Based on the press release from First Bancorp, the net income for the third quarter of 2024 was $73.7 million, or $0.45 per diluted share, compared to $75.8 million, or $0.46 per diluted share for the second quarter of 2024, and $82.0 million, or $0.46 per diluted share for the third quarter of 2023. This represents a decrease in net income compared to the previous quarter and the same quarter of the previous year.
The net interest income for the third quarter of 2024 increased to $202.1 million, compared to $199.6 million for the second quarter of 2024. The net interest margin also increased to 4.25%, compared to 4.22% in the second quarter of 2024.
The provision for credit losses increased to $15.2 million in the third quarter of 2024, compared to $11.6 million in the second quarter of 2024, and $4.4 million in the third quarter of 2023.
Non-interest income remained relatively stable at $32.5 million for the third quarter of 2024, compared to $32.0 million for the second quarter of 2024.
Non-interest expenses increased to $122.9 million in the third quarter of 2024, compared to $118.7 million in the second quarter of 2024, and $116.6 million in the third quarter of 2023.
The return on average equity was 18.31% for the third quarter of 2024, compared to 20.80% for the second quarter of 2024, and 20.70% for the third quarter of 2023.
The return on average assets was 1.55% for the third quarter of 2024, compared to 1.61% for the second quarter of 2024, and 1.72% for the third quarter of 2023.
In terms of the balance sheet, total loans grew by $62.8 million to $12.5 billion, and core deposits decreased by $36.8 million to $12.7 billion. Government deposits decreased by $40.1 million to $3.2 billion, and brokered certificates of deposits decreased by $104.7 million to $520.0 million.
The allowance for credit losses coverage ratio amounted to 1.98%, compared to 2.06% in the previous quarter. The annualized net charge-offs to average loans ratio increased to 0.78%, compared to 0.69% in the previous quarter.
Liquidity in terms of cash and cash equivalents amounted to $685.4 million, compared to $586.3 million in the previous quarter. Capital ratios exceeded required regulatory levels, with the estimated total capital, common equity tier 1 (“CET1”) capital, tier 1 capital, and leverage ratios at 18.25%, 16.18%, 16.18%, and 10.96%, respectively, as of September 30, 2024.
The market has reacted to these announcements by moving the company's shares -2.8% to a price of $19.82. For the full picture, make sure to review First Ban's 8-K report.
