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Dec 31, 2024
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.
First Bancorp
First Bancorp
Forward Guidance
The company looks forward to seeing the benefit of its hard work and strategic balance sheet initiatives that should provide tailwinds for 2025.