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FIRST BANCORP /NC/ [FBNC] reports annual net loss of $104.1 million
By USInMinutes - Feb 29, 2024, 05:29 AM ET
Last Updated - Feb 29, 2024, 05:29 AM EST
![FIRST BANCORP /NC/ [FBNC] reports annual net loss of $104.1 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FFBNC.png&w=3840&q=75)
Company Reports Revenue of $488.8 million
FIRST BANCORP /NC/ [FBNC] has reported a net loss of $104.1 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $488.8 million
Based in SOUTHERN PINES, North Carolina, FIRST BANCORP /NC/ operates in the FINANCE sector.
Interest income for the 12 months ended December 31, 2023, amounted to $488.8 million, showing an increase from $341.0 million in the same period of 2022 and $255.9 million in 2021. The interest and fees on loans contributed significantly to this rise.
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Interest expenses for the same period were $142.1 million, rising from $16.1 million in 2022 and $9.5 million in 2021. The growth in interest expenses was primarily driven by higher interest on deposits and borrowings.
Net interest income after provision for credit losses was $328.8 million in 2023, up from $312.5 million in 2022 and $231.4 million in 2021. This increase was supported by a favorable net interest margin and effective credit risk management.
Noninterest income for the period amounted to $57.5 million, lower compared to $68.0 million in 2022 and $73.6 million in 2021. The decrease was mainly due to lower service charges on deposit accounts and reduced gains from presold mortgage loans.
Noninterest expenses totaled $254.4 million in 2023, up from $195.2 million in 2022 and $184.7 million in 2021. The increase was driven by higher salaries, merger and acquisition expenses, and other operating expenses.
Income before income taxes for 2023 stood at $132.0 million, declining from $185.2 million in 2022 but higher than $120.3 million in 2021. The decrease was primarily due to higher expenses, partially offset by increased net interest income.
Net income for the current reporting period was $104.1 million, lower than $146.9 million in 2022 but higher than $95.6 million in 2021. The decrease in net income was mainly driven by higher income tax expenses.
Earnings per common share for 2023 were $2.54 for basic and $2.53 for diluted, compared to $4.12 for both basic and diluted in 2022 and $3.19 in 2021. The decrease in earnings per share was in line with the decline in net income.
In conclusion, the financial performance of the company in 2023 reflected a mixed trend with growth in net interest income but lower noninterest income and higher expenses compared to the previous reporting periods.
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