secwatch.observer — SEC 8-K summary
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Issuer:     FIRST BANCORP /NC/ (FBNC)
CIK:        0000811589
Form:       8-K
Filed at:   2023-04-26T23:59:59+00:00
Accession:  0000811589-23-000022
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/811589/000081158923000022/0000811589-23-000022-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/811589/000081158923000022/fbnc-20230426.htm
  HTML page:      https://secwatch.observer/filing/0000811589-23-000022

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer