First Bancorp Q1 net income $36.4M ($0.88 EPS), NIM expands 47bp YoY to 3.27%

FIRST BANCORP /NC/

2025-Q1 EPS reported $0.88

Net income $36.4M ($0.88 D-EPS) vs $3.6M ($0.08) linked quarter and $25.3M ($0.61) year ago; adjusted D-EPS $0.84.
NIM-T/E expanded to 3.27% (up 19bp linked, 47bp YoY); net interest income $92.9M, up 17.2% YoY.
Noninterest expenses $57.9M, down $1.3M YoY; FTE employees reduced by 18 to 1,353.
Loan growth $8.4M to $8.1B; deposits grew $214.1M to $10.7B; NPAs 0.27% of assets, net charge-offs 0.17%.
Common equity tier 1 ratio 14.53% (est.), up 18bp linked; repurchased 24,849 shares for $1.0M in Q1.

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