First Bancorp Reports Fourth Quarter and Full Year Results

Core Viewpoint - First Bancorp reported a significant decline in net income for the fourth quarter of 2024, primarily due to a substantial securities loss and the impact of Hurricane Helene, while adjusted net income showed improvement compared to the previous quarter. Financial Performance - The company reported net income of $3.6 million, or$0.08 diluted EPS, for Q4 2024, down from $18.7 million, or$0.45 diluted EPS, in Q3 2024, and $29.7 million, or$0.72 diluted EPS, in Q4 2023 [1] - For the full year 2024, net income was $76.2 million, or$1.84 diluted EPS, compared to $104.1 million, or$2.53 diluted EPS, in 2023 [1] - Adjusted net income for Q4 2024 was $31.7 million, or$0.76 adjusted diluted EPS, up from $29.0 million, or$0.70 adjusted diluted EPS, in Q3 2024 [2] Net Interest Income and Margin - Net interest income for Q4 2024 was $88.8 million, an increase of 7.0$280 million of available-for-sale securities at a loss of approximately $36.8 million [2] - The transaction aimed to capitalize on current yields, resulting in an increase in the yield on the securities portfolio by 25 basis points [8] Credit Quality - The nonperforming assets (NPA) to total assets ratio was 0.39$0.9 million, an annualized 0.04% of average loans [15] Balance Sheet and Capital - Total assets amounted to $12.1 billion as of December 31, 2024, a slight decrease from the linked quarter [24] - The common equity tier 1 ratio was estimated at 14.33$8.1 billion, reflecting a growth of $81.1 million, or 4.03$23.2 million, primarily due to the securities loss [18] - Noninterest expenses decreased to $58.3 million, down from$59.9 million in the linked quarter, driven by a reduction in personnel expenses [19] Income Taxes - Income tax expense for Q4 2024 was $3.3 million, with an effective tax rate of 48.4%, influenced by incremental state tax-related expenses [21][23]