#United States #Southern Pines #First Bancorp #First Bank #FBNC

First Bancorp Reports Impressive First Quarter Performance

Overview

In the latest financial disclosures, First Bancorp (NASDAQ: FBNC), the parent company of First Bank, announced strong unaudited results for the first quarter of 2025. The company's net income reached an impressive $36.4 million, translating to earnings of $0.88 per diluted share (D-EPS). This marks a remarkable increase from the prior quarter's net income of $3.6 million and also shows growth over the same period last year, where the net income was $25.3 million.

Financial Highlights

The results showcased a significant improvement in net interest income, which rose to $92.9 million for Q1 2025. This reflects a consistent upward trend compared to $88.8 million in the previous quarter and $79.3 million in Q1 2024. Notably, the tax-equivalent net interest margin (NIM-T/E) also expanded to 3.27%, a jump from 3.08% in the last quarter and 2.80% in Q1 2024. These increases can be attributed to the company's strategies aimed at enhancing interest income while managing expenses effectively.

First Bancorp maintained a focus on expense control, resulting in a decrease in noninterest expenses to $57.9 million, down from $58.3 million in the previous quarter and $59.2 million a year prior. This commitment to prudent financial management underscores the company’s approach to sustaining its growth momentum.

Loans and Deposits

Loan growth remained steady with total loans amounting to approximately $8.1 billion as of March 31, 2025. This figure indicates a modest increase, reflecting the bank's efforts to continue to serve its community effectively while capitalizing on opportunities for growth. In terms of deposits, First Bancorp reported average deposits of $10.6 billion, experiencing a net increase, largely attributed to growth in interest-bearing checking and money market accounts.

Strategic Developments

The company is poised for future advancements, particularly with Richard H. Moore stepping into the role of CEO and Chairman, alongside the promotion of Adam Currie to Chief Executive Officer of First Bank. This leadership transition reflects the company's focus on succession planning and commitment to strategic growth. Moore highlighted the importance of sustaining credit quality and effective balance sheet management while providing exceptional service to customers.

Outlook

As First Bancorp navigates the dynamic landscape of financial services, the company remains dedicated to maintaining a robust balance sheet and strategic liquidity, which currently positions it well for future opportunities. The liquidity ratio is healthy at 19.8%, providing ample capacity to respond to market conditions while ensuring customer needs are met efficiently.

In summary, First Bancorp's performance in the first quarter of 2025 illustrates a successful blend of strategic growth initiatives and responsive financial management. The bank's strong earnings report is a testament to its stability and resilience within a competitive environment, setting a positive trajectory for upcoming quarters.