First Bancorp in NC sets $13M aside for potential hurricane-related losses
First Bancorp in Southern Pines, N.C., reported lower quarterly profit as it braces for the potential financial impact of Hurricane Helene.
The $12 billion-asset company said in a press release that third-quarter net income fell by 37% from a year earlier, to $18.7 million. The company said it recorded a $13 million loan-loss provision “in anticipation of our customers’ potential challenges to recover from the storm.”
The hurricane created intense flooding in western North Carolina and upstate South Carolina in late September.
First Bancorp isn’t the only bank setting funds aside to cover potential hurricane-related losses.