First Bancorp reports Q4 EPS $1.08, consensus $1.02

Reports $1.0M in provision for unfunded commitments in Q4, compared to a $300,000 provision for unfunded commitments for the linked quarter and a provision of $2.4M for the fourth quarter of FY21. Reports net charge-offs of 0.01% for the year ended December 31, 2022. Reports Q4 annualized return on average assets 1.44% and annualized return on average common equity of 15.20%. Richard H. Moore, CEO and Chairman of the Company, stated, "First Bancorp had another strong year of continued growth as we earned nearly $147M in net income, grew loans close to 10%, and improved our credit quality metrics over the course of the year. I am proud of our employees for their commitment to the communities we serve and for their continued focus on our customers, shareholders, and each other during our acquisition of GrandSouth and our October 2021 acquisition of Select Bancorp. We welcomed our new GrandSouth customers officially as of January 1 and look forward to system conversion in March 2023."