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:

Key Details

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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.)