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Jun 30, 2023
First Bancorp Q2 2023 Earnings Report
Reported second quarter results with net income impacted by loan growth and updated economic forecasts.
Key Takeaways
First Bancorp reported net income of $29.4 million, or $0.71 per diluted common share, for the second quarter of 2023. The results were impacted by the GrandSouth acquisition, which contributed significantly to loans and deposits. The company focused on balance sheet enhancement through selective loan growth and deposit attraction.
Loans totaled $7.9 billion, with quarterly growth of $98.7 million, representing an annualized growth rate of 5.1%.
Total market deposits grew by $67.1 million for the quarter, an annualized growth rate of 2.7%.
Noninterest-bearing demand accounts remained strong, accounting for 36% of total deposits at quarter end.
Credit quality remained strong, with a nonperforming assets to total assets ratio of 0.30% as of June 30, 2023.
First Bancorp
First Bancorp
Forward Guidance
The company anticipates potential compression in the net interest margin due to the percentage of fixed-rate loans in the loan portfolio.