FIRST BANCORP NC

For the period ended Dec 31, 2024. Filed Feb 26, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 26, 2025

FBNC$64.81-0.8%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Income

	Year Ended December 31,
($ in thousands, except per share data)	2024	2023	2022
Interest Income
Interest and fees on loans	$441,181	$418,853	$278,188
Interest on investment securities:
Taxable interest income	47,510	52,276	53,536
Tax-exempt interest income	4,466	4,485	4,387
Other, principally overnight investments	26,083	13,330	5,007
Total interest income	519,240	488,944	341,118
Interest Expense
Interest on deposits	172,085	114,866	11,349
Interest on borrowings	14,882	27,235	4,754
Total interest expense	186,967	142,101	16,103
Net interest income	332,273	346,843	325,015
Provision for credit losses	16,448	17,813	12,400
Net interest income after provision for credit losses	315,825	329,030	312,615
Noninterest Income
Service charges on deposit accounts	16,620	16,800	15,368
Other service charges and fees	22,267	22,085	26,288
Presold mortgage loan fees and gains on sale	2,292	1,613	2,102
Commissions from sales of financial products	5,270	5,503	5,195
SBA loan sale gains	3,630	2,489	5,076
Bank-owned life insurance income	4,773	4,350	3,847
Securities losses, net	(37,981)	—	—
Other income, net	1,028	4,465	9,948
Total noninterest income	17,899	57,305	67,824
Noninterest Expense
Salaries incentives and commissions expense	113,853	114,415	96,359
Employee benefit expense	26,169	25,436	21,359
Total personnel expense	140,022	139,851	117,718
Occupancy and equipment expense	19,984	20,990	18,604
Merger and acquisition expenses	—	13,695	5,072
Intangibles amortization expense	6,604	8,003	3,684
Other operating expenses	68,997	71,840	50,142
Total noninterest expense	235,607	254,379	195,220
Income before income taxes	98,117	131,956	185,219
Income tax expense	21,902	27,825	38,283
Net income	$76,215	$104,131	$146,936
Earnings per common share:
Basic	$1.85	$2.54	$4.12
Diluted	1.84	2.53	4.12
Weighted average common shares outstanding:
Basic	41,021,475	40,746,772	35,485,620
Diluted	41,327,216	41,164,834	35,674,730

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.