First Bancorp Reports First Quarter Results

Core Viewpoint - First Bancorp reported strong financial performance for the first quarter of 2025, with significant increases in net income and earnings per share compared to previous quarters, driven by enhanced net interest income and effective expense management [1][5][19]. Financial Performance - Net income for Q1 2025 was $36.4 million, or $0.88 diluted earnings per share (D-EPS), compared to $3.6 million ($0.08 D-EPS) in Q4 2024 and $25.3 million ($0.61 D-EPS) in Q1 2024 [1]. - Adjusted net income increased to $34.9 million in Q1 2025 from $31.7 million in Q4 2024 and $25.3 million in Q1 2024 [6][19]. Net Interest Income and Margin - Net interest income reached $92.9 million in Q1 2025, up 4.5% from $88.8 million in Q4 2024 and 17.2% from $79.3 million in Q1 2024 [2][8]. - The tax-equivalent net interest margin (NIM-T/E) expanded to 3.27% in Q1 2025 from 3.08% in Q4 2024 and 2.80% in Q1 2024 [2][6]. Expense Management - Noninterest expenses decreased to $57.9 million in Q1 2025 from $58.3 million in Q4 2024 and $59.2 million in Q1 2024, reflecting effective cost control measures [3][20]. - The reduction in expenses was driven by decreases in bankcard and personnel expenses [20][21]. Credit Quality - The nonperforming assets (NPA) to total assets ratio was 0.27% as of March 31, 2025, down from 0.30% in both Q4 2024 and Q1 2024, indicating strong asset quality [17][18]. - Net charge-offs for Q1 2025 were $3.3 million, representing an annualized 0.17% of average loans [7][17]. Loan and Deposit Growth - Total loans amounted to $8.1 billion at March 31, 2025, reflecting a growth of $8.4 million (0.42%) from Q4 2024 and $26.5 million (0.33%) from Q1 2024 [14][25]. - Total deposits increased to $10.7 billion, up $214.1 million (8.2%) from Q4 2024 and $441.3 million (4.3%) from Q1 2024 [28]. Capital and Liquidity - The estimated total risk-based capital ratio was 16.79% as of March 31, 2025, an increase from 16.63% in Q4 2024 and 15.85% in Q1 2024, indicating strong capital position [30][32]. - The on-balance sheet liquidity ratio was 19.8% at March 31, 2025, with total liquidity ratio reaching 36.4% [34][33].