First Bancorp Reports Fourth Quarter and Full Year Results
First Bancorp (NASDAQ:FBNC) reported Q4 2024 net income of $3.6 million ($0.08 EPS), down from $18.7 million ($0.45 EPS) in Q3 2024 and $29.7 million ($0.72 EPS) in Q4 2023. The results include impacts from Hurricane Helene ($13.4 million) and a strategic securities loss-earnback transaction ($36.8 million).
Key Q4 2024 highlights include: tax-equivalent net interest margin increased to 3.07%, average deposits grew to $10.6 billion, and loan growth accelerated with total loans reaching $8.1 billion. The company executed a securities portfolio restructuring, selling $280 million of securities yielding 1.56% and investing $495 million at 5.27%.
Adjusted net income for Q4 2024 was $31.7 million ($0.76 adjusted EPS), compared to $29.0 million ($0.70 adjusted EPS) in Q3 2024. Credit quality remained strong with nonperforming assets at 0.39% of total assets.
First Bancorp (NASDAQ:FBNC) ha riportato un reddito netto per il quarto trimestre del 2024 di $3,6 milioni ($0,08 EPS), in calo rispetto ai $18,7 milioni ($0,45 EPS) del terzo trimestre del 2024 e ai $29,7 milioni ($0,72 EPS) del quarto trimestre del 2023. I risultati comprendono impatti dall'uragano Helene ($13,4 milioni) e una transazione strategica di perdita-ritorno su titoli ($36,8 milioni).
I punti salienti del quarto trimestre del 2024 includono: margine di interesse netto equivalente fiscale aumentato al 3,07%, i depositi medi sono cresciuti a $10,6 miliardi e la crescita dei prestiti ha accelerato con prestiti totali che hanno raggiunto $8,1 miliardi. L'azienda ha eseguito una ristrutturazione del portafoglio titoli, vendendo $280 milioni di titoli con rendimento dell'1,56% e investendo $495 milioni a un rendimento del 5,27%.
Il reddito netto rettificato per il quarto trimestre del 2024 era di $31,7 milioni ($0,76 EPS rettificato), rispetto ai $29,0 milioni ($0,70 EPS rettificato) del terzo trimestre del 2024. La qualità del credito è rimasta solida con beni non performanti allo 0,39% del totale delle attività.
First Bancorp (NASDAQ:FBNC) reportó un ingreso neto de $3.6 millones ($0.08 EPS) para el cuarto trimestre de 2024, una disminución respecto a los $18.7 millones ($0.45 EPS) del tercer trimestre de 2024 y $29.7 millones ($0.72 EPS) del cuarto trimestre de 2023. Los resultados incluyen impactos del huracán Helene ($13.4 millones) y una transacción estratégica de pérdida-recuperación de valores ($36.8 millones).
Los aspectos destacados del cuarto trimestre de 2024 incluyen: un margen de interés neto equivalente fiscal que aumentó al 3.07%, los depósitos promedio crecieron a $10.6 mil millones y el crecimiento de los préstamos se aceleró con préstamos totales alcanzando $8.1 mil millones. La compañía ejecutó una reestructuración de su cartera de valores, vendiendo $280 millones de valores con un rendimiento del 1.56% e invirtiendo $495 millones a un rendimiento del 5.27%.
El ingreso neto ajustado para el cuarto trimestre de 2024 fue de $31.7 millones ($0.76 EPS ajustado), en comparación con los $29.0 millones ($0.70 EPS ajustado) del tercer trimestre de 2024. La calidad crediticia se mantuvo sólida con activos no productivos en el 0.39% del total de activos.
퍼스트 뱅콥 (NASDAQ:FBNC)는 2024년 4분기 순이익이 360만 달러(주당 0.08달러)로, 2024년 3분기의 1870만 달러(주당 0.45달러) 및 2023년 4분기의 2970만 달러(주당 0.72달러)에서 감소했다고 보고했습니다. 이 결과는 허리케인 헬렌으로 인한 손실(1340만 달러) 및 전략적 증권 손실 회수 트랜잭션(3680만 달러)의 영향을 포함합니다.
2024년 4분기의 주요 내용으로는: 세금 동등 순이자 마진이 3.07%로 증가하고, 평균 예금이 106억 달러로 성장하며, 대출 성장이 가속화되어 총 대출이 81억 달러에 달했습니다. 회사는 수익률이 1.56%인 2억 8000만 달러의 증권을 판매하고 5.27%의 수익률로 4억 9500만 달러를 투자하는 증권 포트폴리오 리구성을 수행했습니다.
2024년 4분기 조정 순이익은 3170만 달러(주당 0.76 달러 조정 EPS)로, 2024년 3분기의 2900만 달러(주당 0.70 달러 조정 EPS)와 비교됩니다. 신용 품질은 총 자산의 0.39%에 해당하는 비수익 자산으로 강력하게 유지되었습니다.
First Bancorp (NASDAQ:FBNC) a annoncé un revenu net pour le quatrième trimestre 2024 de 3,6 millions de dollars (0,08 $ EPS), en baisse par rapport à 18,7 millions de dollars (0,45 $ EPS) au troisième trimestre 2024 et 29,7 millions de dollars (0,72 $ EPS) au quatrième trimestre 2023. Les résultats comprennent les impacts de l'ouragan Helene (13,4 millions de dollars) et une transaction stratégique de perte-récupération de titres (36,8 millions de dollars).
Les faits marquants du quatrième trimestre 2024 incluent : le taux d'intérêt net équivalent fiscal a augmenté à 3,07 %, les dépôts moyens ont augmenté à 10,6 milliards de dollars et la croissance des prêts s'est accélérée avec un total de prêts atteignant 8,1 milliards de dollars. L'entreprise a exécuté une restructuration de son portefeuille de titres, vendant pour 280 millions de dollars de titres rapportant 1,56 % et investissant 495 millions de dollars à 5,27 %.
Le revenu net ajusté pour le quatrième trimestre 2024 s'élevait à 31,7 millions de dollars (0,76 $ EPS ajusté), comparé à 29,0 millions de dollars (0,70 $ EPS ajusté) au troisième trimestre 2024. La qualité du crédit est restée solide, avec des actifs non performants représentant 0,39 % des actifs totaux.
First Bancorp (NASDAQ:FBNC) meldete für das vierte Quartal 2024 einen Nettogewinn von 3,6 Millionen USD (0,08 USD EPS), ein Rückgang gegenüber 18,7 Millionen USD (0,45 USD EPS) im dritten Quartal 2024 und 29,7 Millionen USD (0,72 USD EPS) im vierten Quartal 2023. Die Ergebnisse beinhalten die Auswirkungen von Hurrikan Helene (13,4 Millionen USD) und eine strategische Transaktion zu Verlust-Rückgewinnung von Wertpapieren (36,8 Millionen USD).
Die wichtigsten Punkte des vierten Quartals 2024 umfassen: der steuerlich angepasste Nettozinssatz erhöhte sich auf 3,07%, die durchschnittlichen Einlagen wuchsen auf 10,6 Milliarden USD und das Darlehenswachstum beschleunigte sich, wobei die Gesamtdarlehen 8,1 Milliarden USD erreichten. Das Unternehmen führte eine Umstrukturierung des Wertpapierportfolios durch, verkaufte Wertpapiere im Wert von 280 Millionen USD mit einer Rendite von 1,56% und investierte 495 Millionen USD mit einer Rendite von 5,27%.
Das angepasste Nettoergebnis für das vierte Quartal 2024 betrug 31,7 Millionen USD (0,76 USD angepasst EPS), verglichen mit 29 Millionen USD (0,70 USD angepasst EPS) im dritten Quartal 2024. Die Kreditqualität blieb stark mit nicht leistungsfähigen Vermögenswerten bei 0,39% der Gesamteinlagen.
- Tax-equivalent net interest margin increased to 3.07%, up 17 basis points from previous quarter
- Adjusted net income increased to $31.7M ($0.76 EPS) from $29.0M ($0.70 EPS) in Q3
- Strong capital position with common equity tier 1 ratio of 14.33%
- Loan growth of $81.1 million (4.03%) in Q4
- Noninterest expenses declined $1.6M from previous quarter
- Net income decreased to $3.6M from $18.7M in Q3 and $29.7M in Q4 2023
- Reported $36.8M loss from securities portfolio restructuring
- $13.4M impact from Hurricane Helene
- Year-over-year loan contraction of $55.4M (-0.68%)
- Full-time employees decreased by 50 from previous year
Insights
First Bancorp's Q4 results reveal a sophisticated balance sheet optimization strategy amid challenging market conditions. The securities loss-earnback transaction, while causing a short-term earnings hit, demonstrates forward-thinking management. By crystallizing a
Core operational metrics show resilience. The NIM expansion to
Credit quality metrics remain excellent with:
- NPAs at just
0.39% of assets - Net charge-offs at
0.04% annualized - Conservative loan loss reserves at
1.51%
The bank's careful management of office exposure (
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
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
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
Fourth Quarter 2024 Highlights
- Tax equivalent net interest margin ("NIM") increased 17 basis points to
3.07% for the fourth quarter of 2024, up from2.90% for the linked quarter and2.88% in the like quarter. For the twelve months ended December 31, 2024, NIM fell to2.91% from3.06% 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 to1.62% for the quarter ended December 31, 2024 from1.81% 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 $99.4 million $51.6 million 1.57% , a decrease of 19 basis points from1.76% for the linked quarter and an increase of 16 basis points from1.41% for the like quarter. - The Company continues to focus on prudent expense management. Noninterest expenses declined
$1.6 million $58.3 million $1.3 million $18.8 million $13.7 million $2.8 million $1.4 million $1.0 million - EPS was
$0.08 $1.84 $0.76 $0.70 $2.77 $2.53 - Net income was
$3.6 million $76.2 million $114.6 million $104.1 million - 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 of16.61% (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 0.04% of average loans. - Loan growth accelerated during the quarter, with loans totaling
$8.1 billion $81.1 million 4.03% , for the quarter. Consistent with our early 2024 focus on increasing liquidity, loans contracted year-over-year by$55.4 million 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 $0.1 million - The on-balance sheet liquidity ratio was
17.6% at December 31, 2024, down slightly from17.7% for the linked quarter. Available off-balance sheet sources totaled$2.4 billion 34.9% .
Net Interest Income and Net Interest Margin
Net interest income for the fourth quarter of 2024 was
The Company's tax-equivalent NIM for the fourth quarter of 2024 was
For the Three Months Ended | ||||||
YIELD INFORMATION | December 31, 2024 | September 30, 2024 | December 31, 2023 | |||
Yield on loans | 5.47 % | 5.51 % | 5.39 % | |||
Yield on securities | 1.95 % | 1.70 % | 1.76 % | |||
Yield on other earning assets | 4.49 % | 4.90 % | 4.49 % | |||
Yield on total interest-earning assets | 4.54 % | 4.55 % | 4.38 % | |||
Cost on interest-bearing deposits | 2.31 % | 2.59 % | 2.14 % | |||
Cost on borrowings | 7.66 % | 7.97 % | 6.02 % | |||
Cost on total interest-bearing liabilities | 2.38 % | 2.66 % | 2.43 % | |||
Total cost of funds | 1.62 % | 1.81 % | 1.64 % | |||
Cost on total deposits | 1.57 % | 1.76 % | 1.41 % | |||
Net interest margin (1) | 3.05 % | 2.88 % | 2.85 % | |||
Net interest margin - tax-equivalent (2) | 3.07 % | 2.90 % | 2.88 % | |||
Average prime rate | 7.81 % | 8.43 % | 8.50 % | |||
(1) Calculated by dividing annualized net interest income by average earning assets for the period. | ||||||
(2) Calculated by dividing annualized tax-equivalent net interest income by average earning assets for the period. The tax-equivalent amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax-exempt status. This amount has been computed assuming a | ||||||
Included in interest income for the fourth quarter of 2024 was loan purchase accounting discount accretion of
The following table presents the impact to net interest income of the purchase accounting adjustments for each period.
For the Three Months Ended | ||||||
NET INTEREST INCOME PURCHASE ACCOUNTING ADJUSTMENTS ($ in thousands) | December 31, | September 30, | December 31, | |||
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
Asset quality remained strong with annualized net loan charge-offs of
The following table presents the summary of NPAs and asset quality ratios for each period.
ASSET QUALITY DATA ($ in thousands) | December 31, | September 30, | December 31, | |||
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
Noninterest Expenses
Noninterest expenses amounted to
As compared to the like quarter, the increases in Salaries, incentives and commissions expense of
Income Taxes
Income tax expense totaled
Income tax expense for the year ended December 31, 2024 was
Balance Sheet
Total assets at December 31, 2024 amounted to
Quarterly average balances for key balance sheet components are presented below.
For the Three Months Ended | ||||||||||
AVERAGE BALANCES ($ in thousands) | December 31, | September 30, | December 31, | Change | Change | |||||
Total assets | 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
Total loans amounted to
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
The Company has a diversified and granular deposit base which has remained a stable funding source with noninterest-bearing deposits comprising
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 > | 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 | 100 % | 100 % | 100 % | |||||||||
As of December 31, 2024 and September 30, 2024, estimated insured deposits totaled
Capital
The Company remains well-capitalized by all regulatory standards, with an estimated total risk-based capital ratio at December 31, 2024 of
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
CAPITAL RATIOS | December 31, 2024 | September 30, | December 31, | |||
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
About First Bancorp
First Bancorp is a bank holding company headquartered in
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, | September 30, | December 31, | December 31, | December 31, | |||||
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, | September 30, | December 31, | |||
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, | September 30, | June 30, | March 31, | December 31, | ||||||
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, | September 30, | June 30, | March 31, | December 31, | |||||
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 |
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 > | 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 |
(2) Includes accretion of discount on acquired loans of |
(3) Includes tax-equivalent adjustments of |
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 > | 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 |
(2) Includes accretion of discount on acquired loans of |
(3) Includes tax-equivalent adjustments of |
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 | ||||||||||
Less: Average goodwill and other | (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 | (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 | (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 | For the Twelve | |||||
December 31, | September 30, | December 31, | ||||
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.
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
FAQ
What was First Bancorp's (FBNC) Q4 2024 earnings per share?
How did Hurricane Helene impact FBNC's Q4 2024 results?
What was the impact of FBNC's securities loss-earnback transaction in Q4 2024?
How did FBNC's net interest margin (NIM) perform in Q4 2024?
What was FBNC's loan growth in Q4 2024?
