---
schema_version: "secwatch.filing_event.v1"
accession: "0000811589-23-000054"
form_type: "8-K"
ticker: "FBNC"
cik: "0000811589"
company_name: "FIRST BANCORP /NC/"
filed_at: "2023-10-25T23:59:59+00:00"
generated_at: "2026-06-09T12:29:52.843221+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000811589-23-000054
- form_type: 8-K
- ticker: FBNC
- cik: 0000811589
- company_name: FIRST BANCORP /NC/
- filed_at: 2023-10-25T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/811589/000081158923000054/0000811589-23-000054-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/811589/000081158923000054/fbnc-20231025.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000811589-23-000054
- JSON: https://secwatch.observer/filing/0000811589-23-000054.json
- Plain text: https://secwatch.observer/filing/0000811589-23-000054.txt

## Key facts
- Earnings Releases
  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
  source text: For the nine months ended September 30, 2023, the Company recorded net income of $74.5 million, or $1.81 per diluted common share
  evidence_url: https://www.sec.gov/Archives/edgar/data/811589/000081158923000054/0000811589-23-000054-index.htm
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/811589/000081158923000054/0000811589-23-000054-index.htm

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