$FBNC

FIRST BANCORP /NC/

CIK:0000811589|SEC Filings

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest Income
Interest and fees on loans	$ 125,845	$ 112,921	$ 246,592	$ 223,418
Interest on investment securities:
Taxable interest income	16,925	16,857	34,481	32,381
Tax-exempt interest income	1,115	1,116	2,230	2,232
Other, principally overnight investments	4,430	5,837	7,402	11,324
Total interest income	148,315	136,731	290,705	269,355
Interest Expense
Interest on deposits	35,812	38,405	69,858	76,524
Interest on borrowings	1,237	1,660	2,465	3,318
Total interest expense	37,049	40,065	72,323	79,842
Net interest income	111,266	96,666	218,382	189,513
Provision for credit losses	1,169	2,212	4,252	3,328
Net interest income after provision for credit losses	110,097	94,454	214,130	186,185
Noninterest Income
Service charges on deposit accounts	4,205	3,976	8,159	7,743
Other service charges and fees	5,986	6,605	11,928	12,524
Presold mortgage loan fees and gains on sale	660	315	1,329	765
Commissions from sales of financial products	1,707	1,388	3,199	2,796
SBA loan sale gains	529	151	1,432	203
Bank-owned life insurance income	1,358	1,221	2,698	2,449
Other income, net	1,589	636	2,467	768
Total noninterest income	16,034	14,292	31,212	27,248
Noninterest Expense
Salaries, incentives and commissions expense	31,529	29,005	61,507	57,666
Employee benefit expense	6,958	6,187	13,474	12,282
Total personnel expense	38,487	35,192	74,981	69,948
Occupancy and equipment expense	4,961	5,195	10,316	10,387
Intangibles amortization expense	1,199	1,468	2,446	2,984
Other operating expenses	18,114	17,069	35,236	33,516
Total noninterest expenses	62,761	58,924	122,979	116,835
Income before income taxes	63,370	49,822	122,363	96,598
Income tax expense	12,851	11,256	25,185	21,626
Net income	$ 50,519	$ 38,566	$ 97,178	$ 74,972
Earnings per common share:
Basic (in dollars per share)	$ 1.22	$ 0.93	$ 2.35	$ 1.81
Diluted (in dollars per share)	$ 1.22	$ 0.93	$ 2.35	$ 1.81
Weighted average common shares outstanding:
Basic (in shares)	41,184,914	41,168,260	41,217,526	41,149,623
Diluted (in shares)	41,375,377	41,441,393	41,417,215	41,424,063

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities
Net income	$ 97,178	$ 74,972
Reconciliation of net income to net cash provided by operating activities:
Provision for credit losses	4,252	3,328
Net premium amortization and discount accretion	420	(13)
Deferred income taxes, net	11,995	1,654
Bank-owned life insurance income	(2,698)	(2,449)
Depreciation of premises and equipment	3,282	3,457
Stock-based compensation expense	2,020	2,321
Amortization of intangible assets	2,446	2,984
Gains on sale of loans	(2,761)	(968)
Origination of presold mortgage loans and SBA loans held for sale	(69,376)	(41,103)
Proceeds from sales of presold mortgage loans and SBA loans	85,977	42,357
Change in other assets, other liabilities and accrued interest, net	(3,024)	11,864
Other	(2,035)	(97)
Net cash provided by (used in) operating activities	127,676	98,307
Cash Flows From Investing Activities
Purchases of securities available for sale	(27,184)	(136,987)
Proceeds from maturities, calls and principal repayments of securities available for sale	127,278	103,558
Proceeds from maturities, calls and principal repayments of securities held to maturity	1,208	1,403
Purchases of Federal Reserve and FHLB stock	(375)	(359)
Redemptions of Federal Reserve and FHLB stock	10	0
Purchases of other investments	(7,500)	(10,902)
Net (increase) decrease in loans	(286,669)	(135,599)
Purchases of premises and equipment	(2,890)	(1,611)
Other	1,480	5,144
Net cash (used in) provided by investing activities	(194,642)	(175,353)
Cash Flows From Financing Activities
Net increase (decrease) in deposits	336,323	299,650
Proceeds from the issuance of FHLB and FRB borrowings	1,000	2,000
Repayment of FHLB and FRB borrowings	(1,025)	(2,024)
Cash dividends paid – common stock	(19,468)	(18,208)
Repurchases of common stock	(7,270)	(992)
Proceeds from stock option exercises	136	1,238
Payment of taxes related to stock withheld	(1,993)	(839)
Net cash provided by (used in) financing activities	307,703	280,825
Increase (decrease) in cash and cash equivalents	240,737	203,779
Cash and cash equivalents, beginning of period	309,595	507,507
Cash and cash equivalents, end of period	550,332	711,286
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for interest	71,962	79,730
Cash paid during the period for income taxes	1,504	8,836
Non-cash: Unrealized (loss) gain on securities available for sale, net of taxes	(7,957)	52,511
Non-cash: Foreclosed loans transferred to foreclosed real estate	386	494
Non-cash: Accrued dividends at end of period	9,930	9,539
Non-cash: Initial recognition of operating lease right-of-use assets and liabilities	686	939
Non-cash: Affordable housing investments obtained in exchange for funding commitments	$ 5,023	$ 42,248

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks, noninterest-bearing	$ 128,424	$ 146,759
Due from banks, interest-bearing	421,908	162,836
Total cash and cash equivalents	550,332	309,595
Securities available for sale (amortized cost of $2,143,544 and $2,242,678, respectively)	1,939,075	2,048,556
Securities held to maturity (fair values of $443,298 and $448,452, respectively)	509,712	513,099
Presold mortgages in process of settlement	12,304	7,790
Loans	8,988,748	8,722,419
Allowance for credit losses on loans	(124,894)	(123,581)
Net loans	8,863,854	8,598,838
Premises and equipment, net	138,129	139,125
Accrued interest receivable	38,272	39,206
Goodwill	478,750	478,750
Other intangible assets, net	14,786	17,232
Bank-owned life insurance	195,984	193,286
Other assets	300,417	322,862
Total assets	13,041,615	12,668,339
Liabilities
Noninterest-bearing deposits	3,597,565	3,486,985
Interest-bearing deposits	7,487,302	7,261,436
Total deposits	11,084,867	10,748,421
Borrowings	74,717	74,569
Accrued interest payable	3,813	3,747
Other liabilities	161,758	187,434
Total liabilities	11,325,155	11,014,171
Commitments and contingencies
Shareholders' Equity
Preferred stock	0	0
Common stock	966,777	973,884
Retained earnings	906,976	829,659
Stock in rabbi trust assumed in acquisition	(534)	(885)
Rabbi trust obligation	534	885
Accumulated other comprehensive income (loss)	(157,293)	(149,375)
Total shareholders’ equity	1,716,460	1,654,168
Total liabilities and shareholders’ equity	$ 13,041,615	$ 12,668,339