First Bancorp Q4 net income $38.4M ($1.08 EPS); closes GrandSouth acquisition Jan 1

FIRST BANCORP /NC/

2022-FY EPS reported $4.12 revenue$17,448,000

Q4 2022 net income $38.4M ($1.08 diluted EPS) vs $10.5M ($0.30) in Q4 2021.
Full-year 2022 net income $146.9M ($4.12 per diluted share) vs $95.6M ($3.19) in 2021.
Total loans grew 9.6% YoY to $6.7B; NPA ratio improved to 0.36%.
GrandSouth acquisition closed Jan 1, 2023, adding ~$1.2B in assets, 8 branches in SC.
Net interest margin tax-equivalent 3.28% for full year 2022, up from 3.16% in 2021.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FIRST BANCORP /NC/ reported the three months ended December 31, 2022 results: net income $38.4 million, EPS $1.08 per diluted common share.

Period: the three months ended December 31, 2022
Net income: $38.4 million
EPS: $1.08 per diluted common share
Result: reported results

Exact text from the filing

First Bancorp (the "Company") (NASDAQ - FBNC), the parent company of First Bank, announced today net income of $38.4 million, or $1.08 per diluted common share, for the three months ended December 31, 2022, compared to $37.9 million, or $1.06 per diluted common share for th e three months ended September 30, 2022 ("linked quarter") and $10.5 million, or $0.30 per diluted common share, recorded in the fourth quarter of 2021.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FIRST BANCORP /NC/ reported the twelve months ended December 31, 2022 results: net income $146.9 million, EPS $4.12 per diluted common share.

Period: the twelve months ended December 31, 2022
Net income: $146.9 million
EPS: $4.12 per diluted common share
Result: reported results

Exact text from the filing

For the twelve months ended December 31, 2022, the Company recorded net income of $146.9 million, or $4.12 per diluted common share, compared to $95.6 million, or $3.19 per diluted common share for the twelve months ended December 31, 2021.

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Source: SEC EDGAR

accession 0000811589-23-000005

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