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Dec 31, 2023
First Bancorp Q4 2023 Earnings Report
Reported net income of $29.7 million and maintained strong core banking relationships.
Key Takeaways
First Bancorp reported a net income of $29.7 million for Q4 2023, a decrease compared to both the linked quarter and the same period last year. The company focused on maintaining customer relationships and managing risk, while also seeing growth in loans.
Loans totaled $8.2 billion, with a quarterly growth of $123.1 million, representing an annualized growth rate of 6.1%.
Noninterest-bearing demand accounts remained strong, accounting for 34% of total deposits.
Total loan yield increased to 5.39%, a rise of 77 basis points from Q4 2022.
Credit quality remained strong, with a nonperforming assets to total assets ratio of 0.37%.
First Bancorp
First Bancorp
Forward Guidance
First Bancorp will focus on serving customers, managing risk, and pursuing opportunities in 2024, building on a successful 2023.
Positive Outlook
- Maintaining and strengthening core banking relationships.
- Serving customers and communities effectively.
- Managing risk prudently.
- Taking advantage of opportunities.
- Continued growth expected in 2024.