Date of Report (Date of earliest event reported):
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January 22, 2020
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North Carolina
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0-15572
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56-1421916
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(State or Other Jurisdiction
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(Commission
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(I.R.S. Employer
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of Incorporation)
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File Number)
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Identification Number)
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300 SW Broad Street,
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Southern Pines,
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NC
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28387
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(Address of Principal Executive Offices)
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(Zip Code)
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Page
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Item 2.02 – Results of Operations and Financial Condition
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3
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Item 8.01 – Other Events
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3
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Item 9.01 – Financial Statements and Exhibits
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3
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Signatures
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4
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5
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First Bancorp
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January 22, 2020
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By:
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/s/ Richard H. Moore
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Richard H. Moore
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Chief Executive Officer
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For Immediate Release:
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For More Information, Contact:
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January 22, 2020
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Elaine Pozarycki
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919-834-3090
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First Bancorp and Subsidiaries
Financial Summary - Page 1
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Three Months Ended
December 31,
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Percent
|
||||||
($ in thousands except per share data - unaudited)
|
2019
|
|
2018
|
Change
|
||||
INCOME STATEMENT
|
|
|
|
|
||||
Interest income
|
|
|
|
|
||||
Interest and fees on loans
|
$
|
56,030
|
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|
54,581
|
|
|
|
Interest on investment securities
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5,209
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|
3,453
|
|
|
||
Other interest income
|
1,730
|
|
|
3,158
|
|
|
||
Total interest income
|
62,969
|
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|
61,192
|
|
2.9%
|
||
Interest expense
|
|
|
|
|
||||
Interest on deposits
|
6,552
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|
4,679
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|
||
Interest on borrowings
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1,761
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2,667
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Total interest expense
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8,313
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|
7,346
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13.2%
|
||
Net interest income
|
54,656
|
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|
53,846
|
|
1.5%
|
||
Total provision (reversal) for loan losses
|
3,176
|
|
|
693
|
|
358.3%
|
||
Net interest income after provision for loan losses
|
51,480
|
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|
53,153
|
|
(3.1)%
|
||
Noninterest income
|
|
|
|
|
||||
Service charges on deposit accounts
|
3,427
|
|
|
3,084
|
|
|
||
Other service charges, commissions, and fees
|
4,859
|
|
|
4,302
|
|
|
||
Fees from presold mortgage loans
|
1,267
|
|
|
504
|
|
|
||
Commissions from sales of insurance and financial products
|
2,059
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|
2,247
|
|
|
||
SBA consulting fees
|
1,025
|
|
|
1,121
|
|
|
||
SBA loan sale gains
|
1,227
|
|
|
1,593
|
|
|
||
Bank-owned life insurance income
|
636
|
|
|
642
|
|
|
||
Foreclosed property gains (losses), net
|
(40
|
)
|
|
14
|
|
|
||
Securities gains (losses), net
|
—
|
|
|
—
|
|
|
||
Other gains (losses), net
|
162
|
|
|
(88
|
)
|
|
||
Total noninterest income
|
14,622
|
|
|
13,419
|
|
9.0%
|
||
Noninterest expenses
|
|
|
|
|
||||
Salaries expense
|
20,599
|
|
|
18,462
|
|
|
||
Employee benefit expense
|
3,694
|
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|
4,136
|
|
|
||
Occupancy and equipment related expense
|
4,093
|
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|
4,402
|
|
|
||
Merger and acquisition expenses
|
(21
|
)
|
|
(1,210
|
)
|
|
||
Intangibles amortization expense
|
1,121
|
|
|
1,398
|
|
|
||
Other operating expenses
|
10,365
|
|
|
9,491
|
|
|
||
Total noninterest expenses
|
39,851
|
|
|
36,679
|
|
8.6%
|
||
Income before income taxes
|
26,251
|
|
|
29,893
|
|
(12.2)%
|
||
Income tax expense
|
5,368
|
|
|
5,998
|
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(10.5)%
|
||
Net income
|
$
|
20,883
|
|
|
23,895
|
|
(12.6)%
|
|
|
|
|
|
|
||||
Earnings per common share - diluted
|
$
|
0.71
|
|
|
0.80
|
|
(11.3)%
|
|
|
|
|
|
|
||||
ADDITIONAL INCOME STATEMENT INFORMATION
|
|
|
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|
||||
Net interest income, as reported
|
$
|
54,656
|
|
|
53,846
|
|
|
|
Tax-equivalent adjustment (1)
|
382
|
|
|
443
|
|
|
||
Net interest income, tax-equivalent
|
$
|
55,038
|
|
|
54,289
|
|
1.4%
|
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|
|
(1)
|
This amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax-exempt status. This amount has been computed assuming a 23% tax rate and is reduced by the related nondeductible portion of interest expense.
|
First Bancorp and Subsidiaries
Financial Summary - Page 2
|
|
Twelve Months Ended
December 31,
|
Percent
|
||||||
($ in thousands except per share data - unaudited)
|
2019
|
|
2018
|
Change
|
||||
INCOME STATEMENT
|
|
|
|
|
||||
Interest income
|
|
|
|
|
||||
Interest and fees on loans
|
$
|
220,784
|
|
|
208,609
|
|
|
|
Interest on investment securities
|
20,888
|
|
|
12,120
|
|
|
||
Other interest income
|
8,435
|
|
|
10,478
|
|
|
||
Total interest income
|
250,107
|
|
|
231,207
|
|
8.2%
|
||
Interest expense
|
|
|
|
|
||||
Interest on deposits
|
25,050
|
|
|
14,491
|
|
|
||
Interest on borrowings
|
8,853
|
|
|
9,286
|
|
|
||
Total interest expense
|
33,903
|
|
|
23,777
|
|
42.6%
|
||
Net interest income
|
216,204
|
|
|
207,430
|
|
4.2%
|
||
Total provision (reversal) for loan losses
|
2,263
|
|
|
(3,589
|
)
|
(163.1)%
|
||
Net interest income after provision for loan losses
|
213,941
|
|
|
211,019
|
|
1.4%
|
||
Noninterest income
|
|
|
|
|
||||
Service charges on deposit accounts
|
12,970
|
|
|
12,690
|
|
|
||
Other service charges, commissions, and fees
|
19,481
|
|
|
16,488
|
|
|
||
Fees from presold mortgage loans
|
3,944
|
|
|
2,735
|
|
|
||
Commissions from sales of insurance and financial products
|
8,495
|
|
|
8,731
|
|
|
||
SBA consulting fees
|
3,872
|
|
|
4,675
|
|
|
||
SBA loan sale gains
|
8,275
|
|
|
10,366
|
|
|
||
Bank-owned life insurance income
|
2,564
|
|
|
2,534
|
|
|
||
Foreclosed property gains (losses), net
|
(939
|
)
|
|
(565
|
)
|
|
||
Securities gains (losses), net
|
97
|
|
|
—
|
|
|
||
Other gains (losses), net
|
(169
|
)
|
|
723
|
|
|
||
Total noninterest income
|
58,590
|
|
|
58,377
|
|
0.4%
|
||
Noninterest expenses
|
|
|
|
|
||||
Salaries expense
|
79,129
|
|
|
75,077
|
|
|
||
Employee benefit expense
|
16,844
|
|
|
16,888
|
|
|
||
Occupancy and equipment related expense
|
16,145
|
|
|
16,420
|
|
|
||
Merger and acquisition expenses
|
192
|
|
|
2,358
|
|
|
||
Intangibles amortization expense
|
4,858
|
|
|
5,917
|
|
|
||
Other operating expenses
|
39,087
|
|
|
39,258
|
|
|
||
Total noninterest expenses
|
156,255
|
|
|
155,918
|
|
0.2%
|
||
Income before income taxes
|
116,276
|
|
|
113,478
|
|
2.5%
|
||
Income tax expense
|
24,230
|
|
|
24,189
|
|
0.2%
|
||
Net income
|
$
|
92,046
|
|
|
89,289
|
|
3.1%
|
|
|
|
|
|
|
||||
Earnings per common share - diluted
|
$
|
3.10
|
|
|
3.01
|
|
3.0%
|
|
|
|
|
|
|
||||
ADDITIONAL INCOME STATEMENT INFORMATION
|
|
|
|
|
||||
Net interest income, as reported
|
$
|
216,204
|
|
|
207,430
|
|
|
|
Tax-equivalent adjustment (1)
|
1,641
|
|
|
1,594
|
|
|
||
Net interest income, tax-equivalent
|
$
|
217,845
|
|
|
209,024
|
|
4.2%
|
|
|
|
First Bancorp and Subsidiaries
Financial Summary - Page 3
|
|
Three Months Ended
December 31,
|
Twelve Months Ended
December 31,
|
|||||||
PERFORMANCE RATIOS (annualized)
|
2019
|
2018
|
2019
|
2018
|
|||||
Return on average assets (1)
|
1.35
|
%
|
1.62
|
%
|
1.53
|
%
|
1.57
|
%
|
|
Return on average common equity (2)
|
9.78
|
%
|
12.56
|
%
|
11.32
|
%
|
12.27
|
%
|
|
Net interest margin - tax-equivalent (3)
|
3.93
|
%
|
4.08
|
%
|
4.00
|
%
|
4.09
|
%
|
|
Net charge-offs (recoveries) to average loans
|
0.09
|
%
|
0.02
|
%
|
0.04
|
%
|
(0.03
|
)%
|
|
|
|
|
|
|
|||||
COMMON SHARE DATA
|
|
|
|
|
|||||
Cash dividends declared - common
|
$
|
0.18
|
|
0.10
|
|
0.54
|
|
0.40
|
|
Stated book value - common
|
28.80
|
|
25.71
|
|
28.80
|
|
25.71
|
|
|
Tangible book value - common
|
20.30
|
|
17.12
|
|
20.30
|
|
17.12
|
|
|
Common shares outstanding at end of period
|
29,601,264
|
|
29,724,874
|
|
29,601,264
|
|
29,724,874
|
|
|
Weighted average shares outstanding - diluted
|
29,603,816
|
|
29,800,342
|
|
29,720,499
|
|
29,707,431
|
|
|
|
|
|
|
|
|||||
CAPITAL RATIOS
|
|
|
|
|
|||||
Tangible common equity to tangible assets
|
10.20
|
%
|
9.07
|
%
|
10.20
|
%
|
9.07
|
%
|
|
Common equity tier I capital ratio - estimated
|
13.48
|
%
|
12.28
|
%
|
13.48
|
%
|
12.28
|
%
|
|
Tier I leverage ratio - estimated
|
11.19
|
%
|
10.47
|
%
|
11.19
|
%
|
10.47
|
%
|
|
Tier I risk-based capital ratio - estimated
|
14.63
|
%
|
13.48
|
%
|
14.63
|
%
|
13.48
|
%
|
|
Total risk-based capital ratio - estimated
|
15.12
|
%
|
13.97
|
%
|
15.12
|
%
|
13.97
|
%
|
|
|
|
|
|
|
|||||
AVERAGE BALANCES ($ in thousands)
|
|
|
|
|
|||||
Total assets
|
$
|
6,159,232
|
|
5,840,964
|
|
6,027,047
|
|
5,693,760
|
|
Loans
|
4,419,982
|
|
4,222,417
|
|
4,346,331
|
|
4,161,838
|
|
|
Earning assets
|
5,560,099
|
|
5,276,311
|
|
5,447,817
|
|
5,112,805
|
|
|
Deposits
|
4,939,182
|
|
4,624,868
|
|
4,824,216
|
|
4,516,811
|
|
|
Interest-bearing liabilities
|
3,716,248
|
|
3,697,076
|
|
3,720,536
|
|
3,663,077
|
|
|
Shareholders’ equity
|
847,317
|
|
754,734
|
|
812,823
|
|
727,920
|
|
|
|
|
|
|
|
($ in thousands except per share data)
|
For the Three Months Ended
|
||||||||||
INCOME STATEMENT
|
Dec. 31, 2019
|
Sept. 30, 2019
|
June 30, 2019
|
Mar. 31, 2019
|
Dec. 31, 2018
|
||||||
|
|
|
|
|
|
||||||
Net interest income - tax-equivalent (1)
|
$
|
55,038
|
|
54,191
|
|
54,832
|
|
53,785
|
|
54,289
|
|
Taxable equivalent adjustment (1)
|
382
|
|
413
|
|
423
|
|
424
|
|
443
|
|
|
Net interest income
|
54,656
|
|
53,778
|
|
54,409
|
|
53,361
|
|
53,846
|
|
|
Provision (reversal) for loan losses
|
3,176
|
|
(1,105
|
)
|
(308
|
)
|
500
|
|
693
|
|
|
Noninterest income
|
14,622
|
|
14,883
|
|
15,253
|
|
13,833
|
|
13,419
|
|
|
Noninterest expense
|
39,851
|
|
38,173
|
|
39,703
|
|
38,529
|
|
36,679
|
|
|
Income before income taxes
|
26,251
|
|
31,593
|
|
30,267
|
|
28,165
|
|
29,893
|
|
|
Income tax expense
|
5,368
|
|
6,574
|
|
6,408
|
|
5,880
|
|
5,998
|
|
|
Net income
|
20,883
|
|
25,019
|
|
23,859
|
|
22,285
|
|
23,895
|
|
|
|
|
|
|
|
|
||||||
Earnings per common share - diluted
|
0.71
|
|
0.84
|
|
0.80
|
|
0.75
|
|
0.80
|
|
|
|
|
|
|
|
|
||||||
Cash dividends declared per share
|
0.18
|
|
0.12
|
|
0.12
|
|
0.12
|
|
0.10
|
|
First Bancorp and Subsidiaries
Financial Summary - Page 4
|
CONSOLIDATED BALANCE SHEETS
($ in thousands - unaudited)
|
|
|
|
|
|
|
|
|||||
|
At Dec. 31,
2019 |
|
At Sept. 30,
2019 |
|
At Dec. 31,
2018 |
|
One Year
Change |
|||||
Assets
|
|
|
|
|
|
|
|
|||||
Cash and due from banks
|
$
|
64,519
|
|
|
52,621
|
|
|
56,050
|
|
|
15.1
|
%
|
Interest-bearing deposits with banks
|
166,783
|
|
|
264,840
|
|
|
406,848
|
|
|
(59.0
|
)%
|
|
Total cash and cash equivalents
|
231,302
|
|
|
317,461
|
|
|
462,898
|
|
|
(50.0
|
)%
|
|
|
|
|
|
|
|
|
|
|||||
Investment securities
|
889,877
|
|
|
779,489
|
|
|
602,588
|
|
|
47.7
|
%
|
|
Presold mortgages
|
19,712
|
|
|
16,269
|
|
|
4,279
|
|
|
360.7
|
%
|
|
|
|
|
|
|
|
|
|
|||||
Total loans
|
4,453,466
|
|
|
4,396,544
|
|
|
4,249,064
|
|
|
4.8
|
%
|
|
Allowance for loan losses
|
(21,398
|
)
|
|
(19,260
|
)
|
|
(21,039
|
)
|
|
1.7
|
%
|
|
Net loans
|
4,432,068
|
|
|
4,377,284
|
|
|
4,228,025
|
|
|
4.8
|
%
|
|
|
|
|
|
|
|
|
|
|||||
Premises and equipment
|
134,528
|
|
|
136,668
|
|
|
119,000
|
|
|
13.0
|
%
|
|
Intangible assets
|
251,585
|
|
|
252,824
|
|
|
255,480
|
|
|
(1.5
|
)%
|
|
Foreclosed real estate
|
3,873
|
|
|
4,589
|
|
|
7,440
|
|
|
(47.9
|
)%
|
|
Bank-owned life insurance
|
104,441
|
|
|
103,806
|
|
|
101,878
|
|
|
2.5
|
%
|
|
Other assets
|
76,253
|
|
|
80,521
|
|
|
82,528
|
|
|
(7.6
|
)%
|
|
Total assets
|
$
|
6,143,639
|
|
|
6,068,911
|
|
|
5,864,116
|
|
|
4.8
|
%
|
|
|
|
|
|
|
|
|
|||||
Liabilities
|
|
|
|
|
|
|
|
|||||
Deposits:
|
|
|
|
|
|
|
|
|||||
Noninterest-bearing checking accounts
|
$
|
1,515,977
|
|
|
1,491,494
|
|
|
1,320,131
|
|
|
14.8
|
%
|
Interest-bearing checking accounts
|
912,784
|
|
|
894,777
|
|
|
916,374
|
|
|
(0.4
|
)%
|
|
Money market accounts
|
1,173,107
|
|
|
1,124,614
|
|
|
1,035,523
|
|
|
13.3
|
%
|
|
Savings accounts
|
424,415
|
|
|
418,043
|
|
|
432,389
|
|
|
(1.8
|
)%
|
|
Brokered deposits
|
86,141
|
|
|
127,519
|
|
|
239,875
|
|
|
(64.1
|
)%
|
|
Internet time deposits
|
698
|
|
|
1,445
|
|
|
3,428
|
|
|
(79.6
|
)%
|
|
Other time deposits > $100,000
|
563,108
|
|
|
557,590
|
|
|
447,619
|
|
|
25.8
|
%
|
|
Other time deposits
|
255,125
|
|
|
259,900
|
|
|
264,000
|
|
|
(3.4
|
)%
|
|
Total deposits
|
4,931,355
|
|
|
4,875,382
|
|
|
4,659,339
|
|
|
5.8
|
%
|
|
|
|
|
|
|
|
|
|
|||||
Borrowings
|
300,671
|
|
|
300,656
|
|
|
406,609
|
|
|
(26.1
|
)%
|
|
Other liabilities
|
59,212
|
|
|
57,891
|
|
|
33,938
|
|
|
74.5
|
%
|
|
Total liabilities
|
5,291,238
|
|
|
5,233,929
|
|
|
5,099,886
|
|
|
3.8
|
%
|
|
|
|
|
|
|
|
|
|
|||||
Shareholders’ equity
|
|
|
|
|
|
|
|
|||||
Common stock
|
429,514
|
|
|
429,136
|
|
|
434,453
|
|
|
(1.1
|
)%
|
|
Retained earnings
|
417,764
|
|
|
402,212
|
|
|
341,738
|
|
|
22.2
|
%
|
|
Stock in rabbi trust assumed in acquisition
|
(2,587
|
)
|
|
(2,577
|
)
|
|
(3,235
|
)
|
|
(20.0
|
)%
|
|
Rabbi trust obligation
|
2,587
|
|
|
2,577
|
|
|
3,235
|
|
|
(20.0
|
)%
|
|
Accumulated other comprehensive
income (loss)
|
5,123
|
|
|
3,634
|
|
|
(11,961
|
)
|
|
(142.8
|
)%
|
|
Total shareholders’ equity
|
852,401
|
|
|
834,982
|
|
|
764,230
|
|
|
11.5
|
%
|
|
Total liabilities and shareholders’ equity
|
$
|
6,143,639
|
|
|
6,068,911
|
|
|
5,864,116
|
|
|
4.8
|
%
|
|
|
|
|
|
|
|
|
First Bancorp and Subsidiaries
Financial Summary - Page 5
|
|
For the Three Months Ended
|
|||||||||
YIELD INFORMATION
|
Dec. 31, 2019
|
Sept. 30, 2019
|
June 30, 2019
|
Mar. 31, 2019
|
Dec. 31, 2018
|
|||||
|
|
|
|
|
|
|||||
Yield on loans
|
5.03
|
%
|
5.02
|
%
|
5.16
|
%
|
5.11
|
%
|
5.13
|
%
|
Yield on securities
|
2.64
|
%
|
2.74
|
%
|
2.81
|
%
|
2.95
|
%
|
2.71
|
%
|
Yield on other earning assets
|
1.91
|
%
|
2.42
|
%
|
2.51
|
%
|
2.77
|
%
|
2.29
|
%
|
Yield on all interest-earning assets
|
4.49
|
%
|
4.55
|
%
|
4.67
|
%
|
4.66
|
%
|
4.60
|
%
|
|
|
|
|
|
|
|||||
Rate on interest bearing deposits
|
0.76
|
%
|
0.77
|
%
|
0.75
|
%
|
0.67
|
%
|
0.56
|
%
|
Rate on other interest-bearing liabilities
|
2.31
|
%
|
2.65
|
%
|
2.83
|
%
|
2.79
|
%
|
2.60
|
%
|
Rate on all interest-bearing liabilities
|
0.89
|
%
|
0.93
|
%
|
0.93
|
%
|
0.90
|
%
|
0.79
|
%
|
Total cost of funds
|
0.63
|
%
|
0.66
|
%
|
0.67
|
%
|
0.66
|
%
|
0.58
|
%
|
|
|
|
|
|
|
|||||
Net interest margin (1)
|
3.90
|
%
|
3.92
|
%
|
4.03
|
%
|
4.03
|
%
|
4.05
|
%
|
|
|
|
|
|
|
|||||
Net interest margin - tax-equivalent (2)
|
3.93
|
%
|
3.95
|
%
|
4.06
|
%
|
4.06
|
%
|
4.08
|
%
|
|
|
|
|
|
|
|||||
Average prime rate
|
4.83
|
%
|
5.27
|
%
|
5.50
|
%
|
5.50
|
%
|
5.28
|
%
|
|
|
|
|
|
|
First Bancorp and Subsidiaries
Financial Summary - Page 6
|
ASSET QUALITY DATA ($ in thousands)
|
Dec. 31, 2019
|
|
Sept. 30, 2019
|
|
June 30, 2019
|
|
Mar. 31, 2019
|
|
Dec. 31, 2018
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
Nonperforming assets
|
|
|
|
|
|
|
|
|
|
||||||
Nonaccrual loans
|
$
|
24,866
|
|
|
19,720
|
|
|
17,375
|
|
|
20,684
|
|
|
22,575
|
|
Troubled debt restructurings - accruing
|
9,053
|
|
|
9,566
|
|
|
11,890
|
|
|
12,457
|
|
|
13,418
|
|
|
Accruing loans > 90 days past due
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total nonperforming loans
|
33,919
|
|
|
29,286
|
|
|
29,265
|
|
|
33,141
|
|
|
35,993
|
|
|
Foreclosed real estate
|
3,873
|
|
|
4,589
|
|
|
5,107
|
|
|
6,390
|
|
|
7,440
|
|
|
Total nonperforming assets
|
$
|
37,792
|
|
|
33,875
|
|
|
34,372
|
|
|
39,531
|
|
|
43,433
|
|
Purchased credit impaired loans not included above (1)
|
$
|
12,664
|
|
|
13,798
|
|
|
14,175
|
|
|
15,867
|
|
|
17,393
|
|
Asset Quality Ratios
|
|
|
|
|
|
|
|
|
|
||||||
Net quarterly charge-offs (recoveries) to average loans - annualized
|
0.09
|
%
|
|
0.04
|
%
|
|
—
|
%
|
|
0.04
|
%
|
|
0.02
|
%
|
|
Nonperforming loans to total loans
|
0.76
|
%
|
|
0.67
|
%
|
|
0.67
|
%
|
|
0.77
|
%
|
|
0.85
|
%
|
|
Nonperforming assets to total assets
|
0.62
|
%
|
|
0.56
|
%
|
|
0.57
|
%
|
|
0.65
|
%
|
|
0.74
|
%
|
|
Allowance for loan losses to total loans
|
0.48
|
%
|
|
0.44
|
%
|
|
0.48
|
%
|
|
0.49
|
%
|
|
0.50
|
%
|
First Bancorp and Subsidiaries
Financial Summary - Page 7
|
|
For the Three Months Ended
|
||||||||||||||
NET INTEREST MARGIN, EXCLUDING LOAN DISCOUNT ACCRETION - RECONCILIATION
($ in thousands)
|
Dec. 31, 2019
|
|
Sept. 30, 2019
|
|
June 30, 2019
|
|
Mar. 31, 2019
|
|
Dec. 31, 2018
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
Net interest income, as reported
|
$
|
54,656
|
|
|
53,778
|
|
|
54,409
|
|
|
53,361
|
|
|
53,846
|
|
Tax-equivalent adjustment
|
382
|
|
|
413
|
|
|
423
|
|
|
424
|
|
|
443
|
|
|
Net interest income, tax-equivalent (A)
|
$
|
55,038
|
|
|
54,191
|
|
|
54,832
|
|
|
53,785
|
|
|
54,289
|
|
Average earning assets (B)
|
$
|
5,560,099
|
|
|
5,440,014
|
|
|
5,417,284
|
|
|
5,372,766
|
|
|
5,276,311
|
|
Tax-equivalent net interest margin, annualized - as reported - (A)/(B)
|
3.93
|
%
|
|
3.95
|
%
|
|
4.06
|
%
|
|
4.06
|
%
|
|
4.08
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net interest income, tax-equivalent
|
$
|
55,038
|
|
|
54,191
|
|
|
54,832
|
|
|
53,785
|
|
|
54,289
|
|
Loan discount accretion
|
1,501
|
|
|
1,324
|
|
|
1,730
|
|
|
1,419
|
|
|
1,830
|
|
|
Net interest income, tax-equivalent, excluding loan discount accretion (A)
|
$
|
53,537
|
|
|
52,867
|
|
|
53,102
|
|
|
52,366
|
|
|
52,459
|
|
Average earnings assets (B)
|
$
|
5,560,099
|
|
|
5,440,014
|
|
|
5,417,284
|
|
|
5,372,766
|
|
|
5,276,311
|
|
Tax-equivalent net interest margin, excluding impact of loan discount accretion, annualized - (A) / (B)
|
3.82
|
%
|
|
3.86
|
%
|
|
3.93
|
%
|
|
3.95
|
%
|
|
3.94
|
%
|