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First Bancorp Reports Third Quarter Results

SOUTHERN PINES, N.C., Oct. 26, 2022 /PRNewswire/ -- First Bancorp (the "Company") (NASDAQ: FBNC), the parent company of First Bank, announced today net income of $37.9 million, or $1.06 per diluted common share, for the three months ended September 30, 2022, compared to $36.6 million, or $1.03 per diluted common share for the three months ended June 30, 2022 ("linked quarter") and $27.6 million, or $0.97 per diluted common share, recorded in the third quarter of 2021.  For the nine months ended September 30, 2022, the Company recorded net income of $108.5 million, or $3.04 per diluted common share, compared to $85.1 million, or $2.99 per diluted common share for the nine months ended September 30, 2021.

On June 21, 2022, the Company announced that it had reached an agreement to acquire GrandSouth Bancorporation ("GrandSouth"), headquartered in Greenville, South Carolina, in an all-stock transaction. The Company has received regulatory approvals for the transaction. Approval by GrandSouth's shareholders remains pending.  The acquisition is expected to close early in January 2023.  GrandSouth operates eight branches throughout South Carolina and currently has $1.3 billion in total assets, $995.1 million in loans, and $1.1 billion in deposits.

Richard H. Moore, CEO and Chairman of the Company, stated, "First Bank had another very solid quarter with increased core earnings.  We had strong loan growth, our net interest margin expanded, and we continue to control expenses.  We are glad to have received all regulatory approvals for our combination with GrandSouth and anticipate closing the transaction in January with system conversion in March 2023."

Third Quarter 2022 Highlights

  • Tax equivalent net interest margin increased 22 basis points to 3.40% for the quarter as compared to the second quarter of 2022.

  • Loans yields increased to 4.49%, up 25 basis points from the linked quarter related to market rate increases and improved pricing on new loans.

  • Cost of funds has remained low at 0.12% for the quarter.

  • Annualized return on average assets of 1.42% and annualized return on average common equity of 13.84% reported for the quarter ended September 30, 2022.

  • Annualized loan growth for the quarter was 17.9% with total loans in excess of $6.5 billion.

  • Credit quality continues to be strong with decreases in nonperforming assets ("NPA") for the third straight quarter. The NPA to total assets ratio declined to 0.39% as of September 30, 2022 from 0.48% for the comparable period of 2021.

  • Capital remains strong with a total common equity Tier 1 ratio of 12.78% and a total risk-based capital ratio of 14.86% as of September 30, 2022.

  • Quarterly cash dividend of $0.22 per share declared, a 10% increase over the dividend rate in the comparable quarter of 2021.

The following discussions and comparisons to the prior year financial periods presented are impacted by the Company's acquisition of Select Bancorp, Inc. ("Select") completed in the fourth quarter of 2021 which contributed $1.3 billion in loans and $1.6 billion in deposits as of the acquisition date.

Net Interest Income and Net Interest Margin

Net interest income for the third quarter of 2022 was $85.3 million, a 45.7% increase from the $58.6 million recorded in the third quarter of 2021 and a 9.0% increase from the linked quarter.  The increase in net interest income from the prior year period was due in large part to higher earning assets related to both organic growth and the Select acquisition.  Average interest-earning assets for the third quarter of 2022 increased 29.6% from the comparable period of the prior year, with growth in both loans and investment securities.

Also contributing to the increase in net interest income year-over-year was the higher net interest margin ("NIM").  The Company's tax-equivalent NIM (calculated by dividing tax-equivalent net interest income by average earning assets) for the third quarter of 2022 was 3.40%, compared to 3.18% for the linked quarter and 3.03% for the third quarter of 2021.  The higher NIM for each period was driven by the increase in market interest rates as the Federal Reserve's monetary policies resulted in a 300 basis point rise in short-term rates between March and September 2022.  Loan yields increased from 4.19% for the third quarter of 2021 to 4.49% for the current period. Partially offsetting the rise in rates was lower fees from PPP loans which are included in interest income and which declined to $0.3 million for the  third quarter of 2022 compared to $2.1 million for the prior year period.  The Company has been able to maintain a low cost of funds at 0.12% for the quarter ended September 30, 2022, essentially unchanged from the prior year.

Allowance for Credit Losses, Provisions for Credit Losses, and Asset Quality

For the three months ended September 30, 2022, the Company recorded $5.1 million in provision for credit losses.  This is compared to no provision for credit losses for the second quarter of 2022 and a release of provisions of $(1.4) million for the  third quarter of 2021.  Fluctuations each period are based on loan growth during the period, changes in the levels of nonperforming loans, economic forecasts impacting loss drivers, and other assumptions and inputs to the CECL model.

Also during the third quarter of 2022, the Company recorded $0.3 million in provision for unfunded commitments, compared to no provision for unfunded commitments for the linked quarter and a provision of $1.0 million for the  third quarter of 2021.  The reserve for unfunded commitments totaled $12.3 million at September 30, 2022 and is included in the line item "Other Liabilities".

Asset quality remains strong with annualized net loan charge-offs of 0.04% for the third quarter of 2022.  Total NPAs amounted to $40.7 million at September 30, 2022, or 0.39% of total assets, down from $41.1 million at the end of the linked quarter, and $40.7 million, or 0.48% of total assets, at September 30, 2021.

Noninterest Income

Total noninterest income for the third quarter of 2022 was $16.9 million, a 2.4% increase from the $16.5 million recorded for the third quarter of 2021 and a 2.0% decrease from the linked quarter.  The primary factors driving fluctuations among the periods presented were as follows:

  • Increases in "Service charges on deposit accounts" in the third quarter compared to the linked quarter and the prior year period were driven by the Select acquisition and related increases in the number of new customers and transaction accounts, combined with continued organic growth in transaction accounts.

  • Fluctuations in "Other service charges, commission and fees" were related to higher volumes of activity in each period offset by lower interchange fees effective in July 2022 as a result of the Durbin Amendment limitations.

  • Fees from presold mortgages amounted to $0.4 million for the third quarter of 2022, a decrease of 17.2% from the linked quarter, and a decrease of 82.1% from the $2.1 million recorded in the third quarter of 2021. Mortgage loan refinancing and origination volumes have declined significantly due to increases in mortgage interest rates.

  • Commissions from sales of insurance and financial products amounted to $1.4 million for the third quarter of 2022, an increase of 20.9% as compared to the linked quarter and a 16.1% increase from the third quarter of 2021 driven by higher volume of transactions.

  • SBA consulting fees declined $0.6 million for the third quarter of 2022 as compared to the prior year as a direct result of lower PPP-related revenue.

  • SBA loan sale gains amounted to $0.5 million for the third quarter of 2022 compared to $0.8 million for the linked quarter and $1.7 million in the third quarter of 2021. The decrease was related to the fluctuations in the timing of sales and the volume of originated loans available to be sold in each period.

  • Other gains amounted to $2.7 million for the third quarter of 2022 and $6.0 million for the first nine months of 2022, primarily related to death benefits realized on bank-owned life insurance policies. Also included in other gains for the third quarter of 2022 was a settlement of prior year cash letter processing differences.

Noninterest Expenses

Noninterest expenses amounted to $48.7 million for the third quarter of 2022, compared to $49.4 million for the linked quarter and $40.8 million for the third quarter of 2021.  The 19.3% increase in noninterest expenses from the prior year period was driven by higher operating expenses, including additional locations and personnel, resulting from the Select acquisition.  The reduction in employee benefits from the linked quarter was driven by fluctuations in the timing and volume of claims paid under our self-insured health insurance plan.

Balance Sheet and Capital

Total assets at September 30, 2022 amounted to $10.5 billion, a 23.9% increase from a year earlier. The year to date growth was driven by a combination of organic loan and deposit growth earlier in the year, as well as the acquisition of Select.

Total investment securities increased $209.4 million from September 30, 2021 to total $2.9 billion at September 30, 2022, as the Company invested cash from higher levels of deposits realized in 2021.  The decline in investment securities from the linked quarter is due in large part to the utilization of cash flows from investments to fund loan growth. Also contributing to the decline was the increase in unrealized losses on available for sale securities which totaled $464.6 million at quarter end.

Total loans amounted to $6.5 billion at September 30, 2022, an increase of $1.7 billion, or 34.0%, from September 30, 2021, due in large part to the Select acquisition.  Organic loan growth for the third quarter of 2022 amounted to $282.1 million, an annualized growth rate of 18.1%, and totaled $443.6 million year to date for 2022, a 9.7% annualized growth rate.

Total deposits amounted to $9.2 billion at September 30, 2022, an increase of $1.8 billion, or 24.2%, from September 30, 2021.  While deposits have continued to grow for the year to date period, the third quarter of 2022 realized a decline in total deposits of $130.5 million as market rates for deposits have become more competitive and customer behaviors may be shifting from activity experienced during the pandemic.

The Company remains well-capitalized by all regulatory standards, with an estimated Total Risk-Based Capital Ratio at September 30, 2022 of 14.86% compared to 14.77% reported at September 30, 2021.  The Company's tangible common equity to tangible assets ratio was 5.98% at September 30, 2022, a decrease of 236 basis points from a year earlier, with the decline driven by the higher unrealized loss on available for sale securities included in equity.

*   *   *

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets of $10.5 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 108 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


Three Months Ended


Nine Months Ended

($ in thousands except per share data - unaudited)

September 30, 2022

June 30, 2022

September 30, 2021


September 30, 2022

September 30, 2021

Interest income







   Interest and fees on loans

$       72,239

65,077

50,957


$    201,518

154,325

   Interest on investment securities

14,565

14,489

9,069


43,312

23,568

   Other interest income

1,486

881

528


3,016

1,809

      Total interest income

88,290

80,447

60,554


247,846

179,702

Interest expense







   Interest on deposits

1,848

1,585

1,626


5,204

6,013

   Interest on borrowings

1,108

592

375


2,160

1,139

      Total interest expense

2,956

2,177

2,001


7,364

7,152

        Net interest income

85,334

78,270

58,553


240,482

172,550

Provision for (reversal of) loan losses

5,100

(1,400)


8,600

(1,400)

Provision for (reversal of)  unfunded commitments

300

1,049


(1,200)

2,988

     Total provision for (reversal of) credit losses

5,400

(351)


7,400

1,588

        Net interest income after provision for credit losses

79,934

78,270

58,904


233,082

170,962

Noninterest income







   Service charges on deposit accounts

4,166

3,700

3,209


11,407

8,766

   Other service charges, commissions, and fees

6,312

7,882

6,464


21,200

18,482

   Fees from presold mortgage loans

376

454

2,096


1,951

8,914

   Commissions from sales of insurance and financial products

1,391

1,151

1,198


3,487

5,854

   SBA consulting fees

479

704

1,128


1,963

6,079

   SBA loan sale gains

479

841

1,655


4,581

6,981

   Bank-owned life insurance income

962

942

711


2,880

1,945

   Other gains, net

2,747

1,590

50


5,958

1,533

      Total noninterest income

16,912

17,264

16,511


53,427

58,554

Noninterest expenses







   Salaries expense

24,416

23,799

20,651


71,669

61,969

   Employee benefit expense

4,156

6,310

4,447


16,044

13,105

   Occupancy and equipment related expense

4,847

4,636

3,743


14,171

11,413

   Merger and acquisition expenses

548

737

254


4,769

665

   Intangibles amortization expense

889

953

695


2,859

2,437

   Foreclosed property net (gains) losses

(292)

23


(372)

7

   Other operating expenses

13,844

13,255

11,004


40,423

32,271

      Total noninterest expenses

48,700

49,398

40,817


149,563

121,867

Income before income taxes

48,146

46,136

34,598


136,946

107,649

Income tax expense

10,197

9,551

6,955


28,443

22,527

Net income

$       37,949

36,585

27,643


$    108,503

85,122








Earnings per common share - diluted

$           1.06

1.03

0.97


$           3.04

2.99








ADDITIONAL INCOME STATEMENT INFORMATION







   Net interest income, as reported

$       85,334

78,270

58,553


$    240,482

172,550

   Tax-equivalent adjustment (1)

692

669

576


2,058

1,536

   Net interest income, tax-equivalent

$       86,026

78,939

59,129


242,540

174,086



(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


CONSOLIDATED BALANCE SHEETS

($ in thousands)


At September 30,
2022

(unaudited)


At June 30,
2022

(unaudited)


At December 31,
2021

(audited)


At September 30,
2021

(unaudited)

Assets








Cash and due from banks

$             83,050


85,139


128,228


80,090

Interest-bearing deposits with banks

186,465


348,964


332,934


314,103

     Total cash and cash equivalents

269,515


434,103


461,162


394,193









Investment securities

2,882,408


3,079,034


3,144,239


2,672,968

Presold mortgages in process of settlement

3,233


4,655


19,257


16,746

SBA and other  loans held for sale

477


638


61,003


1,518









Loans

6,525,286


6,243,170


6,081,715


4,869,841

Allowance for credit losses on loans

(86,587)


(82,181)


(78,789)


(63,628)

Net loans

6,438,699


6,160,989


6,002,926


4,806,213









Premises and equipment

134,288


135,143


136,092


124,391

Operating right-of-use lease assets

19,230


19,707


20,719


16,900

Intangible assets

378,150


379,615


382,090


242,079

Foreclosed properties

658


658


3,071


1,819

Bank-owned life insurance

164,793


163,831


165,786


133,919

Other assets

224,411


187,842


112,556


78,620

     Total assets

$     10,515,862


10,566,215


10,508,901


8,489,366









Liabilities








Deposits:








     Noninterest-bearing checking accounts

$       3,748,207


3,699,725


3,348,622


2,765,360

     Interest-bearing checking accounts

1,551,450


1,537,487


1,593,231


1,446,259

     Money market accounts

2,432,926


2,572,118


2,562,283


1,899,172

     Savings accounts

751,895


747,272


708,054


626,616

     Time deposits > $100,000

473,247


521,853


613,414


483,130

     Other time deposits

271,546


281,293


299,025


212,228

          Total deposits

9,229,271


9,359,748


9,124,629


7,432,765









Borrowings

226,476


67,445


67,386


60,764

Operating lease liabilities

19,847


20,280


21,192


17,323

Other liabilities

55,771


56,399


65,119


48,764

     Total liabilities

9,531,365


9,503,872


9,278,326


7,559,616









Shareholders' equity








Common stock

724,694


723,956


722,671


398,058

Retained earnings

617,839


587,739


532,874


529,474

Stock in rabbi trust assumed in acquisition

(1,585)


(1,573)


(1,803)


(1,791)

Rabbi trust obligation

1,585


1,573


1,803


1,791

Accumulated other comprehensive loss

(358,036)


(249,352)


(24,970)


2,218

     Total shareholders' equity

984,497


1,062,343


1,230,575


929,750

Total liabilities and shareholders' equity

$     10,515,862


10,566,215


10,508,901


8,489,366

 

First Bancorp and Subsidiaries

Financial Summary



Three Months Ended


Nine Months Ended

PERFORMANCE RATIOS (annualized)

September 30,
2022

June 30,
2022

September 30,
2021


September 30,
2022

September 30,
2021

Return on average assets (1)

1.42 %

1.40 %

1.32 %


1.38 %

1.44 %

Return on average common equity (2)

13.84 %

13.45 %

11.93 %


12.85 %

12.65 %








COMMON SHARE DATA







Cash dividends declared - common

$          0.22

0.22

0.20


0.66

0.60

Stated book value - common

27.57

29.77

32.59


27.57

32.59

Tangible book value - common (non-GAAP)

16.98

19.13

24.11


16.98

24.11

Common shares outstanding at end of period

35,711,754

35,683,595

28,524,480


35,711,754

28,524,480

Weighted average shares outstanding - diluted

35,703,446

35,642,471

28,515,328


35,662,527

28,514,405








CAPITAL RATIOS







Tangible common equity to tangible assets (non-GAAP)

5.98 %

6.70 %

8.34 %


5.98 %

8.34 %

Common equity tier I capital ratio

12.78 %

12.90 %

12.57 %


12.78 %

12.57 %

Tier I leverage ratio

10.21 %

9.95 %

9.30 %


10.21 %

9.30 %

Tier I risk-based capital ratio

13.61 %

13.76 %

13.52 %


13.61 %

13.52 %

Total risk-based capital ratio

14.86 %

15.01 %

14.77 %


14.86 %

14.77 %








AVERAGE BALANCES ($ in thousands)







Total assets

$  10,567,133

10,516,748

8,319,327


10,549,209

7,922,917

Loans

6,389,996

6,149,174

4,820,007


6,197,915

4,728,258

Earning assets

10,028,388

9,950,669

7,735,613


9,931,321

7,343,279

Deposits

9,299,277

9,337,615

7,280,275


9,286,028

6,904,437

Interest-bearing liabilities

5,661,339

5,740,269

4,612,282


5,750,602

4,431,355

Shareholders' equity

1,087,763

1,091,077

918,986


1,129,184

899,461


      (1)  Calculated by dividing annualized net income by average assets.

      (2)  Calculated by dividing annualized net income by average common equity.

 


TREND INFORMATION


($ in thousands except per share data)

For the Three Months Ended

INCOME STATEMENT

September 30,
2022

June 30,
2022

March 31,
2022

December 31,
2021

September 30,
2021







Net interest income - tax-equivalent (1)

$           86,026

78,939

77,575

74,552

59,129

Taxable equivalent adjustment (1)

692

669

697

707

576

Net interest income

85,334

78,270

76,878

73,845

58,553

Provision (reversal) for loan losses

5,100

3,500

11,011

(1,400)

Provision (reversal) for unfunded commitments

300

(1,500)

2,432

1,049

Noninterest income

16,912

17,264

19,251

15,057

16,511

Noninterest expense

48,700

49,398

51,465

62,789

40,817

Income before income taxes

48,146

46,136

42,664

12,670

34,598

Income tax expense

10,197

9,551

8,695

2,148

6,955

Net income

37,949

36,585

33,969

10,522

27,643







Earnings per common share - diluted

1.06

1.03

0.95

0.30

0.97







Cash dividends declared per share

0.22

0.22

0.22

0.20

0.20

      (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



For the Three Months Ended

YIELD INFORMATION

September 30,
2022

June 30,
2022

March 31,
2022

December 31,
2021

September 30,
2021







Yield on loans

4.49 %

4.24 %

4.30 %

4.37 %

4.19 %

Yield on securities

1.71 %

1.69 %

1.76 %

1.45 %

1.46 %

Yield on other earning assets

2.27 %

0.97 %

0.55 %

0.42 %

0.47 %

   Yield on all interest-earning assets

3.49 %

3.24 %

3.27 %

3.20 %

3.11 %







Rate on interest bearing deposits

0.13 %

0.11 %

0.12 %

0.13 %

0.14 %

Rate on other interest-bearing liabilities

3.99 %

3.52 %

2.77 %

2.88 %

2.45 %

   Rate on all interest-bearing liabilities

0.21 %

0.15 %

0.15 %

0.17 %

0.17 %

     Total cost of funds

0.12 %

0.09 %

0.10 %

0.11 %

0.11 %







        Net interest margin (1)

3.38 %

3.16 %

3.18 %

3.10 %

3.00 %







        Net interest margin - tax-equivalent (2)

3.40 %

3.18 %

3.21 %

3.13 %

3.03 %







        Average prime rate

5.35 %

3.94 %

3.29 %

3.25 %

3.25 %


      (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.

 




For the Three Months Ended

NET INTEREST INCOME PURCHASE ACCOUNTING
ADJUSTMENTS

($ in thousands - unaudited)

September 30,
2022


June 30,
2022


March 31,
2022


December 31,
2021


September 30,
2021











Interest income - increased by accretion of loan
discount on acquired loans

$           1,519


1,545


1,671


1,912


530

Interest income - increased by accretion of loan
discount on retained portions of SBA loans

1,032


730


667


703


697

Total interest income impact

2,551


2,275


2,338


2,615


1,227

Interest expense - reduced by premium
amortization of deposits

121


168


234


261


8

Interest expense - increased by discount accretion
of borrowings

(64)


(53)


(73)


(116)


(45)

Total net interest expense impact

57


115


161


145


(37)

     Total impact on net interest income

$           2,608


2,390


2,499


2,760


1,190

 




As of / for the Three Months Ended

PAYCHECK PROTECTION PROGRAM (PPP) LOANS

($ in thousands - unaudited)

September 30,
2022


June 30,
2022


March 31,
2022


December 31,
2021


September 30,
2021











PPP loans outstanding

$                38


3,000


15,623


38,979


66,876

PPP fee amortization

284


1,008


1,324


1,676


2,093

 

First Bancorp and Subsidiaries

Financial Summary


 

ASSET QUALITY DATA ($ in thousands)

September 30,
2022


June 30,
2022


March 31,
2022


December 31,
2021


September 30,
2021











Nonperforming assets










Nonaccrual loans

$      28,669


28,715


33,460


34,696


31,268

Troubled debt restructurings - accruing

11,355


11,771


12,727


13,866


7,600

Accruing loans > 90 days past due




1,004


Total nonperforming loans

40,024


40,486


46,187


49,566


38,868

Foreclosed real estate

658


658


2,750


3,071


1,819

Total nonperforming assets

$      40,682


41,144


48,937


52,637


40,687











Asset Quality Ratios










Quarterly net charge-offs (recoveries) to average
loans - annualized

0.04 %


(0.01) %


0.01 %


0.05 %


0.00 %

Nonperforming loans to total loans

0.61 %


0.65 %


0.76 %


0.82 %


0.80 %

Nonperforming assets to total assets

0.39 %


0.39 %


0.46 %


0.50 %


0.48 %

Allowance for credit losses to total loans

1.33 %


1.32 %


1.35 %


1.30 %


1.31 %

 

Corporate holding logo (PRNewsfoto/First Bancorp)
Corporate holding logo (PRNewsfoto/First Bancorp)

 

Cision
Cision

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SOURCE First Bancorp