First Bancorp Q1 net income falls to $25.3M ($0.61 EPS) from $29.7M Q4; NIM slides to 2.80%

FIRST BANCORP /NC/

2024-Q1 EPS reported $0.61

Diluted EPS $0.61 vs $0.72 linked quarter and $0.37 year ago; net income $25.3M.
Tax-equivalent NIM declined to 2.80% from 3.31% YoY; net interest income $79.2M down 14.3% YoY.
Loan yield rose 23 bps to 5.45%, but total cost of funds increased to 1.79% from 0.94% YoY.
Nonperforming assets low at 0.39% of total assets; provision $1.2M vs $12.5M year ago.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

FIRST BANCORP /NC/ reported the three months ended March 31, 2024 results: net income $25.3 million, EPS $0.61 per diluted common share.

Period: the three months ended March 31, 2024
Net income: $25.3 million
EPS: $0.61 per diluted common share
Result: reported results

Exact text from the filing

announced today net income of $25.3 million, or $0.61 per diluted common share, for the three months ended March 31, 2024

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Source: SEC EDGAR

accession 0000811589-24-000025

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