First Bancorp Q3 net income $18.7M ($0.45 EPS); $13M Hurricane Helene provision

FIRST BANCORP /NC/

2024-Q3 EPS reported $1.76

Net income $18.7M vs $28.7M linked quarter; adjusted net income $29.0M ($0.70) excluding Helene charges.
Recorded $13.0M incremental provision for credit losses related to Hurricane Helene; total provision $14.2M.
NIM (tax-equivalent) 2.90%, up 3 bps from linked quarter; total cost of funds steady at 1.81%.
Nonperforming assets to total assets 0.38%, up slightly from 0.37% linked quarter.
Loans $8.0B down 0.6% linked quarter; deposits grew $17.1M with brokered deposits declining.

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