First Bancorp Q3 net income $29.9M ($0.73/sh), down from $1.06 a year ago

FIRST BANCORP /NC/

2023-Q3 EPS reported $1.81

Net income $29.9M ($0.73 diluted EPS) vs $37.9M ($1.06) in Q3 2022; up from $29.4M ($0.71) in linked quarter.
Net interest margin (tax-equiv) fell to 2.97% from 3.40% YoY; loan yield 5.32%, cost of funds 1.46%.
Loans $8.0B, up $129.4M (6.5% annualized); organic deposits grew $66.7M; noninterest demand 34% of deposits.
Noninterest expenses $62.2M, +27.8% YoY driven by GrandSouth acquisition and higher data processing & FDIC costs.
Credit quality strong: NPAs 0.32% of assets; allowance 1.35% of loans; net charge-offs 0.11% annualized.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FIRST BANCORP /NC/ reported the nine months ended September 30, 2023 results: net income $74.5 million, EPS $1.81 per diluted common share.

Period: the nine months ended September 30, 2023
Net income: $74.5 million
EPS: $1.81 per diluted common share
Result: reported results

Exact text from the filing

For the nine months ended September 30, 2023, the Company recorded net income of $74.5 million, or $1.81 per diluted common share

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FIRST BANCORP /NC/ reported the three months ended September 30, 2023 results: net income $29.9 million, EPS $0.73 per diluted common share.

Period: the three months ended September 30, 2023
Net income: $29.9 million
EPS: $0.73 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 $29.9 million, or $0.73 per diluted common share, for the three months ended September 30, 2023

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Source: SEC EDGAR

accession 0000811589-23-000054

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