FIRST BANCORP NC
For the period ended Sep 30, 2024. Filed Nov 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 6, 2024
FBNC$64.81-0.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Cash Flows
Index
Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| ($ in thousands-unaudited) | 2024 | 2023 |
| Cash Flows From Operating Activities | ||
| Net income | $72,664 | $74,457 |
| Reconciliation of net income to net cash provided by operating activities: | ||
| Provision for credit losses | 15,941 | 14,864 |
| Net security premium amortization | 6,700 | 7,082 |
| Deferred income taxes, net | (5,814) | (2,839) |
| Loan discount accretion | (8,060) | (10,354) |
| Deposit and debt discount accretion, net | 1,253 | 3,241 |
| Foreclosed property gains, net | (214) | (131) |
| Securities losses, net | 1,161 | — |
| Other (gains) losses, net | (504) | (1,402) |
| Bank-owned life insurance income | (3,548) | (3,216) |
| Net amortization of deferred loan costs/(fees) | (975) | (1,087) |
| Depreciation of premises and equipment | 5,884 | 5,583 |
| Amortization of operating lease right-of-use assets | 1,420 | 1,559 |
| Repayments of lease obligations | (1,360) | (1,473) |
| Stock-based compensation expense | 3,458 | 3,972 |
| Amortization of intangible assets | 5,041 | 6,147 |
| Amortization and impairment of SBA servicing assets | 1,248 | 952 |
| Gains on sale of loans | (4,955) | (3,340) |
| Origination of presold mortgage loans and SBA loans held for sale | (120,281) | (107,878) |
| Proceeds from sales of presold mortgage loans and SBA loans | 131,430 | 92,162 |
| Decrease (increase) in accrued interest receivable | 4,461 | 1,033 |
| (Increase) decrease in other assets | (2,527) | 10,713 |
| (Decrease) increase in accrued interest payable | (133) | 2,391 |
| Increase (decrease) in other liabilities | 3,762 | 793 |
| Net cash provided by (used in) operating activities | 106,052 | 93,229 |
| Cash Flows From Investing Activities | ||
| Proceeds from maturities, calls and principal repayments of securities available for sale | 204,848 | 133,341 |
| Proceeds from maturities, calls and principal repayments of securities held to maturity | 7,567 | 2,807 |
| Proceeds from sales of securities available for sale | 138,182 | 111,863 |
| Proceeds from sale of VISA B shares | 4,522 | — |
| Purchases of Federal Reserve and FHLB stock | (39,553) | (61,162) |
| Redemptions of Federal Reserve and FHLB stock | 52,810 | 45,372 |
| Proceeds from bank owned life insurance death benefits | 209 | 136 |
| Purchases of other investments | (1,858) | (7,460) |
| Net decrease (increase) in loans | 125,241 | (347,419) |
| Proceeds from sales of foreclosed properties | 687 | 554 |
| Purchases of premises and equipment | (2,159) | (3,201) |
| Proceeds from sales of premises and equipment | 754 | 59 |
| Net cash received in acquisition activities | — | 22,610 |
| Net cash provided by (used in) investing activities | 491,250 | (102,500) |
| Cash Flows From Financing Activities | ||
| Net increase (decrease) in deposits | 472,649 | (40,040) |
| Proceeds from the issuance of other borrowings | 986,000 | 1,665,000 |
| Repayment of other borrowings | (1,515,036) | (1,590,099) |
| Repayment of subordinated debentures | (10,000) | — |
| Cash dividends paid – common stock | (27,154) | (25,902) |
| Proceeds from stock option exercises | 3,429 | 3,769 |
| Payment of taxes related to stock withheld | (604) | (186) |
| Net cash (used) provided by financing activities | (90,716) | 12,542 |
| Increase (decrease) in cash and cash equivalents | 506,586 | 3,271 |
| Cash and cash equivalents, beginning of period | 237,855 | 270,318 |
| Cash and cash equivalents, end of period | $744,441 | $273,589 |
(Continued)
Index
Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| ($ in thousands-unaudited) | 2024 | 2023 |
| Supplemental Disclosures of Cash Flow Information: | ||
| Cash paid during the period for interest | $142,610 | $92,383 |
| Cash paid during the period for income taxes | 26,084 | 21,856 |
| Non-cash: Unrealized gain (loss) on securities available for sale, net of taxes | 53,166 | (58,878) |
| Non-cash: Foreclosed loans transferred to other real estate | 1,066 | 1,000 |
| Non-cash: Accrued dividends at end of period | 9,093 | 9,039 |
| Non-cash: Cancellation of operating lease right-of-use assets and operating lease liabilities | (1,497) | — |
| Non-cash: Initial recognition of operating lease right-of-use assets and operating lease liabilities | — | 260 |
| Non-cash: Revision of operating lease right-of-use assets and operating lease liabilities | — | (562) |
| Acquisition of GrandSouth Bancorporation | — | See Note 2 |
See accompanying notes to consolidated financial statements.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.