First Bancorp Q3 net income rises 17.5%
First Bancorp Q3 net income rises 17.5%
Overview
US community bank's Q3 net income rose 17.5% and EPS increased 16.8% yr/yr
Quarterly results driven by asset growth, margin expansion, and higher non-interest income
Company's efficiency ratio improved to 47.94% from 50.40% a year ago
Outlook
Company expects local deposit volumes to remain steady through year-end
Company says it has taken steps to protect margin gains from rate pressure
Result Drivers
MARGIN EXPANSION - Co said net interest margin rose due to lower funding costs and stable earning asset yields
NON-INTEREST INCOME - Higher wealth management, payments, and other operating revenue contributed to results
EXPENSE CONTROL - Co said disciplined expense management supported improved efficiency ratio
Company press release: ID:nBw4mg0q2a
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 EPS |
| $0.95 |
|
Q3 Net Income |
| $10.67 mln |
|
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(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.)