FIRST BANCORP /NC/

Listed Company

FBNCCIK 0000811589NasdaqLarge AcceleratedState Commercial BanksNorth CarolinaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$111.05M

Total Assets

$12.67B

Equity

$1.65B

Shares Out

41.48M

Op. Cash Flow

$203.13M

Business

FIRST BANCORP /NC/ is a bank holding company that owns and operates First Bank and conducts a full range of commercial banking activities. It offers commercial and consumer lending, real estate and construction financing, deposit accounts, payment card services, cash management, wealth management, electronic banking, and ancillary services, and through Magnolia Financial provides accounts receivable financing, factoring, inventory and purchase order financing and through CarBucks floor-plan financing. Its principal business units include the Bank, Magnolia Financial, First Troy SPE, LLC and certain statutory business trusts. The company serves primarily North Carolina and South Carolina customers via a branch and ATM network, digital channels, and wholesale funding sources.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and fees on loans	462	441	419	278	219
Taxable interest income	68	48	52	54	32
Tax-exempt interest income	4	4	4	4	2
Other, principally overnight investments	22	26	13	5	2
Total interest income	557	519	489	341	256
Interest on deposits	153	172	115	11	5
Interest on borrowings	6	15	27	5	2
Total interest expense	159	187	142	16	—
Net interest income	398	332	347	325	246
Provision for credit losses	12	16	18	12	15
Net interest income after provision for credit losses	387	316	329	313	231
Service charges on deposit accounts	16	17	17	15	12
Other service charges and fees	24	22	22	26	26
Presold mortgage loan fees and gains on sale	2	2	2	2	11
Commissions from sales of financial products	6	5	6	5	7
SBA loan sale gains	1	4	2	5	7
Bank-owned life insurance income	5	5	4	4	3
Securities losses, net	−72	−38	0	0	−1
Other income, net	9	1	4	10	2
Total noninterest income	−8	18	57	68	74
Salaries incentives and commissions expense	119	114	114	96	87
Employee benefit expense	25	26	25	21	16
Total personnel expense	144	140	140	118	103
Occupancy and equipment expense	20	21	22	19	12
Merger and acquisition expenses	0	0	14	5	17
Intangibles amortization expense	6	7	8	4	4
Other operating expenses	69	68	71	50	45
Total noninterest expense	239	236	254	195	185
Income before income taxes	140	98	132	185	120
Income tax expense	28	22	28	38	25
Net income	111	76	104	147	96
Basic (in usd per share)	2.68	1.85	2.54	4.12	3.19
Diluted (in usd per share)	2.68	1.84	2.53	4.12	3.19
Basic (in shares)	41	41	41	35	30
Diluted (in shares)	41	41	41	36	30

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks, noninterest-bearing	147	79	101	101	128
Due from banks, interest-bearing	163	429	137	169	333
Total cash and cash equivalents	310	508	238	270	461
Securities available for sale (amortized cost of $2,242,678 and $2,411,117, respectively)	2,049	2,043	2,189	2,314	2,630
Securities held to maturity (fair values of $448,452 and $428,571, respectively)	513	520	534	542	514
Presold mortgages in process of settlement	8	6	—	—	—
Loans	8,722	8,095	8,150	6,665	6,082
Allowance for credit losses on loans	−124	−123	−110	−91	−79
Net loans	8,599	7,972	8,040	6,574	6,003
Premises and equipment, net	139	143	151	134	136
Accrued interest receivable	39	36	37	30	26
Goodwill	479	479	479	364	364
Other intangible assets, net	17	23	30	13	18
Bank-owned life insurance	193	188	184	165	166
Other assets	323	229	231	199	87
Total assets	12,668	12,148	12,115	10,625	10,509
Noninterest-bearing deposits	3,487	3,368	3,380	3,566	3,349
Interest-bearing deposits	7,261	7,163	6,652	—	—
Total deposits	10,748	10,531	10,032	9,228	9,125
Borrowings	75	92	630	288	67
Accrued interest payable	4	5	6	3	607,000
Other liabilities	187	75	75	56	65
Total liabilities	11,014	10,702	10,743	9,593	9,278
Commitments and contingencies (see Note 12)	—	—	—	—	—
Preferred stock	0	0	0	0	0
Common stock	974	971	964	725	723
Retained earnings	830	756	716	648	533
Stock in rabbi trust assumed in acquisition	−885,000	−1	−1	−2	−2
Rabbi trust obligation	885,000	1	1	—	—
Accumulated other comprehensive income (loss)	−149	−282	−308	−342	−25
Total shareholders equity	1,654	1,446	1,372	1,032	1,231
Total liabilities and shareholders equity	12,668	12,148	12,115	10,625	10,509

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net security premium amortization	5	9	9	12	14
Deferred income taxes, net	31	−5	−782,000	−2	—
Loan discount accretion	−7	−11	−13	−6	−9
Deposit and debt discount accretion, net	1	2	4	−340,000	−47,000
Foreclosed real estate gains, net	261,000	−245,000	−150,000	−372,000	24,000
Securities losses, net	72	38	0	0	—
Other (gains) losses, net	−9	−633,000	−2	−4	−2
Net amortization of deferred loan costs/(fees)	450,000	−1	−1	−301,000	−2
Depreciation of premises and equipment	7	8	8	7	6
Amortization of operating lease right-of-use assets	1	2	2	2	2
Repayments of lease obligations	−1	−2	−2	−2	−2
Stock-based compensation expense	4	5	5	3	2
Amortization and impairment of SBA servicing assets	1	2	1	3	2
Gains on sale of loans	−3	−6	−4	—	—
Origination of presold mortgage loans and SBA loans held for sale	−92	−133	−137	−179	−326
Proceeds from sales of presold mortgage loans and SBA loans	100	175	125	244	359
Increase (decrease) in accrued interest receivable	−3	1	−2	−4	−773,000
(Increase) decrease in other assets	−6	−5	12	11	17
(Decrease) increase in accrued interest payable	−857,000	−1	3	2	−683,000
(Decrease) increase in other liabilities	−21	6	−949,000	−8	394,000
Net cash provided by (used in) operating activities	203	175	131	231	142
Purchases of securities available for sale	−585	−495	−1	−355	−1,572
Proceeds from maturities, calls and principal repayments of securities available for sale	216	243	165	251	358
Proceeds from maturities, calls and principal repayments of securities held to maturity	3	8	3	7	14
Proceeds from sales of securities available for sale	465	385	112	0	107
Proceeds from sale of VISA B shares	0	5	0	0	—
Purchases of Federal Reserve and FHLB stock	−399,000	−40	−86	−48	—
Redemptions of Federal Reserve and FHLB stock	0	53	71	31	2
Proceeds from bank owned life insurance death benefits	287,000	210,000	137,000	8	0
Purchases of other investments	−30	−7	−10	−8	−3
Net (increase) decrease in loans	−639	17	−466	−558	−98
Proceeds from sales of foreclosed real estate	5	758,000	967,000	3	4
Purchases of premises and equipment	−4	−3	−4	−5	−9
Proceeds from sales of premises and equipment	7	1	970,000	299,000	313,000
Net cash received in acquisition activities	0	0	23	0	209
Net cash provided by (used in) investing activities	−562	170	−191	−713	−1,274
Net increase (decrease) in deposits	218	498	−244	103	1,258
Proceeds from the issuance of FHLB and FRB borrowings	2	986	3,348	1,252	0
Repayment of FHLB and FRB borrowings	−2	−1,515	−3,045	−1,032	−6
Repayment of subordinated debentures	−18	−10	0	0	—
Cash dividends paid common stock	−37	−36	−35	−31	−22
Repurchases of common stock	−991,000	0	0	0	−4
Proceeds from stock option exercises	1	4	5	0	0
Payment of taxes related to stock withheld	−2	−2	−743,000	−840,000	−786,000
Net cash provided (used) by financing activities	161	−75	28	292	1,225
(Decrease) increase in cash and cash equivalents	−198	270	−32	−191	94
Cash paid during the period for interest	159	187	136	14	10
Cash paid during the period for income taxes	11	34	30	40	33
Cash paid during the period for the purchase of transferable tax credits	9	0	0	—	—
Non-cash: Unrealized gain (loss) on securities available for sale, net of taxes	133	26	34	−317	−41
Non-cash: Foreclosed loans transferred to foreclosed real estate	2	5	1	—	—
Non-cash: Cancellation of operating lease right-of-use assets and operating lease liabilities	0	−1	0	0	—
Non-cash: Initial recognition of operating lease right-of-use assets and liabilities	939,000	0	260,000	0	2
Non-cash: Revision of operating lease right-of-use assets and operating lease liabilities	0	0	−562,000	0	0
Non-cash: Affordable housing investments obtained in exchange for funding commitments	131	0	0	—	—

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