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Section 1: 10-Q (10-Q)

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Index

 
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 June 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
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
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
The number of shares of the registrant's Common Stock outstanding on July 31, 2019 was 29,717,223.
 


Index

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)
June 30,
2019 (unaudited)
 
December 31,
2018
 
June 30,
2018 (unaudited)
ASSETS
 

 
 

 
 

Cash and due from banks, noninterest-bearing
$
52,679

 
56,050

 
97,163

Due from banks, interest-bearing
286,781

 
406,848

 
462,972

Total cash and cash equivalents
339,460

 
462,898

 
560,135

 
 
 
 
 
 
Securities available for sale
691,971

 
501,351

 
334,068

Securities held to maturity (fair values of $79,044, $99,906, and $107,068)
79,050

 
101,237

 
108,265

 
 
 
 
 
 
Presold mortgages in process of settlement
6,222

 
4,279

 
9,311

 
 
 
 
 
 
Loans
4,339,497

 
4,249,064

 
4,149,390

Allowance for loan losses
(20,789
)
 
(21,039
)
 
(23,298
)
Net loans
4,318,708

 
4,228,025

 
4,126,092

 
 
 
 
 
 
Premises and equipment
136,901

 
119,000

 
113,774

Accrued interest receivable
16,909

 
16,004

 
13,930

Goodwill
234,368

 
234,368

 
232,458

Other intangible assets
19,401

 
21,112

 
23,152

Foreclosed properties
5,107

 
7,440

 
8,296

Bank-owned life insurance
103,154

 
101,878

 
100,413

Other assets
60,788

 
66,524

 
87,706

Total assets
$
6,012,039

 
5,864,116

 
5,717,600

 
 
 
 
 
 
LIABILITIES
 
 
 
 
 
Deposits:      Noninterest bearing checking accounts
$
1,441,064

 
1,320,131

 
1,252,214

Interest bearing checking accounts
931,945

 
916,374

 
915,666

Money market accounts
1,104,052

 
1,035,523

 
1,021,659

Savings accounts
413,065

 
432,389

 
440,475

Time deposits of $100,000 or more
690,734

 
690,922

 
647,206

Other time deposits
262,194

 
264,000

 
276,401

Total deposits
4,843,054

 
4,659,339

 
4,553,621

Borrowings
301,140

 
406,609

 
407,076

Accrued interest payable
2,258

 
1,976

 
1,651

Other liabilities
50,418

 
31,962

 
30,530

Total liabilities
5,196,870

 
5,099,886

 
4,992,878

 
 
 
 
 
 
Commitments and contingencies


 


 


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

 

 

Common stock, no par value per share.  Authorized: 40,000,000 shares
 
 
 
 
 
Issued & outstanding:  29,717,223, 29,724,874, and 29,702,912 shares
432,533

 
434,453

 
434,117

Retained earnings
380,748

 
341,738

 
301,800

Stock in rabbi trust assumed in acquisition
(2,866
)
 
(3,235
)
 
(3,214
)
Rabbi trust obligation
2,866

 
3,235

 
3,214

Accumulated other comprehensive income (loss)
1,888

 
(11,961
)
 
(11,195
)
Total shareholders’ equity
815,169

 
764,230

 
724,722

Total liabilities and shareholders’ equity
$
6,012,039

 
5,864,116

 
5,717,600

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
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
INTEREST INCOME
 
 
 
 
 
 
 
Interest and fees on loans
$
55,652

 
51,451

 
109,612

 
101,621

Interest on investment securities:
 
 
 
 


 


Taxable interest income
4,993

 
2,465

 
9,730

 
5,051

Tax-exempt interest income
271

 
368

 
608

 
748

Other, principally overnight investments
2,106

 
2,451

 
4,807

 
4,376

Total interest income
63,022

 
56,735

 
124,757

 
111,796

 
 
 
 
 
 
 
 
INTEREST EXPENSE
 
 
 
 
 
 
 
Savings, checking and money market accounts
2,335

 
1,132

 
4,344

 
2,111

Time deposits of $100,000 or more
3,522

 
1,850

 
6,700

 
3,325

Other time deposits
467

 
251

 
857

 
470

Borrowings
2,289

 
2,270

 
5,086

 
4,151

Total interest expense
8,613

 
5,503

 
16,987

 
10,057

 
 
 
 
 
 
 
 
Net interest income
54,409

 
51,232

 
107,770

 
101,739

Provision (reversal) for loan losses
(308
)
 
(710
)
 
192

 
(4,369
)
Net interest income after provision for loan losses
54,717

 
51,942

 
107,578

 
106,108

 
 
 
 
 
 
 
 
NONINTEREST INCOME
 
 
 
 
 
 
 
Service charges on deposit accounts
3,210

 
3,122

 
6,155

 
6,385

Other service charges, commissions and fees
5,786

 
4,674

 
11,034

 
9,159

Fees from presold mortgage loans
857

 
796

 
1,402

 
1,655

Commissions from sales of insurance and financial products
2,204

 
2,119

 
4,233

 
4,059

SBA consulting fees
921

 
1,126

 
2,184

 
2,267

SBA loan sale gains
3,069

 
2,598

 
5,131

 
6,400

Bank-owned life insurance income
631

 
628

 
1,277

 
1,251

Foreclosed property gains (losses), net
(381
)
 
(99
)
 
(626
)
 
(387
)
Other gains (losses), net
(308
)
 
908

 
(226
)
 
912

Total noninterest income
15,989

 
15,872

 
30,564

 
31,701

 
 
 
 
 
 
 
 
NONINTEREST EXPENSES
 
 
 
 
 
 
 
Salaries expense
19,732

 
18,446

 
38,697

 
37,844

Employee benefits expense
4,418

 
4,084

 
9,006

 
8,691

Total personnel expense
24,150

 
22,530

 
47,703

 
46,535

Occupancy expense
2,729

 
2,543

 
5,483

 
5,345

Equipment related expenses
1,183

 
1,241

 
2,552

 
2,493

Merger and acquisition expenses
103

 
640

 
213

 
3,401

Intangibles amortization expense
1,242

 
1,506

 
2,574

 
3,066

Other operating expenses
11,032

 
10,174

 
21,185

 
21,280

Total noninterest expenses
40,439

 
38,634

 
79,710

 
82,120

 
 
 
 
 
 
 
 
Income before income taxes
30,267

 
29,180

 
58,432

 
55,689

Income tax expense
6,408

 
6,450

 
12,288

 
12,286

 
 
 
 
 
 
 
 
Net income
$
23,859

 
22,730

 
46,144

 
43,403

 
 
 
 
 
 
 
 
Earnings per common share:
 
 
 
 
 
 
 
Basic
$
0.80

 
0.77

 
1.55

 
1.47

Diluted
0.80

 
0.77

 
1.55

 
1.46

 
 
 
 
 
 
 
 
Dividends declared per common share
$
0.12

 
0.10

 
0.24

 
0.20

 
 
 
 
 
 
 
 
Weighted average common shares outstanding:
 
 
 
 
 
 
 
Basic
29,626,931

 
29,544,747

 
29,607,074

 
29,539,308

Diluted
29,796,941

 
29,632,738

 
29,808,859

 
29,630,822

See accompanying notes to unaudited consolidated financial statements.


Page 5

Index

First Bancorp and Subsidiaries
Consolidated Statements of Comprehensive Income
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
($ in thousands-unaudited)
2019
 
2018
 
2019
 
2018
Net income
$
23,859

 
22,730

 
46,144

 
43,403

Other comprehensive income (loss):
 
 
 
 
 
 
 
Unrealized gains (losses) on securities available for sale:
 
 
 
 
 
 
 
Unrealized holding gains (losses) arising during the period, pretax
11,701

 
(2,012
)
 
17,604

 
(9,302
)
Tax (expense) benefit
(2,714
)
 
471

 
(4,094
)
 
2,174

Postretirement Plans:
 
 
 
 
 
 
 
Amortization of unrecognized net actuarial loss
228

 
51

 
456

 
103

Tax benefit
(63
)
 
(12
)
 
(117
)
 
(24
)
Other comprehensive income (loss)
9,152

 
(1,502
)
 
13,849

 
(7,049
)
Comprehensive income
$
33,011

 
21,228

 
59,993

 
36,354

See accompanying notes to unaudited consolidated financial statements.


Page 6

Index

First Bancorp and Subsidiaries
Consolidated Statements of Shareholders’ Equity

($ in thousands, except per share - 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 June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
Balances, April 1, 2018
29,661

 
$
433,305

 
282,038

 
(3,588
)
 
3,588

 
(9,693
)
 
705,650

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
 
 
 
22,730

 
 
 
 
 
 
 
22,730

Cash dividends declared ($0.10 per common share)
 
 
 
 
(2,968
)
 
 
 
 
 
 
 
(2,968
)
Change in Rabbi Trust Obligation
 
 
 
 
 
 
374

 
(374
)
 
 
 

Stock option exercises
17

 
216

 
 
 
 
 
 
 
 
 
216

Stock withheld for payment of taxes
(4
)
 

 
 
 
 
 
 
 
 
 

Stock-based compensation
29

 
596

 
 
 
 
 
 
 
 
 
596

Other comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
(1,502
)
 
(1,502
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances, June 30, 2018
29,703

 
$
434,117

 
301,800

 
(3,214
)
 
3,214

 
(11,195
)
 
724,722

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
Balances, April 1, 2019
29,746

 
434,948

 
360,455

 
(3,245
)
 
3,245

 
(7,264
)
 
788,139

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
 


 
23,859

 


 


 


 
23,859

Cash dividends declared ($0.12 per common share)
 
 


 
(3,566
)
 


 


 


 
(3,566
)
Change in Rabbi Trust Obligation
 
 


 


 
379

 
(379
)
 


 

Equity issued related to acquisition earn-out
78

 
3,070

 
 
 
 
 
 
 
 
 
3,070

Stock repurchases
(182
)
 
(6,524
)
 
 
 
 
 
 
 
 
 
(6,524
)
Stock option exercises
9

 
129

 
 
 
 
 
 
 
 
 
129

Stock-based compensation
65

 
910

 
 
 
 
 
 
 
 
 
910

Other comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
9,152

 
9,152

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances, June 30, 2019
29,717

 
$
432,533

 
380,748

 
(2,866
)
 
2,866

 
1,888

 
815,169


See accompanying notes to unaudited consolidated financial statements.

















Page 7

Index

First Bancorp and Subsidiaries
Consolidated Statements of Shareholders’ Equity (continued)
($ in thousands, except per share - 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
 
 
 
 
 
Six Months Ended June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
Balances, January 1, 2018
29,639

 
$
432,794

 
264,331

 
(3,581
)
 
3,581

 
(4,146
)
 
692,979

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
 
 
 
43,403

 
 
 
 
 
 
 
43,403

Cash dividends declared ($0.20 per common share)
 
 
 
 
(5,934
)
 
 
 
 
 
 
 
(5,934
)
Change in Rabbi Trust Obligation
 
 
 
 
 
 
367

 
(367
)
 
 
 

Stock option exercises
25

 
324

 
 
 
 
 
 
 
 
 
324

Stock withheld for payment of taxes
(4
)
 

 
 
 
 
 
 
 
 
 

Stock-based compensation
43

 
999

 
 
 
 
 
 
 
 
 
999

Other comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
(7,049
)
 
(7,049
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2018
29,703

 
$
434,117

 
301,800

 
(3,214
)
 
3,214

 
(11,195
)
 
724,722

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
Balances, January 1, 2019
29,725

 
434,453

 
341,738

 
(3,235
)
 
3,235

 
(11,961
)
 
764,230

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
 


 
46,144

 


 


 


 
46,144

Cash dividends declared ($0.24 per common share)
 
 


 
(7,134
)
 


 


 


 
(7,134
)
Change in Rabbi Trust Obligation
 
 


 


 
369

 
(369
)
 


 

Equity issued related to acquisition earnout
78

 
3,070

 
 
 
 
 
 
 
 
 
3,070

Stock repurchases
(182
)
 
(6,524
)
 
 
 
 
 
 
 
 
 
(6,524
)
Stock option exercises
9

 
129

 
 
 
 
 
 
 
 
 
129

Stock withheld for payment of taxes
(2
)
 
(91
)
 
 
 
 
 
 
 
 
 
(91
)
Stock-based compensation
89

 
1,496

 
 
 
 
 
 
 
 
 
1,496

Other comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
13,849

 
13,849

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances, June 30, 2019
29,717

 
$
432,533

 
380,748

 
(2,866
)
 
2,866

 
1,888

 
815,169

See accompanying notes to unaudited consolidated financial statements.


Page 8

Index

First Bancorp and Subsidiaries
Consolidated Statements of Cash Flows
 
Six Months Ended
June 30,
($ in thousands-unaudited)
2019
 
2018
Cash Flows From Operating Activities
 
 
 
Net income
$
46,144