secwatch.observer — SEC 8-K summary
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Issuer:     FIRST BANCORP /NC/ (FBNC)
CIK:        0000811589
Form:       8-K
Filed at:   2024-04-24T23:59:59+00:00
Accession:  0000811589-24-000025
Event type: earnings
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/811589/000081158924000025/0000811589-24-000025-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/811589/000081158924000025/fbnc-20240424.htm
  HTML page:      https://secwatch.observer/filing/0000811589-24-000025

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer