Here's What Key Metrics Tell Us About First Bancorp (FBP) Q3 Earnings

Core Insights - First Bancorp reported revenue of $234.57 million for the quarter ended September 2024, reflecting a 2% increase year-over-year, but fell short of the Zacks Consensus Estimate of $239.8 million by -2.18% [1] - Earnings per share (EPS) for the quarter was $0.45, slightly down from $0.46 in the same quarter last year, but exceeded the consensus estimate of $0.43 by +4.65% [1] Financial Metrics - Efficiency ratio stood at 52.4%, higher than the average estimate of 51.2% from two analysts [1] - Net Interest Margin was reported at 4.3%, slightly below the estimated 4.4% [1] - Average balance of Total Interest-Earning Assets was $18.86 billion, compared to the estimated $19.02 billion [1] - Card and processing income reached $11.77 million, surpassing the average estimate of $11.67 million [1] - Mortgage banking activities generated $3.20 million, exceeding the average estimate of $3.15 million [1] - Service charges and fees on deposit accounts totaled $9.68 million, slightly below the average estimate of $9.81 million [1] - Total Non-Interest Income was $32.50 million, compared to the estimated $32.78 million [1] - Net Interest Income was reported at $202.06 million, lower than the average estimate of $208.45 million [1] Stock Performance - Over the past month, shares of First Bancorp have returned -0.7%, while the Zacks S&P 500 composite increased by +2.7% [2] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [2]