First Bancorp Reports Fourth Quarter and Annual Results

Rhea-AI Summary

First Bancorp (NASDAQ - FBNC) reported a net income of $38.4 million, or $1.08 per diluted share, for Q4 2022, marking growth from $37.9 million in Q3 2022 and $10.5 million in Q4 2021. For the full year, net income reached $146.9 million, or $4.12 per share, up from $95.6 million in 2021. The acquisition of GrandSouth Bancorporation, completed on January 1, 2023, added $1.2 billion in assets. The company reported strong loan growth and improved credit quality with nonperforming assets at 0.36%. However, net interest income decreased slightly from the linked quarter due to increased interest expenses.

Positive

• Net income increased to $38.4 million for Q4 2022, up from $10.5 million in Q4 2021.
• Annual net income for 2022 was $146.9 million, compared to $95.6 million in 2021.
• Total loans outstanding increased by $583.4 million year-over-year, up 9.6%.
• Strong asset quality with nonperforming assets ratio at 0.36%, down from 0.50% in 2021.
• Completed acquisition of GrandSouth, adding $1.2 billion in assets.

Negative

• Net interest income decreased by $1.0 million (1.1%) from Q3 2022.
• Total deposits declined by $1.7 million in Q4 2022 as market rates became more competitive.

SOUTHERN PINES, N.C., Jan. 24, 2023 /PRNewswire/ -- First Bancorp (the "Company") (NASDAQ - FBNC), the parent company of First Bank, announced today net income of $38.4 million, or $1.08 per diluted common share, for the three months ended December 31, 2022, compared to $37.9 million, or $1.06 per diluted common share for the three months ended September 30, 2022 ("linked quarter") and $10.5 million, or $0.30 per diluted common share, recorded in the fourth quarter of 2021.  For the twelve months ended December 31, 2022, the Company recorded net income of $146.9 million, or $4.12 per diluted common share, compared to $95.6 million, or $3.19 per diluted common share for the twelve months ended December 31, 2021. 

On June 21, 2022, the Company announced that it had reached an agreement to acquire GrandSouth Bancorporation ("GrandSouth"), headquartered in Greenville, South Carolina, in an all-stock transaction. The transaction closed on January 1, 2023, adding eight branches throughout South Carolina and approximately $1.2 billion in total assets, $1.0 billion in loans, and $1.0 billion in deposits to the Company's balance sheet as of the acquisition date.

Richard H. Moore, CEO and Chairman of the Company, stated, "First Bancorp had another strong year of continued growth as we earned nearly $147 million 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 ("Select").  We welcomed our new GrandSouth customers officially as of January 1, 2023 and look forward to system conversion in March 2023."

2022 Financial Highlights

• Annualized return on average assets ("ROA") of 1.44% and annualized return on average common equity ("ROE") of 15.20% was reported for the quarter ended December 31, 2022.  For the year ended December 31, 2022, ROA was reported at 1.39% and ROE was 13.40%, both increasing from the prior year.
• Total loans outstanding increased $139.9 million (8.5% annualized) during the fourth quarter of 2022, while year-over-year growth was $583.4 million, or 9.6%. Total loans were in excess of $6.6 billion at December 31, 2022.
• Credit quality continues to be strong with the nonperforming assets ("NPA") to total assets ratio at 0.36% as of December 31, 2022, down three basis points from the linked quarter, and as compared to 0.50% at December 31, 2021.
• Yield on total interest-earning assets increased 15 basis points to 3.64% as compared to the third quarter of 2022 and as compared to 3.20% for the fourth quarter of 2021.  For the year ended December 31, 2022, interest-earning assets yielded 3.41%, up from 3.25% for the prior year.
• Capital remains strong with a total common equity Tier 1 ratio of 12.68%, up from 12.53% for the prior year, and an estimated total risk-based capital ratio of 14.73% as of December 31, 2022 as compared to 14.67% for the prior year.

The following discussions and comparisons to the prior year financial periods presented are impacted by the Company's acquisition of Select completed in the fourth quarter of 2021 which contributed $1.3 billion in loans and $1.6 billion in deposits as of the acquisition date.  

Net Interest Income and Net Interest Margin

Net interest income for the fourth quarter of 2022 was $84.4 million, a 14.3% increase from the $73.8 million recorded in the fourth quarter of 2021 and a decrease of $1.0 million or 1.1%,  from the linked quarter.  The increase in net interest income from the prior year period was due in large part to higher earning assets year-over-year and the higher net interest margin ("NIM") throughout 2022 as compared to 2021.  Average interest-earning assets for the fourth quarter of 2022 increased 7.7% from the comparable period of the prior year, with strong loan growth as the primary driver for the increase. 

The Company's tax-equivalent NIM (calculated by dividing tax-equivalent net interest income by average earning assets) for the twelve months ended December 31, 2022 was 3.28%, compared to 3.16% for the prior year. The NIM increase was driven by the rising market interest rates as the Federal Reserve's monetary policies resulted in a 425 basis point rise in short-term rates between March and December 2022.

The decrease in net interest income in the fourth quarter of 2022 as compared to the third quarter of 2022 was related primarily to an increase in total interest expense of $5.8 million.  While the Company's total cost of funds ("COF") remained low at 0.36% for the quarter ended December 31, 2022, COF increased 24 basis points from the linked quarter contributing to the higher interest expense.  During the fourth quarter of 2022, the Company experienced some pressure to reprice deposits, primarily money market accounts, and utilized more wholesale funding sources, both of which contributed to the increase in cost of funds.  

Allowance for Credit Losses, Provisions for Credit Losses, and Asset Quality

For the three months ended December 31, 2022, the Company recorded $4.0 million in provision for loan losses.  This is compared to $5.1 million provision for loan losses for the linked quarter and a provision of $11.0 million for the fourth quarter of 2021.  Fluctuations each period are based on the acquisition of Select in the fourth quarter of 2021, loan growth during each period, changes in the levels of nonperforming loans, economic forecasts impacting loss drivers, and other assumptions and inputs to the Company's CECL model. 

Also during the fourth quarter of 2022, the Company recorded $1.0 million in provision for unfunded commitments, compared to a $0.3 million provision for unfunded commitments for the linked quarter and a provision of $2.4 million for the  fourth quarter of 2021.  Changes each period are related to fluctuations in the level of available credit lines and updated loss drivers.  The reserve for unfunded commitments totaled $13.3 million at December 31, 2022 and is included in the line item "Other Liabilities".

Asset quality remained strong with annualized net loan recoveries of (0.02)% for the fourth quarter of 2022 and net charge-offs of 0.01% for the year ended December 31, 2022.  Total NPAs amounted to $38.3 million at December 31, 2022, or 0.36% of total assets, down from $40.7 million, 0.39% of total assets, at the end of the linked quarter, and $52.6 million, or 0.50% of total assets, at December 31, 2021. 

Noninterest Income

Total noninterest income for the fourth quarter of 2022 was $14.6 million, a 3.3% decrease from the $15.1 million recorded for the fourth quarter of 2021 and a 13.9% decrease from the linked quarter.  The primary factors driving fluctuations among the periods presented were as follows:

• Declines in "Other service charges, commission and fees" each period were related to lower interchange fees effective in July 2022  as a result of the Company becoming subject to the Durbin Amendment limitations.  Lower fees were partially offset by higher volumes of activity in each period.
• Fees from presold mortgages amounted to $0.2 million for the fourth quarter of 2022, a decrease of 59.8% from the linked quarter, and a decrease of 92.7% from the $2.1 million recorded in the fourth quarter of 2021.  Mortgage loan refinancing and origination volumes declined significantly over these periods due to increases in mortgage interest rates.
• SBA-related revenues, including consulting fees and gain on sales, were down year-over-year as a result of lower PPP-related revenue in 2022 and timing and volume of loan originations available to be sold each period.
• Other gains amounted to $1.4 million for the fourth quarter of 2022 and $7.3 million for the twelve months ended December 31, 2022, primarily related to death benefits realized on bank-owned life insurance policies. 

Noninterest Expenses

Noninterest expenses amounted to $45.7 million for the fourth quarter of 2022, compared to $48.7 million for the linked quarter and $62.8 million for the fourth quarter of 2021.  The 27.3% decrease in noninterest expenses from the prior year period was driven by lower merger and acquisition expenses as compared to the fourth quarter of 2021.  All other expenses remained essentially the same for the year-over-year quarter comparison other than an increase of employee benefit expenses driven by the fluctuations in the timing and volume of claims paid under the Company's self-insured health insurance plan.  The increase in noninterest expenses, exclusive of merger expenses, of 13.3% year-over-year for the twelve months ended December 31, 2022 was driven by higher operating expenses, including additional locations and personnel, resulting from the Select acquisition which occurred in the fourth quarter of 2021.

Balance Sheet and Capital

Total assets at December 31, 2022 were $10.6 billion, an increase of 1.1% from the prior year end with growth in loans offset by reductions in other assets throughout the year.  

Total investment securities decreased $288.0 million from December 31, 2021 to total $2.9 billion at December 31, 2022, as the Company is strategically redeploying the cash flows from investments to fund loan growth.  Also contributing to the decline year-over-year was the higher level of unrealized losses on available for sale securities which amounted to $444.1 million at December 31, 2022, down $22.7 million from the linked quarter.

Total loans amounted to $6.7 billion at December 31, 2022, an increase of $583.4 million, or 9.6%, from December 31, 2021, due to organic loan growth throughout 2022.  Organic net loan growth for the fourth quarter of 2022 amounted to $139.9 million, an annualized growth rate of 8.6%.

Total deposits amounted to $9.2 billion at December 31, 2022, an increase of $102.9 million, or 1.1%, from December 31, 2021.  While deposits increased for the year to date period, the fourth quarter of 2022 realized a decline in total deposits of $1.7 million as market rates for deposits became more competitive and customer behaviors  shifted from activity experienced during the pandemic.

The Company remains well-capitalized by all regulatory standards, with an estimated Total Risk-Based Capital Ratio at December 31, 2022 of 14.73% compared to 14.67% reported at December 31, 2021.  The Company's tangible common equity ("TCE") to tangible assets ratio was 6.39% at December 31, 2022, an increase from 5.98% for the linked quarter and a decrease of 199 basis points from a year earlier.  Fluctuations in the TCE ratio were driven by the changes in the unrealized loss on available for sale securities included in equity.

*   *   *

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets of approximately $11.8 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 118 branches in North Carolina and South Carolina.  First Bank also provides SBA loans to customers through its nationwide network of lenders - for more information on First Bank's SBA lending capabilities, please visit www.firstbanksba.com.  First Bancorp's common stock is traded on The NASDAQ Global Select Market under the symbol "FBNC."

Please visit our website at www.LocalFirstBank.com.

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
		Three Months Ended				Twelve Months Ended
($ in thousands except per share data - unaudited)		December 31, 2022	September 30, 2022	December 31, 2021		December 31, 2022	December 31, 2021
Interest income
Interest and fees on loans		$          76,509	72,239	64,688		$      278,027	219,013
Interest on investment securities		14,611	14,565	10,910		57,923	34,478
Other interest income		1,991	1,486	618		5,007	2,427
Total interest income		93,111	88,290	76,216		340,957	255,918
Interest expense
Interest on deposits		6,145	1,848	1,868		11,349	7,881
Interest on borrowings		2,594	1,108	503		4,754	1,642
Total interest expense		8,739	2,956	2,371		16,103	9,523
Net interest income		84,372	85,334	73,845		324,854	246,395
Provision for loan losses		4,000	5,100	11,011		12,600	9,611
Provision for (reversal of) unfunded commitments		1,000	300	2,432		(200)	5,420
Total provision for credit losses		5,000	5,400	13,443		12,400	15,031
Net interest income after provision for credit losses		79,372	79,934	60,402		312,454	231,364
Noninterest income
Service charges on deposit accounts		4,116	4,166	3,551		15,523	12,317
Other service charges, commissions, and fees		5,094	6,312	7,034		26,294	25,516
Fees from presold mortgage loans		151	376	2,061		2,102	10,975
Commissions from sales of insurance & financial products		1,708	1,391	1,093		5,195	6,947
SBA consulting fees		645	479	1,152		2,608	7,231
SBA loan sale gains		495	479	348		5,076	7,329
Bank-owned life insurance income		967	962	940		3,847	2,885
Securities losses, net		—	—	(1,237)		—	(1,237)
Other gains, net		1,382	2,747	115		7,340	1,648
Total noninterest income		14,558	16,912	15,057		67,985	73,611
Noninterest expenses
Salaries expense		24,652	24,416	24,846		96,321	86,815
Employee benefit expense		5,353	4,156	3,329		21,397	16,434
Occupancy and equipment related expense		4,433	4,847	4,607		18,604	16,020
Merger and acquisition expenses		303	548	16,180		5,072	16,845
Intangibles amortization expense		825	889	1,094		3,684	3,531
Foreclosed property net (gains) losses		—	—	17		(372)	24
Other operating expenses		10,091	13,844	12,716		50,514	44,987
Total noninterest expenses		45,657	48,700	62,789		195,220	184,656
Income before income taxes		48,273	48,146	12,670		185,219	120,319
Income tax expense		9,840	10,197	2,148		38,283	24,675
Net income		$          38,433	37,949	10,522		$      146,936	95,644
Earnings per common share - diluted		$              1.08	1.06	0.30		$            4.12	3.19
ADDITIONAL INCOME STATEMENT INFORMATION
Net interest income, as reported		$          84,372	85,334	73,845		$      324,854	246,395
Tax-equivalent adjustment (1)		722	692	707		2,780	2,243
Net interest income, tax-equivalent		$          85,094	86,026	74,552		327,634	248,638

(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
CONSOLIDATED BALANCE SHEETS ($ in thousands)
	At December 31, 2022 (unaudited)		At September 30, 2022 (unaudited)		At December 31, 2021 (audited)
Assets
Cash and due from banks	$               101,133		83,050		128,228
Interest-bearing deposits with banks	169,185		186,465		332,934
Total cash and cash equivalents	270,318		269,515		461,162
Investment securities	2,856,193		2,882,408		3,144,239
Presold mortgages in process of settlement	1,282		3,233		19,257
SBA and other  loans held for sale	—		477		61,003
Loans	6,665,145		6,525,286		6,081,715
Allowance for credit losses on loans	(90,967)		(86,587)		(78,789)
Net loans	6,574,178		6,438,699		6,002,926
Premises and equipment	134,187		134,288		136,092
Operating right-of-use lease assets	18,733		19,230		20,719
Intangible assets	376,938		378,150		382,090
Foreclosed properties	658		658		3,071
Bank-owned life insurance	164,592		164,793		165,786
Other assets	227,970		224,411		112,556
Total assets	$          10,625,049		10,515,862		10,508,901
Liabilities
Deposits:
Noninterest-bearing deposit accounts	$            3,566,003		3,748,207		3,348,622
Interest-bearing deposit accounts	5,661,526		5,481,064		5,776,007
Total deposits	9,227,529		9,229,271		9,124,629
Borrowings	287,507		226,476		67,386
Operating lease liabilities	19,391		19,847		21,192
Other liabilities	59,026		55,771		65,119
Total liabilities	9,593,453		9,531,365		9,278,326
Shareholders' equity
Common stock	725,153		724,694		722,671
Retained earnings	648,418		617,839		532,874
Accumulated other comprehensive loss	(341,975)		(358,036)		(24,970)
Total shareholders' equity	1,031,596		984,497		1,230,575
Total liabilities and shareholders' equity	$          10,625,049		10,515,862		10,508,901

 

First Bancorp and Subsidiaries
Financial Summary
	Three Months Ended				Twelve Months Ended
PERFORMANCE RATIOS (annualized)	December 31, 2022	September 30, 2022	December 31, 2021		December 31, 2022	December 31, 2021
Return on average assets (1)	1.44 %	1.42 %	0.41 %		1.39 %	1.13 %
Return on average common equity (2)	15.20 %	13.84 %	3.55 %		13.40 %	9.86 %
Return on average tangible common equity (3)	20.96 %	21.25 %	4.64 %		20.48 %	13.79 %
COMMON SHARE DATA
Cash dividends declared - common	$             0.22	0.22	0.20		0.88	0.80
Stated book value - common	28.89	27.57	34.54		28.89	34.54
Tangible book value - common (non-GAAP)	18.34	16.98	23.81		18.34	23.81
Common shares outstanding at end of period	35,704,154	35,711,754	35,629,177		35,704,154	35,629,117
Weighted average shares outstanding - diluted	35,614,972	35,703,446	34,567,927		35,674,730	30,027,785
CAPITAL RATIOS
Tangible common equity to tangible assets (non-GAAP)	6.39 %	5.98 %	8.38 %		6.39 %	8.38 %
Common equity tier I capital ratio (4)	12.68 %	12.76 %	12.53 %		12.68 %	12.53 %
Tier I leverage ratio (4)	10.51 %	10.21 %	9.39 %		10.51 %	9.39 %
Tier I risk-based capital ratio (4)	13.48 %	13.59 %	13.42 %		13.48 %	13.42 %
Total risk-based capital ratio (4)	14.73 %	14.84 %	14.67 %		14.73 %	14.67 %
AVERAGE BALANCES ($ in thousands)
Total assets	$  10,579,187	10,567,133	10,191,402		10,556,230	8,459,645
Loans	6,576,415	6,389,996	5,879,373		6,293,280	5,018,391
Earning assets	10,161,108	10,028,388	9,438,263		9,989,185	7,871,319
Deposits	9,275,909	9,299,277	8,878,141		9,283,505	7,401,910
Interest-bearing liabilities	5,779,958	5,661,339	5,641,358		5,758,001	4,736,343
Shareholders' equity	1,003,031	1,087,763	1,177,374		1,096,913	969,775

(1)	Calculated by dividing annualized net income by average assets.
(2)	Calculated by dividing annualized net income by average common equity.
(3)	Calculated by dividing annualized net income by average tangible common equity.
(4)	Capital ratios as of December 31, 2022 are estimated.

 

TREND INFORMATION
($ in thousands except per share data)	For the Three Months Ended
INCOME STATEMENT	December 31, 2022	September 30, 2022	June 30, 2022	March 31, 2022	December 31, 2021
Net interest income - tax-equivalent (1)	$           85,094	86,026	78,939	77,575	74,552
Taxable equivalent adjustment (1)	722	692	669	697	707
Net interest income	84,372	85,334	78,270	76,878	73,845
Provision for loan losses	4,000	5,100	—	3,500	11,011
Provision for (reversal of) unfunded commitments	1,000	300	—	(1,500)	2,432
Noninterest income	14,558	16,912	17,264	19,251	15,057
Noninterest expense	45,657	48,700	49,398	51,465	62,789
Income before income taxes	48,273	48,146	46,136	42,664	12,670
Income tax expense	9,840	10,197	9,551	8,695	2,148
Net income	38,433	37,949	36,585	33,969	10,522
Earnings per common share - diluted	1.08	1.06	1.03	0.95	0.30
Cash dividends declared per share	0.22	0.22	0.22	0.22	0.20

(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
	For the Three Months Ended
YIELD INFORMATION	December 31, 2022	September 30, 2022	June 30, 2022	March 31, 2022	December 31, 2021
Yield on loans	4.62 %	4.49 %	4.24 %	4.30 %	4.37 %
Yield on securities	1.74 %	1.71 %	1.69 %	1.76 %	1.45 %
Yield on other earning assets	3.05 %	2.27 %	0.97 %	0.55 %	0.42 %
Yield on all interest-earning assets	3.64 %	3.49 %	3.24 %	3.27 %	3.20 %
Rate on interest bearing deposits	0.44 %	0.13 %	0.11 %	0.12 %	0.13 %
Rate on other interest-bearing liabilities	4.58 %	3.99 %	3.52 %	2.77 %	2.88 %
Rate on all interest-bearing liabilities	0.60 %	0.21 %	0.15 %	0.15 %	0.17 %
Total cost of funds	0.36 %	0.12 %	0.09 %	0.10 %	0.11 %
Net interest margin (1)	3.29 %	3.38 %	3.16 %	3.18 %	3.10 %
Net interest margin - tax-equivalent (2)	3.32 %	3.40 %	3.18 %	3.21 %	3.13 %
Average prime rate	6.82 %	5.35 %	3.94 %	3.29 %	3.25 %

(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.

 

	For the Three Months Ended
NET INTEREST INCOME PURCHASE ACCOUNTING ADJUSTMENTS ($ in thousands - unaudited)	December 31, 2022		September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021
Interest income - increased by accretion of loan discount on acquired loans	$               886		1,519		1,545		1,671		1,912
Interest income - increased by accretion of loan discount on retained portions of SBA loans	427		1,032		730		667		703
Total interest income impact	1,313		2,551		2,275		2,338		2,615
Interest expense - reduced by premium amortization of deposits	70		121		168		234		261
Interest expense - increased by discount accretion of borrowings	(64)		(64)		(53)		(73)		(116)
Total net interest expense impact	6		57		115		161		145
Total impact on net interest income	$            1,319		2,608		2,390		2,499		2,760

 

	As of / for the Three Months Ended
PAYCHECK PROTECTION PROGRAM (PPP) LOANS ($ in thousands - unaudited)	December 31, 2022		September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021
PPP loans outstanding	$                   35		38		3,000		15,623		38,979
PPP fee amortization	—		284		1,008		1,324		1,676

 

First Bancorp and Subsidiaries
Financial Summary
ASSET QUALITY DATA ($ in thousands)	December 31, 2022		September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021
Nonperforming assets
Nonaccrual loans	$        28,514		28,669		28,715		33,460		34,696
Troubled debt restructurings - accruing	9,121		11,355		11,771		12,727		13,866
Accruing loans > 90 days past due	—		—		—		—		1,004
Total nonperforming loans	37,635		40,024		40,486		46,187		49,566
Foreclosed real estate	658		658		658		2,750		3,071
Total nonperforming assets	$        38,293		40,682		41,144		48,937		52,637
Asset Quality Ratios
Quarterly net (recoveries) charge-offs to average loans - annualized	(0.02) %		0.04 %		(0.01) %		0.01 %		0.05 %
Nonperforming loans to total loans	0.56 %		0.61 %		0.65 %		0.76 %		0.82 %
Nonperforming assets to total assets	0.36 %		0.39 %		0.39 %		0.46 %		0.50 %
Allowance for credit losses to total loans	1.36 %		1.33 %		1.32 %		1.35 %		1.30 %

 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/first-bancorp-reports-fourth-quarter-and-annual-results-301729603.html

SOURCE First Bancorp

FAQ

What was First Bancorp's net income for Q4 2022?

First Bancorp reported a net income of $38.4 million for Q4 2022.

What is the net income for the full year 2022 for FBNC?

For the full year 2022, First Bancorp recorded a net income of $146.9 million.

How much did Total loans increase for First Bancorp in 2022?

Total loans increased by $583.4 million, or 9.6%, year-over-year.

What is the nonperforming assets ratio for FBNC as of December 31, 2022?

The nonperforming assets ratio was 0.36% as of December 31, 2022.

What significant acquisition did First Bancorp complete recently?

First Bancorp completed the acquisition of GrandSouth Bancorporation, adding $1.2 billion in assets.