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    Frank Shiroti • Piper Sandler

    Frank Schiraldi is a Managing Director and Senior Research Analyst at Piper Sandler, specializing in equity research for the financial sector with a primary focus on regional banks and specialty business services. He covers a broad array of publicly traded companies—including Mid Penn Bancorp—and is recognized for his strong stock-picking performance, holding a success rate of approximately 65% and an average analyst return of nearly 25%, placing him among the top-rated analysts nationally. Schiraldi began his analyst career over a decade ago, with positions at other major investment firms prior to his tenure at Piper Sandler, where he currently leads banking sector research. He is a CFA charterholder and holds FINRA securities licenses reflecting deep industry expertise and professional credentials.

    Frank Shiroti's questions to First BanCorp (FBP) leadership

    Frank Shiroti's questions to First BanCorp (FBP) leadership • Q3 2024

    Question

    Frank Shiroti asked for clarification on the repricing lag for public sector deposits, whether mid-single-digit loan growth is a reasonable future expectation, and for more detail on the expense guidance and its impact on the efficiency ratio.

    Answer

    EVP & CFO Orlando Berges-González confirmed a one-quarter lag is a good proxy for public deposit repricing. President & CEO Aurelio Alemán-Bermúdez stated that mid-single-digit loan growth is a reasonable goal for next year. Orlando Berges-González clarified the $123-$124 million expense guidance is for the next couple of quarters and that the 52% efficiency ratio target should hold on a GAAP basis, inclusive of expected OREO gains.

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    Frank Shiroti's questions to First BanCorp (FBP) leadership • Q3 2024

    Question

    Asked for confirmation on the repricing lag for public sector deposits, the reasonableness of mid-single-digit loan growth expectations, and clarification on the expense guidance and its impact on the efficiency ratio.

    Answer

    Executives confirmed a one-quarter lag for public deposit repricing is a good proxy. Mid-single-digit loan growth is a reasonable expectation for 2025. The expense guidance of $123-124M is for Q4'24 and Q1'25, and the 52% efficiency ratio target is expected to hold on a GAAP basis, including OREO gains, though it might be higher excluding OREO in the near term.

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