19 slides from First Bancorp. New's earnings presentation, Oct 20, 2023
Slide 1: Financial Results 3Q 2023
Financial Results3Q 2023
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 3Q 2023 Quarter Highlights Aurelio Alemán, President and Chief Executive Officer 3Q 2023 Results of Operations Orlando Berges, Executive Vice President and Chief Financial Officer Questions and Answers
Slide 4: 3Q 2023 Performance Highlights
Third Quarter 2023Performance Highlights Profitability Net income of $82.0 million ($0.46 per diluted share), compared to $70.7 million ($0.39 per diluted share) in 2Q 2023 Return on average assets (“ROAA”) remains strong at 1.72%, compared to 1.51% in 2Q 2023 On a non-GAAP basis, adjusted pre-tax,
Slide 5: Balance Sheet Metrics – Loan Portfolio
Third Quarter 2023 balance Sheet Metrics – Loan Portfolio Loan Portfolio - $MM Loan Originations - $MM(1) $12 $124 3Q22 $12 $133 4Q22 $15 $144 1Q23 $14 $164 2Q23 $9 $203 3Q23 Loans HFS Commercial Consumer Construction Residential $11,311 $11,566 $11,593 $11,734 $11,960 $22 3Q22 $24 4Q22 $77 $36 1Q23
Slide 6: Balance Sheet Metrics – Deposits and Liquidity
Third Quarter 2023 balance Sheet Metrics – Deposits and Liquidity Core Deposits exclude brokered CDs and government deposits Uninsured deposits exclude public funds which are fully collateralized Total Deposits (excluding Brokered CDs) - $MM 3Q22 4Q22 1Q23 2Q23 3Q23 Public Funds CDs & IRAs Commercia
Slide 7: Operating Environment and Franchise Highlights
Operating Environment and Franchise Highlights Stable operating environment in our main market 1Q20 3Q20 3Q21 3Q22 1Q23 2Q23 Jul-23 Aug-23 -6.2% YoY Change PR Economic Activity Index (EAI)(1) Disaster Relief Funds Disbursed Per Year(2) (1) Sources: Puerto Rico Economic Development Bank (EDB) (2) www
Slide 8: Results of Operations
RESULTS OF OPERATIONS BanCorp
Slide 9: Discussion of Results: Income Statement Selected Financial Data
Third Quarter 2023Discussion of Results Income Statement Selected Financial Data
Slide 10: Profitability Dynamics: Net Interest Income
Third Quarter 2023 Profitability Dynamics Net Interest Income ($MM) 4.31% 3Q22 4.37% 4Q22 4.34% 1Q23 4.23% 2Q23 4.15% 3Q23 Net Interest Income ($) Net Interest Margin (GAAP %) Net interest income registered a slight decrease to $199.7 million during the quarter primarily reflecting the following var
Slide 11: Profitability Dynamics: Non-Interest Expenses and Income
Third Quarter 2023Profitability Dynamics 85 90 95 -5 100 0 105 60 110 65 115 70 120 75 80 3Q23 $116.6 $61.3 3Q22 $60.0 1Q23 $62.1 -$0.8 $59.4 $0.2 2Q23 $61.8 $115.2 $112.9 $115.3 $112.9 4Q22 -$1.1 -$1.1 -$1.2 Credit Related Payroll Related Other Operating Expenses Non-Interest Expenses ($MM) Non-int
Slide 12: Asset Quality
Third Quarter 2023 asset Quality Non-Performing Assets ($MM) 0.78% 3Q22 0.69% 4Q22 0.68% 1Q23 0.63% 2Q23 $143 $129 $129 $121 3Q23 0.70% $130 Repossessed Assets and Other Loans HFI NPAs/Assets $2 3Q22 $2 4Q22 $2 1Q23 $2 2Q23 $143 $129 $129 $121 3Q23 $130 $2 Repossessed Assets and Other Consumer Resid
Slide 13: ACL Levels and Capital Position
Third Quarter 2023 ACL Levels and Capital Position Total stockholders’ equity decreased by $94.9 million to $1.3 billion as of 3Q 2023 driven by the $79.0 million decrease in the fair value of available-for-sale debt securities due to changes in market rates recognized as part of accumulated other c
Slide 14: Exhibits
BanCorp EXHIBITS 114
Slide 15: Puerto Rico Government Exposure
Third Quarter 2023 Puerto Rico Government Exposure Government Loans Key Highlights Government Deposits Key Highlights As of 3Q 2023, the Corporation had $294.9 million of direct exposure to the Puerto Rico government, its municipalities and public corporations, compared to $344.3 million as of 2Q 20
Slide 16: NPL Migration
Third Quarter 2023NPL Migration
Slide 17: Use of Non-GAAP Financial Measures: Basis of Presentation
Third Quarter 2023Use 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 enhances the
Slide 18: Use of Non-GAAP Financial Measures: Non-GAAP Disclosures
Third Quarter 2023Use of Non-GAAP Financial Measures Non-GAAP Disclosures 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 enhances the a
Slide 19: Financial Results 3Q 2023
Financial Results3Q 2023