---
schema_version: "secwatch.filing_event.v1"
accession: "0000811589-23-000005"
form_type: "8-K"
ticker: "FBNC"
cik: "0000811589"
company_name: "FIRST BANCORP /NC/"
filed_at: "2023-01-25T23:59:59+00:00"
generated_at: "2026-06-20T10:07:10.305951+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000811589-23-000005
- form_type: 8-K
- ticker: FBNC
- cik: 0000811589
- company_name: FIRST BANCORP /NC/
- filed_at: 2023-01-25T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/811589/000081158923000005/0000811589-23-000005-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/811589/000081158923000005/fbnc-20230124.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000811589-23-000005
- JSON: https://secwatch.observer/filing/0000811589-23-000005.json
- Plain text: https://secwatch.observer/filing/0000811589-23-000005.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/811589/000081158923000005/0000811589-23-000005-index.htm
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/811589/000081158923000005/0000811589-23-000005-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.