First Bancorp Q4 GAAP EPS $0.08 reflects $36.8M securities loss; adjusted EPS $0.76, up from $0.70 linked quarter

FIRST BANCORP /NC/

2024-FY EPS reported $1.84 revenue$70,123,000

Q4 2024 net income $3.6M vs $18.7M linked quarter; adjusted net income $31.7M, adjusted diluted EPS $0.76.
Sold $280M of 1.56% securities at $36.8M loss; reinvested $495M at 5.27% to boost future NIM.
Tax-equivalent NIM expanded 17 bps to 3.07% from linked quarter; cost of deposits fell 19 bps to 1.57%.
Hurricane Helene pretax charge of $13.4M ($10.3M after-tax) with loan exposure of $744M in impacted areas.
Full-year 2024 adjusted EPS $2.77 vs prior-year GAAP $2.53; CET1 ratio 14.33% (est.).

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