First Bancorp GAAP EPS of $1.08 beats by $0.04, revenue of $98.93M misses by $5.43M
Jan. 24, 2023 4:30 PM ETFirst Bancorp (FBNC)By: Urvi Shah, SA News Editor
- First Bancorp press release (NASDAQ:FBNC): Q4 GAAP EPS of $1.08 beats by $0.04.
- Revenue of $98.93M (+11.3% Y/Y) misses by $5.43M.
- Annualized return on average assets ("ROA") of 1.44% and annualized return on average common equity ("ROE") of 15.20% was reported for the quarter ended December 31, 2022. For the year ended December 31, 2022, ROA was reported at 1.39% and ROE was 13.40%, both increasing from the prior year.
- Total loans outstanding increased $139.9 million (8.5% annualized) during the fourth quarter of 2022, while year-over-year growth was $583.4 million, or 9.6%. Total loans were in excess of $6.6 billion at December 31, 2022.
- Credit quality continues to be strong with the nonperforming assets ("NPA") to total assets ratio at 0.36% as of December 31, 2022, down three basis points from the linked quarter, and as compared to 0.50% at December 31, 2021.
- Yield on total interest-earning assets increased 15 basis points to 3.64% as compared to the third quarter of 2022 and as compared to 3.20% for the fourth quarter of 2021. For the year ended December 31, 2022, interest-earning assets yielded 3.41%, up from 3.25% for the prior year.