First Bancorp reported a significant increase in its financial performance for the first quarter of 2025, with net income rising to $36.4 million, or $0.88 per diluted share, compared to $25.3 million, or $0.61 per diluted share, in the same period last year. This 44.3% increase in net income was primarily driven by a $13.6 million rise in net interest income, which reached $92.9 million, reflecting a 17.2% increase from the previous year. The growth in net interest income was attributed to lower costs of funds and higher yields on interest-earning assets, influenced by the prevailing interest rate environment.
Total assets for First Bancorp increased by 2.4% to $12.4 billion as of March 31, 2025, up from $12.1 billion at the end of 2024. This growth was largely fueled by an increase in cash and cash equivalents, which rose by 52.2% to $772.4 million, and a modest increase in total loans, which amounted to $8.1 billion, reflecting a slight increase of $8.4 million from the previous quarter. Total deposits also saw a rise, increasing by $214.1 million, or 2.0%, to $10.7 billion, with growth evenly split between noninterest-bearing and interest-bearing deposits.
In terms of operational developments, First Bancorp maintained a strong capital position, with a common equity Tier 1 ratio of 14.52% and a total risk-based capital ratio of 16.80% as of March 31, 2025. The company reported a decrease in nonperforming assets to $33.9 million, down from $36.7 million at the end of 2024, indicating improved asset quality. The allowance for credit losses stood at $120.6 million, representing 1.49% of total loans, reflecting a slight decrease from the previous quarter.
Looking ahead, First Bancorp's management expressed optimism about the company's performance, citing the positive impact of the current interest rate environment on net interest income and the overall stability of its loan portfolio. The company continues to monitor the potential impacts of Hurricane Helene on its borrowers, with an allowance for credit losses specifically related to this event amounting to $11.0 million. The management remains focused on maintaining strong credit quality and capital ratios while navigating the evolving economic landscape.
About FIRST BANCORP /NC/
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