FIRST BANCORP /NC/ SEC 10-Q Report

First Bancorp /NC/, a prominent financial institution, has released its Form 10-Q report for the first quarter of 2025. The report showcases the company's robust financial performance and operational resilience, particularly in the face of challenging conditions such as Hurricane Helene. The following summary provides an in-depth look at the key financial and business highlights from the report.

Financial Highlights

• Total Interest Income: $132.7 million, driven by higher yields on earning assets.
• Net Interest Income: $92.9 million, a 17.2% increase from the prior year due to lower cost of funds and higher yield on interest earning assets.
• Net Income: $36.4 million, compared to $25.3 million in the prior year, primarily due to increased net interest income.
• Diluted EPS: $0.88, up from $0.61 in the prior year, reflecting improved profitability.
• Net Interest Margin (NIM-T/E): 3.27%, increased by 47 basis points from the prior year, indicating improved efficiency in earning assets.

Business Highlights

• Revenue Segments: The company reported a significant increase in net interest income, driven by higher yields on earning assets and a lower cost of funds. This was primarily due to the overall interest rate environment over the past year.
• Geographical Performance: The company identified approximately $722 million of loans outstanding in regions significantly impacted by Hurricane Helene, specifically in Western North and South Carolina. The company continues to evaluate the impact of the storm on borrowers and has adjusted reserves accordingly.
• Future Outlook: The company anticipates continued improvement in net interest margin due to the favorable interest rate environment and expects to maintain strong asset quality despite the challenges posed by Hurricane Helene. The company is also focused on managing its cost of funds and optimizing its balance sheet to support future growth.

SEC Filing: FIRST BANCORP /NC/ [ FBNC ] - 10-Q - May. 09, 2025