First Bancorp Q4 2024 Earnings Report

Reported fourth quarter and full year earnings.

Key Takeaways

First Bancorp reported a net income of $3.6 million, or $0.08 diluted earnings per share, for the three months ended December 31, 2024. Adjusted net income for the quarter was $31.7 million, or an adjusted $0.76 diluted earnings per share.

Tax equivalent net interest margin increased 17 basis points to 3.07% for the fourth quarter of 2024.

Average deposits were $10.6 billion for the fourth quarter of 2024, an increase of $99.4 million from the linked quarter.

Noninterest expenses declined $1.6 million from the linked quarter to $58.3 million for the fourth quarter of 2024.

Loan growth accelerated during the quarter, with loans totaling $8.1 billion at December 31, 2024, reflecting growth of $81.1 million, or 4.03%, for the quarter.

Common Equity Tier 1 Ratio

14.33%