First Bancorp. New · NYSE:FBP
First Bancorp. New — First Bancorp — Investor Presentation (November 2021)
22 slides from First Bancorp. New's investor presentation, Nov 10, 2021
Slide 1: First BanCorp Investor Presentation November 2021
First BanCorpInvestor PresentationNovember 2021
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
Slide 3: Investment Merits
Investment Merits Strong Market Position & Scalable Platform Fully integrated and expanded franchise with a strong market position in a consolidated market with opportunities for enhanced market penetration while serving over 675,000 customers Fortress Balance Sheet Liquidity, reserve coverage, and
Slide 4: Franchise Overview
Franchise Overview Founded in Puerto Rico in 1948 Headquartered in San Juan, Puerto Rico (PR) with operations in PR, Eastern Caribbean (Virgin Islands) and Florida3,260 FTE employeesSecond largest financial holding company in Puerto Rico with attractive business mix and substantial loan market share
Slide 5: Franchise Highlights and Operating Environment
Franchise Highlights and Operating Environment Completed all remaining system conversions and integration of acquired operations; on track to meet efficiencies and synergies planned as part of the transaction including post-integration branch rationalization during Q4 2021Fully integrated organizati
Slide 6: Fortress Balance Sheet
Fortress Balance Sheet Ample liquidity to drive loan demand as economy continues reopening effortsStrong reserve coverage on a well-diversified loan portfolioCapital ratios remain among the highest in the banking sector; capital ratios remain well above regulatory “Well-Capitalized” guidelinesCapita
Slide 7: Puerto Rico Market Share
Puerto Rico Market Share TOTAL LOANS 2ND CORE DEPOSITS 1% COMMERCIAL LENDING AUTO & LEASING 2% ATM TERMINALS (#) 2ND 2ND 2ND 2ND BRANCHES 1% PERSONAL LOANS CREDIT CARDS ($) 1% MONEY EXPRESS (<$5k) ACH TRANSACTIONS (#) POS TRANSACTIONS ($) MORTGAGE ORIGINATIONS (QTD) 2ND 2ND 2ND 2ND 2ND 2ND 2ND Peers
Slide 8: 2021 Performance Highlights
Third Quarter 2021 Performance Highlights Profitability Net income of $75.7 million ($0.36 per diluted share) compared to $70.6 million ($0.33 per diluted share) in Q2 2021On a non-GAAP basis, adjusted pre-tax, pre-provision income of $103.6 million, compared to $96.6 million in Q2 2021Net interest
Slide 9: Balance Sheet Metrics: Loans and Deposits
Balance Sheet MetricsLoans|Deposits Total loans decreased by $249.0 million to $11.2 billion as of Q3 2021; decrease consisted of reductions of $176.4 million in commercial and construction loans and $160.9 million in residential mortgage loans, partially offset by an $88.2 million increase in consu
Slide 10: Results of Operations
RESULTS OF OPERATIONS BanCorp 110
Slide 11: Highlights: Income Statement
Third Quarter HighlightsIncome Statement
Slide 12: Highlights: Profitability Dynamics - Net Interest Income
Third Quarter HighlightsProfitability Dynamics Net Interest Income ($ in millions) Non-Interest Income ($ in millions) 4.22% 2Q20 3.93% 3Q20 3.81% 3.95% 3.91% 4Q20 1Q21 2Q21 3.60% 3Q21 Net Interest Income ($) Net Interest Margin (GAAP %) Net interest income remained relatively flat at $184.7 million
Slide 13: Highlights: Profitability Dynamics - Non-Interest Expenses
Third Quarter HighlightsProfitability Dynamics Non-Interest Expenses ($ in millions) 104 0 136 118 88 122 126 -2 116 82 124 84 100 92 86 112 90 108 96 110 98 102 94 114 132 128 130 106 120 134 1Q21 $1.1 $0.9 3Q20 2Q21 -$0.8 $2.3 $112.0 3Q21 $89.8 $134.8 $133.3 $130.1 $114.0 $117.6 $93.8 $0.6 $2.2 $1
Slide 14: Highlights: Asset Quality
Third Quarter Highlightsasset Quality The decrease in NPAs was primarily driven by:$61.1 million decrease in nonaccrual residential mortgage loans, driven by the bulk sale of $52.5 million of non-performing loans, as well as the repayment of two large residential mortgage loans totaling $3.9 million
Slide 15: Highlights: ACL Levels and Capital Position
Third Quarter HighlightsACL Levels and Capital Position Total stockholders’ equity amounted to $2.2 billion as of Q3 2021, a decrease of $7.0 million from Q2 2021; decrease was driven by: (1) the repurchase of 4.16 million of shares of common stock for a total purchase price of approximately $50 mil
Slide 16: Exhibits
BanCorp EXHIBITS 116
Slide 17: Puerto Rico Government Exposure
Third Quarter 2021 HighlightsPuerto Rico Government Exposure ($ in millions) As of September 30, 2021, the Corporation had $362.6 million of direct exposure to the Puerto Rico Government, its municipalities and public corporations, compared to $388.8 million as of June 30, 202186% of direct governme
Slide 18: Highlights: NPL Migration
Third Quarter HighlightsNPL Migration
Slide 19: Use of Non-GAAP Financial Measures
Third Quarter 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 resul
Slide 20: Use of Non-GAAP Financial Measures
Third Quarter 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 resul
Slide 21: Use of Non-GAAP Financial Measures
Third Quarter 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 resul
Slide 22: Use of Non-GAAP Financial Measures
Third Quarter 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 resul
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