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First Bancorp's Q2 net income rises, boosts dividend

ReutersJul 23, 2025 8:32 PM


Overview

  • First Bancorp Q2 net income rises to $38.6 mln, driven by improved NIM

  • Diluted EPS for Q2 increases to $0.93, reflecting disciplined expense management

  • Company raises quarterly dividend to $0.23 per share, indicating financial confidence


Outlook

  • Company focuses on managing deposit costs and increasing loan yields

  • First Bancorp maintains strong credit quality with low charge-offs

  • Company improves liquidity position and capital levels


Result Drivers

  • NET INTEREST INCOME - Driven by strategic management of deposit costs and increased loan yields

  • SECURITIES YIELD - Purchase of CMOs yielding 5.16% contributed to improved securities yield

  • EXPENSE MANAGEMENT - Disciplined approach helped control noninterest expenses despite slight increases


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q2 EPS

$0.93

Q2 Net Income

$38.57 mln

Q2 Net Interest Income

$96.68 mln

Q2 Net Interest Margin

3.33%


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the banks peer group is "buy"

  • Wall Street's median 12-month price target for First Bancorp (North Carolina) is $49.00, about 4.3% above its July 22 closing price of $46.87

  • The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 12 three months ago

Press Release: ID:nPn4TdK9Ha

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