FIRST BANCORP /NC/FBNC
FIRST BANCORP /NC/ Debt Disclosure
Borrowings and Borrowings Availability
The following tables presents information regarding the Company’s outstanding borrowings at December 31, 2025 ($ are in thousands):
| Description | Due Date | Call Feature | Balance | Interest Rate | ||||||||||||||||||||||
| FHLB Principal Reducing Credit | 6/26/2028 to 12/20/2028 | None | $ | 753 | 0.00% to 1.00% fixed | |||||||||||||||||||||
| Trust Preferred Securities | 1/23/2034 | Quarterly by Company beginning 1/23/2009 | 10,310 | 6.75% at 12/31/25 adjustable rate 3 month CME Term SOFR + 2.91% | ||||||||||||||||||||||
| Trust Preferred Securities | 1/23/2034 | Quarterly by Company beginning 1/23/2009 | 10,310 | 6.85% at 12/31/25 adjustable rate 3 month CME Term SOFR + 3.01% | ||||||||||||||||||||||
| Trust Preferred Securities | 9/20/2034 | Quarterly by Company beginning 9/20/2009 | 12,372 | 6.11% at 12/31/25 adjustable rate 3 month CME Term SOFR + 2.41% | ||||||||||||||||||||||
| Trust Preferred Securities | 1/7/2035 | Quarterly by Company beginning 1/7/2010 | 10,310 | 6.17% at 12/31/25 adjustable rate 3 month CME Term SOFR +2.00% | ||||||||||||||||||||||
| Trust Preferred Securities | 6/15/2036 | Quarterly by Company beginning 6/15/2011 | 25,774 | 5.37% at 12/31/25 adjustable rate 3 month CME Term SOFR + 1.65% | ||||||||||||||||||||||
| Trust Preferred Securities | 6/23/2036 | Quarterly by Company beginning 6/23/2011 | 8,248 | 5.80% at 12/31/25 adjustable rate 3 month CME Term SOFR + 2.11% | ||||||||||||||||||||||
| Total borrowings / weighted average rate as of December 31, 2025 | 78,077 | 5.97% | ||||||||||||||||||||||||
| Unamortized discount on acquired borrowings | (3,508) | |||||||||||||||||||||||||
| Total borrowings | $ | 74,569 | ||||||||||||||||||||||||
The following table presents information regarding the Company’s outstanding borrowings at December 31, 2024 (dollars are in thousands):
| Description | Due date | Call Feature | Balance | Interest Rate | ||||||||||||||||||||||
| FHLB Principal Reducing Credit | 6/26/2028 to 12/20/2028 | None | $ | 802 | 0.00% to 1.00% fixed | |||||||||||||||||||||
| Trust Preferred Securities | 1/23/2034 | Quarterly by Company beginning 1/23/2009 | 10,310 | 7.50% at 12/31/24 adjustable rate 3 month CME Term SOFR + 2.91% | ||||||||||||||||||||||
| Trust Preferred Securities | 1/23/2034 | Quarterly by Company beginning 1/23/2009 | 10,310 | 7.61% at 12/31/24 adjustable rate 3 month CME Term SOFR + 3.01% | ||||||||||||||||||||||
| Trust Preferred Securities | 9/20/2034 | Quarterly by Company beginning 9/20/2009 | 12,372 | 6.77% at 12/31/24 adjustable rate 3 month CME Term SOFR + 2.41% | ||||||||||||||||||||||
| Trust Preferred Securities | 1/7/2035 | Quarterly by Company beginning 1/7/2010 | 10,310 | 6.92% at 12/31/24 adjustable rate 3 month CME Term SOFR + 2.00% | ||||||||||||||||||||||
| Trust Preferred Securities | 6/15/2036 | Quarterly by Company beginning 6/15/2011 | 25,774 | 6.01% at 12/31/24 adjustable rate 3 month CME Term SOFR + 1.65% | ||||||||||||||||||||||
| Trust Preferred Securities | 6/23/2036 | Quarterly by Company beginning 6/23/2011 | 8,248 | 6.45% at 12/31/24 adjustable rate 3 month CME Term SOFR + 2.11% | ||||||||||||||||||||||
| Subordinated Debentures | 11/15/2030 | Continuous by Company beginning 11/15/2025 | 18,000 | 4.38% fixed at 12/31/23 until 11/15/25, then adjustable rate 3 month CME Term SOFR + 4.16% | ||||||||||||||||||||||
| Total borrowings / weighted average rate as of December 31, 2024 | 96,126 | 6.22% | ||||||||||||||||||||||||
| Unamortized discount on acquired borrowings | (4,250) | |||||||||||||||||||||||||
| Total borrowings | $ | 91,876 | ||||||||||||||||||||||||
Any borrowings from the FHLB and FRB are subject to acceleration in certain circumstances, including material adverse changes in the condition of the Company or if the Company’s qualifying collateral amounts to less than that required under the terms of the borrowing agreement.
In the above tables, at December 31, 2025 and December 31, 2024, there were no short-term borrowings (original maturity of less than twelve months).
Trust Preferred Securities in the above tables are borrowings structured as trust preferred capital securities which were issued by various unconsolidated subsidiaries of the Company as discussed in Note 1. These unsecured debt securities qualify as Tier I capital for capital adequacy requirements.
The Subordinated Debentures in the 2024 table above were borrowings issued by GrandSouth and assumed by the Company on January 1, 2023. These unsecured debt securities qualified as Tier II capital for capital adequacy requirements. The Company repaid the Subordinated Debentures during the fourth quarter of 2025.
At December 31, 2025, the Company had several sources of readily available borrowing capacity:
•A $1.4 billion line of credit with the FHLB that can be structured as either short-term or long-term borrowings, depending on the particular funding or liquidity needs. As of December 31, 2025, the line of credit is secured by a blanket lien on portions of the Company's real estate loan portfolio totaling approximately $2.3 billion and the Company's FHLB stock totaling $8.6 million. $0.8 million was outstanding on the line of credit at December 31, 2025 and $0.8 million was outstanding at December 31, 2024;
•A total of $265.0 million federal funds lines of credit with correspondent banks which allow the Company to purchase federal funds on an overnight, unsecured basis. None was outstanding at December 31, 2025 or 2024; and
•An approximately $763.8 million line of credit through the Federal Reserve's discount window borrowing program, which was secured at December 31, 2025 by a blanket lien on a portion of the Company’s commercial and consumer loan portfolios (excluding real estate collateral) totaling approximately $319.6 million and specific investment securities with a carrying value of $644.8 million. No borrowings were outstanding at December 31, 2025 or 2024, respectively.
At December 31, 2025, the contractual maturities of borrowings were as follows for the years ending:
| ($ in thousands) | FHLB Principal Reducing Credit | Trust Preferred Securities | Total | |||||||||||||||||
| 2026 | $ | — | $ | — | $ | — | ||||||||||||||
| 2027 | — | — | — | |||||||||||||||||
| 2028 | 753 | — | 753 | |||||||||||||||||
| 2029 | — | — | — | |||||||||||||||||
| 2030 | — | — | — | |||||||||||||||||
| Thereafter | — | 77,324 | 77,324 | |||||||||||||||||
| Total | $ | 753 | $ | 77,324 | 78,077 | |||||||||||||||
| Unamortized discount on acquired borrowings | (3,508) | |||||||||||||||||||
| Total borrowings | $ | 74,569 | ||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 15, 2017 | |
| 2015 | Mar 14, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.