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Doral Financial (NYSE:DRL)

Q4 2012 Earnings Call

March 14, 2013 10:00 am ET

Executives

Glen R. Wakeman - Chief Executive Officer, President, Director, Chief Executive Officer of Doral Bank PR and President of Doral Bank PR

Enrique R. Ubarri-Baragano - Chief Compliance of Doral Financial Corp, Executive Vice President of Doral Financial Corp and General Legal Counsel of Doral Financial Corp

Robert E. Wahlman - Chief Financial & Investment Officer, Executive Vice President and Director of Doral Bank

Analysts

Mark Lanier - Pegasus Capital

Operator

Ladies and gentlemen, thank you for standing by, and welcome to Doral Financial Corporation earnings call. [Operator Instructions] And as a reminder, today's conference is being recorded. At this time, I'll turn the conference over to CEO, Glen Wakeman. Please go ahead.

Glen R. Wakeman

Good morning, and thank you, all, for attending our quarterly investor call. Today, we will cover our 2012 results. Before we begin, Enrique Ubarri, our General Counsel, will make some comments about compliance matters.

Enrique R. Ubarri-Baragano

Thank you, Glen. This presentation today may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These include comments with respect to our objectives and strategies, and the results of our operations in our business. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. Thus, they include words such as expects, anticipates, intends, plans, believes, seeks, estimates, words of similar meanings or future or conditional verbs such as will, would, should, could or may. We intend these forward-looking statements to be covered by the Safe Harbor provisions of the Private Securities Litigation Reform Act. Glen?

Glen R. Wakeman

Thank you, Enrique. Welcome again. We have published an investor presentation and it's available online. I'll be following that investor presentation, if you can look at it, my comments will parallel the pages. So let's begin. We substantially repositioned and improved Doral in 2012. Our earnings were up year-over-year by over $8 million as we approached breakeven on an after-tax basis. We generated $225 million of new capital. We've fortified our credit position -- provisions, maintained our book value per share and continued to grow our revenues. However, while we embraced the supervisory actions as a means of strengthening our company and we have addressed all deliverables required under the regulatory agreements, we incurred substantial credit and compliance costs in 2012. And importantly, asset quality in Puerto Rico continues to be a struggle.

For the year, tax management was a key part of our 2012 improvements. In the first quarter, we reached an agreement with the Puerto Rico government to convert a portion of our DTA, deferred tax asset, to a receivable. This agreement contributed $114 million to earnings and generated $225 million of capital. As a reminder, this a tax receivable, generated from a previous or prior-period overpayment of tax and it is not dependent on future earnings. In the fourth quarter, we booked a gain of $50 million in recognition of the profitable entities in our holding company. We removed a portion of the allowance on our remaining deferred tax asset. This removal of the valuation allowance is dependent on current and future earnings in the specific holding company entities. During the year, we also incurred significant credit expenses while adding $176 million in credit provisions. A key driver to these credit expenses was the revaluation of almost $1 billion of Puerto Rico residential mortgages and commercial properties. This resulted in over $100 million of charge-offs in 2012. We ended the year with a reserved coverage of 3% on our Puerto Rico mortgages and when you include partial charge-offs, we have now over 40% coverage of our NPLs.

We closed the year by recording $28 million of net income for the fourth quarter. As mentioned a moment ago, we realized a $50 million tax benefit related to the deferred tax assets at Doral Financial Corporation, our holding company. We were able to realize this asset due to projected profitability and certain restructured corporate entities. From an operating point of view, our asset and liability substitution strategies have been effective. We continued to see improvements in our top line. Notably, margins continued to expand and reached 2.97% for the year. To put that in perspective, since the beginning of 2011, we have added over 100 basis points to our net interest margin. Expenses are another story, however, and they increased as we absorbed administrative costs associated with compliance and credit. We expect that these administrative costs will begin to moderate as we enter 2013. Credit provisions for the quarter were heavily influenced by updated valuations of our real estate-backed assets in Puerto Rico. These valuation adjustments represented approximately $17 million of the $21 million provision recorded in Q4. You will see the impact of the related charge-offs best illustrated in our modified coverage ratio where our overall coverage of NPLs climbed to 43%, up from just under 40% in Q3. Now Bob Wahlman, our CFO, will discuss these provisions and credit ratios in more detail.

Robert E. Wahlman

Thank you, Glen. On Page 5 of the investor materials is some additional information related to and intended to provide insight into the $21.3 million Q4 provision for loan and lease losses and our overall level of allowance for loan and lease losses. The Q4 provision arose from the Puerto Rico residential mortgage loan portfolio and the Puerto Rico largely small commercial real estate loan portfolio. In those portfolios, $16.9 million or 75% of our Q4 provision resulted from adjustments to our reserves due to new estimates new -- of property values. $11.8 million of these valuation adjustments arose from the Puerto Rico residential mortgage loan portfolio and $5.1 million arose from the Puerto Rico commercial real estate portfolio. Only $3.4 million of the $21.3 million Q4 provision arose from new or worsening delinquencies in our Puerto Rico or U.S. loan portfolios. Regarding the coverage ratio table at the bottom, this provides some insights in regards to the allowance for loan lease losses relative to assets or total loans and also nonperforming loans. We find that the traditional coverage ratios have not -- are not especially helpful in understanding credit exposure because of the large number of previous write-downs of loan assets. The coverage ratio that provides the traditional view -- the coverage ratio provided gives that traditional view of the allowance loan lease losses. We also look at the modified coverage ratio, which adjust the allowance for loan lease losses by previous charge-offs in the portfolio relative to those nonperforming loan balances and the previous charge-offs of the portfolio in the numerator and also the previous charge-offs of those loans in the NPL portfolio to give a different perspective of reserves and charge-offs relative to those nonperforming loans. Over time, this modified ratio has been increasing, reflecting the increased provisioning and the charge-offs that have been taken on the loans relative to the level of nonperforming loans. This ratio will further strengthen due to increased provisions and as a result of decreasing nonperforming loans and will weaken if nonperforming loans are increasing. Glen will now take us to the rest of the presentation.

Glen R. Wakeman

Thanks, Bob. Now despite our asset quality challenges and these significant provisions, we continue to exceed our Consent Order capital requirements. It's important to note that. In addition, during the quarter, our book value per share improved to $3.76 and that's up from $3.57 in Q3. And as a reminder, we have an additional $2.22 per share valuation allowance remaining against our deferred tax asset. This is off book value and it can be realized through earnings improvements. The credit cost related to Puerto Rico TDRs and nonperforming assets are the largest drag on our earnings. They need special attention so we've established a special servicing capability. We call it Doral Recovery. The purpose of the Doral Recovery is to isolate, manage and resolve these assets. These assets mask the otherwise good performance of our core business, Doral growth.

On Slide 7 of the investor presentation, you can see an illustration of the separate businesses. Our core Doral growth business is a $7 billion unit that includes a Puerto Rico-based mortgage bank franchise and a New York-based commercial lender. In Puerto Rico, we operate a vibrant mortgage bank. We have grown mortgage originations throughout 2012 and now originate over $1 billion per year in new mortgages. We saw 95% of our production on a service retained basis. Doral remains one of the largest mortgage servicers on the island. We've also built a substantial retail and deposit base for a near 300,000 customers. And in combination, these activities generate over $80 million per year in fee income. In the U.S., we have built a specialized commercial lending group in the growing retail bank that has now over $2 billion in assets and has grown to over $800 million in retail deposits. You may be surprised to know that our U.S. retail deposits have grown over $600 million since the fourth quarter of 2011. Our growth strategy is to focus on affordable fixed-rate residential mortgages in Puerto Rico and perform specialty commercial lending in the United States. This strategy is proven effective. However, it's hard to see this through the fog of our troubled assets. To address this issue and provide more transparency, as well as better execution, we've established Doral Recovery as a separate operating unit. Doral Recovery is not simply a portfolio of nonperforming assets, but rather a group of assets that share the need for special servicing. Special servicing allows for customized loan level solutions. Our goal is to maximize our recoveries. And sometimes, this results in the sale of the asset, but more often, it does not and results in a rehabilitated borrower. In fact, half of the loans in this portfolio are performing. Previously, we've successfully applied this approach to construction, land and large commercial real estate assets in Puerto Rico. We have built on that success and have expanded and formalized this approach into a special servicing operation that will manage $1.6 billion in assets that include mortgage TDRs, late-stage foreclosure, the Puerto Rico commercial portfolio and our owned real estate. We have assigned a dedicated business leader, dedicated portfolio managers and the team specialists to create a true special servicing capability for the island. So in summary, Doral is now 2 separate operating divisions with different but complementary objectives. By reducing the Doral Recovery portfolio, we generate capacity for Doral growth. Thank you, and now we are open to your questions.

Question-and-Answer Session

Operator

[Operator Instructions] Our first question, we'll go from Mark Lanier with Pegasus Capital.

Mark Lanier - Pegasus Capital

Glen, could you talk about what other options there are to increase regulatory capital without an outside capital raise or but with internal efforts?

Glen R. Wakeman

Sure, Mark. The most straightforward is our ability to de-lever the company because it's ratio-dependent and so more assets begets more capital required. So we would, of course, pursue that strategy. But it's important to note that as we stand today, we have over $100 million of capital available at the holding company that can be pushed down to the bank and therefore, meet any capital requirements we need. Of course, the other alternative is to generate capital organically through better earnings execution. That's clearly our focus.

Mark Lanier - Pegasus Capital

And could you provide some more color on your U.S. operations what the segmentation is in the commercial loan effort and sort of where you see that developing over time?

Glen R. Wakeman

Sure. There are 3 different operating units. One's at Greater New York Community Bank with some $800 million worth of assets and retail branches. And it specializes in very high-touch local lending. It does commercial real estate. It does different projects, taxi medallion lending, et cetera. The profile of the portfolio is in some of our investor decks. But basically, it's a very profitable, well-run part of the company. The second is our Leveraged Asset Management group which is primarily shared national credits. That's over $1 billion. That's the business unit that we've aligned with a partner that we're in the process of executing so that we cannot necessarily limit the growth of our teams, but not carry that growth on our balance sheet. That business will be peaking at about $1 billion, $1.1 billion, perhaps a little bit more than that. And then the third business, which is pretty exciting, is the Doral Property Finance and it's a business that we've been building the last couple of years. That's also another high-margin lender. We are a liquidity provider to funds and other buyers of large blocks of foreclosed real estate assets. We take a first position on the assets and we improve their returns through our leverage. So in combination, the business is now over $2 billion. It's had a substantial growth performance, but not at the expense of credit quality. We maintained a nonperforming assets of some 24 to 25 basis points of our total pool. So this is not an undisciplined approach. Quite the contrary, it's a redeployment of capital away from the Puerto Rico market which, as you all know, is quite challenging toward a much a higher-margin, a safer opportunity, if you will.

Mark Lanier - Pegasus Capital

And what are the assets in the Property Finance segment of the business?

Glen R. Wakeman

Principally residential.

Mark Lanier - Pegasus Capital

The size of the assets?

Glen R. Wakeman

The total size of the portfolio, I'm not sure if we've -- I outlined that in the -- it's about $300 million. More than $300 million.

Mark Lanier - Pegasus Capital

And what do you see that growing to over the course of time in terms of potential capacity?

Glen R. Wakeman

I think that there -- we turn away a lot of business, to be honest, and we see $1 billion enterprise there, but measured and disciplined over time.

Operator

[Operator Instructions] Next, we'll go to the line of private investor, Peter Carmack [ph].

Unknown Attendee

I've got a couple of questions from the K that was released yesterday. Number one, it says in there that the company had unrestricted cash and securities available for sale totaling $668 million. I can't figure out where exactly that number comes from. Can you give me some feedback on that please?

Glen R. Wakeman

Sure. I'll defer to Bob Wahlman, our CFO.

Robert E. Wahlman

Thank you, Glen. The unrestricted cash and securities is largely embedded in the cash line of the financial statements, which shows $633 million. And there's only -- there's an additional $95 million restricted cash, but it's showing up there in that particular line. We have, on the securities portfolio, there's a limited number that is unrestricted. It is mostly pledged to repost.

Unknown Attendee

But when I look at the holding company balance sheet that's broken out near the end of the K, the total there works out to be $86 million in total investment securities and then $374 million in loans held for sale and loans receivables. So I'm still having a tough time getting my arms around where $668 million is if it's at the company level because it says the company had unrestricted cash and the company being Doral Financial.

Robert E. Wahlman

When it refers to company, the company in that portion of the 10-K that you're looking at is referring to consolidated Doral Financial Corporation. That would include Doral Financial legal entity, as well as the banks and all the other subsidiaries of Doral Financial.

Unknown Attendee

Okay, got you. That makes sense. And then number two, on that same topic at the holding company level, liabilities and stockholders' equity, loans payables, notes payable went from $497 million to $433 million, so you had a meaningful decline there. What are those -- are those -- those aren't tied to the CLO portfolio, are they? What exactly are those loans and notes payable?

Robert E. Wahlman

No, those are not tied at all to the CLO portfolio. There are essentially 2 different groups of loans in that portfolio. Bob will embellish. One, our -- a note payable to a Puerto Rico bank that's secured by residential mortgages, and the other is bond that's payable to Conservation Trust authority or collection of bonds, actually, due in 2016.

Unknown Attendee

Are those recourse loans?

Robert E. Wahlman

No. The Conservation Trust -- there's no recourse on those bonds.

Unknown Attendee

So those are backed up by a specific asset and not recourse to the holding company?

Robert E. Wahlman

No, the bonds are recourse to the holding company in that context. The line to the other local bank is backed up by residential mortgages.

Unknown Attendee

And if ever one of those residential mortgages went to 0, then the holding company would have to pay the loan?

Robert E. Wahlman

No.

Unknown Attendee

So those are not recourse?

Robert E. Wahlman

No.

Glen R. Wakeman

They're recourse only to the specified asset.

Unknown Attendee

That's what I mean. It's recourse to that, but it's not recourse up to the holding company level.

Glen R. Wakeman

That is correct.

Robert E. Wahlman

That's right.

Unknown Attendee

And that characterization would be consistent for both the loan payable and the note payable?

Glen R. Wakeman

The note to the Conservation Trust is a -- it's a note payable to Conservation Trust and there is no collateral associated with that note.

Unknown Attendee

But there is collateral to the note payable to the Puerto Rico banks secured by residential mortgages. So that one is backed up by the assets -- of the -- the assets backing that up. That's the only recourse on that, but the bond payable to the Conservation Trust, there's no collateral, so therefore, it's a liability of the holding company?

Glen R. Wakeman

That's correct. That's an accurate characterization, yes.

Unknown Attendee

And that's 2016 and that's nontradable asset, I assume?

Robert E. Wahlman

There's no secondary market per se. However, there is -- there are frequent inquiries about it. So it would be more of a private placement type of market.

Unknown Attendee

And I'm sorry to belabor the point, but that is the one that is to the Conservation Trust, is that the $266 million or is that $175 million?

Robert E. Wahlman

The $170 million.

Unknown Attendee

That's the $175 million. And it went down from $212 million to $175 million over the last 12 months so that means that you guys paid some of that off?

Robert E. Wahlman

Yes, there was a -- we pay off at due date and it was about $30 million payment on that we had made, I believe, was last April.

Operator

Next, we have questions from private investor, Gregg Greenberg [ph].

Unknown Attendee

First question has to do with the prepaid income tax line. I noticed that you have the right to claim a refund and then you'd be paid over a 5-year period and especially the $103.8 million that seems to be at the holdco level. Have you asked for that refund and if not, why not?

Robert E. Wahlman

We haven't asked for that. Frankly, we haven't been compelled to ask for it.

Glen R. Wakeman

I would say that there are some other strategies that we could follow that it may be to our advantage to retain this as a prepaid asset as opposed to receive cash.

Unknown Attendee

Okay. And then as far as the mechanics of sort of splitting up at least for accounting purposes to Puerto Rico growth and the Puerto Rico recovery, is there any -- is it just an accounting move, if you will, or is there anything that -- I noticed in the K -- I'm sorry, yes, on the K, you've mentioned that this will have earnings be a little bit less volatile? So can you walk through what the reasons there are that would make it less volatile?

Glen R. Wakeman

This is done primarily for business reasons. The differentiation between the lines of business and moving -- excuse me, and establishing the Doral Recovery business. To help facilitate that, within the books and records, we will also be moving certain assets around to isolate those assets into separate legal entities. This will facilitate the clarity with which, from an accounting perspective and from an internal management reporting perspective, this will facilitate -- will provide clarity with which we can observe those assets and observe how those has assets behave. But it has to no other accounting implications other than that. It does also, because it does isolate -- as we described in the footnote on the tax line related to the tax asset, it does isolate certain of these problem assets into a separate legal entity away from the holding company and pursuant to Puerto Rico law, where you do not file consolidated tax returns. It therefore reduces the volatility of the Doral Financial Corporation standalone or Doral Financial Corporation tax returns, which does help us from a tax perspective by removing that volatility.

Unknown Attendee

Okay. And then just on the CLOs, I just want to make sure I sort of understand. Maybe if you walk us through CLO #3. Does anything change at the holdco? In other words, let's say on this newest CLO 3, the $59.8 million, which is funded by Doral, is that funded at the holding company or is everything happened at Doral Money and nothing really changed at the holdco level?

Glen R. Wakeman

Nothing changes at the holdco. It's all funded through Doral Money, which is part of the Doral Bank.

Unknown Attendee

Okay. And then back to the previous caller's question on this Conversation Trust note payable, when was that actually originated? When did you borrow that money in the first place and how much was the principal at the beginning?

Glen R. Wakeman

I think it's at least 7 or 8 years ago, or 10 years ago, I guess, Bob?

Robert E. Wahlman

It was in the early 2000s and the original amount borrowed was $200 million. It was 2003. The original amount -- I'm sorry, it was 2002. The original borrowed was $200 million and the first payment due was $30 million and that was due this past April of 2012.

Glen R. Wakeman

So that preceded us by several years.

Unknown Attendee

Right. And so is there -- is it similar principal payments in 2013, '14, '15 or is it all due in 2016?

Glen R. Wakeman

It's all due in 2016, but there are a series of payments beginning in 2016.

Robert E. Wahlman

Glen, if I could, there is a portion of it that's due in 2016. There's $100 million that's due in 2016, $40 million due in 2017 and $30 million due in 2022. It is disclosed in our Form 10-K in the financial statements.

Unknown Attendee

Okay, I didn't see it. And then kind of going to the capital structure aside from that note. Obviously, with the stock where it is with roughly a market capital of $100 million, you've got $350 million face value of the preferred left, which I know in earlier years you did some savvy things like swapping stock for it which doesn't seem very attractive right now. What else can you do to sort of retire those preferred to the more advantageous rate with them trading at 25, 26 cents on the dollar?

Robert E. Wahlman

To be honest, it's really about our stock price because what we -- the most attractive option for us would be an improvement to our book value if we could do an exchange. And you're right to point out that at current stock trading levels there that isn't really attractive to us. So there isn't a freedom necessarily to act on the preferreds and buy them back from the holding company because that would require a regulatory approval and we don't think that regulatory approvals for those types of transactions will be forthcoming. So our view is that there's no change in the position of the preferreds until we see some better performance in the stock and it becomes more attractive to us.

Unknown Attendee

And then my final question, you have slightly different names for it, but obviously, you've kind of done a good bank, bad bank. In your estimation, if one of your competitors, one of your 3 larger competitors were to be interested in purchasing the growth segment, or the good bank, how much cost could you think they could wring out? As you've talked about there's just significant cost from your regulators because you're sort of in a penalty box? Have you guys hired an investment bank yet?

Glen R. Wakeman

No, we haven't hired an investment bank. And in terms of determining what the cost takeout would be, I think our financial statements are pretty detailed in terms of what costs are available. It completely depends upon what the appetite is for those costs. And so I think that's probably a question that's better asked of the entity that may or may not be interested in acquiring or making that kind of an effort.

Operator

The next question comes from the line of Steve Davidowitz [ph] with [indiscernible].

Unknown Analyst

My question is related, but on the other side, with the new entity Doral Recovery, could a company that specializes in distressed assets, could they just say, "Well, we just want to buy Doral Recovery." Could that unit, just of itself, be sold?

Glen R. Wakeman

Most certainly. Yes.

Operator

We have a follow-up from Mark Lanier.

Mark Lanier - Pegasus Capital

Glen, talk a little bit about what is going on in Puerto Rico and what you see as the prospects, the good signs, the signs that give you concern? Just give us sort of an update on that.

Glen R. Wakeman

Sure, Mark. The macro numbers are still, for us, worrying. We really haven't changed our position that it's a challenging economic environment. We think that the worries about the pensions have translated themselves into higher pricing on -- ultimately higher pricing on bond payments, which would be recessive to the economy. We think that -- we still see some population loss and some compression in disposable income and so forth. We don't see severity. In other words, we don't see shocks. What we see is a stabilization toward a steady decline as opposed to certainly a growth scenario or certainly something precipitous. So we positioned the company in the asset class that we believe we want to be in, which is fixed rate, affordable residential mortgages for the long term. And we think that we'll -- by focusing on the assets that require more individual attention, that's probably the best equation. But in terms of the bond rating, recent S&P announcements and so forth, we don't think that, that -- obviously, it's going to raise borrowing cost and that's recessive and we don't think that, that helps.

Operator

We have a follow-up from Peter Carmack [ph].

Unknown Attendee

One more real quickly for you guys. The investment in subsidiaries line on the holdco balance sheet shows $661 million. Now that -- does that include Doral Bank, Doral Money and now Recovery and the other couple subsidiaries, the insurance and the properties? Are those all -- is that broken out anywhere in the K that shows exactly how much you have allocated to each of those or does some of the assets within those various subsidiaries -- do those get consolidated up to the holdco level as well?

Robert E. Wahlman

There is no place in the Form 10-K where the individual investments of the parent into its individual subsidiaries is disclosed. What does happen in consolidation is certainly all the assets of the subsidiaries get consolidated or come up and become assets of the consolidated or the DFC financial statements that are presented in the Form 10-K. Not -- in the standalone DFC financial statements, it is just the DFC assets. But in the consolidated financial statements, it is all the assets.

Unknown Attendee

So the total assets at the holdco level is $1.3 billion and you back out $661 million worth of investments in subsidiaries. You have $639 million worth of other assets that are not part of bank, insurance, recovery, properties?

Robert E. Wahlman

That would be correct.

Unknown Attendee

Okay. And those are the assets that you're speaking of that would be available to feed down to the bank level if required?

Robert E. Wahlman

That is correct.

Unknown Attendee

Now you said that there's $100 million. You quoted earlier there was a $100 million in capital available that could be pushed down to the bank, but it seems like you back out, you got $639 million and you backed out the loans and notes payable and couple other hundred million -- couple other things. Then you still have north of $100 million -- it looks like $198 million or almost $200 million. So were you just being conservative when you said there's $100 million in capital available at the bank at the holdco level that could be pushed to the bank?

Glen R. Wakeman

We are being conservative and there are limits on certain of those other assets that they can't be moved.

Unknown Attendee

Well I backed out all -- when I did that calculation, I backed out all the liabilities. In other words, the liabilities at the holdco level or loans, notes payable and accounts payable and other liabilities, you back all those out and you're still north of a $100 million where you're still close to $200 million worth of assets.

Robert E. Wahlman

I'll give a little bit more of a detailed asset. When I -- when we speak about $100 million there, what I would call $100 million of free what would be the definition under Section 23A and 23B of the Federal Reserve Act, high-quality assets. There is a significant number of assets that have -- that are -- that do not meet that definition. And those would be the difference between the number you're describing, the number that we described as being over $100 million.

Glen R. Wakeman

So to be, perhaps, practical about it, right, that means that we could make this -- we could conduct this transaction next day. And when we quote the $100 million, that's what we mean.

Operator

Speakers, at this time, there are no further questions in the queue.

Glen R. Wakeman

I'd like to thank everybody for their time and attention, and we look forward to updating you on our first quarter performance. Thank you again.

Operator

With that, ladies and gentlemen, the does conclude today's conference and it will be available for replay beginning today at noon and running through April 14 at midnight. You may access the AT&T replay service by dialing (800) 475-6701 and entering the access code of 284716. If you're calling overseas, you may use the number of (320) 365-3844. That does conclude our conference for today. We thank you for your participation and for using AT&T. You may now disconnect.

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