First Bancorp's Q3 net income up 20%, NIM expands
First Bancorp reported a 20% increase in Q3 net income to $9.1 million, with net interest margin expanding to 2.70%, up 38 basis points from Q3 2024. The company saw a growth of $139.5 million in non-maturity deposits, replacing higher-cost wholesale deposits. Overall asset quality remains favorable with a low ratio of non-performing assets. The Q3 EPS was $0.81, slightly below the consensus estimate.
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Overview
- First Bancorp Q3 net income rises 20% yr/yr to $9.1 mln
- Net interest margin expands to 2.70%, up 38 basis points from Q3 2024
- Company reports $139.5 mln growth in non-maturity deposits
Outlook
- Company did not provide specific guidance for future quarters in press release
Result Drivers
- NET INTEREST MARGIN - Expansion to 2.70% driven by enhanced earning asset yields and reduced funding costs
- DEPOSIT GROWTH - Non-maturity deposits increased by $139.5 mln, replacing higher-cost wholesale deposits
- ASSET QUALITY - Overall asset quality remains favorable with a low ratio of non-performing assets
Key Details
Metric Beat/Mis Actual Consensu
s s
Estimate
Q3 EPS $0.81
Q3 Net $9.08
Income mln
Q3 Basic $0.82
EPS
Press Release: For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact . (This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)
