First Bancorp reported third-quarter net income of $51.3 million, or $1.24 diluted earnings per share, compared to $1.22 in the linked quarter and $0.49 a year earlier. Net interest income rose 3.2% to $114.8 million, driven by loan growth and higher yields, while the net interest margin expanded 4 basis points to 3.75%. Total assets reached $13.2 billion with loans growing $116.2 million to $9.1 billion. Noninterest expenses increased slightly to $64.0 million, including $0.5 million in merger costs related to the pending acquisition of Carolina Bank. The company maintains strong capital levels with a total risk-based capital ratio of 16.22% and low asset quality metrics, reporting annualized net charge-offs of just 0.09%. First Bancorp is a bank holding company headquartered in North Carolina that operates First Bank across the Carolinas.
