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.

Total Revenue

$106M

Previous year: $96.1M