First Bancorp Q3 2022 Earnings Report

Reported net income increase in Q3 2022 compared to Q2 2022 and Q3 2021.

Key Takeaways

First Bancorp reported a solid third quarter with increased core earnings, strong loan growth, expanded net interest margin, and controlled expenses. Net income for the quarter was $37.9 million, or $1.06 per diluted common share, compared to $36.6 million, or $1.03 per diluted common share for the linked quarter and $27.6 million, or $0.97 per diluted common share, in the third quarter of 2021.

Tax equivalent net interest margin increased 22 basis points to 3.40% for the quarter as compared to the second quarter of 2022.

Annualized return on average assets of 1.42% and annualized return on average common equity of 13.84% reported for the quarter ended September 30, 2022.

Annualized loan growth for the quarter was 17.9% with total loans in excess of $6.5 billion.

Credit quality continues to be strong with decreases in nonperforming assets for the third straight quarter. The NPA to total assets ratio declined to 0.39% as of September 30, 2022 from 0.48% for the comparable period of 2021.

Total Revenue

$102M

Previous year: $75.1M