---
schema_version: "secwatch.filing_event.v1"
accession: "0000811589-23-000022"
form_type: "8-K"
ticker: "FBNC"
cik: "0000811589"
company_name: "FIRST BANCORP /NC/"
filed_at: "2023-04-26T23:59:59+00:00"
generated_at: "2026-06-16T14:34:19.602635+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000811589-23-000022
- form_type: 8-K
- ticker: FBNC
- cik: 0000811589
- company_name: FIRST BANCORP /NC/
- filed_at: 2023-04-26T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/811589/000081158923000022/0000811589-23-000022-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/811589/000081158923000022/fbnc-20230426.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000811589-23-000022
- JSON: https://secwatch.observer/filing/0000811589-23-000022.json
- Plain text: https://secwatch.observer/filing/0000811589-23-000022.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/811589/000081158923000022/0000811589-23-000022-index.htm

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