First Bancorp (North Carolina)

NASDAQ:FBNCUnited States

Oct 23, 2024

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• -- Earnings Flash (FBNC) FIRST BANCORP Reports Q3 EPS $0.45, from 4:15PM ET on Wednesday Oct 23, 2024 by MT Newswires

  4:15PM ET on Wednesday Oct 23, 2024 by MT Newswires
  Companies Mentioned: FBNC
  04:15 PM EDT, 10/23/2024 (MT Newswires) -- ...

• First Bancorp Reports Third Quarter Results, from 4:05PM ET on Wednesday Oct 23, 2024 by PR Newswire

  4:05PM ET on Wednesday Oct 23, 2024 by PR Newswire
  Companies Mentioned: FBNC

  First Bancorp (the "Company") (NASDAQ - FBNC), the parent company of First Bank, reported third quarter earnings today. At the end of September, Hurricane Helene greatly impacted portions of our footprint in Western North Carolina and the upstate of South Carolina. We quickly initiated a response for our associates, customers and communities in these areas, and our most important priority was and continues to be making sure our people are taken care of during this difficult time. Our team rallied together to support our customers and the communities we serve. While some of our facilities suffered damage during the storm, we have worked to restore service for our customers as quickly and fully as possible. Richard H. Moore, CEO and Chairman of the Company, stated "I am proud of our Company and associates who responded quickly and poured out their hearts and resources to assist those who suffered devastating impacts. We are here for our teammates, customers and communities and are committed to supporting them in this tremendous time of need. In anticipation of our customers' potential challenges to recover from the storm, we took an additional $13 million in provision for credit losses during the quarter."

• *DJ First Bancorp NC 3Q EPS 45c >FBNC, from 4:05PM ET on Wednesday Oct 23, 2024 by Dow Jones

  4:05PM ET on Wednesday Oct 23, 2024 by Dow Jones
  Companies Mentioned: FBNC

• First Bancorp Reports Third Quarter Results, from 4:05PM ET on Wednesday Oct 23, 2024 by Dow Jones

  4:05PM ET on Wednesday Oct 23, 2024 by Dow Jones
  Companies Mentioned: FBNC
  =============== =============== Net yield on interest-earning assets and net interest income -- tax-equivalent (3) 2.86 % $ 245,618 3.12 % $ 266,313 Interest rate spread 1.87 % 2.36 % Average prime rate 8.48 % 8.09 % (1) Average loans include nonaccruing loans, the effect of which is to lower the average rate shown. Interest earned includes recognized net loan fees, including late fees, prepayment fees, and net deferred loan (cost)/fee amortization in the amounts of $(716,000) and $458,000 for the nine months ended September 30, 2024 and September 30, 2023, respectively. (2) Includes accretion of discount on acquired loans of $6.7 million and $10.4 million for the nine months ended September 30, 2024 and September 30, 2023, respectively. (3) Includes tax-equivalent adjustments of $2.2 million and $2.1 million for the nine months ended September 30, 2024 and September 30, 2023, respectively, to reflect the tax benefit that we receive related to tax-exempt securities and tax-exempt loans, which carry interest rates lower than similar taxable investments/loans due to their tax-exempt status. This amount has been computed assuming a 23% tax rate and is reduced by the related nondeductible portion of interest expense. Reconciliation of non-GAAP measures APPENDIX A: Calculation of Return on TCE For the Three Months Ended ---------------------------------------------------------------------------- September June 30, March 31, December September ($ in thousands) 30, 2024 2024 2024 31, 2023 30, 2023 ---------------- ------------- ------------- ------------- ------------- Net Income $ 18,680 $ 28,712 $ 25,272 $ 29,674 $ 29,893 Intangible asset amortization, net of taxes 1,240 1,283 1,352 1,575 2,634 ---------------- ------------- ------------- ------------- ------------- Tangible Net income $ 19,920 $ 29,995 $ 26,624 $ 31,249 $ 32,527 ================ ============= ============= ============= ============= Average common equity $ 1,445,029 $ 1,378,284 $ 1,375,490 $ 1,280,812 $ 1,303,249 Less: Average goodwill and other intangibles, net of related taxes (489,987) (491,318) (492,733) (494,127) (495,743) ---------------- ------------- ------------- ------------- ------------- Average tangible common equity $ 955,042 $ 886,966 $ 882,757 $ 786,685 $ 807,506 ================ ============= ============= ============= ============= Return on average common equity 5.48 % 8.75 % 7.78 % 9.68 % 9.90 % ================ ============= ============= ============= ============= Return on average tangible common equity 8.30 % 13.60 % 12.13 % 15.76 % 15.98 % ================ ============= ============= ============= ============= APPENDIX B: Reconciliation of Common Equity to TCE For the Three Months Ended ---------------------------------------------------------------------------- September June 30, March 31, December September ($ in thousands) 30, 2024 2024 2024 31, 2023 30, 2023 ---------------- ------------- ------------- ------------- ------------- Total shareholders' common equity $ 1,477,525 $ 1,404,342 $ 1,376,099 $ 1,372,380 $ 1,257,683 Less: Goodwill and other intangibles, net of related taxes (489,139) (490,439) (491,740) (493,211) (494,681) ---------------- ------------- ------------- ------------- ------------- Tangible common equity $ 988,386 $ 913,903 $ 884,359 $ 879,169 $ 763,002 ================ ============= ============= ============= ============= APPENDIX C: Tangible Book Value Per Share For the Three Months Ended ---------------------------------------------------------------------------- ($ in thousands except per share September June 30, March 31, December September data) 30, 2024 2024 2024 31, 2023 30, 2023 ---------------- ------------- ------------- ------------- ------------- Tangible common equity (Appendix B) $ 988,386 $ 913,903 $ 884,359 $ 879,169 $ 763,002 ------------------ ---------------- ------------- ------------- ------------- ------------- Common shares outstanding 41,340,099 41,187,943 41,156,286 41,109,987 41,085,498 ---------------- ------------- ------------- ------------- ------------- Tangible book value per common share $ 23.91 $ 22.19 $ 21.49 $ 21.39 $ 18.57 ================ ============= ============= ============= ============= APPENDIX D: TCE Ratio For the Three Months Ended ---------------------------------------------------------------------------- September June 30, March 31, December September ($ in thousands) 30, 2024 2024 2024 31, 2023 30, 2023 ---------------- ------------- ------------- ------------- ------------- Tangible common equity (Appendix B) $ 988,386 $ 913,903 $ 884,359 $ 879,169 $ 763,002 ------------------ ---------------- ------------- ------------- ------------- ------------- Total assets 12,153,430 12,060,805 12,091,597 12,114,942 11,977,960 Less: Goodwill and other intangibles, net of related taxes (489,139) (490,439) (491,740) (493,211) (494,681) ---------------- ------------- ------------- ------------- ------------- Tangible assets ("TA") $ 11,664,291 $ 11,570,366 $ 11,599,857 $ 11,621,731 $ 11,483,279 ================ ============= ============= ============= ============= TCE to TA ratio 8.47 % 7.90 % 7.62 % 7.56 % 6.64 % ================ ============= ============= ============= ============= APPENDIX E: Adjusted EPS - diluted For the Three For the Nine Months Ended Months Ended September 30, September 30, 2024 2024 --------------------- --------------------- Net income $ 18,680 $ 72,664 Impact of Hurricane Helene Provision for credit losses 13,000 13,000 Building repairs and maintenance 300 300 Other 96 96 --------------------- --------------------- Total 13,396 13,396 Less, tax impact (3,102) (3,102) --------------------- --------------------- After-tax impact of Hurricane Helene 10,294 10,294 --------------------- --------------------- Adjusted net income $ 28,974 $ 82,958 ===================== ===================== Weighted average shares outstanding - diluted 41,366,743 41,294,137 EPS - diluted $ 0.45 $ 1.76 ===================== ===================== Adjusted EPS - diluted $ 0.70 $ 2.01 ===================== =====================