First Bancorp Q3 net income rises 17.5%

By Reuters News


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

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 EPS

$0.95

Q3 Net Income

$10.67 mln


Reuters Recommended Reads

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  • Oct 21 - Pinnacle Financial Partners Q3 adjusted profit beats estimates on loan, fee income growth

  • Oct 19 - Fifth Third Bancorp Q3 net interest income jumps on Comerica acquisition


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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