secwatch.observer — SEC 8-K summary
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Issuer:     FIRST BANCORP /NC/ (FBNC)
CIK:        0000811589
Form:       8-K
Filed at:   2024-10-23T23:59:59+00:00
Accession:  0000811589-24-000061
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/811589/000081158924000061/0000811589-24-000061-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/811589/000081158924000061/fbnc-20241023.htm
  HTML page:      https://secwatch.observer/filing/0000811589-24-000061

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