First Bancorp /NC/ Files Q1 2024 10-Q Report

TL;DR

<b>First Bancorp /NC/ has submitted its quarterly report detailing financial performance for Q1 2024.</b>

AI Summary

FIRST BANCORP /NC/ (FBNC) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. First Bancorp /NC/ filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31. The filing was made on May 8, 2024. The company is incorporated in North Carolina.

Why It Matters

For investors and stakeholders tracking FIRST BANCORP /NC/, this filing contains several important signals. This 10-Q filing provides investors with an update on the company's financial health and operational performance during the first three months of 2024. Understanding the details within this report is crucial for assessing the bank's current standing and future prospects in the commercial banking sector.

Risk Assessment

Risk Level: low — FIRST BANCORP /NC/ shows low risk based on this filing. The filing is a standard 10-Q report, which is a routine disclosure for publicly traded companies and does not inherently contain new, significant risk-altering information.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand First Bancorp's Q1 2024 performance and outlook.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-08 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (Q1 2024)
• 2023-12-31 — Previous Year End Date (FISCAL YEAR END)

Key Players & Entities

• FIRST BANCORP /NC/ (company) — FILER
• 0000811589-24-000035 (other) — ACCESSION NUMBER
• 20240331 (date) — CONFORMED PERIOD OF REPORT
• 20240508 (date) — FILED AS OF DATE
• NC (location) — STATE OF INCORPORATION
• 1934 Act (regulation) — SEC ACT
• 000-15572 (other) — SEC FILE NUMBER
• Southern Pines (location) — BUSINESS ADDRESS CITY

FAQ

Industry Context

First Bancorp /NC/ operates within the commercial banking sector, providing a range of financial services.

Regulatory Implications

As a commercial bank, First Bancorp is subject to regulations from various federal and state authorities, including those overseeing banking operations and financial reporting.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review management's discussion and analysis (MD&A) for insights into performance drivers and risks.
3. Compare key financial metrics to previous periods and industry benchmarks.

Key Dates

• 2024-05-08: 10-Q Filing — Report for Q1 2024 filed.
• 2024-03-31: Quarter End Date — Financials reported as of this date.
• 2024-01-01: Quarter Start Date — Beginning of the reporting period.
• 2023-12-31: Previous Fiscal Year End — Reference point for year-over-year comparisons.

Year-Over-Year Comparison

This filing represents the company's standard quarterly report (10-Q) for the period ending March 31, 2024, following its previous filings.

Filing Documents

• fbnc-20240331.htm (10-Q) — 2684KB
• fbnc2024-03exx311.htm (EX-31.1) — 9KB
• fbnc2024-03exx312.htm (EX-31.2) — 9KB
• fbnc2024-03exx321.htm (EX-32.1) — 4KB
• fbnc2024-03exx322.htm (EX-32.2) — 4KB
• 0000811589-24-000035.txt (&nbsp;) — 15540KB
• fbnc-20240331.xsd (EX-101.SCH) — 72KB
• fbnc-20240331_cal.xml (EX-101.CAL) — 169KB
• fbnc-20240331_def.xml (EX-101.DEF) — 487KB
• fbnc-20240331_lab.xml (EX-101.LAB) — 923KB
• fbnc-20240331_pre.xml (EX-101.PRE) — 747KB
• fbnc-20240331_htm.xml (XML) — 3708KB

Financial Information

Part I. Financial Information

- Financial Statements (unaudited)

Item 1 - Financial Statements (unaudited) Consolidated Balance Sheets - March 31 , 202 4 and December 31, 202 3 4 Consolidated Statements of Income - For the Three Months Ended March 3 1 , 202 4 and 202 3 5 Consolidated Statements of Comprehensive Income - For the Three Months Ended March 31 , 202 4 and 202 3 6 Consolidated Statements of Shareholders' Equity - For the Three Months Ended March 31 , 202 4 and 202 3 7 Consolidated Statements of Cash Flows - For the Three Months Ended March 31 , 202 4 and 202 3 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10

– Management's Discussion and Analysis of Consolidated Results of Operations and Financial Condition

Item 2 – Management's Discussion and Analysis of Consolidated Results of Operations and Financial Condition 37

– Quantitative and Qualitative Disclosures About Market Risk

Item 3 – Quantitative and Qualitative Disclosures About Market Risk 52

– Controls and Procedures

Item 4 – Controls and Procedures 54

Other Information

Part II. Other Information

– Legal Proceedings

Item 1 – Legal Proceedings 56

– Risk Factors

Item 1A – Risk Factors 56

- Other Information

Item 5 - Other Information 56

– Exhibits

Item 6 – Exhibits 57

Signatures

Signatures 58 Page 2 Index

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Part I of this report 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. Further, forward-looking statements are intended to speak only as of the date made. Such statements are often characterized by the use of qualifying words (and their derivatives) such as "expect," "believe," "estimate," "plan," "project," or other statements concerning our opinions or judgment about future events. Our actual results may differ materially from those anticipated in any forward-looking statements, as they will depend on many factors about which we are unsure, including many factors which are beyond our control. Factors that could influence the accuracy of such forward-looking statements include, but are not limited to, the financial success or changing strategies of our customers, our level of success in integrating acquisitions, actions of government regulators, the level of market interest rates, geopolitical influences and general economic conditions. For additional information about factors that could affect the matters discussed in this paragraph, see the "Risk Factors" section of our 2023 Annual Report on Form 10-K ("2023 Annual Report") and Item 1A of Part II of this report. Page 3 Index

Financial Information

Part I. Financial Information

- Financial Statements

Item 1 - Financial Statements First Bancorp and Subsidiaries Consolidated Balance Sheets ($ in thousands - unaudited) March 31, 2024 December 31, 2023 Assets Cash and due from banks, noninterest-bearing $ 87,181 100,891 Due from banks, interest-bearing 266,661 136,964 Total cash and cash equivalents 353,842 237,855 Securities available for sale 2,088,483 2,189,379 Securities held to maturity (fair values of $ 436,655 at March 31, 2024 and $ 449,623 at December 31, 2023) 525,627 533,678 Presold mortgages in process of settlement 6,703 2,667 Loans 8,076,506 8,150,102 Allowance for credit losses on loans ( 110,067 ) ( 109,853 ) Net loans 7,966,439 8,040,249 Premises and equipment, net 150,546 150,957 Operating right-of-use lease assets 16,551 17,063 Accrued interest receivable 35,147 37,351 Goodwill 478,750 478,750 Other intangible assets, net 30,886 32,858 Bank-owned life insurance 185,061 183,897 Other assets 253,562 210,238 Total assets $ 12,091,597 12,114,942 Liabilities Deposits: Noninterest-bearing deposits $ 3,362,265 3,379,876 Interest-bearing deposits 6,941,046 6,651,723 Total deposits 10,303,311 10,031,599 Borrowings 332,335 630,158 Accrued interest payable 9,847 5,699 Operating lease liabilities 17,343 17,833 Other liabilities 52,662 57,273 Total liabilities 10,715,498 10,742,562 Commitments and contingencies Shareholders' Equity Preferred stock, no par value per share. Authorized: 5,000,000 shares Issued & outstanding: none as of March 31, 2024 and December 31, 2023 — — Common stock, no par value per share. Authorized: 60,000,000 shares Issued & outstanding: 41,156,286 shares and 41,109,987 shares as of March 31, 2024 and December 31, 2023, respectively 965,429 963,990 Retained earnings 732,643 716,420 Stock in rabbi trust assumed in acquisition ( 1,396 ) ( 1,385 ) Rabbi trust obligation 1,396 1,385 Accumulated other comprehensive loss ( 321,973 ) ( 308,030 ) Total shareholders' equity 1,376,099 1,372,38

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (unaudited) Note 1. Organization and Basis of Presentation The consolidated financial statements include the accounts of First Bancorp (the "Company") and its wholly owned subsidiary First Bank (the "Bank"). The Bank has three wholly owned subsidiaries that are fully consolidated, SBA Complete, Inc. ("SBA Complete"), Magnolia Financial, Inc. ("Magnolia Financial"), and First Troy SPE, LLC. All significant intercompany accounts and transactions have been eliminated. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and notes necessary for complete financial statements in accordance with GAAP. In the opinion of the Company, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the consolidated financial position of the Company as of March 31, 2024, the consolidated results of operations for the three months ended March 31, 2024 and 2023, and the consolidated cash flows for the three months ended March 31, 2024 and 2023. Any such adjustments were of a normal, recurring nature. These interim financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes in the 2023 Annual Report for the year ended December 31, 2023. Operating results for interim period are not necessarily indicative of the results that may be expected for the full year. Reference is made to Note 1 of the 2023 Annual Report filed with the Securities and Exchange Commission ("SEC") for a discussion of accounting policies and other relevant information with respect to the financial statements. The Company has evaluated all subsequent events through the date t

View Full Filing

View this 10-Q filing on SEC EDGAR