First Bancorp reported net income of $18.7 million, or $0.45 per diluted common share, for the three months ended September 30, 2024. This compares to $28.7 million, or $0.70 per diluted common share, in the linked quarter and $29.9 million, or $0.73 per diluted common share, in the third quarter of 2023. The results include a $13.4 million pre-tax impact from Hurricane Helene, which reduced net income by $10.3 million after taxes.
Excluding the hurricane's impact, adjusted net income for the quarter was $29.0 million, with an adjusted diluted EPS of $0.70. The company recorded a $14.2 million provision for credit losses, including an incremental $13.0 million specifically for potential loan exposure in areas affected by Hurricane Helene. This provision was partially offset by generally improving updated economic forecasts and a reduction in unfunded commitments.
Net interest income for the third quarter increased 2.4% to $83.0 million from $81.1 million in the linked quarter, driven by an increase in the yields on earning assets. The company's tax-equivalent net interest margin expanded by 3 basis points to 2.90%. Total assets grew to $12.2 billion, while total loans decreased by $56.3 million to $8.0 billion.
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