secwatch.observer — SEC 8-K summary
======================================

Issuer:     FIRST BANCORP /NC/ (FBNC)
CIK:        0000811589
Form:       8-K
Filed at:   2023-07-26T23:59:59+00:00
Accession:  0000811589-23-000043
Event type: earnings
Sentiment:  positive
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/811589/000081158923000043/0000811589-23-000043-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/811589/000081158923000043/fbnc-20230726.htm
  HTML page:      https://secwatch.observer/filing/0000811589-23-000043

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