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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
Commission File Number 0-15572
FIRST BANCORP
(Exact Name of Registrant as Specified in its Charter)
North Carolina
 
56-1421916
(State or Other Jurisdiction of Incorporation or Organization)
 
(I.R.S. Employer Identification Number)
 
 
 
 
 
 
300 SW Broad St.,
Southern Pines,
North Carolina
 
28387
(Address of Principal Executive Offices)
 
(Zip Code)
 
 
 
 
 
 
(Registrant's telephone number, including area code)
 
(910)
246-2500
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
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one)
 
Large Accelerated Filer
Accelerated Filer
 
Non-Accelerated Filer
Smaller Reporting Company
 
 
 
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
The number of shares of the registrant's Common Stock outstanding on October 31, 2019 was 29,604,830.
 



INDEX
FIRST BANCORP AND SUBSIDIARIES
 
Page
 
 
 
 
 
 
 
 
 
 
 


Page 2

Index

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, 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 2018 Annual Report on Form 10-K.


Page 3

Index

Part I. Financial Information
Item 1 - Financial Statements

First Bancorp and Subsidiaries
Consolidated Balance Sheets
($ in thousands)
September 30,
2019 (unaudited)
 
December 31,
2018
ASSETS
 

 
 

Cash and due from banks, noninterest-bearing
$
52,621

 
56,050

Due from banks, interest-bearing
264,840

 
406,848

Total cash and cash equivalents
317,461

 
462,898

 
 
 
 
Securities available for sale
705,224

 
501,351

Securities held to maturity (fair values of $74,465 and $99,906)
74,265

 
101,237

 
 
 
 
Presold mortgages in process of settlement
16,269

 
4,279

 
 
 
 
Loans
4,396,544

 
4,249,064

Allowance for loan losses
(19,260
)
 
(21,039
)
Net loans
4,377,284

 
4,228,025

 
 
 
 
Premises and equipment
136,668

 
119,000

Accrued interest receivable
16,297

 
16,004

Goodwill
234,368

 
234,368

Other intangible assets
18,456

 
21,112

Foreclosed properties
4,589

 
7,440

Bank-owned life insurance
103,806

 
101,878

Other assets
64,224

 
66,524

Total assets
$
6,068,911

 
5,864,116

 
 
 
 
LIABILITIES
 
 
 
Deposits:      Noninterest bearing checking accounts
$
1,491,494

 
1,320,131

Interest bearing checking accounts
894,777

 
916,374

Money market accounts
1,124,614

 
1,035,523

Savings accounts
418,043

 
432,389

Time deposits of $100,000 or more
686,554

 
690,922

Other time deposits
259,900

 
264,000

Total deposits
4,875,382

 
4,659,339

Borrowings
300,656

 
406,609

Accrued interest payable
2,169

 
1,976

Other liabilities
55,722

 
31,962

Total liabilities
5,233,929

 
5,099,886

 
 
 
 
Commitments and contingencies


 


 
 
 
 
SHAREHOLDERS’ EQUITY
 
 
 
Preferred stock, no par value per share.  Authorized: 5,000,000 shares
 
 
 
Issued & outstanding:  none and none

 

Common stock, no par value per share.  Authorized: 40,000,000 shares
 
 
 
Issued & outstanding:  29,604,830 and 29,724,874 shares
429,136

 
434,453

Retained earnings
402,212

 
341,738

Stock in rabbi trust assumed in acquisition
(2,577
)
 
(3,235
)
Rabbi trust obligation
2,577

 
3,235

Accumulated other comprehensive income (loss)
3,634

 
(11,961
)
Total shareholders’ equity
834,982

 
764,230

Total liabilities and shareholders’ equity
$
6,068,911

 
5,864,116

See accompanying notes to unaudited consolidated financial statements.


Page 4

Index

First Bancorp and Subsidiaries
Consolidated Statements of Income
($ in thousands, except share data-unaudited)
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
INTEREST INCOME
 
 
 
 
 
 
 
Interest and fees on loans
$
55,142

 
52,407

 
164,754

 
154,028

Interest on investment securities:
 
 
 
 


 


Taxable interest income
5,130

 
2,501

 
14,859

 
7,552

Tax-exempt interest income
212

 
367

 
820

 
1,115

Other, principally overnight investments
1,898

 
2,944

 
6,705

 
7,320

Total interest income
62,382

 
58,219

 
187,138

 
170,015

 
 
 
 
 
 
 
 
INTEREST EXPENSE
 
 
 
 
 
 
 
Savings, checking and money market accounts
2,560

 
1,334

 
6,904

 
3,445

Time deposits of $100,000 or more
3,519

 
2,302

 
10,219

 
5,627

Other time deposits
518

 
270

 
1,375

 
740

Borrowings
2,007

 
2,468

 
7,092

 
6,619

Total interest expense
8,604

 
6,374

 
25,590

 
16,431

 
 
 
 
 
 
 
 
Net interest income
53,778

 
51,845

 
161,548

 
153,584

Provision (reversal) for loan losses
(1,105
)
 
87

 
(913
)
 
(4,282
)
Net interest income after provision for loan losses
54,883

 
51,758

 
162,461

 
157,866

 
 
 
 
 
 
 
 
NONINTEREST INCOME
 
 
 
 
 
 
 
Service charges on deposit accounts
3,388

 
3,221

 
9,543

 
9,606

Other service charges, commissions and fees
5,814

 
4,942

 
16,848

 
14,101

Fees from presold mortgage loans
1,275

 
576

 
2,677

 
2,231

Commissions from sales of insurance and financial products
2,203

 
2,425

 
6,436

 
6,484

SBA consulting fees
663

 
1,287

 
2,847

 
3,554

SBA loan sale gains
1,917

 
2,373

 
7,048

 
8,773

Bank-owned life insurance income
651

 
641

 
1,928

 
1,892

Securities gains (losses), net
97

 

 
97

 

Foreclosed property gains (losses), net
(273
)
 
(192
)
 
(899
)
 
(579
)
Other gains (losses), net
(105
)
 
(101
)
 
(331
)
 
811

Total noninterest income
15,630

 
15,172

 
46,194

 
46,873

 
 
 
 
 
 
 
 
NONINTEREST EXPENSES
 
 
 
 
 
 
 
Salaries expense
19,833

 
18,771

 
58,530

 
56,615

Employee benefits expense
4,144

 
4,061

 
13,150

 
12,752

Total personnel expense
23,977

 
22,832

 
71,680

 
69,367

Occupancy expense
2,786

 
2,742

 
8,269

 
8,087

Equipment related expenses
1,231

 
1,438

 
3,783

 
3,931

Merger and acquisition expenses

 
167

 
213

 
3,568

Intangibles amortization expense
1,163

 
1,452

 
3,737

 
4,518

Other operating expenses
9,763

 
10,403

 
30,948

 
31,683

Total noninterest expenses
38,920

 
39,034

 
118,630

 
121,154

 
 
 
 
 
 
 
 
Income before income taxes
31,593

 
27,896

 
90,025

 
83,585

Income tax expense
6,574

 
5,905

 
18,862

 
18,191

 
 
 
 
 
 
 
 
Net income
$
25,019

 
21,991

 
71,163

 
65,394

 
 
 
 
 
 
 
 
Earnings per common share:
 
 
 
 
 
 
 
Basic
$
0.84

 
0.74

 
2.39

 
2.21

Diluted
0.84

 
0.74

 
2.39

 
2.21

 
 
 
 
 
 
 
 
Dividends declared per common share
$
0.12

 
0.10

 
0.36

 
0.30

 
 
 
 
 
 
 
 
Weighted average common shares outstanding:
 
 
 
 
 
 
 
Basic
29,542,001

 
29,530,203

 
29,585,383

 
29,536,273

Diluted
29,684,105

 
29,621,130

 
29,759,459

 
29,639,126

See accompanying notes to unaudited consolidated financial statements.


Page 5

Index

First Bancorp and Subsidiaries
Consolidated Statements of Comprehensive Income
($ in thousands-unaudited)
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
25,019

 
21,991

 
71,163

 
65,394

Other comprehensive income (loss):
 
 
 
 
 
 
 
Unrealized gains (losses) on securities available for sale:
 
 
 
 
 
 
 
Unrealized holding gains (losses) arising during the period, pretax
2,210

 
(927
)
 
19,814

 
(10,229
)
Tax (expense) benefit
(508
)
 
216

 
(4,602
)
 
2,390

      Reclassification to realized (gains) losses
(97
)
 

 
(97
)
 

Tax expense (benefit)
22

 

 
22

 

Postretirement Plans:
 
 
 
 
 
 
 
Amortization of unrecognized net actuarial loss
155

 
(87
)
 
611

 
16

Tax benefit
(36
)
 
20

 
(153
)
 
(4
)
Other comprehensive income (loss)
1,746

 
(778
)
 
15,595

 
(7,827
)
Comprehensive income
$
26,765

 
21,213

 
86,758

 
57,567

See accompanying notes to unaudited consolidated financial statements.


Page 6

Index

First Bancorp and Subsidiaries
Consolidated Statements of Shareholders’ Equity

($ in thousands, except share data - unaudited)
Common Stock
 
Retained
Earnings
 
Stock in
Rabbi
Trust
Assumed
in
Acquisition
 
Rabbi
Trust
Obligation
 
Accumulated
Other
Comprehensive
Income
(Loss)
 
Total
Shareholders’
Equity
Shares
 
Amount
 
 
 
 
 
Three Months Ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
Balances, July 1, 2018
29,703

 
$
434,117

 
301,800

 
(3,214
)
 
3,214

 
(11,195
)
 
724,722

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
 
 
 
21,991

 
 
 
 
 
 
 
21,991

Cash dividends declared ($0.10 per common share)
 
 
 
 
(2,969
)
 
 
 
 
 
 
 
(2,969
)
Change in Rabbi Trust Obligation
 
 
 
 
 
 
(10
)
 
10

 
 
 

Stock option exercises

 

 
 
 
 
 
 
 
 
 

Stock withheld for payment of taxes
(3
)
 
(264
)
 
 
 
 
 
 
 
 
 
(264
)
Stock-based compensation
29

 
374

 
 
 
 
 
 
 
 
 
374

Other comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
(778
)
 
(778
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances, September 30, 2018
29,729

 
$
434,227

 
320,822

 
(3,224
)
 
3,224

 
(11,973
)
 
743,076

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2019
 
 
 
 
 
 
 
 
 
 
Balances, July 1, 2019
29,717

 
432,533

 
380,748

 
(2,866
)
 
2,866

 
1,888

 
815,169

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
 


 
25,019

 


 


 


 
25,019

Cash dividends declared ($0.12 per common share)
 
 


 
(3,555
)
 


 


 


 
(3,555
)
Change in Rabbi Trust Obligation
 
 


 


 
289

 
(289
)
 


 

Equity issued related to acquisition earn-out

 

 
 
 
 
 
 
 
 
 

Stock repurchases
(100
)
 
(3,476
)
 
 
 
 
 
 
 
 
 
(3,476
)
Stock option exercises

 

 
 
 
 
 
 
 
 
 

Stock withheld for payment of taxes
(12
)
 
(467
)
 
 
 
 
 
 
 
 
 
(467
)
Stock-based compensation

 
546

 
 
 
 
 
 
 
 
 
546

Other comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
1,746

 
1,746

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances, September 30, 2019
29,605

 
$
429,136

 
402,212

 
(2,577
)
 
2,577

 
3,634

 
834,982


See accompanying notes to unaudited consolidated financial statements.












Page 7

Index






First Bancorp and Subsidiaries
Consolidated Statements of Shareholders’ Equity (continued)
($ in thousands, except share data - unaudited)
Common Stock
 
Retained
Earnings
 
Stock in
Rabbi
Trust
Assumed
in
Acquisition
 
Rabbi
Trust
Obligation
 
Accumulated
Other
Comprehensive
Income
(Loss)
 
Total
Shareholders’
Equity
Shares
 
Amount
 
 
 
 
 
Nine Months Ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
Balances, January 1, 2018
29,639

 
$
432,794

 
264,331

 
(3,581
)
 
3,581

 
(4,146
)
 
692,979

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
 
 
 
65,394

 
 
 
 
 
 
 
65,394

Cash dividends declared ($0.30 per common share)
 
 
 
 
(8,903
)
 
 
 
 
 
 
 
(8,903
)
Change in Rabbi Trust Obligation
 
 
 
 
 
 
357

 
(357
)
 
 
 

Stock option exercises
25

 
324

 
 
 
 
 
 
 
 
 
324

Stock withheld for payment of taxes
(7
)
 
(264
)
 
 
 
 
 
 
 
 
 
(264
)
Stock-based compensation
72

 
1,373

 
 
 
 
 
 
 
 
 
1,373

Other comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
(7,827
)
 
(7,827
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2018
29,729

 
$
434,227

 
320,822

 
(3,224
)
 
3,224

 
(11,973
)
 
743,076

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2019
 
 
 
 
 
 
 
 
 
 
Balances, January 1, 2019
29,725

 
434,453

 
341,738

 
(3,235
)
 
3,235

 
(11,961
)
 
764,230

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
 


 
71,163

 


 


 


 
71,163

Cash dividends declared ($0.36 per common share)
 
 


 
(10,689
)
 


 


 


 
(10,689
)
Change in Rabbi Trust Obligation
 
 


 


 
658

 
(658
)
 


 

Equity issued related to acquisition earn-out
78

 
3,070

 
 
 
 
 
 
 
 
 
3,070

Stock repurchases
(282
)
 
(10,000
)
 
 
 
 
 
 
 
 
 
(10,000
)
Stock option exercises
9

 
129

 
 
 
 
 
 
 
 
 
129

Stock withheld for payment of taxes
(15
)
 
(558
)
 
 
 
 
 
 
 
 
 
(558
)
Stock-based compensation
90

 
2,042

 
 
 
 
 
 
 
 
 
2,042

Other comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
15,595

 
15,595

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances, September 30, 2019
29,605

 
$
429,136

 
402,212

 
(2,577
)
 
2,577

 
3,634

 
834,982

See accompanying notes to unaudited consolidated financial statements.


Page 8

Index

First Bancorp and Subsidiaries
Consolidated Statements of Cash Flows
($ in thousands-unaudited)
Nine Months Ended
September 30,
 
2019
 
2018
Cash Flows From Operating Activities
 
 
 
Net income
$
71,163

 
65,394

Reconciliation of net income to net cash provided by operating activities:
 
 
 
Provision (reversal) for loan losses
(913
)
 
(4,282
)
Net security premium amortization
1,827

 
2,184

Loan discount accretion
(4,473
)
 
(5,982
)
Other purchase accounting accretion and amortization, net
(16
)
 
(165
)
Foreclosed property (gains) losses and write-downs, net
899

 
579

Gains on securities available for sale
(97
)
 

Other losses (gains)
331

 
(811
)
Increase in net deferred loan costs
(261
)
 
(1,475
)
Depreciation of premises and equipment
4,326

 
4,420

Amortization of operating lease right-of-use assets
1,372

 

Repayments of lease obligations
(1,250
)
 

Stock-based compensation expense
1,748

 
1,201

Amortization of intangible assets
3,737

 
4,518

Amortization of SBA servicing assets
975

 
555