First Bancorp Reports Fourth Quarter and Full Year Results

$FBNC
Major Banks
Finance
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SOUTHERN PINES, N.C., Jan. 29, 2025 /PRNewswire/ -- First Bancorp (the "Company") (NASDAQ - FBNC), the parent company of First Bank, reported unaudited fourth quarter and full year earnings today.  The Company announced net income of $3.6 million, or $0.08 diluted earnings per share ("EPS"), for the three months ended December 31, 2024 compared to $18.7 million, or $0.45 diluted earnings per common share, for the three months ended September 30, 2024 ("linked quarter") and $29.7 million, or $0.72 diluted earnings per common share, for the fourth quarter of 2023 ("like quarter").  For the twelve months ended December 31, 2024, the Company recorded net income of $76.2 million, or $1.84 diluted earnings per common share, compared to $104.1 million, or $2.53 diluted earnings per common share, for the twelve months ended December 31, 2023.  These results include the potential impacts of Hurricane Helene of $13.4 million ($10.3 million after-taxes) as well as the securities loss of $36.8 million ($28.2 million after-taxes) described in the following paragraph.

During the fourth quarter of 2024, to take advantage of the current yields on certain categories of bonds, the Company executed a securities loss-earnback transaction including the sale of $280 million of available-for-sale securities bearing 1.56% at a loss of approximately $36.8 million.  During the fourth quarter of 2024, the Company invested a total of $495 million in available-for-sale securities bearing 5.27%.  Our adjusted net income was $31.7 million, or an adjusted $0.76 diluted earnings per share, for the fourth quarter of 2024, compared to adjusted net income of $29.0 million, or an adjusted $0.70 diluted earnings per share for the linked quarter and net income of $29.7 million, or $0.72 diluted earnings per share for the like quarter.  For the twelve months ended December 31, 2024, our adjusted net income was $114.6 million, or an adjusted $2.77 diluted earnings per share, as compared to net income of $104.1 million, or $2.53 diluted earnings per share. The reconciliation from net income and EPS to adjusted net income and adjusted EPS is presented in Appendix E.

Richard H. Moore, CEO and Chairman of the Company, stated, "I am proud of our Company's results this quarter, in particular our ability to maximize the impact of rate cuts.  We also continued to exhibit our service excellence culture in supporting our teammates, customers and communities in the wake of Hurricane Helene.  We have positive momentum starting 2025 with fourth quarter adjusted net income of  $31.7 million, and adjusted diluted earnings per share of $0.76, both of which are meaningful increases from the third quarter.  We look forward to seeing the benefit of our hard work and strategic balance sheet initiatives that should provide tailwinds for 2025."

Fourth Quarter 2024 Highlights

  • Tax equivalent net interest margin ("NIM") increased 17 basis points to 3.07% for the fourth quarter of 2024, up from 2.90% for the linked quarter and 2.88% in the like quarter. For the twelve months ended December 31, 2024, NIM fell to 2.91% from 3.06% in the same period in 2023. The Federal Reserve rate reductions In September, November and December benefited our fourth quarter NIM.
  • Total loan yield contracted to 5.47%, down 4 basis points from the linked quarter and expanded 8 basis points from the like quarter. Total cost of funds fell 19 basis points to 1.62% for the quarter ended December 31, 2024 from 1.81% for the linked quarter.
  • The securities loss-earnback transaction was executed at the end of November and resulted in an increase of 25 basis points in the yield on the securities portfolio for the fourth quarter of 2024. Because of the timing of the transaction, the increased yield on the new purchases was included for less than half of the fourth quarter.
  • Average deposits were $10.6 billion for the fourth quarter of 2024, an increase of $99.4 million from the linked quarter, with average noninterest bearing deposit growth of $51.6 million. Total cost of deposits was 1.57%, a decrease of 19 basis points from 1.76% for the linked quarter and an increase of 16 basis points from 1.41% for the like quarter.
  • The Company continues to focus on prudent expense management. Noninterest expenses declined $1.6 million from the linked quarter to $58.3 million for the fourth quarter of 2024. The decrease was driven by a $1.3 million decrease in Total personnel expense. Full-time equivalent employees remained consistent on a linked quarter basis. For the twelve months ended December 31, 2024 noninterest expenses declined $18.8 million, driven by $13.7 million of merger and acquisition expenses in 2023, a decline of $2.8 million in other operating expenses, a $1.4 million decline in amortization expense and a $1.0 million decline in occupancy and equipment related expenses. Total personnel expense remained substantially unchanged year over year. Full time equivalent employees decreased by 50 from 1,421 at December 31, 2023 to 1,371 at December 31, 2024.
  • EPS was $0.08 per diluted share for the fourth quarter of 2024 and $1.84 per diluted share for the twelve months ended December 31, 2024. Adjusted diluted EPS for the fourth quarter of 2024 was $0.76, up from the linked quarter's adjusted diluted EPS of $0.70 and increased to an adjusted diluted EPS of $2.77 for the twelve months ended December 31, 2024 from $2.53 for the twelve months ended December 31, 2023. See Appendix E for the components of this calculation.
  • Net income was $3.6 million for the fourth quarter of 2024 and $76.2 million for the twelve months ended December 31, 2024. Adjusted net income increased to $114.6 million for the twelve months ended December 31, 2024 from net income of $104.1 million for the twelve months ended December 31, 2023. See Appendix E for the components of this calculation.
  • Capital remained strong at year end, despite the recognition of the loss from the securities loss-earnback transaction, with a common equity tier 1 ratio of 14.33% (estimated) and a total risk-based capital ratio of 16.61% (estimated) as of December 31, 2024, both well above regulatory minimums or targets.
  • Credit quality remains strong with a nonperforming assets ("NPA") to total assets ratio of 0.39% as of December 31, 2024, an increase of 1 basis point from the linked quarter. During the fourth quarter of 2024, the Company recorded net charge offs of $0.9 million, an annualized 0.04% of average loans.
  • Loan growth accelerated during the quarter, with loans totaling $8.1 billion at December 31, 2024, and reflecting growth of $81.1 million, or 4.03%, for the quarter. Consistent with our early 2024 focus on increasing liquidity, loans contracted year-over-year by $55.4 million, or 0.68%.
  • Noninterest-bearing demand accounts were 32% of total deposits at December 31, 2024, which is consistent with historical trends. During the fourth quarter of 2024, customer deposits grew $25.5 million and brokered deposits contracted $0.1 million.
  • The on-balance sheet liquidity ratio was 17.6% at December 31, 2024, down slightly from 17.7% for the linked quarter. Available off-balance sheet sources totaled $2.4 billion at December 31, 2024, resulting in a total liquidity ratio of 34.9%.

Net Interest Income and Net Interest Margin

Net interest income for the fourth quarter of 2024 was $88.8 million compared to $83.0 million for the linked quarter, reflecting an increase of 7.0%, and $82.5 million for the like quarter, reflecting an increase of 7.6%.  The increase in net interest income from the linked and like quarters was driven by the increased yield on the securities portfolio from the loss-earnback transaction along with the Company's focused efforts to manage deposit costs.

The Company's tax-equivalent NIM for the fourth quarter of 2024 was 3.07%, an increase of 17 basis points compared to 2.90% for the linked quarter.  Within interest-earning assets, the loss-earnback transaction in the securities portfolio during the quarter resulted in an increase of 25 basis points as compared to the linked quarter. This was partially offset by a decrease of 4 basis points in loan yields. With the three rate cuts by the Federal Reserve between September and December, the rate on interest-bearing deposits fell 28 basis points during the quarter ended December 31, 2024.  The like quarter expansion of tax-equivalent NIM of 19 basis points was also the result of the securities loss-earnback transaction and an increase of 8 basis points in loan yields, partially offset by an increase of 17 basis points in the rate on interest-bearing deposits.





For the Three Months Ended

YIELD INFORMATION



December 31, 2024



September 30, 2024



December 31, 2023















Yield on loans



5.47 %



5.51 %



5.39 %

Yield on securities



1.95 %



1.70 %



1.76 %

Yield on other earning assets



4.49 %



4.90 %



4.49 %

Yield on total interest-earning assets



4.54 %



4.55 %



4.38 %















Cost on interest-bearing deposits



2.31 %



2.59 %



2.14 %

Cost on borrowings



7.66 %



7.97 %



6.02 %

Cost on total interest-bearing liabilities



2.38 %



2.66 %



2.43 %

Total cost of funds



1.62 %



1.81 %



1.64 %

Cost on total deposits



1.57 %



1.76 %



1.41 %















Net interest margin (1)



3.05 %



2.88 %



2.85 %

Net interest margin - tax-equivalent (2)



3.07 %



2.90 %



2.88 %

Average prime rate



7.81 %



8.43 %



8.50 %















(1)  Calculated by dividing annualized net interest income by average earning assets for the period.



(2)  Calculated by dividing annualized tax-equivalent net interest income by average earning assets for the period. The tax-equivalent amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax-exempt status.  This amount has been computed assuming a 23% tax rate and is reduced by the related nondeductible portion of interest expense.

 

Included in interest income for the fourth quarter of 2024 was loan purchase accounting discount accretion of $2.2 million compared to $2.0 million for the linked quarter and $2.5 million for the like quarter, with the activity related to the continued repayments/reduction of the loan portfolio acquired from GrandSouth Bancorporation in January of 2023.  Loan discount accretion had positive impacts of 6 basis points, 6 basis points and 11 basis points, respectively, on the Company's NIM in the fourth quarter of 2024, the linked quarter and the like quarter. 

The following table presents the impact to net interest income of the purchase accounting adjustments for each period.





For the Three Months Ended

NET INTEREST INCOME PURCHASE ACCOUNTING ADJUSTMENTS

($ in thousands)



December 31,

2024



September 30,

2024



December 31,

2023















Interest income - increased by accretion of loan discount on acquired loans



$               2,195



$               2,003



$               2,464

Total interest income impact



2,195



2,003



2,464

Interest expense - increased by discount accretion on deposits



(145)



(174)



(495)

Interest expense - increased by discount accretion on borrowings



(195)



(193)



(207)

Total net interest expense impact



(340)



(367)



(702)

Total impact on net interest income



$               1,855



$               1,636



$               1,762

 

Provision for Credit Losses and Credit Quality

For the three months ended December 31, 2024 and December 31, 2023, the Company recorded $0.5 million and $3.0 million in provision for credit losses, respectively. The provision for the fourth quarter of 2024 was driven by loan growth of $81.1 million and net charge-offs of $0.9 million partially offset by generally positive updated economic forecasts, which are a key driver in the Company's CECL model, as well as a reduction in the level of unfunded commitments.  Within the portions of Western North and South Carolina that were significantly impacted by Hurricane Helene, the Company identified borrowers with approximately $744 million of loans outstanding as of December 31, 2024. Consistent with the end of the third quarter, the Company continues to update analyses to identify impacts from the storm and has applied increased reserve rates based upon severe economic factors to the loans in the path of Helene.  Additionally, the Company continues to evaluate the largest commercial loans in that population and applied incremental reserves to those loans that were suspected of having higher potential property damage or economic impact from the storm.  The incremental reserve for potential exposure from Hurricane Helene was $13.0 million, consistent with September 30, 2024, and added 16 basis points to the Allowance for Credit Losses as of December 31, 2024.

Asset quality remained strong with annualized net loan charge-offs of 0.04% for the fourth quarter of 2024.  Total NPAs remained at a low level at $46.9 million at December 31, 2024, or 0.39% of total assets, up slightly from  0.38% at September 30, 2024.  At December 31, 2023, total NPAs were $44.8 million, or 0.37% of total assets,with the increase year-over-year being attributable primarily to additions to foreclosed real estate, partially offset by a decrease in nonperforming loans. Of the $3.4 million net increase in foreclosed real estate during the fourth quarter of 2024, $3.0 million was attributable to one property.

The following table presents the summary of NPAs and asset quality ratios for each period.

ASSET QUALITY DATA

($ in thousands)



December 31,

2024



September 30,

2024



December 31,

2023















Nonperforming assets













Nonaccrual loans



$          31,779



$          34,125



$          32,208

Modifications to borrowers in financial distress



10,173



10,262



11,719

Total nonperforming loans



41,952



44,387



43,927

Foreclosed real estate



4,965



1,519



862

Total nonperforming assets



$          46,917



$          45,906



$          44,789















Asset Quality Ratios













Quarterly net charge-offs to average loans - annualized



0.04 %



0.11 %



0.09 %

Nonperforming loans to total loans



0.52 %



0.55 %



0.54 %

Nonperforming assets to total assets



0.39 %



0.38 %



0.37 %

Allowance for credit losses to total loans



1.51 %



1.53 %



1.35 %

 

Noninterest Income

Total noninterest income for the fourth quarter of 2024 was negative $23.2 million, reflecting the inclusion of the $36.8 million loss on securities.  Excluding the loss on securities, noninterest income totaled $13.6 million during the fourth quarter of 2024, a 0.5% increase from the $13.6 million recorded for the linked quarter.  As compared to the like quarter, noninterest income, excluding the loss on securities, was 5.9% lower primarily due to a reduction of  $1.6 million in Other income, net.

Noninterest Expenses

Noninterest expenses amounted to $58.3 million for the fourth quarter of 2024 compared to $59.9 million for the linked quarter and $56.4 million for the like quarter.  The $1.6 million, or 2.6%, decrease in noninterest expense from the linked quarter was driven by a $1.5 million decrease in Salaries, incentives and commissions expense, as the Company continues to actively manage headcount and variable compensation declined from third quarter to fourth quarter.

As compared to the like quarter, the increases in Salaries, incentives and commissions expense of $1.4 million and Other operating expenses of $1.8 million were partially offset by a decrease in Occupancy and equipment related expenses of $1.3 million.  The increase in Salaries, incentives and commissions was driven by prior year reductions in variable compensation related to 2023 performance results.  The decrease in other operating expenses is the result of a one-time pension related benefit in the like quarter.  The like quarter Occupancy and equipment expense included elevated expenses related to building repairs and maintenance.

Income Taxes

Income tax expense totaled $3.3 million for the fourth quarter of 2024 compared to $3.9 million for the linked quarter and $8.0 million for the like quarter. These equated to effective tax rates of 48.4%, 17.2% and 21.3%.  The fourth quarter of 2024 included $2.4 million of incremental state tax-related expense related to prior years, changes in state tax apportionment, and the negative impact of decreasing deferred tax assets related to the NC corporate income tax reduction effective January 1, 2025 and for future years. 

Income tax expense for the year ended December 31, 2024 was $21.9 million compared to $27.8 million for the previous year.  These equated to effective tax rates of 22.3% and 21.1%.  The primary contributor to the increased effective tax rate was the aforementioned incremental state tax-related expense items.

Balance Sheet

Total assets at December 31, 2024 amounted to $12.1 billion, a decrease of $5.7 million, or 0.19% annualized, from the linked quarter and an increase of $32.8 million, or 0.27%, from a year earlier.  The slight decrease from the linked quarter was primarily related to lower interest-bearing cash balances, partially offset by higher investment securities and loan balances.

Quarterly average balances for key balance sheet components are presented below.





For the Three Months Ended

AVERAGE BALANCES

($ in thousands)



December 31,

2024



September 30,

2024



December 31,

2023



Change

4Q24 vs 3Q24



Change

4Q24 vs 4Q23























Total assets



$ 12,243,771



$ 12,126,613



$ 12,026,195



1.0 %



1.8 %

Investment securities, at amortized cost



2,825,154



2,784,863



3,143,756



1.4 %



(10.1) %

Loans



7,993,671



8,019,730



8,087,450



(0.3) %



(1.2) %

Earning assets



11,592,480



11,489,227



11,477,007



0.9 %



1.0 %

Deposits



10,608,629



10,509,237



10,131,094



0.9 %



4.7 %

Interest-bearing liabilities



7,272,728



7,230,326



7,204,165



0.6 %



1.0 %

Shareholders' equity



1,466,181



1,445,029



1,280,812



1.5 %



14.5 %

 

Driven by additional purchases and the loss-earnback transaction in the securities portfolio during the fourth quarter of 2024, and partially offset by increased unrealized losses on the available for sale securities portfolio, total investment securities increased to $2.6 billion at  December 31, 2024, reflecting a $133.8 million increase from the linked quarter.  Total unrealized loss on available for sale investment securities was $368.1 million at December 31, 2024, as compared to $331.5 million at September 30, 2024 and $400.7 million at December 31, 2023.  As part of the loss-earnback transaction in the securities portfolio, $283.8 million of securities were sold at a loss of $36.8 million and $495.0 million of securities were purchased, with a weighted average yield of 5.27%.

Total loans amounted to $8.1 billion at December 31, 2024, an increase of $81.1 million, or 4.0%, from  September 30, 2024 and a decrease of $55.4 million, or 0.7%, from December 31, 2023.  As presented below, the total loan portfolio mix has remained relatively consistent with the exception of Construction, development & other land loans, which, as a percentage of the loan portfolio, has fallen from 12% at December 31, 2023 to 8% at December 31, 2024.  As of December 31, 2024, there were no notable concentrations in geographies within North Carolina and South Carolina or industries, including in office or hospitality categories, which are included in the "commercial real estate - non-owner occupied" category in the table below.  The Company's exposure to non-owner occupied office loans represented approximately 5.6% of the total portfolio at December 31, 2024, with the largest loan being $26.5 million and an average loan outstanding balance of $1.3 million.  Non-owner occupied office loans are generally in non-metro markets and the 10 largest loans in this category represent less than 2% of the total loan portfolio.

The following table presents the balance and portfolio percentage by loan category for each period.

LOAN PORTFOLIO



December 31, 2024



September 30, 2024



December 31, 2023

($ in thousands)



Amount



Percentage



Amount



Percentage



Amount



Percentage



























Commercial and industrial



$      919,690



11 %



$      847,284



11 %



$      905,862



11 %

Construction, development & other land loans



647,167



8 %



760,949



9 %



992,980



12 %

Commercial real estate - owner occupied



1,248,812



16 %



1,226,050



15 %



1,259,022



16 %

Commercial real estate - non-owner occupied



2,625,554



33 %



2,572,901



32 %



2,528,060



31 %

Multi-family real estate



506,407



6 %



460,565



6 %



421,376



5 %

Residential 1-4 family real estate



1,729,322



21 %



1,737,133



22 %



1,639,469



20 %

Home equity loans/lines of credit



345,883



4 %



331,072



4 %



335,068



4 %

Consumer loans



70,653



1 %



76,787



1 %



68,443



1 %

Loans, gross



8,093,488



100 %



8,012,741



100 %



8,150,280



100 %

Unamortized net deferred loan fees



1,188







797







(178)





Total loans



$   8,094,676







$   8,013,538







$   8,150,102





 

Total deposits were $10.5 billion at December 31, 2024, an increase of $25.6 million, or 1.0%, from  September 30, 2024 and an increase of $498.9 million, or 5.0%, from December 31, 2023. The quarter-to-date deposit growth is comprised of organic growth of customer deposits of $25.5 million, partially offset by a contraction of $0.1 million in brokered deposits.

The Company has a diversified and granular deposit base which has remained a stable funding source with noninterest-bearing deposits comprising 32% of total deposits at December 31, 2024.  Our deposit mix has remained relatively consistent, with the exception of increased growth in money market accounts, as presented in the table below.

DEPOSIT PORTFOLIO



December 31, 2024



September 30, 2024



December 31, 2023

($ in thousands)



Amount



Percentage



Amount



Percentage



Amount



Percentage



























Noninterest-bearing checking accounts



$   3,367,624



32 %



$   3,350,237



32 %



$   3,379,876



34 %

Interest-bearing checking accounts



1,398,395



13 %



1,426,356



13 %



1,411,142



14 %

Money market accounts



4,285,405



41 %



4,189,174



40 %



3,653,506



36 %

Savings accounts



542,133



5 %



541,501



5 %



603,362



6 %

Other time deposits



566,514



5 %



602,148



6 %



610,887



6 %

Time deposits >$250,000



360,854



4 %



385,995



4 %



355,209



4 %

Total customer deposits



10,520,925



100 %



10,495,411



100 %



10,013,982



100 %

Brokered deposits



9,600



— %



9,518



— %



17,617



— %

Total deposits



$ 10,530,525



100 %



$ 10,504,929



100 %



$ 10,031,599



100 %

 

As of December 31, 2024 and September 30, 2024, estimated insured deposits totaled $6.4 billion, or 61.0%, and $6.5 billion, or 61.8%, respectively, of total deposits.  In addition, at December 31, 2024 and September 30, 2024, there were collateralized deposits of $690.5 million and $730.8 million, respectively, such that approximately 67.6% and 68.7%, respectively, of our total deposits were insured or collateralized at the current quarter end.

Capital

The Company remains well-capitalized by all regulatory standards, with an estimated total risk-based capital ratio at December 31, 2024 of 16.61%, down from  the linked quarter ratio of 16.65% and up from the like quarter ratio of 15.54%.   The decrease during the fourth quarter of 2024 in risk-based capital ratios was driven by the securities loss-earnback transaction during the quarter with additional impacts from shifts in the balance sheet with a decrease in interest earning cash and increases in loans and securities that carry higher regulatory risk-weightings.

The Company has elected to exclude accumulated other comprehensive income ("AOCI") related primarily to available for sale securities from common equity tier 1 capital.  AOCI is included in the Company's tangible common equity ("TCE") to tangible assets ratio (a non-GAAP financial measure) which was 8.22% at December 31, 2024, a decrease of 25 basis points from the linked quarter and an increase of 66 basis points from December 31, 2023.  The decrease in TCE during the fourth quarter of 2024 was driven by the securities loss-earnback transaction and an increase in the level of unrealized losses on the available for sale securities portfolio during the quarter. The increase in TCE as compared to the like period was driven by earnings and improvements in the level of unrealized losses on the available for sale investment portfolio since that date.  Refer to Appendix B for a reconciliation of common equity to TCE and Appendix D for a calculation of the TCE ratio.

CAPITAL RATIOS



December 31, 2024

(estimated)



September 30,

2024



December 31,

2023















Tangible common equity to tangible assets (non-GAAP)



8.22 %



8.47 %



7.56 %

Common equity tier I capital ratio



14.33 %



14.37 %



13.20 %

Tier I leverage ratio



11.13 %



11.29 %



10.91 %

Tier I risk-based capital ratio



15.15 %



15.19 %



13.99 %

Total risk-based capital ratio



16.61 %



16.65 %



15.54 %

 

Liquidity

Liquidity is evaluated as both on-balance sheet (primarily cash and cash-equivalents, unpledged securities and other marketable assets) and off-balance sheet (readily available lines of credit and other funding sources).  The Company continues to manage liquidity sources, including unused lines of credit, at levels believed to be adequate to meet its operating needs for the foreseeable future. 

The Company's on-balance sheet liquidity ratio (net liquid assets as a percent of net liabilities) at December 31, 2024 was 17.6%.  In addition, the Company had approximately $2.4 billion in available lines of credit at that date resulting in a total liquidity ratio of 34.9%. 

About First Bancorp

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets of $12.1 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 113 branches in North Carolina and South Carolina.  Since 1935, First Bank has taken a tailored approach to banking, combining best-in-class financial solutions, helpful local expertise, and technology to manage a home or business.  First Bank also provides SBA loans to customers through its nationwide network of lenders. Member FDIC, Equal Housing Lender.

Please visit our website at www.LocalFirstBank.com for more information.

First Bancorp's common stock is traded on The NASDAQ Global Select Market under the symbol "FBNC."

Caution about Forward-Looking Statements: This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which statements are inherently subject to risks and uncertainties.  Forward-looking statements are statements that include projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact.  Such statements are often characterized by the use of qualifying words (and their derivatives) such as "expect," "believe," "estimate," "plan," "project," "anticipate," or other words or phrases concerning opinions or judgments of the Company and its management about future events.  Factors that could influence the accuracy of such forward-looking statements include, but are not limited to, the financial success or changing strategies of the Company's customers, the Company's level of success in integrating acquisitions, actions of government regulators, the level of market interest rates, and general economic conditions.  For additional information about the factors that could affect the matters discussed in this paragraph, see the "Risk Factors" section of the Company's most recent Annual Report on Form 10-K available at www.sec.gov.  Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.  The Company is also not responsible for changes made to this press release by wire services, internet services or other media.

First Bancorp and Subsidiaries

Financial Summary

 

CONSOLIDATED INCOME STATEMENT







For the Three Months Ended



For the Twelve Months Ended

($ in thousands, except per share data - unaudited)



December 31,

2024



September 30,

2024



December 31,

2023



December 31,

2024



December 31,

2023

Interest income





















Interest and fees on loans



$      109,835



$      111,076



$      109,855



$      441,181



$      418,853

Interest on investment securities:





















Taxable interest income



12,712



10,779



12,861



47,510



52,276

Tax-exempt interest income



1,116



1,116



1,117



4,466



4,485

Other, principally overnight investments



8,732



8,438



2,784



26,083



13,330

Total interest income



132,395



131,409



126,617



519,240



488,944

Interest expense





















Interest on deposits



41,786



46,420



35,979



172,085



114,866

Interest on borrowings



1,768



1,946



8,110



14,882



27,235

Total interest expense



43,554



48,366



44,089



186,967



142,101

Net interest income



88,841



83,043



82,528



332,273



346,843

Provision for credit losses



507



14,200



2,950



16,448



17,813

Net interest income after provision for credit losses



88,334



68,843



79,578



315,825



329,030

Noninterest income





















Service charges on deposit accounts



4,293



4,320



4,413



16,620



16,800

Other service charges and fees



5,828



5,555



4,924



22,267



22,085

Presold mortgage loan fees and gains on sale



676



690



325



2,292



1,613

Commissions from sales of financial products



1,202



1,371



1,577



5,270



5,503

SBA loan sale gains



291



1,108



437



3,630



2,489

Bank-owned life insurance income



1,225



1,205



1,134



4,773



4,350

Securities losses, net



(36,820)







(37,981)



Other Income, net



128



(670)



1,688



1,028



4,465

Total noninterest income



(23,177)



13,579



14,498



17,899



57,305

Noninterest expenses





















Salaries incentives and commissions expense



28,447



29,955



27,004



113,853



114,415

Employee benefit expense



6,702



6,495



6,358



26,169



25,436

Total personnel expense



35,149



36,450



33,362



140,022



139,851

Occupancy and equipment expense



4,690



4,856



5,948



19,984



20,990

Merger and acquisition expenses







189





13,695

Intangibles amortization expense



1,563



1,613



1,856



6,604



8,003

Other operating expenses



16,877



16,931



15,031



68,997



71,840

Total noninterest expenses



58,279



59,850



56,386



235,607



254,379

Income before income taxes



6,878



22,572



37,690



98,117



131,956

Income tax expense



3,327



3,892



8,016



21,902



27,825

Net income



$           3,551



$         18,680



$         29,674



$         76,215



$      104,131

Earnings per common share:





















Basic



$             0.09



$             0.45



$             0.72



$             1.85



$             2.54

Diluted



0.08



0.45



0.72



1.84



2.53

 

First Bancorp and Subsidiaries

Financial Summary

 

CONSOLIDATED BALANCE SHEETS



($ in thousands - unaudited)



December 31,

2024



September 30,

2024



December 31,

2023

Assets













Cash and due from banks, noninterest-bearing



$             78,596



$             74,034



$           100,891

Due from banks, interest-bearing



428,911



670,407



136,964

Total cash and cash equivalents



507,507



744,441



237,855















Securities available for sale



2,043,062



1,907,458



2,189,379

Securities held to maturity



519,998



521,801



533,678

Presold mortgages and SBA loans held for sale



5,942



9,888



2,667















Loans



8,094,676



8,013,538



8,150,102

Allowance for credit losses on loans



(122,572)



(122,718)



(109,853)

Net loans



7,972,104



7,890,820



8,040,249















Premises and equipment, net



143,459



144,868



150,957

Accrued interest receivable



36,329



32,890



37,351

Goodwill



478,750



478,750



478,750

Other intangible assets, net



22,904



24,466



29,507

Bank-owned life insurance



188,460



187,236



183,897

Other assets



229,179



210,812



230,652

Total assets



$      12,147,694



$      12,153,430



$      12,114,942















Liabilities













Deposits:













Noninterest-bearing deposits



$        3,367,624



$        3,350,237



$        3,379,876

Interest-bearing deposits



7,162,901



7,154,692



6,651,723

Total deposits



10,530,525



10,504,929



10,031,599















Borrowings



91,876



91,694



630,158

Accrued interest payable



4,604



5,566



5,699

Other liabilities



75,078



73,716



75,106

Total liabilities



10,702,083



10,675,905



10,742,562















Shareholders' equity













Common stock



971,313



970,450



963,990

Retained earnings



756,327



761,881



716,420

Stock in rabbi trust assumed in acquisition



(1,148)



(1,148)



(1,385)

Rabbi trust obligation



1,148



1,148



1,385

Accumulated other comprehensive loss



(282,029)



(254,806)



(308,030)

Total shareholders' equity



1,445,611



1,477,525



1,372,380

Total liabilities and shareholders' equity



$      12,147,694



$      12,153,430



$      12,114,942

 

First Bancorp and Subsidiaries

Financial Summary

 

TREND INFORMATION







For the Three Months Ended





December 31,

2024



September 30,

2024



June 30,

2024



March 31,

2024



December 31,

2023























PERFORMANCE RATIOS (annualized)





















Return on average assets (1)



0.12 %



0.61 %



0.96 %



0.84 %



0.98 %

Return on average common equity (2)



1.29 %



5.48 %



8.75 %



7.78 %



9.68 %

Return on average tangible common equity (3)



1.93 %



8.30 %



13.60 %



12.13 %



15.76 %























COMMON SHARE DATA





















Cash dividends declared - common



$          0.22



$          0.22



$          0.22



$          0.22



$          0.22

Book value per common share



$        34.96



$        35.74



$        34.10



$        33.44



$        33.38

Tangible book value per share (4)



$        23.17



$        23.91



$        22.19



$        21.49



$        21.39

Common shares outstanding at end of period



41,347,418



41,340,099



41,187,943



41,156,286



41,109,987

Weighted average shares outstanding - diluted



41,422,973



41,366,743



41,262,091



41,249,636



41,207,945























CAPITAL INFORMATION (estimates for current quarter)

















Tangible common equity to tangible assets (5)



8.22 %



8.47 %



7.90 %



7.62 %



7.56 %

Common equity tier I capital ratio



14.33 %



14.37 %



13.99 %



13.50 %



13.20 %

Total risk-based capital ratio



16.61 %



16.65 %



16.24 %



15.85 %



15.54 %























(1)  Calculated by dividing annualized net income by average assets.

(2) Calculated by dividing annualized tangible net income (net income adjusted for intangible asset amortization, net of tax), by average common equity.  See Appendix A for the components of the calculation.

(3) Return on average tangible common equity is a non-GAAP financial measure.  See Appendix A for the components of the calculation and the reconciliation of average common equity to average TCE.

(4)  Tangible book value per share is a non-GAAP financial measure.  See Appendix B for a reconciliation of common equity to tangible common equity and Appendix C for the resulting calculation.

(5)  Tangible common equity ratio is a non-GAAP financial measure.  See Appendix B for a reconciliation of common equity to tangible common equity and Appendix D for the resulting calculation.

 





For the Three Months Ended

INCOME STATEMENT

($ in thousands except per share data)



December 31,

2024



September 30,

2024



June 30,

2024



March 31,

2024



December 31,

2023























Net interest income - tax-equivalent (1)



$         89,587



$         83,765



$         81,848



$         80,005



$         83,269

Taxable equivalent adjustment (1)



746



722



733



731



741

Net interest income



88,841



83,043



81,115



79,274



82,528

Provision for credit losses



507



14,200



541



1,200



2,950

Noninterest income



(23,177)



13,579



14,601



12,896



14,498

Merger and acquisition expenses











189

Other noninterest expense



58,279



59,850



58,291



59,187



56,197

Income before income taxes



6,878



22,572



36,884



31,783



37,690

Income tax expense



3,327



3,892



8,172



6,511



8,016

Net income



3,551



18,680



28,712



25,272



29,674























Earnings per common share - diluted



$             0.08



$             0.45



$             0.70



$             0.61



$             0.72























(1) This amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax-exempt status.  This amount has been computed assuming a 23% tax rate and is reduced by the related nondeductible portion of interest expense.

 

First Bancorp and Subsidiaries

Financial Summary

 

AVERAGE BALANCES AND NET INTEREST INCOME ANALYSIS - QUARTERS



For the Three Months Ended



December 31, 2024



September 30, 2024



December 31, 2023

($ in thousands)

Average

Volume



Interest

Earned

or Paid



Average

Rate



Average

Volume



Interest

Earned

or Paid



Average

Rate



Average

Volume



Interest

Earned

or Paid



Average

Rate

Assets



































Loans (1) (2)

$   7,993,671



$    109,835



5.47 %



$   8,019,730



$    111,076



5.51 %



$   8,087,450



$    109,855



5.39 %

Taxable securities

2,535,232



12,712



1.99 %



2,493,924



10,779



1.72 %



2,849,540



12,861



1.79 %

Non-taxable securities

289,922



1,116



1.53 %



290,939



1,116



1.53 %



294,216



1,117



1.51 %

Short-term investments, primarily interest-bearing cash

773,655



8,732



4.49 %



684,634



8,438



4.90 %



245,801



2,784



4.49 %

Total interest-earning assets

11,592,480



132,395



4.54 %



11,489,227



131,409



4.55 %



11,477,007



126,617



4.38 %

Cash and due from banks

80,481











84,060











89,320









Premises and equipment

144,467











146,448











151,748









Other assets

426,343











406,878











308,120









Total assets

$  12,243,771











$  12,126,613











$  12,026,195









Liabilities



































Interest-bearing checking

$   1,389,063



$       2,438



0.70 %



$   1,393,611



$       2,688



0.77 %



$   1,398,797



$       1,987



0.56 %

Money market deposits

4,273,170



31,430



2.93 %



4,173,884



34,878



3.32 %



3,659,119



26,380



2.86 %

Savings deposits

542,861



269



0.20 %



549,132



317



0.23 %



624,183



320



0.20 %

Other time deposits

598,152



4,192



2.79 %



626,341



4,726



3.00 %



629,239



4,215



2.66 %

Time deposits >$250,000

377,693



3,457



3.64 %



390,208



3,811



3.89 %



358,126



3,077



3.41 %

Total interest-bearing deposits

7,180,939



41,786



2.31 %



7,133,176



46,420



2.59 %



6,669,464



35,979



2.14 %

Borrowings

91,789



1,768



7.66 %



97,150



1,946



7.97 %



534,700



8,110



6.02 %

Total interest-bearing liabilities

7,272,728



43,554



2.38 %



7,230,326



48,366



2.66 %



7,204,164



44,089



2.43 %

Noninterest-bearing checking

3,427,690











3,376,061











3,461,630









Other liabilities

77,172











75,197











79,589









Shareholders' equity

1,466,181











1,445,029











1,280,812









Total liabilities and shareholders' equity

$  12,243,771











$  12,126,613











$  12,026,195









Net yield on interest-earning assets and net interest income





$      88,841



3.05 %







$      83,043



2.88 %







$      82,528



2.85 %

Net yield on interest-earning assets and net interest income – tax-equivalent (3)





$      89,587



3.07 %







$      83,765



2.90 %







$      83,269



2.88 %

Interest rate spread









2.16 %











1.89 %











1.95 %

Average prime rate









7.81 %











8.43 %











8.50 %



(1)   Average loans include nonaccruing loans, the effect of which is to lower the average rate shown.  Interest earned includes recognized net loan fees, including late fees, prepayment fees, and net deferred loan (cost)/fee amortization in the amounts of $(340,000), $(342,000)and $26,000 for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively.

(2)   Includes accretion of discount on acquired loans of $2.2 million, $2.0 million and $2.5 million for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively.

(3)   Includes tax-equivalent adjustments of $746,000, $722,000 and $741,000 for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, to reflect the tax benefit that we receive related to tax-exempt securities and tax-exempt loans, which carry interest rates lower than similar taxable investments/loans due to their tax-exempt status. This amount has been computed assuming a 23% tax rate and is reduced by the related nondeductible portion of interest expense.

 

First Bancorp and Subsidiaries

Financial Summary

 

AVERAGE BALANCES AND NET INTEREST INCOME ANALYSIS - YEAR-TO-DATE















For the Twelve Months Ended















December 31, 2024



December 31, 2023

($ in thousands)













Average

Volume



Interest

Earned

or Paid



Average

Rate



Average

Volume



Interest

Earned

or Paid



Average

Rate

Assets



































Loans (1) (2)













$   8,046,681



$    441,181



5.48 %



$   7,902,628



$    418,853



5.30 %

Taxable securities













2,608,494



47,510



1.82 %



2,920,040



52,276



1.79 %

Non-taxable securities













291,520



4,466



1.53 %



296,287



4,485



1.51 %

Short-term investments, primarily interest-bearing cash













561,886



26,083



4.64 %



314,537



13,330



4.24 %

Total interest-earning assets













11,508,581



519,240



4.51 %



11,433,492



488,944



4.28 %

Cash and due from banks













84,997











93,182









Premises and equipment













147,916











151,980









Other assets













393,001











354,379









Total assets













$  12,134,495











$  12,033,033









Liabilities



































Interest-bearing checking













$   1,395,856



$       9,910



0.71 %



$   1,457,272



$       6,192



0.42 %

Money market deposits













4,039,999



126,531



3.13 %



3,355,992



78,643



2.34 %

Savings deposits













564,473



1,209



0.21 %



668,730



1,024



0.15 %

Other time deposits













666,868



20,429



3.06 %



737,330



19,023



2.58 %

Time deposits >$250,000













373,851



14,006



3.75 %



343,669



9,984



2.90 %

Total interest-bearing deposits













7,041,047



172,085



2.44 %



6,562,993



114,866



1.75 %

Borrowings













232,967



14,882



6.39 %



474,112



27,235



5.74 %

Total interest-bearing liabilities













7,274,014



186,967



2.57 %



7,037,105



142,101



2.02 %

Noninterest-bearing checking













3,367,035











3,613,973









Other liabilities













76,985











88,870









Shareholders' equity













1,416,461











1,293,085









Total liabilities and shareholders' equity













$  12,134,495











$  12,033,033









Net yield on interest-earning assets and net interest income

















$    332,273



2.89 %







$    346,843



3.03 %

Net yield on interest-earning assets and net interest income – tax-equivalent (3)















$    335,256



2.91 %







$    349,722



3.06 %

Interest rate spread





















1.94 %











2.26 %

Average prime rate





















8.31 %











8.20 %



(1)   Average loans include nonaccruing loans, the effect of which is to lower the average rate shown.  Interest earned includes recognized net loan fees, including late fees, prepayment fees, and net deferred loan (cost)/fee amortization in the amounts of $(1,593,000) and $(3,943,000) for the twelve months ended December 31, 2024 and December 31, 2023, respectively.

(2)   Includes accretion of discount on acquired loans of $8.9 million and $13.3 million for the twelve months ended December 31, 2024 and December 31, 2023, respectively.

(3)   Includes tax-equivalent adjustments of $3.0 million and $2.9 million for the twelve months ended December 31, 2024 and December 31, 2023, respectively, to reflect the tax benefit that we receive related to tax-exempt securities and tax-exempt loans, which carry interest rates lower than similar taxable investments/loans due to their tax-exempt status. This amount has been computed assuming a 23% tax rate and is reduced by the related nondeductible portion of interest expense.

 

Reconciliation of non-GAAP measures



APPENDIX A:  Calculation of Return on TCE





For the Three Months Ended

($ in thousands)



December 31, 2024



September 30, 2024



June 30, 2024



March 31, 2024



December 31, 2023























Net Income



$        3,551



$      18,680



$      28,712



$      25,272



$      29,674

Intangible asset amortization, net of taxes



1,195



1,240



1,283



1,352



1,575

Tangible Net income



$        4,746



$      19,920



$      29,995



$      26,624



$      31,249























Average common equity



$ 1,466,181



$ 1,445,029



$ 1,378,284



$ 1,375,490



$ 1,280,812

Less: Average goodwill and other

intangibles, net of related taxes



(488,467)



(489,987)



(491,318)



(492,733)



(494,127)

Average tangible common equity



$    977,714



$    955,042



$    886,966



$    882,757



$    786,685























Return on average common equity



1.29 %



5.48 %



8.75 %



7.78 %



9.68 %

Return on average tangible common equity



1.93 %



8.30 %



13.60 %



12.13 %



15.76 %

 

APPENDIX B:  Reconciliation of Common Equity to TCE





For the Three Months Ended

($ in thousands)



December 31, 2024



September 30, 2024



June 30, 2024



March 31, 2024



December 31, 2023























Total shareholders' common equity



$   1,445,611



$   1,477,525



$   1,404,342



$   1,376,099



$   1,372,380

Less: Goodwill and other intangibles, net

of related taxes



(487,660)



(489,139)



(490,439)



(491,740)



(493,211)

Tangible common equity



$      957,951



$      988,386



$      913,903



$      884,359



$      879,169

 

APPENDIX C:  Tangible Book Value Per Share 





For the Three Months Ended

($ in thousands except per share data)



December 31, 2024



September 30, 2024



June 30, 2024



March 31, 2024



December 31, 2023























Tangible common equity (Appendix B)



$      957,951



$      988,386



$      913,903



$      884,359



$      879,169























Common shares outstanding



41,347,418



41,340,099



41,187,943



41,156,286



41,109,987

Tangible book value per common share



$           23.17



$           23.91



$           22.19



$           21.49



$           21.39

 

APPENDIX D:  TCE Ratio





For the Three Months Ended

($ in thousands)



December 31, 2024



September 30, 2024



June 30, 2024



March 31, 2024



December 31, 2023























Tangible common equity (Appendix B)



$    957,951



$    988,386



$    913,903



$    884,359



$    879,169























Total assets



12,147,694



12,153,430



12,060,805



12,091,597



12,114,942

Less: Goodwill and other intangibles, net

of related taxes



(487,660)



(489,139)



(490,439)



(491,740)



(493,211)

Tangible assets ("TA")



$  11,660,034



$  11,664,291



$  11,570,366



$  11,599,857



$  11,621,731

TCE to TA ratio



8.22 %



8.47 %



7.90 %



7.62 %



7.56 %

 

Reconciliation of non-GAAP measures

APPENDIX E:  Adjusted EPS - diluted







For the Three

Months Ended



For the Twelve

Months Ended





December 31,

2024



September 30,

2024



December 31,

2024















Net income



$               3,551



$             18,680



$             76,215

Impact of Hurricane Helene













Provision for credit losses





13,000



13,000

Building repairs and maintenance



(24)



300



276

Other



(3)



96



93

Total



(27)



13,396



13,369

Less, tax impact



6



(3,102)



(3,096)

After-tax impact of Hurricane Helene



(21)



10,294



10,273















Impact of loss-earnback













Securities loss from loss-earnback



36,820





36,820

Less, tax impact



(8,660)





(8,660)

After-tax impact of loss-earnback



28,160





28,160















Adjusted net income



$             31,690



$             28,974



$           114,648















Weighted average shares outstanding - diluted



41,422,973



41,366,743



41,327,216















EPS - diluted



$                 0.08



$                 0.45



$                 1.84

Adjusted EPS - diluted



$                 0.76



$                 0.70



$                 2.77

There were no adjustment for prior year periods.

 

Corporate holding logo (PRNewsfoto/First Bancorp)

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/first-bancorp-reports-fourth-quarter-and-full-year-results-302362532.html

SOURCE First Bancorp

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  • First Bancorp Reports Fourth Quarter and Full Year Results

    SOUTHERN PINES, N.C., Jan. 29, 2025 /PRNewswire/ -- First Bancorp (the "Company") (NASDAQ - FBNC), the parent company of First Bank, reported unaudited fourth quarter and full year earnings today.  The Company announced net income of $3.6 million, or $0.08 diluted earnings per share ("EPS"), for the three months ended December 31, 2024 compared to $18.7 million, or $0.45 diluted earnings per common share, for the three months ended September 30, 2024 ("linked quarter") and $29.7 million, or $0.72 diluted earnings per common share, for the fourth quarter of 2023 ("like quarter").  For the twelve months ended December 31, 2024, the Company recorded net income of $76.2 million, or $1.84 diluted

    $FBNC
    Major Banks
    Finance
  • FIRST BANK SCORES BIG WITH PARTNERSHIP WITH THE CAROLINA HURRICANES FOUNDATION

    RALEIGH, N.C., Jan. 16, 2025 /PRNewswire/ -- First Bank, a leader in the banking industry in the Carolinas, is thrilled to join forces with the Carolina Hurricanes for an exciting new initiative: The Power of Good Goals. Every time the Canes score, First Bank will donate $100 to the Carolina Hurricanes Foundation, fueling their incredible work in the community. From youth hockey programs and educational support to health and wellness initiatives, this partnership will help the Foundation continue to make a difference for countless individuals across the region. "We are incredibly excited to be partnering with the Carolina Hurricanes Foundation," said Adam Currie, President of First Bank. "Th

    $FBNC
    Major Banks
    Finance

$FBNC
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Insider Purchases

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  • First Bank Appoints New Chief Executive Officer

    SOUTHERN PINES, N.C., Feb. 6, 2025 /PRNewswire/ -- The Board of Directors of First Bancorp (NASDAQ - FBNC), the parent company of First Bank (the "Bank"), today announced the promotion of G. Adam Currie from President to Chief Executive Officer (CEO) of the Bank. Currie will replace Michael G. Mayer, who will remain as President of First Bancorp until early 2026.  "This transition is the culmination of a succession plan that has been in place for many years," said Richard H. Moore, Chief Executive Officer and Chairman of the Board of Directors of First Bancorp. "It is my privilege to hand over the reins to Adam at this stage of our Company's 90-year history. He has demonstrated his astute kn

    $FBNC
    Major Banks
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  • FIRST BANK SCORES BIG WITH PARTNERSHIP WITH THE CAROLINA HURRICANES FOUNDATION

    RALEIGH, N.C., Jan. 16, 2025 /PRNewswire/ -- First Bank, a leader in the banking industry in the Carolinas, is thrilled to join forces with the Carolina Hurricanes for an exciting new initiative: The Power of Good Goals. Every time the Canes score, First Bank will donate $100 to the Carolina Hurricanes Foundation, fueling their incredible work in the community. From youth hockey programs and educational support to health and wellness initiatives, this partnership will help the Foundation continue to make a difference for countless individuals across the region. "We are incredibly excited to be partnering with the Carolina Hurricanes Foundation," said Adam Currie, President of First Bank. "Th

    $FBNC
    Major Banks
    Finance
  • FIRST BANCORP ANNOUNCES RETIREMENT OF DIRECTOR

    SOUTHERN PINES, N.C., July 30, 2024 /PRNewswire/ -- The Board of Directors of First Bancorp (NASDAQ:FBNC) (the "Company") announces the retirement of Mason Y. Garrett from the First Bancorp and First Bank Board of Directors (the "Board of Directors") effective July 26, 2024. Mr. Garrett was the Founder and Chairman of the Board of Directors of GrandSouth Bank and CEO of GrandSouth Bancorporation from 1998 until its merger with the Company in 2023, at which time he joined the Company's Board of Directors. He was a member of the Executive & Loan Committee of First Bank. Mr. Garrett has over 50 years of banking experience, including roles as President and Chief Executive Officer and Chairman of

    $FBNC
    Major Banks
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$FBNC
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  • First Bancorp Reports Fourth Quarter and Full Year Results

    SOUTHERN PINES, N.C., Jan. 29, 2025 /PRNewswire/ -- First Bancorp (the "Company") (NASDAQ - FBNC), the parent company of First Bank, reported unaudited fourth quarter and full year earnings today.  The Company announced net income of $3.6 million, or $0.08 diluted earnings per share ("EPS"), for the three months ended December 31, 2024 compared to $18.7 million, or $0.45 diluted earnings per common share, for the three months ended September 30, 2024 ("linked quarter") and $29.7 million, or $0.72 diluted earnings per common share, for the fourth quarter of 2023 ("like quarter").  For the twelve months ended December 31, 2024, the Company recorded net income of $76.2 million, or $1.84 diluted

    $FBNC
    Major Banks
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  • First Bancorp Announces Cash Dividend

    SOUTHERN PINES, N.C., Dec. 13, 2024 /PRNewswire/ -- The Board of Directors of First Bancorp (NASDAQ:FBNC) (the "Company"), the parent company of First Bank, has declared a cash dividend on its common stock of $0.22 per share payable on January 25, 2025 to shareholders of record as of December 31, 2024.  Richard Moore, Chief Executive Officer of First Bancorp, stated, "Our strong capital position allows us to continue to operate profitably and to distribute cash dividends providing our shareholders with a valuable return on their investments." First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets of $12.2 billion. Its principal activity is

    $FBNC
    Major Banks
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  • First Bancorp Reports Third Quarter Results

    SOUTHERN PINES, N.C., Oct. 23, 2024 /PRNewswire/ -- First Bancorp (the "Company") (NASDAQ - FBNC), the parent company of First Bank, reported third quarter earnings today.  At the end of September, Hurricane Helene greatly impacted portions of our footprint in Western North Carolina and the upstate of South Carolina.  We quickly initiated a response for our associates, customers and communities in these areas, and our most important priority was and continues to be making sure our people are taken care of during this difficult time.  Our team rallied together to support our customers and the communities we serve.  While some of our facilities suffered damage during the storm, we have worked

    $FBNC
    Major Banks
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$FBNC
Large Ownership Changes

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