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AI brief of an SEC Form 8-K · First Bancorp (Southern Pines NC) (FBNC)

First Bancorp Q3 profit drops to $18.7 million after $13.4 million Helene charge

Negative Impact 4 of 5 earnings Written later

First Bancorp reported third-quarter 2024 net income of $18.7 million, or $0.45 per diluted share, down from $28.7 million, or $0.70, in the prior quarter and $29.9 million, or $0.73, a year earlier. The results include $13.4 million in pre-tax Hurricane Helene impacts, mainly a $13.0 million provision for potential credit losses, and excluding these items adjusted net income was $29.0 million, or $0.70 per share. For shareholders, the reported decline reflects the storm-related provision, while capital ratios rose during the quarter.

Key points

  • Q3 2024 net income $18.7 million, $0.45 per diluted share, versus $28.7 million ($0.70) in Q2 2024 and $29.9 million ($0.73) in Q3 2023
  • Hurricane Helene impacts totaled $13.4 million pre-tax ($10.3 million after taxes); provision for credit losses was $14.2 million
  • Adjusted net income was $29.0 million, or $0.70 per diluted share, for Q3 2024; nine-month net income was $72.7 million, or $1.76 per share, versus $74.5 million, or $1.81, a year earlier
  • Total common equity tier 1 ratio rose to 14.34% (estimated) at September 30, 2024, from 13.99% at June 30, 2024

The filing

CompanyFirst Bancorp (Southern Pines NC) (FBNC)
Form8-K, current report
Filed with the SECOct 23, 2024, 4:05 PM ET
Accession number0000811589-24-000061

Items reported: 2.02 Results of Operations

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 1:49 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 23, 2024.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.