FIRST BANCORP /PR/
For the period ended May 23, 2024. Filed Apr 8, 2024.
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May 23, 2024 · Filed Apr 8, 2024
Contents
APPENDIX A
First BanCorp Reconciliation of Non-GAAP Financial Measures
The Corporation has disclosed its reasons for disclosing non-GAAP financial measures in its Annual Report. See page 45 of the Annual Report — Non-GAAP Financial Measures and Reconciliations. In addition to those reasons, the Corporation is including non-GAAP financial measures in this Proxy Statement because their disclosure should enhance stockholders’ ability to compare the Corporation’s performance to that of the Corporation’s peers for purposes of evaluating executive compensation and because certain of the non-GAAP financial measures are relevant to the establishment of executive compensation.
Following are the reconciliations of the non-GAAP financial measures presented in this Proxy Statement:
Non-GAAP Pre-Tax Pre-Provision Income for the year ended December 31, 2023
| | (in thousands) | | | December 31,2023 ($) | |
|---|---|---|---|---|---|
| | Income before income taxes | | | $397,436 | |
| | Less/Add: Provision for credit losses – expense (benefit) | | | 60,940 | |
| | Add: FDIC Special Assessment Expense | | | 6,311 | |
| | Less: Gain recognized from legal settlement | | | (3,600) | |
| | Less: Gain on early extinguishment of debt | | | (1,605) | |
| | Adjusted pre-tax, pre-provision | | | $459,482 | |
Non-GAAP Tangible Book Value for the year ended December 31, 2023
| | (In thousands, except ratios and per share information) | | | December 31, 2023 | |
|---|---|---|---|---|---|
| · Tangible Equity: · · · | |||||
| | Total equity - GAAP | | | $1,497,609 | |
| | Goodwill | | | (38,611) | |
| | Core deposit intangible | | | (13,383) | |
| | Tangible common equity | | | $1,445,615 | |
| | | | | ||
| | Tangible Assets: | | | | |
| | Total assets - GAAP | | | $18,909,549 | |
| | Goodwill | | | (38,611) | |
| | Core deposit intangible | | | (13,383) | |
| | Tangible assets | | | $18,857,555 | |
| | Common shares outstanding | | | 169,303 | |
| | Tangible common equity ratio | | | 7,67% | |
| | Tangible book value per common share – non-GAAP | | | $8.54 | |
Non-GAAP Earnings Per Share for the year ended December 31, 2023
| | (in thousands) | | | December 31,2023 ($) | |
|---|---|---|---|---|---|
| | Net Income (GAAP) | | | $302,864 | |
| | Add: FDIC Special Assessment Expense | | | 6,311 | |
| | Less: Gain recognized from legal settlement | | | (3,600) | |
| | Less: Gain on early extinguishment of debt | | | (1,605) | |
| | Income tax impact of adjustments | | | (1,017) | |
| | Adjusted Net Income | | | $302,953 | |
| | Avg. Shares Outstanding Diluted | | | 177,180 | |
| | Adjusted Diluted EPS | | | $1.71 | |
| | GAAP Diluted EPS | | | $1.71 | |
| Proxy Statement for the 2024 Annual Meeting of Stockholders | First BanCorp | 83 |
|---|
Appendix A
Non-GAAP Efficiency Ratio for the year ended December 31, 2023
| | (in thousands) | | | December 31, 2023 ($) | |
|---|---|---|---|---|---|
| | Non-interest Expenses | | | $471,428 | |
| | Less: FDIC Special Assessment | | | (6,311) | |
| | Adjusted Non-Interest Expenses | | | $465,117 | |
| | | | | ||
| | Net Interest Income and Non-Interest Income | | | $929,804 | |
| | Less: Gain Recognized from Legal Settlement | | | (3,600) | |
| | Less: Gain on Early Extinguishment of Debt | | | (1,605) | |
| | Adjusted Total Income | | | $924,599 | |
| | | | | ||
| | Adjusted Efficiency Ratio | | | 50.30% | |
| | GAAP Efficiency Ratio | | | 50.70% | |
| 84 | First BanCorp | Proxy Statement for the 2024 Annual Meeting of Stockholders |
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