20 slides from First Bancorp. New's earnings presentation, Jan 26, 2022
Slide 1: Financial Results 4Q 2021 and Full Year 2021
Financial Results4Q 2021 and Full Year 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: Agenda
Agenda 4Q 2021 Quarter Highlights Aurelio Alemán, President and Chief Executive Officer 4Q 2021 Results of Operations Orlando Berges, Executive Vice President and Chief Financial Officer Questions and Answers
Slide 4: 2021 Performance Highlights
Fourth Quarter 2021 Performance Highlights Profitability Net income of $73.6 million ($0.35 per diluted share) compared to $75.7 million ($0.36 per diluted share) in 3Q 2021On a non-GAAP basis, adjusted pre-tax, pre-provision income of $104.9 million, compared to $103.6 million in 3Q 2021Net interes
Slide 5: 2021 - Balance Sheet Metrics: Loans | Deposits
Fourth Quarter 2021 - Balance Sheet MetricsLoans|Deposits Total loans decreased in the quarter by $75.5 million to $11.1 billion driven by reductions of $73.3 million in PPP loans and $111.6 million in residential mortgage loans, partially offset by an $81.9 million increase in consumer loansDecreas
Slide 6: 2021 – A Transformational Year
2021 – A Transformational Year Improved Core Performance and Delivered on Capital Actions Increased adjusted pre-tax pre-provision income by 30%, net interest income by 22%, and non-interest income by 9%Total loan originations and renewals (ex. PPP and credit card utilization activity) grew by 20% w
Slide 7: Results of Operations
RESULTS OF OPERATIONS BanCorp
Slide 8: 4Q and Full Year 2021 Highlights: Income Statement
Fourth Quarter and Full Year 2021 HighlightsIncome Statement
Slide 9: Highlights: Profitability Dynamics - Net Interest Income
Fourth Quarter HighlightsProfitability Dynamics Net Interest Income ($MM) Non-Interest Income ($MM) 3.81% 1Q21 3Q21 3.95% 2Q21 4Q20 3.91% 3.60% 3.61% 4Q21 Net Interest Income ($) Net Interest Margin (GAAP %) Net interest income decreased slightly to $184.1 million for the fourth quarter of 2021, com
Slide 10: Highlights: Profitability Dynamics - Non-Interest Expenses
Fourth Quarter HighlightsProfitability Dynamics 80 110 125 135 120 100 70 85 -5 0 65 95 130 75 90 105 115 $69.0 4Q20 $68.0 1Q21 $68.5 2Q21 -$0.8 $2.3 $62.4 3Q21 -$0.8 $1.9 $60.7 $134.8 $111.5 $130.2 $133.3 4Q21 $114.0 Credit Related Payroll Related Merger Related Other Operating Expenses Non-interes
Slide 11: Highlights: Asset Quality
Fourth Quarter Highlightsasset Quality Non-Performing Assets ($ in Millions) 1.6% 1.5% 2020 1.2% 1Q21 2Q21 $256 0.8% 3Q21 0.8% 4Q21 $294 $285 $158 $172 -$136(-46.3%) NPLs HFS NPAs/Assets Repossessed Assets and Other Loans HFI $6 2020 $6 $16 $13 1Q 2021 $15 $9 $10 2Q 2021 $6 3Q 2021 $10 $3 4Q 2021 $2
Slide 12: Highlights: ACL Levels and Capital Position
Fourth Quarter HighlightsACL Levels and Capital Position Total stockholders’ equity amounted to $2.1 billion as of 4Q 2021, a decrease of $96.2 million from 3Q 2021; decrease was driven by: (1) the repurchase of 4.6 million of shares of common stock for a total purchase price of approximately $63.9
Slide 13: Exhibits
EXHIBITS BanCorp 13
Slide 14: Puerto Rico Government Exposure
Fourth Quarter 2021 HighlightsPuerto Rico Government Exposure ($ in millions) As of December 31, 2021, the Corporation had $360.1 million of direct exposure to the Puerto Rico Government, its municipalities and public corporations, compared to $362.6 million as of September 30, 202186% of direct gov
Slide 15: Highlights: NPL Migration
Fourth Quarter HighlightsNPL Migration
Slide 16: Use of Non-GAAP Financial Measures
Fourth 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 resu
Slide 17: Use of Non-GAAP Financial Measures
Fourth 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 resu
Slide 18: Use of Non-GAAP Financial Measures
Fourth 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 resu
Slide 19: Use of Non-GAAP Financial Measures
Fourth 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 resu
Slide 20: Use of Non-GAAP Financial Measures
Fourth 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 resu