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Mar 31, 2023
First Bancorp Q1 2023 Earnings Report
First Bancorp reported first quarter results impacted by acquisition of GrandSouth Bancorporation.
Key Takeaways
First Bancorp reported net income of $15.2 million, or $0.37 per diluted common share, for the first quarter of 2023. The results were impacted by charges associated with the acquisition of GrandSouth Bancorporation, including merger expenses and a one-time loan loss provision.
Loans totaled $7.8 billion, with acquired balances contributing $1.02 billion.
Total deposits grew $95.2 million organically, excluding acquired balances of $1.05 billion.
Tax equivalent net interest margin remained essentially flat with the linked quarter at 3.31%.
Credit quality continues to be strong with decreases in nonperforming assets for the fifth straight quarter.
First Bancorp
First Bancorp
Forward Guidance
No specific forward guidance was provided in the press release.