---
schema_version: "secwatch.filing_event.v1"
accession: "0000811589-24-000025"
form_type: "8-K"
ticker: "FBNC"
cik: "0000811589"
company_name: "FIRST BANCORP /NC/"
filed_at: "2024-04-24T23:59:59+00:00"
generated_at: "2026-06-03T10:34:46.033580+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000811589-24-000025
- form_type: 8-K
- ticker: FBNC
- cik: 0000811589
- company_name: FIRST BANCORP /NC/
- filed_at: 2024-04-24T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/811589/000081158924000025/0000811589-24-000025-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/811589/000081158924000025/fbnc-20240424.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000811589-24-000025
- JSON: https://secwatch.observer/filing/0000811589-24-000025.json
- Plain text: https://secwatch.observer/filing/0000811589-24-000025.txt

## Key facts
- Earnings Releases
  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
  source text: announced today net income of $25.3 million, or $0.61 per diluted common share, for the three months ended March 31, 2024
  evidence_url: https://www.sec.gov/Archives/edgar/data/811589/000081158924000025/0000811589-24-000025-index.htm

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