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

First Bancorp Q4 profit falls to $3.6 million on $36.8 million securities loss

Mixed Impact 4 of 5 earnings Written later

First Bancorp reported fourth-quarter 2024 net income of $3.6 million, or $0.08 diluted EPS, down from $18.7 million ($0.45) in the prior quarter and $29.7 million ($0.72) a year earlier. The results include a $36.8 million loss from a securities loss-earnback transaction, and the company also reported adjusted diluted EPS of $0.76 for the quarter. For shareholders, reported profit fell sharply, while the company's adjusted measures and net interest income rose.

Key points

  • Q4 2024 net income was $3.6 million, or $0.08 diluted EPS, versus $18.7 million ($0.45) in Q3 2024 and $29.7 million ($0.72) in Q4 2023.
  • A $36.8 million loss on securities from a loss-earnback transaction reduced noninterest income to negative $23.2 million for the quarter.
  • Adjusted diluted EPS was $0.76 for Q4 2024, up from $0.70 in Q3 2024, according to the company's non-GAAP reconciliation.
  • Full-year 2024 net income was $76.2 million, or $1.84 diluted EPS, compared with $104.1 million, or $2.53, in 2023.

The filing

CompanyFirst Bancorp (Southern Pines NC) (FBNC)
Form8-K, current report
Filed with the SECJan 29, 2025, 4:05 PM ET
Accession number0000811589-25-000002

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 January 29, 2025.

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.