First Bancorp reports Q2 EPS 70c vs. 71c last year

Reports total common equity tier 1 ratio of 13.98% and a total risk-based capital ratio of 16.23% as of June 30, 2024. Tangible book value per share was $22.19 from $21.49 at previous quarter end. CEO Richard Moore stated, “Our company had strong performance in Q2 with expanded net interest margin, improved liquidity and increases in all capital levels. We enhanced our funding position with growth in customer deposits and reductions of borrowings and brokered deposits. We also improved our asset yields during the quarter which contributed to the increase in NIM and will benefit us into the future. Our credit quality remains strong with historically low levels of nonperforming assets, and we continue to have no significant exposure to office or hospitality commercial real estate.”