First Bancorp (NYSE: FBP) has announced its earnings for the quarter and year ended December 31, 2024. The corporation reported a net income of $75.7 million, or $0.46 per diluted share, for the fourth quarter of 2024, compared to $73.7 million, or $0.45 per diluted share, for the third quarter of 2024, and $79.5 million, or $0.46 per diluted share, for the fourth quarter of 2023. For the year ended December 31, 2024, the corporation reported a net income of $298.7 million, or $1.81 per diluted share, compared to $302.9 million, or $1.71 per diluted share, for the year ended December 31, 2023.
The financial highlights for the fourth quarter of 2024 compared to the third quarter of 2024 and the year ended December 31, 2023, are as follows:
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Net interest income increased to $209.3 million compared to $202.1 million. Net interest margin increased to 4.33%, compared to 4.25%.
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Provision for credit losses increased to $20.9 million compared to $15.2 million.
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Non-interest expenses increased to $124.5 million compared to $122.9 million. The efficiency ratio was 51.57%, compared to 52.41%.
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Income before income taxes was $96.0 million compared to $96.4 million.
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Earnings per share * diluted were $0.46 compared to $0.45.
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Return on average equity was 17.77% compared to 18.31%.
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Return on average assets was 1.56% compared to 1.55%.
In terms of the balance sheet, total loans grew by $303.2 million to $12.8 billion, and core deposits (other than brokered and government deposits) increased by $197.9 million to $12.9 billion.
The asset quality saw the allowance for credit losses (“ACL”) coverage ratio amounting to 1.91%, compared to 1.98%, and non-performing assets decreased to $118.3 million, compared to $119.1 million.
Regarding liquidity and capital, the corporation repurchased $50.0 million of junior subordinated debentures and paid $26.1 million in common stock dividends. The corporation’s estimated total capital, common equity tier 1 (“CET1”) capital, tier 1 capital, and leverage ratios were 18.02%, 16.32%, 16.32%, and 11.07%, respectively, as of December 31, 2024.
For the full year of 2024, the corporation registered record revenues and posted a return on average assets above 1.5% for the third consecutive year. The loan portfolio expanded by 4.7% or $569 million, and core customer deposits grew by $267 million.
Today the company's shares have moved 6.5% to a price of $20.86. For the full picture, make sure to review First Ban's 8-K report.
