---
schema_version: "secwatch.filing_event.v1"
accession: "0000811589-24-000004"
form_type: "8-K"
ticker: "FBNC"
cik: "0000811589"
company_name: "FIRST BANCORP /NC/"
filed_at: "2024-01-24T23:59:59+00:00"
generated_at: "2026-06-06T19:39:29.633841+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# First Bancorp Q4 net income $29.7M ($0.72 EPS) down 23% YoY; loan growth 6.1% annualized

## Summary
- Net income of $29.7M ($0.72 diluted EPS) vs $38.4M ($1.08) in Q4 2022, a 23% decline.
- Full-year 2023 net income $104.1M ($2.53 EPS) vs $146.9M ($4.12) in 2022, affected by GrandSouth acquisition costs of $13.7M.
- Net interest margin (tax-equivalent) fell to 2.88% from 3.32% a year ago as cost of funds rose to 1.64% from 0.36%.
- Loans grew $123.1M in Q4 (6.1% annualized) to $8.2B; organic loan growth for 2023 was $464.9M (6.0%).
- Credit quality strong: NPA ratio 0.37%, annualized net charge-offs 0.09%, capital ratio 15.54%.

## SEC filing metadata
- accession: 0000811589-24-000004
- form_type: 8-K
- ticker: FBNC
- cik: 0000811589
- company_name: FIRST BANCORP /NC/
- filed_at: 2024-01-24T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- 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/811589/000081158924000004/0000811589-24-000004-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/811589/000081158924000004/fbnc-20240124.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000811589-24-000004
- JSON: https://secwatch.observer/filing/0000811589-24-000004.json
- Plain text: https://secwatch.observer/filing/0000811589-24-000004.txt

## Key facts
- Earnings Releases
  FIRST BANCORP /NC/ reported the twelve months ended December 31, 2023 results: net income $104.1 million, EPS $2.53 per diluted common share.
  - Period: the twelve months ended December 31, 2023
  - Net income: $104.1 million
  - EPS: $2.53 per diluted common share
  - Result: reported results
  source text: For the twelve months ended December 31, 2023, the Company recorded net income of $104.1 million, or $2.53 per diluted common share
  evidence_url: https://www.sec.gov/Archives/edgar/data/811589/000081158924000004/0000811589-24-000004-index.htm
- Earnings Releases
  FIRST BANCORP /NC/ reported the three months ended December 31, 2023 results: net income $29.7 million, EPS $0.72 per diluted common share.
  - Period: the three months ended December 31, 2023
  - Net income: $29.7 million
  - EPS: $0.72 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 $29.7 million, or $0.72 per diluted common share, for the three months ended December 31, 2023
  evidence_url: https://www.sec.gov/Archives/edgar/data/811589/000081158924000004/0000811589-24-000004-index.htm

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