First Bancorp reports Q3 adjusted EPS 70c, consensus 70c

Q3 net interest margin increased 3 basis points to 2.90% from 2.87% for the linked quarter and down from 2.97% in the year-ago quarter. Reports total common equity tier 1 ratio of 14.34% and total risk-based capital ratio of 16.44% as of September 30, both increasing from the linked quarter. Tangible book value per share was $23.91 from $22.19 at previous quarter end. Richard H. Moore, CEO, stated “I am proud of our Company and associates who responded quickly and poured out their hearts and resources to assist those who suffered devastating impacts. We are here for our teammates, customers and communities and are committed to supporting them in this tremendous time of need. In anticipation of our customers’ potential challenges to recover from the storm, we took an additional $13 million in provision for credit losses during the quarter.”