As of September 30, 2024, First Bancorp (NC) reported total cash and cash equivalents of $744.4 million, a significant increase from $237.9 million at the end of 2023. Total deposits rose to $10.5 billion, up from $10.0 billion, reflecting a 4.7% growth. Conversely, borrowings decreased sharply to $91.7 million from $630.2 million, indicating a strategic reduction in debt. Total shareholders’ equity increased to $1.48 billion, compared to $1.37 billion at the end of 2023, driven by rising retained earnings, which reached $761.9 million.
For the third quarter of 2024, total interest income was $131.4 million, up from $123.9 million in the same period of 2023. However, total interest expense also increased to $48.4 million from $39.1 million, leading to a net interest income after provision for credit losses of $68.8 million, down from $84.7 million year-over-year. The net interest margin (NIM) decreased to 2.90% from 2.97%, primarily due to higher costs of funds.
Net income for the third quarter was $18.7 million, or $0.45 per share, a decline from $29.9 million, or $0.73 per share, in the prior year. This decrease was largely attributed to a $14.2 million increase in the provision for credit losses, which included $13.0 million related to Hurricane Helene. For the nine months ended September 30, 2024, net income was $72.7 million, down from $74.5 million in 2023.
Noninterest income for the third quarter decreased to $13.6 million from $15.2 million, while noninterest expenses fell to $59.9 million from $62.2 million, reflecting management's cost control efforts. The total allowance for credit losses (ACL) increased to $122.7 million, with 16 basis points attributed to potential impacts from Hurricane Helene.
The company completed the acquisition of GrandSouth Bancorporation on January 1, 2023, which has been reflected in its financials since that date. As of September 30, 2024, total loans outstanding were $8.0 billion, a decrease from $8.2 billion at the end of 2023. The nonperforming assets ratio slightly increased to 0.38% from 0.37%.
Overall, First Bancorp's financial performance in the third quarter of 2024 showed resilience amid challenging market conditions, with strategic adjustments in its asset and liability management contributing to its liquidity and capital position.
About FIRST BANCORP /NC/
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