[NYSE: FBP] Shareholder’s Meeting April 27, 2010
Puerto Rico  Yearly GNP  %  Growth  2001 – 2009  (1) (1) PR Planning Board (www.jp.gobierno.pr ). Years are from July 1 to...
(1) GDB Puerto Rico ( www.bgfpr.com ) as of March 2010.  Index and its indicators are subject to monthly revisions.  IR= I...
|  Florida  Unemployment Rate  (1) <ul><li>Sources: Bureau of Labor Statistics; Florida Agency for Workforce Innovation | ...
|  US Virgin Island’s Unemployment Rate  (1) <ul><li>VI Bureau of Economic Research, Department of Labor Statistics, US Ce...
2009 Was First Negative Year for FBP  in Half a Decade |  ($ in millions) FBP Net Income
FBP Meets Regulatory Well-Capitalized Thresholds As of December 31 st   2009 <ul><li>Approximately $492MM and $881MM above...
Reducing Non-Performing Assets is  Our #1 Priority |  ($ in millions) Total Non-Performing Assets Puerto Rico Non-Performi...
Reducing Non-Performing Assets is  Our #1 Priority (cont.) Virgin Islands Non-Performing Assets Florida Non-Performing Ass...
 
|  Successful Core Deposits Growth Florida Region Data as of December 31, 2009. *DDA includes interest & non-interest bear...
($ in millions) Total Loan Portfolio - $13,949 million Limited Growth in Loan Portfolio Total Loan Portfolio <ul><li>Incre...
Outperformed the Industry and Increased or Sustained Share in Our Primary Market <ul><li>1. Source: FDIC; FirstBank has 48...
Successful Core Deposits Growth Over Recent Years * Net of Brokered ** As of  December 31, 2009 vs. December 31, 2008 <ul>...
 
Focus on Asset Quality  & Targeted Deleverage Core Deposit Growth Expense Reduction Interest Income (spread) +  Focus Non-...
Capital Plan |  <ul><li>Retained Sandler O’Neil + Partners and UBS Securities to find  purchasers for approximately $500 m...
Our New Service Center |
 
 
 
Financial Results 2009
($ in millions, except for per share results) * Level of pre-tax earnings adjusted to exclude the provision for loan & lea...
<ul><li>The Corporation will continue to take provisions as necessary in accordance with loan portfolio performance and ec...
Non-interest Income ($ in thousands)
Expenses (Controllable vs. Non-Controllable) |  ($ in thousands)
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FBP Annual Shareholder's Meeting Presentation 2010

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Shareholder's Meeting Presentation for First BanCorp 4-27-2010.

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  • Cambiar slide por economia decreciente y desempleo.
  • FBP Annual Shareholder's Meeting Presentation 2010

    1. 1. [NYSE: FBP] Shareholder’s Meeting April 27, 2010
    2. 2. Puerto Rico Yearly GNP % Growth 2001 – 2009 (1) (1) PR Planning Board (www.jp.gobierno.pr ). Years are from July 1 to June 30 of next year (fiscal year) r=revised, p=preliminar Economic Environment Continues to Be Challenging |
    3. 3. (1) GDB Puerto Rico ( www.bgfpr.com ) as of March 2010. Index and its indicators are subject to monthly revisions. IR= Initial Revision, RT= Revised to. Data used for GDB-EAI is adjusted for seasonality and variability. Economic Environment Continues to Be Challenging (cont.) | <ul><li>Changes in the components of the GDB-EAI on a year over year basis (2008 vs. 2009): </li></ul><ul><ul><li>Electric Power Consumption </li></ul></ul><ul><ul><ul><li>+3.3 % </li></ul></ul></ul><ul><ul><li>Gasoline Consumption </li></ul></ul><ul><ul><ul><li>+5.8 % </li></ul></ul></ul>(1)
    4. 4. | Florida Unemployment Rate (1) <ul><li>Sources: Bureau of Labor Statistics; Florida Agency for Workforce Innovation | (2) Sources: Florida Association of Realtors; Moody’s Economy.com </li></ul><ul><ul><li>The real GDP growth estimate for the 2009 year was revised downward to -2.7% </li></ul></ul><ul><ul><li>Existing home sales rose 33% in December 2009 with a total of 14,630 homes sold statewide vs. 11,013 homes sold in December 2008. The median sales price for existing homes was $140,400; vs. $155,300 in December 2008, for a 10% decrease </li></ul></ul><ul><ul><li>The unemployment rate for December 2009 is 11.8%*. The rate is up 0.3 percentage point from November rate (11.5%), and up 4.2 percentage points from December 2008 rate (7.6%) </li></ul></ul>Economic Environment Continues to Be Challenging (cont.) Florida Single Family Median Home Price (2)
    5. 5. | US Virgin Island’s Unemployment Rate (1) <ul><li>VI Bureau of Economic Research, Department of Labor Statistics, US Census *Seasonally adjusted, ** Not seasonally adjusted </li></ul><ul><ul><li>Unemployment rate reached 7.9%** as of December 2009 </li></ul></ul><ul><ul><li>Consumer spending dropped 15% in FY 2009 (from October to September) as individual income declined 25% and corporate income declined 71% </li></ul></ul><ul><ul><li>Total number of visitors in FY 2009 was 13.1% less vs. FY 2008 </li></ul></ul><ul><ul><li>Total value of construction permits decreased 9.4% in FY 2009, to $257MM from $284MM in 2008 </li></ul></ul>Economic Environment Continues to Be Challenging (cont.)
    6. 6. 2009 Was First Negative Year for FBP in Half a Decade | ($ in millions) FBP Net Income
    7. 7. FBP Meets Regulatory Well-Capitalized Thresholds As of December 31 st 2009 <ul><li>Approximately $492MM and $881MM above regulatory total and Tier 1 capital well-capitalized requirements, respectively </li></ul>|
    8. 8. Reducing Non-Performing Assets is Our #1 Priority | ($ in millions) Total Non-Performing Assets Puerto Rico Non-Performing Assets
    9. 9. Reducing Non-Performing Assets is Our #1 Priority (cont.) Virgin Islands Non-Performing Assets Florida Non-Performing Assets | ($ in millions)
    10. 11. | Successful Core Deposits Growth Florida Region Data as of December 31, 2009. *DDA includes interest & non-interest bearing accounts. **Saving accounts include Money Market balances. ***Includes Broker CDs US booked used to fund Miami Corporate Banking Operations. †Other includes Public Funds, DDA (Escrow Accounts) and Unposted deposits. ($ in thousands) Florida Region Total Deposits (net of Brokered CDs)
    11. 12. ($ in millions) Total Loan Portfolio - $13,949 million Limited Growth in Loan Portfolio Total Loan Portfolio <ul><li>Increase in loan portfolio during 2009, mainly from loans to PR and VI governments </li></ul><ul><li>During 2009, limited growth in commercial loans </li></ul><ul><li>Slight decrease in construction portfolio mainly from Asset Quality initiatives </li></ul><ul><li>Increase in residential portfolio includes a $205MM purchase of mortgage loans from RG, previously serving as collateral for a commercial loan </li></ul>* Loans to other Financial Institutions |
    12. 13. Outperformed the Industry and Increased or Sustained Share in Our Primary Market <ul><li>1. Source: FDIC; FirstBank has 48 full-service bank branches; 2. Net of Brokered Certificates of deposit; 3. Includes Commercial, Agricultural and Industrial Loans; 4. Through alliance with Bank of America fee based agreement with no credit exposure; 5. Unsecured Small Loans less than $5K Notes: Substantial increase in credit cards is mostly due to recently acquired portfolio by Bank of America. Increase in Auto Loans & Leases is mostly due to Chrysler Auto Loan Portfolio acquired by FirstBank. </li></ul>Data as of December 31, 2009 Increasing FirstBank Puerto Rico’s market position by leveraging opportunities in selected segments and products |
    13. 14. Successful Core Deposits Growth Over Recent Years * Net of Brokered ** As of December 31, 2009 vs. December 31, 2008 <ul><li>Continue our focus on core deposit growth and the successful implementation of our One Stop Shop strategy </li></ul><ul><li>During 2009, total deposits, excluding brokered CDs, increased by $480MM, or 10%, during last 12 months reflecting successful marketing campaigns and cross-selling initiatives </li></ul><ul><li>In Puerto Rico, total deposits, net of brokered, increased by 16% to 11.0%** market share. This represents an increase in ranking from 3 rd place in 2008 to 2 nd place in 2009 </li></ul>Total Deposits* | ($ in millions) Total Deposits (net of Brokered CDs) - $5,108 million
    14. 16. Focus on Asset Quality & Targeted Deleverage Core Deposit Growth Expense Reduction Interest Income (spread) + Focus Non-Interest Income Strengthen our Capital Structure Our Corporate Strategy Risk Based Pricing & Increased Spread and Fees Better capitalized, more diversified and efficient bank with i mproved profitability |
    15. 17. Capital Plan | <ul><li>Retained Sandler O’Neil + Partners and UBS Securities to find purchasers for approximately $500 million of common stock </li></ul><ul><li>Potential rights offering to existing stockholders </li></ul><ul><li>Possible exchange offers to holders of preferred stock </li></ul>
    16. 18. Our New Service Center |
    17. 22. Financial Results 2009
    18. 23. ($ in millions, except for per share results) * Level of pre-tax earnings adjusted to exclude the provision for loan & lease losses & certain other items Financial Results | Income Statement
    19. 24. <ul><li>The Corporation will continue to take provisions as necessary in accordance with loan portfolio performance and economic environment </li></ul>Provision to Net Charge-offs Allowance for Loans & Leases Losses ($ in millions) Provision and Reserve for Loan Losses |
    20. 25. Non-interest Income ($ in thousands)
    21. 26. Expenses (Controllable vs. Non-Controllable) | ($ in thousands)

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