First Bancorp (NASDAQ:FBNC) Full Year 2024 Results
Key Financial Results
- Revenue: US$333.7m (down 14% from FY 2023).
- Net income: US$75.8m (down 27% from FY 2023).
- Profit margin: 23% (down from 27% in FY 2023). The decrease in margin was driven by lower revenue.
- EPS: US$1.85 (down from US$2.54 in FY 2023).
FBNC Banking Performance Indicators
- Net interest margin (NIM): 2.91% (down from 3.06% in FY 2023).
- Non-performing loans: 0.52% (down from 0.54% in FY 2023).
All figures shown in the chart above are for the trailing 12 month (TTM) period
First Bancorp Revenues and Earnings Miss Expectations
Revenue missed analyst estimates by 9.2%. Earnings per share (EPS) also missed analyst estimates by 27%.
In the last 12 months, the only revenue segment was Banking contributing US$333.7m. The largest operating expense was General & Administrative costs, amounting to US$160.5m (62% of total expenses). Explore how FBNC's revenue and expenses shape its earnings.
Looking ahead, revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Banks industry in the US.
Performance of the American Banks industry.
The company's share price is broadly unchanged from a week ago.
Balance Sheet Analysis
While it's very important to consider the profit and loss statement, you can also learn a lot about a company by looking at its balance sheet. See our latest analysis on First Bancorp's balance sheet health.
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About NasdaqGS:FBNC
First Bancorp
Operates as the bank holding company for First Bank that provides banking products and services for individuals and small to medium-sized businesses.
Flawless balance sheet established dividend payer.
