First Bancorp Q3 net income $37.9M ($1.06 EPS) beats year ago; margin expands; GrandSouth on track

FIRST BANCORP /NC/

2022-Q3 EPS reported $3.04

EPS of $1.06 (diluted) vs $0.97 year ago; net income $37.9M, up 37% YoY.
Net interest margin (tax-equivalent) rose to 3.40% from 3.03% a year ago.
Loan growth annualized 17.9% to $6.5B; deposits $9.2B, down $130.5M QoQ.
GrandSouth acquisition received regulatory approvals; expected close Jan 2023; target has $1.3B assets.
Quarterly cash dividend raised 10% to $0.22 per share.

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