Piper Jaffray analyst William Curtiss assumed coverage of First Bancorp with an Overweight rating and raised his price target for the shares to $37 from $34.

Reports Q1 provision for credit losses $1.2M vs. $12.5M last year. Tangible book value per share was $21.05 from $20.94 at previous quarter end. Total common equity tier 1 ratio was 13.50% and total risk-based capital ratio 15.85% as of March 31, 2024, both increasing from the linked quarter. CEO Richard Moore stated, "Your company continues to perform well with increases in our liquidity and capital. We believe that our balance sheet composition will continue to improve during the year as we work towards reducing borrowings and high-cost deposits while deploying funds to higher yielding assets. Our credit quality is strong with low levels of nonperforming assets and we have no significant exposure to office or hospitality commercial real estate."