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Sep 30, 2024
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.
First Bancorp
First Bancorp
Forward Guidance
The company did not provide specific forward guidance in this earnings report.