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