false000081158900008115892024-01-242024-01-24
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 24, 2024 |
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
First Bancorp
INDEX
| | | | | |
| Page |
| |
Item 2.02 – Results of Operations and Financial Condition | 3 | |
| |
Item 9.01 – Financial Statements and Exhibits | 3 | |
| |
Signatures | 3 | |
| |
| 4 | |
Item 2.02 - Results of Operations and Financial Condition
On January 24, 2024, First Bancorp (the “Registrant” or “Company”) issued an earnings release to announce its financial results for the three month period ended December 31, 2023. 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 24, 2024 | | By: | | /s/ Richard H. Moore |
| | | | | | Richard H. Moore |
| | | | | | Chief Executive Officer |
News Release
| | | | | | | | | | | |
For Immediate Release: | | | For More Information, Contact: |
January 24, 2024 | | | Hillary Kestler |
| | | 704-644-4137 |
First Bancorp Reports Fourth Quarter and Annual Results
SOUTHERN PINES, N.C. - First Bancorp (the "Company") (NASDAQ - FBNC), the parent company of First Bank, announced today net income of $29.7 million, or $0.72 per diluted common share, for the three months ended December 31, 2023 compared to $29.9 million, or $0.73 per diluted common share, for the three months ended September 30, 2023 ("linked quarter") and $38.4 million, or $1.08 per diluted common share, recorded in the fourth quarter of 2022. For the twelve months ended December 31, 2023, the Company recorded net income of $104.1 million, or $2.53 per diluted common share, compared to $146.9 million, or $4.12 per diluted common share, for the twelve months ended December 31, 2022.
On January 1, 2023, the Company completed its acquisition of GrandSouth Bancorporation ("GrandSouth"). Comparisons for the financial periods presented are impacted by the GrandSouth acquisition which contributed $1.02 billion in loans and $1.05 billion in deposits. The results for the twelve months ended December 31, 2023 include merger expenses totaling $13.7 million and an initial loan loss provision of $12.2 million for acquired loans.
Richard H. Moore, CEO and Chairman of the Company, stated, “This past year, our Company had great success maintaining and strengthening our core banking relationships with our customers at a time when many banks struggled to do so. In 2024, we will continue to do what we do best – serve our customers and our communities – all while managing risk and taking advantage of any opportunities that come our way. I am proud of our steady and solid performance in 2023 and look forward to continued growth in 2024.”
Fourth Quarter 2023 Highlights
•Loans totaled $8.2 billion at December 31, 2023, with growth for the quarter of $123.1 million, an annualized growth rate of 6.1%.
•Noninterest-bearing demand accounts remained strong at 34% of total deposits at quarter end, consistent with the linked quarter end.
•Total loan yield increased to 5.39%, up 77 basis points from the fourth quarter of 2022, with accretion on purchased loans contributing 15 basis points to loan yield.
•While deposit and borrowing rates increased during the quarter, total cost of funds remained low at 1.64% for the quarter ended December 31, 2023.
•The on-balance sheet liquidity ratio was 14.6% at December 31, 2023. Available off-balance sheet sources totaled $2.2 billion at quarter end, resulting in a total liquidity ratio of 30.4%.
•Credit quality continued to be strong with a nonperforming assets ("NPA") to total assets ratio of 0.37% as of December 31, 2023.
•Capital remained strong with a total common equity tier 1 ratio of 13.20% (estimated) and a total risk-based capital ratio of 15.54% (estimated) as of December 31, 2023.
Net Interest Income and Net Interest Margin
Net interest income for the fourth quarter of 2023 was $82.5 million compared to $84.4 million recorded in the fourth quarter of 2022, a decrease of 2.2%. Net interest income for the fourth quarter decreased 2.6% from the $84.7 million reported for the linked quarter.
Average interest-earning assets for the fourth quarter of 2023 increased 13.0% from the comparable period of the prior year, with growth primarily in loans resulting from both organic growth and the GrandSouth acquisition. Despite the higher level of earning assets, the market-driven increases in rates on liabilities occurred at a more rapid pace than the increase in yields on assets, which resulted in the reduction in net interest income and net interest margin ("NIM") as compared to the prior periods.
The Company’s tax-equivalent NIM (calculated by dividing tax-equivalent net interest income by average earning assets) declined year-over-year with the fourth quarter of 2023 reporting a tax-equivalent NIM of 2.88% compared to 3.32% for the fourth quarter of 2022. While loan yields rose from 4.62% for the fourth quarter of 2022 to 5.39% for the fourth quarter of 2023, the total cost of funds increased from 0.36% for the fourth quarter of 2022 to 1.64% for the quarter ended December 31, 2023.
There has been some deceleration of the pace of increase of the Company's cost of funds, primarily in the rate on interest-bearing deposits which increased 19 basis points as compared to the linked quarter, while the third quarter of 2023 realized a 27 basis point increase as compared to the second quarter of 2023.
| | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended |
YIELD INFORMATION | | December 31, 2023 | | September 30, 2023 | | December 31, 2022 |
| | | | | | |
Yield on loans | | 5.39% | | 5.32% | | 4.62% |
Yield on securities | | 1.76% | | 1.75% | | 1.74% |
Yield on other earning assets | | 4.49% | | 4.58% | | 3.05% |
Yield on total interest-earning assets | | 4.38% | | 4.31% | | 3.64% |
| | | | | | |
Rate on interest-bearing deposits | | 2.14% | | 1.95% | | 0.44% |
Rate on other interest-bearing liabilities | | 6.02% | | 5.88% | | 4.58% |
Rate on total interest-bearing liabilities | | 2.43% | | 2.20% | | 0.60% |
Total cost of funds | | 1.64% | | 1.46% | | 0.36% |
| | | | | | |
Net interest margin (1) | | 2.85% | | 2.95% | | 3.29% |
Net interest margin - tax-equivalent (2) | | 2.88% | | 2.97% | | 3.32% |
Average prime rate | | 8.50% | | 8.43% | | 6.82% |
| | | | | | |
(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 2023 was total loan discount accretion of $2.9 million compared to $1.3 million for the fourth quarter of 2022, with the increase being primarily related to the GrandSouth acquisition. Loan discount accretion had an 10 basis points positive impact on the Company's NIM in the fourth quarter of 2023 compared to accretion contributing 5 basis points to NIM for the prior year quarter.
The following table presents the impact to net interest income of the purchase accounting adjustments for each period.
| | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended |
NET INTEREST INCOME PURCHASE ACCOUNTING ADJUSTMENTS ($ in thousands) | | December 31, 2023 | | September 30, 2023 | | December 31, 2022 |
| | | | | | |
Interest income - increased by accretion of loan discount on acquired loans | | $ | 2,464 | | | 2,766 | | | 886 | |
Interest income - increased by accretion of loan discount on retained portions of SBA loans | | 459 | | | 437 | | | 427 | |
Total interest income impact | | 2,923 | | | 3,203 | | | 1,313 | |
Interest expense - (increased) reduced by (discount accretion) premium amortization of deposits | | (495) | | | (709) | | | 70 | |
Interest expense - increased by discount accretion of borrowings | | (207) | | | (215) | | | (64) | |
Total net interest expense impact | | (702) | | | (924) | | | 6 | |
Total impact on net interest income | | $ | 2,221 | | | 2,279 | | | 1,319 | |
Provision for Credit Losses and Credit Quality
For the three months ended December 31, 2023 and December 31, 2022, the Company recorded $3.4 million and $4.0 million in provision for loan losses, respectively. The provision for the current quarter was driven by continued slow-down in prepayment speed estimates which are a key assumption in the CECL model, combined with loan growth and net charge-offs experienced during the quarter. In addition, lower loss driver assumptions resulted in some offsetting reductions to the Allowance for Credit Losses reserve estimate.
During the fourth quarter of 2023, the Company recorded a $0.5 million reversal of the provision for unfunded commitments, compared to a provision for unfunded commitments of $1.0 million for the fourth quarter of 2022. The current quarter's reversal related primarily to a reduction in the amount of available borrowings under lines of credit. Also contributing was the lower loss driver assumptions noted above. The reserve for unfunded commitments totaled $11.4 million at December 31, 2023 and is included in the line item "Other Liabilities".
The combination of the above provisions for credit losses and unfunded commitments resulted in an income statement impact of $3.0 million for the fourth quarter of 2023 as compared to $5.0 million for the fourth quarter of 2022.
Asset quality remained strong with annualized net loan charge-offs of 0.09% for the fourth quarter of 2023. Total NPAs remained at a low level at $44.8 million at December 31, 2023, or 0.37% of total assets. This is compared to $38.3 million, or 0.36% of total assets, at December 31, 2022 with the increase year-over-year being attributable primarily to activity from acquired loan portfolios and the SBA loan portfolio. Nonaccrual loans increased $5.3 million from the linked quarter related in large part to one SBA loan which is guaranteed.
The following table presents the summary of NPAs and asset quality ratios for each period.
| | | | | | | | | | | | | | | | | | | | |
ASSET QUALITY DATA ($ in thousands) | | December 31, 2023 | | September 30, 2023 | | December 31, 2022 |
| | | | | | |
Nonperforming assets | | | | | | |
Nonaccrual loans | | $ | 32,208 | | | 26,884 | | | 28,514 | |
Modifications to borrowers in financial distress | | 11,719 | | | 10,723 | | | — | |
Troubled debt restructurings - accruing (1) | | — | | | — | | | 9,121 | |
Total nonperforming loans | | 43,927 | | | 37,607 | | | 37,635 | |
Foreclosed real estate | | 862 | | | 1,235 | | | 658 | |
Total nonperforming assets | | $ | 44,789 | | | 38,842 | | | 38,293 | |
| | | | | | |
Asset Quality Ratios | | | | | | |
Quarterly net charge-offs (recoveries) to average loans - annualized | | 0.09 | % | | 0.11 | % | | (0.02) | % |
Nonperforming loans to total loans | | 0.54 | % | | 0.47 | % | | 0.56 | % |
Nonperforming assets to total assets | | 0.37 | % | | 0.32 | % | | 0.36 | % |
Allowance for credit losses to total loans | | 1.35 | % | | 1.35 | % | | 1.36 | % |
| | | | | | |
(1) The Company implemented ASU 2022-02 effective January 1, 2023 eliminating TDR accounting. | |
Noninterest Income
Total noninterest income for the fourth quarter of 2023 was $14.5 million, a 0.1% decrease from the $14.6 million recorded for the fourth quarter of 2022 and a 4.2% decrease from the linked quarter. The GrandSouth acquisition was a primary factor driving increases from the prior year in Service Charges on Deposit Accounts related to the higher number of customer accounts and activity generating revenue. The reduction in Other Service Charges, Commissions and Fees from the linked quarter and the prior year quarter was driven by lower net bankcard revenues on reduced incentives received from Mastercard and higher processing fees.
Noninterest Expenses
Noninterest expenses amounted to $56.4 million for the fourth quarter of 2023 compared to $62.2 million for the linked quarter and $45.7 million for the fourth quarter of 2022. The $5.8 million or 9.4% reduction in noninterest expense from the linked quarter was driven by (1) annual adjustments to the Company's pension and SERP benefit plans which resulted in reducing expense approximately $2.2 million during the period, and (2) reduction in bonus and incentive accruals of $2.6 million related to performance results against goals.
The 23.5% increase in total noninterest expenses from the prior year period was related in large part to the acquisition of eight GrandSouth branch locations and related branch and support personnel. This transaction was the primary driver of (1) higher compensation expense which increased from the fourth quarter of 2022 by $3.4 million, or 11.2%; (2) higher occupancy and equipment expense which increased $1.5 million, or 34.2%; and (3) increased intangible amortization of $1.0 million, or 125.0%, related to the core deposit intangibles added with the GrandSouth acquisition.
In addition, other operating expenses increased $4.9 million, or 49.0%, from the fourth quarter of 2022, driven by: (1) approximately $1.6 million in higher data processing and software expense for the additional transactions and account volumes resulting from the GrandSouth transaction, combined with investments in new software systems; and (2) FDIC insurance increases totaling approximately $1.0 million related to the deposits acquired from GrandSouth and the general FDIC rate increase effective January 1, 2023. The remaining increase between the fourth quarter of 2022 and the fourth quarter of 2023 was primarily related to 2022 year end accrual reductions which resulted in lower expense in the fourth quarter of 2022 totaling approximately $3.6 million. The fourth quarter of 2023 also include year end adjustments to the Company's pension and SERP benefit plans which resulted in lower expense of approximately $1.6 million as compared the prior year period.
Balance Sheet
Total assets at December 31, 2023 amounted to $12.1 billion, an increase of $137.0 million from the linked quarter and growing 14.0% from a year earlier. The increase from the linked quarter was primarily related to higher loan and borrowing balances, somewhat offset by lower deposit balances. The growth from a year earlier was driven by the acquisition of GrandSouth, combined with organic loan and deposit growth during the period.
Quarterly average balances for key balance sheet accounts are presented below.
| | | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended |
AVERAGE BALANCES ($ in thousands) | | December 31, 2023 | | December 31, 2022 | | | | Change 4Q23 vs 4Q22 |
| | | | | | | | |
Total assets | | $ | 12,026,195 | | | 10,579,187 | | | | | 13.7% |
Investment securities, at amortized cost | | 3,143,756 | | | 3,325,652 | | | | | (5.5)% |
Loans | | 8,087,450 | | | 6,576,415 | | | | | 23.0% |
Earning assets | | 11,477,007 | | | 10,161,108 | | | | | 13.0% |
Deposits | | 10,131,094 | | | 9,275,909 | | | | | 9.2% |
Interest-bearing liabilities | | 7,204,165 | | | 5,779,958 | | | | | 24.6% |
Shareholders’ equity | | 1,280,812 | | | 1,003,031 | | | | | 27.7% |
Total investment securities were $2.7 billion at December 31, 2023, an increase of $87.2 million from the linked quarter and a decrease of $133.1 million from December 31, 2022. The Company made no notable purchases of investment securities during 2023 and continues to utilize cash flows from amortizing investments to fund loan growth and fluctuations in deposits. The increase in balances experienced from the linked quarter was related to an improvement in the level of unrealized loss on available for sale securities which decreased $120.9 million from the linked quarter and decreased $43.3 million from the prior year end. Total unrealized loss on available for sale investment securities was $400.7 million at December 31, 2023. The Company has the intent to hold, and does not expect it will be required to sell, investments with unrealized losses until maturity or recovery of the amortized cost as market conditions change.
Total loans amounted to $8.2 billion at December 31, 2023, an increase of $123.1 million from the linked quarter and $1.5 billion, or 22.3%, from December 31, 2022. Excluding the GrandSouth acquisition, organic loan growth was $464.9 million for 2023, representing an annualized growth rate of 6.0%.
As presented below, our total loan portfolio mix has remained consistent. There were no notable concentrations in geographies or industries, including in office or hospitality categories at year end. The Company's exposure to non-owner occupied office loans represented approximately 5.6% of the total portfolio at December 31, 2023, with the largest loan being $27.2 million and an average loan outstanding amount of $1.3 million. Non-owner occupied office loans are generally in non-metro markets and the top 10 loans in this category represent less than 2% of the total loan portfolio.
The following table presents the balance and portfolio percentage by loan category for each period.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2023 | | September 30, 2023 | | December 31, 2022 |
($ in thousands) | | Amount | | Percentage | | Amount | | Percentage | | Amount | | Percentage |
| | | | | | | | | | | | |
Commercial and industrial | | $ | 905,862 | | | 11 | % | | 893,910 | | | 11 | % | | 641,941 | | | 9 | % |
Construction, development & other land loans | | 992,980 | | | 12 | % | | 1,008,289 | | | 13 | % | | 934,176 | | | 14 | % |
Commercial real estate - owner occupied | | 1,259,022 | | | 16 | % | | 1,252,259 | | | 16 | % | | 1,036,270 | | | 16 | % |
Commercial real estate - non-owner occupied | | 2,528,060 | | | 31 | % | | 2,509,317 | | | 31 | % | | 2,123,811 | | | 32 | % |
Multi-family real estate | | 421,376 | | | 5 | % | | 405,161 | | | 5 | % | | 350,180 | | | 5 | % |
Residential 1-4 family real estate | | 1,639,469 | | | 20 | % | | 1,560,140 | | | 19 | % | | 1,195,785 | | | 18 | % |
Home equity loans/lines of credit | | 335,068 | | | 4 | % | | 331,108 | | | 4 | % | | 323,726 | | | 5 | % |
Consumer loans | | 68,443 | | | 1 | % | | 67,169 | | | 1 | % | | 60,659 | | | 1 | % |
Loans, gross | | 8,150,280 | | | 100 | % | | 8,027,353 | | | 100 | % | | 6,666,548 | | | 100 | % |
Unamortized net deferred loan fees | | (178) | | | | | (316) | | | | | (1,403) | | | |
Total loans | | $ | 8,150,102 | | | | | 8,027,037 | | | | | 6,665,145 | | | |
Total deposits were $10.0 billion at December 31, 2023, an increase of $804.1 million, or 8.7%, from December 31, 2022. The year-over-year change represents an increase in market deposits of $1.1 billion, resulting primarily from the GrandSouth acquisition, partially offset by intentional declines in brokered deposits of $249.3 million. Organic market deposits (excluding the acquired deposits and brokered deposits) contracted $203.9 million for the fourth quarter of 2023 and grew $16.8 million since the prior year end, which represents a growth rate of 0.2%.
The Company has a diversified and granular deposit base which has remained a stable source of funding. At quarter end, noninterest-bearing deposits accounted for 34% of total deposits, consistent with the linked quarter. As of December 31, 2023, the estimated insured deposits totaled $6.3 billion or 63.3% of total deposits. In addition, there were collateralized deposits at that date of $820.9 million such that approximately 71.5% of our total deposits were insured or collateralized at the current quarter end.
Our deposit mix has remained consistent historically and has not changed significantly with the addition of GrandSouth, with the exception of some shift to money market accounts, as presented in the table below.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2023 | | September 30, 2023 | | December 31, 2022 |
($ in thousands) | | Amount | | Percentage | | Amount | | Percentage | | Amount | | Percentage |
| | | | | | | | | | | | |
Noninterest-bearing checking accounts | | $ | 3,379,876 | | | 34 | % | | 3,503,050 | | | 34 | % | | 3,566,003 | | | 39 | % |
Interest-bearing checking accounts | | 1,411,142 | | | 14 | % | | 1,458,855 | | | 14 | % | | 1,514,166 | | | 16 | % |
Money market accounts | | 3,653,506 | | | 36 | % | | 3,635,523 | | | 36 | % | | 2,416,146 | | | 26 | % |
Savings accounts | | 608,380 | | | 6 | % | | 638,912 | | | 6 | % | | 728,641 | | | 8 | % |
Other time deposits | | 610,887 | | | 6 | % | | 626,870 | | | 6 | % | | 464,343 | | | 5 | % |
Time deposits >$250,000 | | 355,209 | | | 4 | % | | 359,704 | | | 4 | % | | 276,319 | | | 3 | % |
Total market deposits | | 10,019,000 | | | 100 | % | | 10,222,914 | | | 100 | % | | 8,965,618 | | | 97 | % |
Brokered deposits | | 12,599 | | | — | % | | 12,489 | | | — | % | | 261,911 | | | 3 | % |
Total deposits | | $ | 10,031,599 | | | 100 | % | | 10,235,403 | | | 100 | % | | 9,227,529 | | | 100 | % |
Capital
The Company remains well-capitalized by all regulatory standards, with an estimated total risk-based capital ratio at December 31, 2023 of 15.54%, up from the linked quarter ratio of 15.26% and 15.09% reported at December 31, 2022.
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 which was 7.42% at December 31, 2023, an increase of 93 basis points from the linked quarter and an increase of 103 basis points from the prior year period. The increases in TCE for the current quarter and year-over-year were driven by the improvement in the AOCI level related to the decrease in the unrealized loss on available for sale securities, as well as earnings for the year. Refer to Appendix B for a reconciliation of common equity to TCE.
| | | | | | | | | | | | | | | | | | | | |
CAPITAL RATIOS | | December 31, 2023 (estimated) | | September 30, 2023 | | December 31, 2022 |
| | | | | | |
Tangible common equity to tangible assets (non-GAAP) | | 7.42% | | 6.49% | | 6.39% |
Common equity tier I capital ratio | | 13.20% | | 12.93% | | 13.02% |
Tier I leverage ratio | | 10.91% | | 10.72% | | 10.51% |
Tier I risk-based capital ratio | | 13.99% | | 13.71% | | 13.83% |
Total risk-based capital ratio | | 15.54% | | 15.26% | | 15.09% |
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 or 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, 2023 was 14.6%. In addition, the Company had approximately $2.2 billion in available lines of credit at that date resulting in a total liquidity ratio of 30.4%.
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 118 branches in North Carolina and South Carolina. First Bank also provides SBA loans to customers through its nationwide network of lenders - for more information on First Bank’s SBA lending capabilities, please visit www.firstbanksba.com. First Bancorp’s common stock is traded on The NASDAQ Global Select Market under the symbol “FBNC.”
Please visit our website at www.LocalFirstBank.com.
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, 2023 | | September 30, 2023 | | December 31, 2022 | | December 31, 2023 | | December 31, 2022 |
Interest income | | | | | | | | | | |
Interest and fees on loans | | $ | 109,811 | | | 106,514 | | | 76,509 | | | 418,668 | | | 278,027 | |
Interest on investment securities | | 13,978 | | | 14,054 | | | 14,611 | | | 56,761 | | | 57,923 | |
Other interest income | | 2,784 | | | 3,283 | | | 1,991 | | | 13,330 | | | 5,007 | |
Total interest income | | 126,573 | | | 123,851 | | | 93,111 | | | 488,759 | | | 340,957 | |
Interest expense | | | | | | | | | | |
Interest on deposits | | 35,979 | | | 32,641 | | | 6,145 | | | 114,866 | | | 11,349 | |
Interest on borrowings | | 8,110 | | | 6,508 | | | 2,594 | | | 27,235 | | | 4,754 | |
Total interest expense | | 44,089 | | | 39,149 | | | 8,739 | | | 142,101 | | | 16,103 | |
Net interest income | | 82,484 | | | 84,702 | | | 84,372 | | | 346,658 | | | 324,854 | |
Provision for loan losses | | 3,400 | | | 1,200 | | | 4,000 | | | 19,750 | | | 12,600 | |
(Reversal of) provision for unfunded commitments | | (450) | | | (1,200) | | | 1,000 | | | (1,937) | | | (200) | |
Total provision for credit losses | | 2,950 | | | — | | | 5,000 | | | 17,813 | | | 12,400 | |
Net interest income after provision for credit losses | | 79,534 | | | 84,702 | | | 79,372 | | | 328,845 | | | 312,454 | |
Noninterest income | | | | | | | | | | |
Service charges on deposit accounts | | 4,413 | | | 4,661 | | | 4,116 | | | 16,800 | | | 15,523 | |
Other service charges, commissions, and fees | | 4,968 | | | 5,450 | | | 5,094 | | | 22,270 | | | 26,294 | |
Fees from presold mortgage loans | | 325 | | | 325 | | | 151 | | | 1,613 | | | 2,102 | |
Commissions from sales of financial products | | 1,577 | | | 1,207 | | | 1,708 | | | 5,503 | | | 5,195 | |
SBA consulting fees | | 395 | | | 478 | | | 645 | | | 1,803 | | | 2,608 | |
SBA loan sale gains | | 437 | | | 1,101 | | | 495 | | | 2,489 | | | 5,076 | |
Bank-owned life insurance income | | 1,134 | | | 1,104 | | | 967 | | | 4,350 | | | 3,847 | |
| | | | | | | | | | |
Other gains, net | | 1,293 | | | 851 | | | 1,382 | | | 2,662 | | | 7,340 | |
Total noninterest income | | 14,542 | | | 15,177 | | | 14,558 | | | 57,490 | | | 67,985 | |
Noninterest expenses | | | | | | | | | | |
Salaries expense | | 26,985 | | | 29,394 | | | 24,652 | | | 114,377 | | | 96,321 | |
Employee benefit expense | | 6,377 | | | 6,539 | | | 5,353 | | | 25,474 | | | 21,397 | |
Occupancy and equipment related expense | | 5,948 | | | 5,003 | | | 4,433 | | | 20,990 | | | 18,604 | |
Merger and acquisition expenses | | 189 | | | — | | | 303 | | | 13,695 | | | 5,072 | |
Intangibles amortization expense | | 1,856 | | | 1,953 | | | 825 | | | 8,003 | | | 3,684 | |
Other operating expenses | | 15,031 | | | 19,335 | | | 10,091 | | | 71,840 | | | 50,142 | |
Total noninterest expenses | | 56,386 | | | 62,224 | | | 45,657 | | | 254,379 | | | 195,220 | |
Income before income taxes | | 37,690 | | | 37,655 | | | 48,273 | | | 131,956 | | | 185,219 | |
Income tax expense | | 8,016 | | | 7,762 | | | 9,840 | | | 27,825 | | | 38,283 | |
Net income | | $ | 29,674 | | | 29,893 | | | 38,433 | | | 104,131 | | | 146,936 | |
| | | | | | | | | | |
Earnings per common share - diluted | | $ | 0.72 | | | 0.73 | | | 1.08 | | | 2.53 | | | 4.12 | |
| | |
First Bancorp and Subsidiaries Financial Summary |
| | | | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED BALANCE SHEETS |
($ in thousands - unaudited) | | At December 31, 2023 | | At September 30, 2023 | | At December 31, 2022 | | |
Assets | | | | | | | | |
Cash and due from banks | | $ | 100,891 | | | 95,257 | | | 101,133 | | | |
Interest-bearing deposits with banks | | 136,964 | | | 178,332 | | | 169,185 | | | |
Total cash and cash equivalents | | 237,855 | | | 273,589 | | | 270,318 | | | |
| | | | | | | | |
Investment securities | | 2,723,057 | | | 2,635,866 | | | 2,856,193 | | | |
Presold mortgages and SBA loans held for sale | | 2,667 | | | 8,060 | | | 1,282 | | | |
| | | | | | | | |
Loans | | 8,150,102 | | | 8,027,037 | | | 6,665,145 | | | |
Allowance for credit losses on loans | | (109,853) | | | (108,198) | | | (90,967) | | | |
Net loans | | 8,040,249 | | | 7,918,839 | | | 6,574,178 | | | |
| | | | | | | | |
Premises and equipment | | 150,957 | | | 151,981 | | | 134,187 | | | |
Operating right-of-use lease assets | | 17,063 | | | 17,604 | | | 18,733 | | | |
Goodwill and other intangible assets | | 511,608 | | | 513,629 | | | 376,938 | | | |
Bank-owned life insurance | | 183,897 | | | 182,764 | | | 164,592 | | | |
Other assets | | 247,589 | | | 275,628 | | | 228,628 | | | |
Total assets | | $ | 12,114,942 | | | 11,977,960 | | | 10,625,049 | | | |
| | | | | | | | |
Liabilities | | | | | | | | |
Deposits: | | | | | | | | |
Noninterest-bearing checking accounts | | $ | 3,379,876 | | | 3,503,050 | | | 3,566,003 | | | |
Interest-bearing deposit accounts | | 6,651,723 | | | 6,732,353 | | | 5,661,526 | | | |
Total deposits | | 10,031,599 | | | 10,235,403 | | | 9,227,529 | | | |
| | | | | | | | |
Borrowings | | 630,158 | | | 401,843 | | | 287,507 | | | |
Operating lease liabilities | | 17,833 | | | 18,348 | | | 19,391 | | | |
Other liabilities | | 62,972 | | | 64,683 | | | 59,026 | | | |
Total liabilities | | 10,742,562 | | | 10,720,277 | | | 9,593,453 | | | |
| | | | | | | | |
Shareholders’ equity | | | | | | | | |
Common stock | | 963,990 | | | 962,644 | | | 725,153 | | | |
Retained earnings | | 716,420 | | | 695,791 | | | 648,418 | | | |
Stock in rabbi trust assumed in acquisition | | (1,385) | | | (1,375) | | | (1,585) | | | |
Rabbi trust obligation | | 1,385 | | | 1,375 | | | 1,585 | | | |
Accumulated other comprehensive loss | | (308,030) | | | (400,752) | | | (341,975) | | | |
Total shareholders’ equity | | 1,372,380 | | | 1,257,683 | | | 1,031,596 | | | |
Total liabilities and shareholders’ equity | | $ | 12,114,942 | | | 11,977,960 | | | 10,625,049 | | | |
| | |
First Bancorp and Subsidiaries Financial Summary |
TREND INFORMATION
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended | | |
| | December 31, 2023 | | September 30, 2023 | | June 30, 2023 | | March 31, 2023 | | December 31, 2022 | | | |
| | | | | | | | | | | | | |
PERFORMANCE RATIOS (annualized) | | | | | | | | | | | | | |
Return on average assets (1) | | 0.98 | % | | 0.99 | % | | 0.98 | % | | 0.51 | % | | 1.44 | % | | | |
Return on average common equity (2) | | 9.19 | % | | 9.10 | % | | 8.97 | % | | 4.83 | % | | 15.20 | % | | | |
Return on average tangible common equity (3) | | 15.33 | % | | 15.05 | % | | 14.79 | % | | 8.16 | % | | 20.96 | % | | | |
| | | | | | | | | | | | | |
COMMON SHARE DATA | | | | | | | | | | | | | |
Cash dividends declared - common | | $ | 0.22 | | | 0.22 | | | 0.22 | | | 0.22 | | | 0.22 | | | | |
Book value per common share | | $ | 33.38 | | | 30.61 | | | 31.59 | | | 31.72 | | | 28.89 | | | | |
Tangible book value per share (4) | | $ | 20.94 | | | 18.11 | | | 19.03 | | | 19.08 | | | 18.34 | | | | |
Common shares outstanding at end of period | | 41,109,987 | | | 41,085,498 | | | 41,082,678 | | | 40,986,990 | | | 35,704,154 | | | | |
Weighted average shares outstanding - diluted | | 41,207,945 | | | 41,199,058 | | | 41,129,100 | | | 41,112,692 | | | 35,614,972 | | | | |
| | | | | | | | | | | | | |
CAPITAL INFORMATION (estimates for current quarter) | | | | | | | | | | | | | |
Tangible common equity to tangible assets (5) | | 7.42 | % | | 6.49 | % | | 6.79 | % | | 6.60 | % | | 6.39 | % | | | |
Common equity tier I capital ratio | | 13.20 | % | | 12.93 | % | | 12.75 | % | | 12.53 | % | | 13.02 | % | | | |
Total risk-based capital ratio | | 15.54 | % | | 15.26 | % | | 15.09 | % | | 14.88 | % | | 15.09 | % | | | |
| | | | | | | | | | | | | |
(1) Calculated by dividing annualized net income by average assets. | | | |
(2) Calculated by dividing annualized net income by average common equity. | | | |
(3) Return on average tangible common equity is a non-GAAP financial measure. See Appendix A for 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, 2023 | | September 30, 2023 | | June 30, 2023 | | March 31, 2023 | | December 31, 2022 |
| | | | | | | | | | |
Net interest income - tax-equivalent (1) | | $ | 83,225 | | | 85,442 | | | 87,684 | | | 93,186 | | | 85,094 | |
Taxable equivalent adjustment (1) | | 741 | | | 740 | | | 699 | | | 700 | | | 722 | |
Net interest income | | 82,484 | | | 84,702 | | | 86,985 | | | 92,486 | | | 84,372 | |
Provision for loan losses | | 3,400 | | | 1,200 | | | 3,700 | | | 11,451 | | | 4,000 | |
(Reversal of) provision for unfunded commitments | | (450) | | | (1,200) | | | (1,339) | | | 1,051 | | | 1,000 | |
Noninterest income | | 14,542 | | | 15,177 | | | 14,235 | | | 13,536 | | | 14,558 | |
Merger and acquisition costs | | 189 | | | — | | | 1,334 | | | 12,182 | | | 303 | |
Other noninterest expense | | 56,197 | | | 62,224 | | | 60,259 | | | 61,993 | | | 45,354 | |
Income before income taxes | | 37,690 | | | 37,655 | | | 37,266 | | | 19,345 | | | 48,273 | |
Income tax expense | | 8,016 | | | 7,762 | | | 7,863 | | | 4,184 | | | 9,840 | |
Net income | | 29,674 | | | 29,893 | | | 29,403 | | | 15,161 | | | 38,433 | |
| | | | | | | | | | |
Earnings per common share - diluted | | $ | 0.72 | | | 0.73 | | | 0.71 | | | 0.37 | | | 1.08 | |
| | | | | | | | | | |
(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. |
APPENDIX A: Calculation of Return on TCE
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended | | |
($ in thousands) | | December 31, 2023 | | September 30, 2023 | | June 30, 2023 | | March 31, 2023 | | December 31, 2022 | | | |
| | | | | | | | | | | | | |
Net Income | | $ | 29,674 | | | 29,893 | | | 29,403 | | | 15,161 | | | 38,433 | | | | |
| | | | | | | | | | | | | |
Average common equity | | 1,280,812 | | | 1,303,249 | | | 1,314,650 | | | 1,273,435 | | | 1,003,023 | | | | |
Less: Average goodwill and other intangibles | | (512,876) | | | (515,111) | | | (517,201) | | | (519,639) | | | (377,793) | | | | |
Average tangible common equity | | $ | 767,936 | | | 788,138 | | | 797,449 | | | 753,796 | | | 625,230 | | | | |
| | | | | | | | | | | | | |
Return on average common equity | | 9.19 | % | | 9.10 | % | | 8.97 | % | | 4.83 | % | | 15.20 | % | | | |
Return on average tangible common equity | | 15.33 | % | | 15.05 | % | | 14.79 | % | | 8.16 | % | | 24.39 | % | | | |
APPENDIX B: Reconciliation of Common Equity to TCE
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended | | |
($ in thousands) | | December 31, 2023 | | September 30, 2023 | | June 30, 2023 | | March 31, 2023 | | December 31, 2022 | | | |
| | | | | | | | | | | | | |
Total shareholders' common equity | | $ | 1,372,380 | | | 1,257,683 | | | 1,297,642 | | | 1,299,961 | | | 1,031,596 | | | | |
Less: Goodwill and other intangibles | | (511,608) | | | (513,629) | | | (515,847) | | | (518,012) | | | (376,938) | | | | |
Tangible common equity | | $ | 860,772 | | | 744,054 | | | 781,795 | | | 781,949 | | | 654,658 | | | | |
APPENDIX C: Tangible Book Value Per Share
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended | | |
($ in thousands except per share data) | | December 31, 2023 | | September 30, 2023 | | June 30, 2023 | | March 31, 2023 | | December 31, 2022 | | | |
| | | | | | | | | | | | | |
Tangible common equity (Appendix B) | | $ | 860,772 | | | 744,054 | | | 781,795 | | | 781,949 | | | 654,658 | | | | |
| | | | | | | | | | | | | |
Common shares outstanding | | 41,109,987 | | | 41,085,498 | | | 41,082,678 | | | 40,986,990 | | | 35,704,154 | | | | |
Tangible book value per common share | | $ | 20.94 | | | 18.11 | | | 19.03 | | | 19.08 | | | 18.34 | | | | |
APPENDIX D: TCE Ratio
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended | | |
($ in thousands) | | December 31, 2023 | | September 30, 2023 | | June 30, 2023 | | March 31, 2023 | | December 31, 2022 | | | |
| | | | | | | | | | | | | |
Tangible common equity (Appendix B) | | $ | 860,772 | | | 744,054 | | | 781,795 | | | 781,949 | | | 654,658 | | | | |
| | | | | | | | | | | | | |
Total assets | | 12,114,942 | | | 11,977,960 | | | 12,032,998 | | | 12,363,149 | | | 10,625,049 | | | | |
Less: Goodwill and other intangibles | | (511,608) | | | (513,629) | | | (515,847) | | | (518,012) | | | (376,938) | | | | |
Tangible assets ("TA") | | $ | 11,603,334 | | | 11,464,331 | | | 11,517,151 | | | 11,845,137 | | | 10,248,111 | | | | |
TCE to TA ratio | | 7.42 | % | | 6.49 | % | | 6.79 | % | | 6.60 | % | | 6.39 | % | | | |
v3.23.4
Cover Page
|
Jan. 24, 2024 |
Cover [Abstract] |
|
Document Type |
8-K
|
Document Period End Date |
Jan. 24, 2024
|
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
|
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c
+ Details
Name: |
dei_PreCommencementIssuerTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b
+ Details
Name: |
dei_PreCommencementTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Section 14a -Number 240 -Subsection 12
+ Details
Name: |
dei_SolicitingMaterial |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425
+ Details
Name: |
dei_WrittenCommunications |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
First Bancorp (NASDAQ:FBNC)
Historical Stock Chart
From Apr 2024 to May 2024
First Bancorp (NASDAQ:FBNC)
Historical Stock Chart
From May 2023 to May 2024