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| FBP > SEC Filings for FBP > Form 8-K on 5-Feb-2013 | All Recent SEC Filings |
5-Feb-2013
Results of Operations and Financial Condition, Financial Statements and Exhibi
On February 5, 2013, First BanCorp. (the "Corporation"), the bank holding company for FirstBank Puerto Rico ("FirstBank" or "the Bank"), issued a press release announcing its unaudited results of operations for the quarter and year ended December 31, 2012. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
A copy of the presentation that the Corporation will use at its conference call
to discuss its financial results for the quarter and year ended December 31,
2012 is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
As announced in a press release dated January 30, 2013, the call may be accessed
via a live Internet webcast at 10:00 a.m. Eastern time on Tuesday, February 5,
2013 through the investor relations section of the Corporation's website:
www.firstbankpr.com or through the dial-in telephone number (888) 317-6016 or
(412) 317-6016 for international callers. The conference number is 10024656.
The Corporation has included in this release the following financial measures
that are not recognized under generally accepted accounting principles, which
are referred to as non-GAAP financial measures: (i) the calculation of net
interest income, interest rate spread and net interest margin rate on a
tax-equivalent basis and excluding changes in the fair value of derivative
instruments and certain financial liabilities; (ii) the calculation of the
tangible common equity ratio and the tangible book value per common share;
(iii) the Tier 1 common equity to risk-weighted assets ratio; and (iv) the
adjusted pre-tax, pre-provision income. Investors should be aware that non-GAAP
financial measures have inherent limitations and should be read only in
conjunction with the Corporation's consolidated financial data prepared in
accordance with GAAP. The release includes a reconciliation of these non-GAAP
financial measures to the GAAP financial measures, except for the reconciliation
with respect to the calculation of net interest income, interest rate spread and
net interest margin rate on a tax-equivalent basis and excluding changes in the
fair value of derivative instruments and certain financial liabilities which is
included below.
Net interest income, interest rate spread and net interest margin are reported on a tax-equivalent basis and excluding changes in the fair value of derivative instruments and financial liabilities elected to be measured at fair value ("valuations"). The presentation of net interest income excluding valuations provides additional information about the Corporation's net interest income and facilitates comparability and analysis. The changes in the fair value of derivative instruments and unrealized gains and losses on liabilities measured at fair value have no effect on interest due or interest earned on interest-bearing liabilities or interest-earning assets, respectively. The tax-equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a marginal income tax rate, as described in Exhibit A - Tables 2 and 3 of the press release attached hereto as Exhibit 99.1. Income from tax-exempt earning assets is increased by an amount equivalent to the taxes that would have been paid if this income had been taxable at statutory rates. Management believes that it is a standard practice in the banking industry to present net interest income, interest rate spread and net interest margin on a fully tax-equivalent basis. This adjustment puts all earning assets, most notably tax-exempt securities and certain loans, on a common basis that facilitates comparison of the Corporation's results to results of its peers.
(Dollars in Thousands)
Quarter Ended Year Ended
December 31, 2012 September 30, 2012 June 30, 2012 March 31, 2012 December 31, 2011 December 31, 2012 December 31, 2011
Net Interest Income
Interest Income-GAAP $ 165,054 $ 166,964 $ 153,652 $ 152,107 $ 156,752 $ 637,777 $ 659,615
Unrealized (gain) loss
onderivative instruments (432 ) (170 ) 33 (332 ) (246 ) (901 ) 1,548
Interest income excluding
valuations 164,622 166,794 153,685 151,775 156,506 636,876 661,163
Tax-equivalent adjustment 1,451 1,463 1,634 1,741 1,456 6,289 6,795
Interest income on a
tax-equivalent basis excluding
valuations 166,073 168,257 155,319 153,516 157,962 643,165 667,958
Interest Expense-GAAP 39,423 41,461 44,947 50,241 58,209 176,072 266,103
Unrealized gain (loss)
onderivative instruments and
liabilities measured at fair
value - - 539 (49 ) (1,992 ) 490 (4,167 )
Interest expense excluding
valuations 39,423 41,461 45,486 50,192 56,217 176,562 261,936
Net interest income-GAAP $ 125,631 $ 125,503 $ 108,705 $ 101,866 $ 98,543 $ 461,705 $ 393,512
Net interest income excluding
valuations $ 125,199 $ 125,333 $ 108,199 $ 101,583 $ 100,289 $ 460,314 $ 399,227
Net interest income on a
tax-equivalent basis excluding
valuations $ 126,650 $ 126,796 $ 109,833 $ 103,324 $ 101,745 $ 466,603 $ 406,022
Average Balances
Loans and leases $ 10,199,808 $ 10,297,835 $ 10,183,229 $ 10,389,246 $ 10,637,523 $ 10,267,428 $ 11,031,575
Total securities and other
short-term investments 2,576,421 2,238,701 2,450,198 2,397,918 2,665,918 2,415,766 3,146,289
Average Interest-Earning
Assets $ 12,776,229 $ 12,536,536 $ 12,633,427 $ 12,787,164 $ 13,303,441 $ 12,683,194 $ 14,177,864
Average Interest-Bearing
Liabilities $ 10,700,868 $ 10,518,169 $ 10,577,054 $ 10,725,162 $ 11,255,725 $ 10,630,200 $ 12,368,748
Average Yield/Rate
Average yield on
interest-earning assets-GAAP 5.14 % 5.30 % 4.89 % 4.78 % 4.67 % 5.03 % 4.65 %
Average rate on
interest-bearing
liabilities-GAAP 1.47 % 1.57 % 1.71 % 1.88 % 2.05 % 1.66 % 2.15 %
Net interest spread-GAAP 3.67 % 3.73 % 3.18 % 2.90 % 2.62 % 3.37 % 2.50 %
Net interest margin-GAAP 3.91 % 3.98 % 3.46 % 3.20 % 2.94 % 3.64 % 2.78 %
Average yield on
interest-earning assets
excluding valuations 5.13 % 5.29 % 4.89 % 4.77 % 4.67 % 5.02 % 4.66 %
Average rate on
interest-bearing liabilities
excluding valuations 1.47 % 1.57 % 1.73 % 1.88 % 1.98 % 1.66 % 2.12 %
Net interest spread excluding
valuations 3.66 % 3.72 % 3.16 % 2.89 % 2.69 % 3.36 % 2.55 %
Net interest margin excluding
valuations 3.90 % 3.98 % 3.44 % 3.20 % 2.99 % 3.63 % 2.82 %
Average yield on
interest-earning assets on a
tax-equivalent basis and
excluding valuations 5.17 % 5.34 % 4.94 % 4.83 % 4.71 % 5.07 % 4.71 %
Average rate on
interest-bearing liabilities
excluding valuations 1.47 % 1.57 % 1.73 % 1.88 % 1.98 % 1.66 % 2.12 %
Net interest spread on a
tax-equivalent basis and
excluding valuations 3.70 % 3.77 % 3.21 % 2.95 % 2.73 % 3.41 % 2.59 %
Net interest margin on a
tax-equivalent basis and
excluding valuations 3.94 % 4.02 % 3.50 % 3.25 % 3.03 % 3.68 % 2.86 %
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(d) Exhibits
Exhibit Description of Exhibit
99.1 Press Release dated February 5, 2013-First BanCorp Announces Earnings
for the Quarter and Year Ended December 31, 2012
99.2 First BanCorp Conference Call Presentation - Financial Results Fourth
Quarter and Year ended December 31, 2012
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Exhibits 99.1 and 99.2 referenced therein, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall Exhibits 99.1 and 99.2 be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended.
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