false000081158900008115892025-01-292025-01-29

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 __________________
Form 8-K
__________________
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 29, 2025
 
First Bancorp
(Exact Name of Registrant as Specified in its Charter)
     
North Carolina 0-15572 56-1421916
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
     
       300 SW Broad Street,
Southern Pines, NC  28387
(Address of Principal Executive Offices)  (Zip Code)
 
(910) 246-2500
____________________
(Registrant’s telephone number, including area code)
 
Not Applicable
___________________
(Former Name or Former Address, if changed since last report)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:

Title of each class            Trading symbol            Name of each exchange on which registered:
Common Stock, No Par Value        FBNC                The Nasdaq Global Select Market
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First Bancorp
INDEX
 
 Page
  
Item 2.02 – Results of Operations and Financial Condition3 
Item 9.01 – Financial Statements and Exhibits3 
  
Signatures3 
  
4 

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Item 2.02 - Results of Operations and Financial Condition
On January 29, 2025, First Bancorp (the “Registrant” or “Company”) issued an earnings release to announce its financial results for the three month period ended December 31, 2024. The earnings release contains forward-looking statements regarding the Company and includes cautionary language identifying important factors that could cause actual results to differ materially from those anticipated. The earnings release is furnished as Exhibit 99.1. Consequently, it is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. Such materials may only be incorporated by reference into another filing under the Exchange Act or Securities Act of 1933 if such subsequent filing specifically references this Form 8-K.



Item 9.01 – Financial Statements and Exhibits
(d) Exhibits


Disclosures About Forward Looking Statements
This news 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 statements 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. 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 the press release by wire services, internet services or other media.




Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
       
      First Bancorp
       
  January 29, 2025  
By:		  
/s/ Richard H. Moore
      Richard H. Moore
      Chief Executive Officer

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News Release

For Immediate Release:For More Information, Contact:
January 29, 2025
Hillary Kestler
704-644-4137

First Bancorp Reports Fourth Quarter and Full Year Results

SOUTHERN PINES, N.C. - 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.
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Fourth Quarter 2024 Results
•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%.




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Fourth Quarter 2024 Results
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 INFORMATIONDecember 31, 2024September 30, 2024December 31, 2023
Yield on loans5.47%5.51%5.39%
Yield on securities1.95%1.70%1.76%
Yield on other earning assets4.49%4.90%4.49%
Yield on total interest-earning assets4.54%4.55%4.38%
Cost on interest-bearing deposits2.31%2.59%2.14%
Cost on borrowings7.66%7.97%6.02%
Cost on total interest-bearing liabilities2.38%2.66%2.43%
Total cost of funds1.62%1.81%1.64%
Cost on total deposits1.57%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 rate7.81%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.

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Fourth Quarter 2024 Results
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, 2024September 30, 2024December 31, 2023
Interest income - increased by accretion of loan discount on acquired loans$2,195 $2,003 $2,464 
Total interest income impact2,195 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.

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Fourth Quarter 2024 Results
The following table presents the summary of NPAs and asset quality ratios for each period.

ASSET QUALITY DATA
($ in thousands)
December 31, 2024September 30, 2024December 31, 2023
Nonperforming assets
Nonaccrual loans$31,779 $34,125 $32,208 
Modifications to borrowers in financial distress10,173 10,262 11,719 
Total nonperforming loans41,952 44,387 43,927 
Foreclosed real estate4,965 1,519 862 
Total nonperforming assets$46,917 $45,906 $44,789 
Asset Quality Ratios
Quarterly net charge-offs to average loans - annualized0.04 %0.11 %0.09 %
Nonperforming loans to total loans0.52 %0.55 %0.54 %
Nonperforming assets to total assets0.39 %0.38 %0.37 %
Allowance for credit losses to total loans1.51 %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.

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Fourth Quarter 2024 Results
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, 2024September 30, 2024December 31, 2023Change
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 cost2,825,154 2,784,863 3,143,756 1.4%(10.1)%
Loans7,993,671 8,019,730 8,087,450 (0.3)%(1.2)%
Earning assets11,592,480 11,489,227 11,477,007 0.9%1.0%
Deposits10,608,629 10,509,237 10,131,094 0.9%4.7%
Interest-bearing liabilities7,272,728 7,230,326 7,204,165 0.6%1.0%
Shareholders’ equity1,466,181 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.

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Fourth Quarter 2024 Results
The following table presents the balance and portfolio percentage by loan category for each period.

LOAN PORTFOLIODecember 31, 2024September 30, 2024December 31, 2023
($ in thousands)AmountPercentageAmountPercentageAmountPercentage
Commercial and industrial$919,690 11 %$847,284 11 %$905,862 11 %
Construction, development & other land loans647,167 8 %760,949 9 %992,980 12 %
Commercial real estate - owner occupied1,248,812 16 %1,226,050 15 %1,259,022 16 %
Commercial real estate - non-owner occupied2,625,554 33 %2,572,901 32 %2,528,060 31 %
Multi-family real estate506,407 6 %460,565 6 %421,376 5 %
Residential 1-4 family real estate1,729,322 21 %1,737,133 22 %1,639,469 20 %
Home equity loans/lines of credit345,883 4 %331,072 4 %335,068 4 %
Consumer loans70,653 1 %76,787 1 %68,443 1 %
Loans, gross8,093,488 100 %8,012,741 100 %8,150,280 100 %
Unamortized net deferred loan fees1,188 797 (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 PORTFOLIODecember 31, 2024September 30, 2024December 31, 2023
($ in thousands)AmountPercentageAmountPercentageAmountPercentage
Noninterest-bearing checking accounts$3,367,624 32 %$3,350,237 32 %$3,379,876 34 %
Interest-bearing checking accounts1,398,395 13 %1,426,356 13 %1,411,142 14 %
Money market accounts4,285,405 41 %4,189,174 40 %3,653,506 36 %
Savings accounts542,133 5 %541,501 5 %603,362 6 %
Other time deposits566,514 5 %602,148 6 %610,887 6 %
Time deposits >$250,000360,854 4 %385,995 4 %355,209 4 %
Total customer deposits10,520,925 100 %10,495,411 100 %10,013,982 100 %
Brokered deposits9,600 — %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.



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Fourth Quarter 2024 Results
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 RATIOSDecember 31, 2024 (estimated)September 30, 2024December 31, 2023
Tangible common equity to tangible assets (non-GAAP)8.22%8.47%7.56%
Common equity tier I capital ratio14.33%14.37%13.20%
Tier I leverage ratio11.13%11.29%10.91%
Tier I risk-based capital ratio15.15%15.19%13.99%
Total risk-based capital ratio16.61%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%.

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Fourth Quarter 2024 Results
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.

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Fourth Quarter 2024 Results
First Bancorp and Subsidiaries
Financial Summary
CONSOLIDATED INCOME STATEMENT
For the Three Months EndedFor the Twelve Months Ended
($ in thousands, except per share data - unaudited)December 31, 2024September 30, 2024December 31, 2023December 31, 2024December 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 income12,712 10,779 12,861 47,510 52,276 
Tax-exempt interest income1,116 1,116 1,117 4,466 4,485 
Other, principally overnight investments8,732 8,438 2,784 26,083 13,330 
Total interest income132,395 131,409 126,617 519,240 488,944 
Interest expense
Interest on deposits41,786 46,420 35,979 172,085 114,866 
Interest on borrowings1,768 1,946 8,110 14,882 27,235 
Total interest expense43,554 48,366 44,089 186,967 142,101 
Net interest income88,841 83,043 82,528 332,273 346,843 
Provision for credit losses507 14,200 2,950 16,448 17,813 
Net interest income after provision for credit losses88,334 68,843 79,578 315,825 329,030 
Noninterest income
Service charges on deposit accounts4,293 4,320 4,413 16,620 16,800 
Other service charges and fees5,828 5,555 4,924 22,267 22,085 
Presold mortgage loan fees and gains on sale676 690 325 2,292 1,613 
Commissions from sales of financial products1,202 1,371 1,577 5,270 5,503 
SBA loan sale gains291 1,108 437 3,630 2,489 
Bank-owned life insurance income1,225 1,205 1,134 4,773 4,350 
Securities losses, net(36,820)— — (37,981)— 
Other Income, net128 (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 expense28,447 29,955 27,004 113,853 114,415 
Employee benefit expense6,702 6,495 6,358 26,169 25,436 
Total personnel expense35,149 36,450 33,362 140,022 139,851 
Occupancy and equipment expense4,690 4,856 5,948 19,984 20,990 
Merger and acquisition expenses— — 189 — 13,695 
Intangibles amortization expense1,563 1,613 1,856 6,604 8,003 
Other operating expenses16,877 16,931 15,031 68,997 71,840 
Total noninterest expenses58,279 59,850 56,386 235,607 254,379 
Income before income taxes6,878 22,572 37,690 98,117 131,956 
Income tax expense3,327 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 $2.54 
Diluted0.08 0.45 0.72 1.84 2.53 
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Fourth Quarter 2024 Results
First Bancorp and Subsidiaries
Financial Summary
CONSOLIDATED BALANCE SHEETS
($ in thousands - unaudited)December 31, 2024September 30, 2024December 31, 2023
Assets
Cash and due from banks, noninterest-bearing$78,596 $74,034 $100,891 
Due from banks, interest-bearing428,911 670,407 136,964 
Total cash and cash equivalents507,507 744,441 237,855 
Securities available for sale2,043,062 1,907,458 2,189,379 
Securities held to maturity519,998 521,801 533,678 
Presold mortgages and SBA loans held for sale5,942 9,888 2,667 
Loans8,094,676 8,013,538 8,150,102 
Allowance for credit losses on loans(122,572)(122,718)(109,853)
Net loans7,972,104 7,890,820 8,040,249 
Premises and equipment, net143,459 144,868 150,957 
Accrued interest receivable36,329 32,890 37,351 
Goodwill478,750 478,750 478,750 
Other intangible assets, net22,904 24,466 29,507 
Bank-owned life insurance188,460 187,236 183,897 
Other assets229,179 210,812 230,652 
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 deposits7,162,901 7,154,692 6,651,723 
Total deposits10,530,525 10,504,929 10,031,599 
Borrowings91,876 91,694 630,158 
Accrued interest payable4,604 5,566 5,699 
Other liabilities75,078 73,716 75,106 
Total liabilities10,702,083 10,675,905 10,742,562 
Shareholders’ equity
Common stock 971,313 970,450 963,990 
Retained earnings756,327 761,881 716,420 
Stock in rabbi trust assumed in acquisition(1,148)(1,148)(1,385)
Rabbi trust obligation1,148 1,148 1,385 
Accumulated other comprehensive loss(282,029)(254,806)(308,030)
Total shareholders’ equity1,445,611 1,477,525 1,372,380 
Total liabilities and shareholders’ equity$12,147,694 $12,153,430 $12,114,942 
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Fourth Quarter 2024 Results
First Bancorp and Subsidiaries
Financial Summary
TREND INFORMATION
For the Three Months Ended
December 31, 2024September 30, 2024June 30, 2024March 31, 2024December 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 $21.39 
Common shares outstanding at end of period41,347,418 41,340,099 41,187,943 41,156,286 41,109,987 
Weighted average shares outstanding - diluted41,422,973 41,366,743 41,262,091 41,249,636 41,207,945 
CAPITAL INFORMATION (estimates for current quarter)
Tangible common equity to tangible assets (5)
8.22 %8.47 %7.90 %7.62 %7.56 %
Common equity tier I capital ratio14.33 %14.37 %13.99 %13.50 %13.20 %
Total risk-based capital ratio16.61 %16.65 %16.24 %15.85 %15.54 %
(1) Calculated by dividing annualized net income by average assets.
(2) Calculated by dividing annualized tangible net income (net income adjusted for intangible asset amortization, net of tax), by average common equity. See Appendix A for the components of the calculation.
(3) Return on average tangible common equity is a non-GAAP financial measure. See Appendix A for the components of the calculation and the reconciliation of average common equity to average TCE.
(4) Tangible book value per share is a non-GAAP financial measure. See Appendix B for a reconciliation of common equity to tangible common equity and Appendix C for the resulting calculation.
(5) Tangible common equity ratio is a non-GAAP financial measure. See Appendix B for a reconciliation of common equity to tangible common equity and Appendix D for the resulting calculation.
For the Three Months Ended
INCOME STATEMENT
($ in thousands except per share data)
December 31, 2024September 30, 2024June 30, 2024March 31, 2024December 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 income88,841 83,043 81,115 79,274 82,528 
Provision for credit losses507 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 expense58,279 59,850 58,291 59,187 56,197 
Income before income taxes6,878 22,572 36,884 31,783 37,690 
Income tax expense3,327 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 $0.72 
(1) This amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax-exempt status. This amount has been computed assuming a 23% tax rate and is reduced by the related nondeductible portion of interest expense.
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Fourth Quarter 2024 Results
First Bancorp and Subsidiaries
Financial Summary
AVERAGE BALANCES AND NET INTEREST INCOME ANALYSIS - QUARTERS
For the Three Months Ended
December 31, 2024September 30, 2024December 31, 2023
($ 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 securities2,535,232 12,712 1.99 %2,493,924 10,779 1.72 %2,849,540 12,861 1.79 %
Non-taxable securities289,922 1,116 1.53 %290,939 1,116 1.53 %294,216 1,117 1.51 %
Short-term investments, primarily interest-bearing cash773,655 8,732 4.49 %684,634 8,438 4.90 %245,801 2,784 4.49 %
Total interest-earning assets11,592,480 132,395 4.54 %11,489,227 131,409 4.55 %11,477,007 126,617 4.38 %
Cash and due from banks80,481 84,060 89,320 
Premises and equipment144,467 146,448 151,748 
Other assets426,343 406,878 308,120 
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 deposits4,273,170 31,430 2.93 %4,173,884 34,878 3.32 %3,659,119 26,380 2.86 %
Savings deposits542,861 269 0.20 %549,132 317 0.23 %624,183 320 0.20 %
Other time deposits598,152 4,192 2.79 %626,341 4,726 3.00 %629,239 4,215 2.66 %
Time deposits >$250,000377,693 3,457 3.64 %390,208 3,811 3.89 %358,126 3,077 3.41 %
Total interest-bearing deposits7,180,939 41,786 2.31 %7,133,176 46,420 2.59 %6,669,464 35,979 2.14 %
Borrowings91,789 1,768 7.66 %97,150 1,946 7.97 %534,700 8,110 6.02 %
Total interest-bearing liabilities7,272,728 43,554 2.38 %7,230,326 48,366 2.66 %7,204,164 44,089 2.43 %
Noninterest-bearing checking3,427,690 3,376,061 3,461,630 
Other liabilities77,172 75,197 79,589 
Shareholders’ equity1,466,181 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 spread2.16 %1.89 %1.95 %
Average prime rate7.81 %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.

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Fourth Quarter 2024 Results
First Bancorp and Subsidiaries
Financial Summary
AVERAGE BALANCES AND NET INTEREST INCOME ANALYSIS - YEAR-TO-DATE
For the Twelve Months Ended
December 31, 2024December 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 securities2,608,494 47,510 1.82 %2,920,040 52,276 1.79 %
Non-taxable securities291,520 4,466 1.53 %296,287 4,485 1.51 %
Short-term investments, primarily interest-bearing cash561,886 26,083 4.64 %314,537 13,330 4.24 %
Total interest-earning assets11,508,581 519,240 4.51 %11,433,492 488,944 4.28 %
Cash and due from banks84,997 93,182 
Premises and equipment147,916 151,980 
Other assets393,001 354,379 
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 deposits4,039,999 126,531 3.13 %3,355,992 78,643 2.34 %
Savings deposits564,473 1,209 0.21 %668,730 1,024 0.15 %
Other time deposits666,868 20,429 3.06 %737,330 19,023 2.58 %
Time deposits >$250,000373,851 14,006 3.75 %343,669 9,984 2.90 %
Total interest-bearing deposits7,041,047 172,085 2.44 %6,562,993 114,866 1.75 %
Borrowings232,967 14,882 6.39 %474,112 27,235 5.74 %
Total interest-bearing liabilities7,274,014 186,967 2.57 %7,037,105 142,101 2.02 %
Noninterest-bearing checking3,367,035 3,613,973 
Other liabilities76,985 88,870 
Shareholders’ equity1,416,461 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 spread1.94 %2.26 %
Average prime rate8.31 %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.
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Fourth Quarter 2024 Results
Reconciliation of non-GAAP measures

APPENDIX A: Calculation of Return on TCE
For the Three Months Ended
($ in thousands)December 31, 2024September 30, 2024June 30, 2024March 31, 2024December 31, 2023
Net Income
$3,551 $18,680 $28,712 $25,272 $29,674 
Intangible asset amortization, net of taxes1,195 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 equity1.29 %5.48 %8.75 %7.78 %9.68 %
Return on average tangible common equity1.93 %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, 2024September 30, 2024June 30, 2024March 31, 2024December 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, 2024September 30, 2024June 30, 2024March 31, 2024December 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, 2024September 30, 2024June 30, 2024March 31, 2024December 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 ratio8.22 %8.47 %7.90 %7.62 %7.56 %

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Fourth Quarter 2024 Results
Reconciliation of non-GAAP measures
APPENDIX E: Adjusted EPS - diluted
For the Three Months EndedFor the Twelve Months Ended
December 31, 2024September 30, 2024December 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 impact6 (3,102)(3,096)
After-tax impact of Hurricane Helene(21)10,294 10,273 
Impact of loss-earnback
Securities loss from loss-earnback36,820 — 36,820 
Less, tax impact(8,660)— (8,660)
After-tax impact of loss-earnback28,160 — 28,160 
Adjusted net income$31,690 $28,974 $114,648 
Weighted average shares outstanding - diluted41,422,973 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.
16
v3.24.4
Cover Page
Jan. 29, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 29, 2025
Entity Registrant Name First Bancorp
Entity Incorporation, State or Country Code NC
Entity File Number 0-15572
Entity Tax Identification Number 56-1421916
Entity Address, Address Line One 300 SW Broad Street,
Entity Address, City or Town Southern Pines,
Entity Address, State or Province NC
Entity Address, Postal Zip Code 28387
City Area Code (910)
Local Phone Number 246-2500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, No Par Value
Trading Symbol FBNC
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0000811589
First Bancorp (NASDAQ:FBNC)
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