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Jun 30, 2024
First Bancorp Q2 2024 Earnings Report
Reported strong second quarter results with expanded net interest margin and improved liquidity.
Key Takeaways
First Bancorp reported a strong second quarter with net income of $28.7 million, or $0.70 per diluted common share. The company experienced growth in customer deposits, reductions in borrowings and brokered deposits, and improved asset yields, contributing to an increase in net interest margin.
Loans totaled $8.1 billion, reflecting a slight contraction for the quarter but growth year-over-year.
Customer deposits grew by $336.6 million, while brokered deposits contracted by $152.0 million, leading to an increase in total deposits of $184.5 million.
The tax equivalent net interest margin increased 7 basis points to 2.87%.
Credit quality remained strong with a nonperforming assets to total assets ratio of 0.37%.
First Bancorp
First Bancorp
Forward Guidance
The company did not provide specific forward guidance in the earnings report.