First Bancorp Q1 net income $15.2M ($0.37 EPS) down 55% YoY; acquisition costs $24.4M

FIRST BANCORP /NC/

2023-Q1 EPS reported $0.37

Net income $15.2M, $0.37 diluted EPS; Q1 2022 net income $34.0M ($0.95 EPS).
GrandSouth acquisition closed Jan 1; merger expenses $12.2M and one-time loan loss provision $12.2M.
Organic loan growth $113.7M (5.9% annualized); organic deposit growth $95.2M (3.7% annualized).
Tax-equivalent net interest margin flat at 3.31%; loan yield up 60bp to 5.22%.
Nonperforming assets fell to 0.25% of total assets from 0.46% a year ago.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FIRST BANCORP /NC/ reported the three months ended March 31, 2023 results: net income $15.2 million, EPS $0.37 per diluted common share.

Period: the three months ended March 31, 2023
Net income: $15.2 million
EPS: $0.37 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 $15.2 million, or $0.37 per diluted common share, for the three months ended March 31, 2023

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Source: SEC EDGAR

accession 0000811589-23-000022

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