First Bancorp Q2 net income $28.7M ($0.70 EPS); NIM expands to 2.87%

FIRST BANCORP /NC/

2024-Q2 EPS reported $1.31

Net income $28.7M ($0.70 diluted EPS), up from $25.3M ($0.61) linked quarter; vs $29.4M ($0.71) year ago.
Tax-equivalent NIM rose 7 bps to 2.87% (linked qtr 2.80%); loan yield increased to 5.50%.
Customer deposits grew $336.6M; brokered deposits fell $152M; total deposits up $184.5M to $10.49B.
Nonperforming assets ratio 0.37% (down 2 bps linked); annualized net charge-offs 0.07%.
Estimated total risk-based capital ratio 16.23% (up from 15.85%); tangible common equity ratio 7.76%.

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