---
schema_version: "secwatch.filing_event.v1"
accession: "0000811589-23-000043"
form_type: "8-K"
ticker: "FBNC"
cik: "0000811589"
company_name: "FIRST BANCORP /NC/"
filed_at: "2023-07-26T23:59:59+00:00"
generated_at: "2026-06-13T02:34:32.961641+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# First Bancorp Q2 net income $29.4M ($0.71 EPS); loans grow 5.1% annualized

## Summary
- Net interest income $87.0M, up 11.1% YoY; NIM (tax-equivalent) 3.08% vs 3.18% a year ago.
- Loans $7.9B, up $98.7M in Q2 (5.1% annualized); deposits grew $67.1M organically, noninterest-bearing 36% of total.
- Nonperforming assets ratio 0.30%, down from 0.39% a year ago; provision for loan losses $3.7M.
- GrandSouth acquisition closed Jan 2023 added $1.02B loans and $1.05B deposits; merger expenses $1.3M in Q2 vs $12.2M in Q1.
- Capital ratios strong: CET1 12.76%, total RBC 15.10%; TCE/tangible assets 6.79%.

## SEC filing metadata
- accession: 0000811589-23-000043
- form_type: 8-K
- ticker: FBNC
- cik: 0000811589
- company_name: FIRST BANCORP /NC/
- filed_at: 2023-07-26T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- 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/811589/000081158923000043/0000811589-23-000043-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/811589/000081158923000043/fbnc-20230726.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000811589-23-000043
- JSON: https://secwatch.observer/filing/0000811589-23-000043.json
- Plain text: https://secwatch.observer/filing/0000811589-23-000043.txt

## Key facts
- Earnings Releases
  FIRST BANCORP /NC/ reported three months ended June 30, 2023 results: net income $29.4 million, EPS $0.71 per diluted common share.
  - Period: three months ended June 30, 2023
  - Net income: $29.4 million
  - EPS: $0.71 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 $29.4 million, or $0.71 per diluted common share, for the three months ended June 30, 2023
  evidence_url: https://www.sec.gov/Archives/edgar/data/811589/000081158923000043/0000811589-23-000043-index.htm

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