.34% 1Q23 4.23% 2Q23 4.15% 3Q23 4.14% 4Q23 4.16% 1Q24 Net Interest Income ($) Net Interest Margin (GAAP %) Net interest income amounted to $196.5 million, a slight decrease of $0.2 million vs. the prior quarter, and includes a

  9. Slide 9: Profitability Dynamics: Non-Interest Expenses

    -9- First Quarter 2024 Profitability Dynamics Non-Interest Expenses ($MM) Non-interest expenses of $120.9 million, down $5.7 million vs. prior quarter; expenses included an FDIC special assessment expense of $0.9 million in 1Q 2024 and of $6.3 million in 4Q 2023 On a non-GAAP basis, excluding the ef

  10. Slide 10: Asset Quality

    -10- First Quarter 2024 Asset Quality Non-Performing Assets ($MM) Increase in NPAs was primarily attributed to the inflow to nonaccrual of a $10.5 million commercial and industrial loan in the Florida region, partially offset by a $3.8 million decrease in OREO balances and a $1.9 million decrease in

  11. Slide 11: ACL and Capital

    -11- First Quarter 2024 ACL and Capital Total stockholders’ equity decreased by $17.9 million to $1.5 billion as of 1Q 2024 driven by $50.0 million in common stock repurchases, $26.9 million in cash dividends declared, and a $15.1 million decrease in the fair value of available-for-sale debt securit

  12. Slide 12: 1Q24 Financial Results - Appendix

    1Q24 Financial Results - Appendix

  13. Slide 13: Balance Sheet Metrics

    -13- First Quarter 2024 Balance Sheet Metrics Loan Portfolio - $MM Loan Originations - $MM(1) Total Deposits (excluding Brokered CDs) - $MM Composition of Deposit Portfolio vs. Available Liquidity - $MM(2) $15 $144 1Q23 $14 $164 2Q23 $9 $203 3Q23 $7 $215 4Q23 $12 $237 1Q24 Loans HFS Commercial Consu

  14. Slide 14: Puerto Rico Government Exposure

    -14- First Quarter 2024 Puerto Rico Government Exposure Government Loans Key Highlights Government Deposits Key Highlights As of 1Q 2024, the Corporation had $313.7 million of direct exposure to the Puerto Rico government, its municipalities and public corporations, compared to $297.9 million as of

  15. Slide 15: NPL Migration

    -15- First Quarter 2024 NPL Migration

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

    -16- First Quarter 2024 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 enhanc

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

    -17- First Quarter 2024 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 enhanc

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

    -18- First Quarter 2024 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 enhanc

  19. Slide 19: RAM LES LE

    RAM LES LE DAM LES LE

First Bancorp — Q1 2024 Earnings Presentation on 6ix