secwatch.observer — SEC 8-K summary
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Issuer:     FIRST BANCORP /NC/ (FBNC)
CIK:        0000811589
Form:       8-K
Filed at:   2023-10-25T23:59:59+00:00
Accession:  0000811589-23-000054
Event type: earnings
Sentiment:  negative
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/811589/000081158923000054/0000811589-23-000054-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/811589/000081158923000054/fbnc-20231025.htm
  HTML page:      https://secwatch.observer/filing/0000811589-23-000054

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