First Bancorp Q3 2024 Earnings Report

Reported third quarter earnings, impacted by Hurricane Helene, but adjusted EPS remained steady from the linked quarter.

Key Takeaways

First Bancorp reported a net income of $18.7 million, or $0.45 per diluted common share, for the third quarter of 2024. These results include the potential impacts of Hurricane Helene of $13.4 million ($10.3 million after-taxes). Adjusted net income increased to $29.0 million for the third quarter of 2024 from $28.7 million in the linked quarter.

Tax equivalent net interest margin increased 3 basis points to 2.90% for the third quarter of 2024.

Earnings per share was $0.45 per diluted share for the third quarter of 2024, adjusted EPS remained steady from the linked quarter at $0.70 per diluted share.

Net income was $18.7 million for the third quarter of 2024, adjusted net income increased to $29.0 million for the third quarter of 2024 from $28.7 million in the linked quarter.

Credit quality continues to be strong with a nonperforming assets to total assets ratio of 0.38% as of September 30, 2024.

Total Revenue

$96.6M

Previous year: $99.9M

Total Risk-Based Capital Ratio