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Sep 30, 2023
First Bancorp Q3 2023 Earnings Report
First Bancorp reported third quarter results with net income decreasing slightly compared to the previous quarter but remaining strong.
Key Takeaways
First Bancorp reported a net income of $29.9 million, or $0.73 per diluted common share, for the third quarter of 2023. The company saw growth in loans and total market deposits, and maintained strong credit quality and capital ratios. However, net interest income decreased slightly due to rising deposit rates.
Loans totaled $8.0 billion, with quarterly growth of $129.4 million, an annualized growth rate of 6.5%.
Total market deposits grew $66.7 million for the quarter, an annualized growth rate of 2.6%.
Nonperforming assets to total assets ratio decreased to 0.32%.
Total common equity tier 1 ratio was 12.93% and total risk-based capital ratio was 15.26%.
First Bancorp
First Bancorp
Forward Guidance
The Company is confident about its ability to stay well-positioned for the remainder of the year and into next year.