FIRST BANCORP NC
For the period ended Dec 31, 2024. Filed Feb 26, 2025.
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FY2024 · Filed Feb 26, 2025
FBNC$64.81-0.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | 2022 |
| Cash Flows From Operating Activities | |||
| Net income | $76,215 | $104,131 | $146,936 |
| Reconciliation of net income to net cash provided by operating activities: | |||
| Provision for credit losses | 16,448 | 17,813 | 12,400 |
| Net security premium amortization | 8,628 | 9,337 | 12,005 |
| Deferred income taxes, net | (4,869) | (782) | (1,810) |
| Loan discount accretion | (10,718) | (13,277) | (5,622) |
| Deposit and debt discount accretion, net | 1,593 | 3,943 | (340) |
| Foreclosed property gains, net | (245) | (150) | (372) |
| Securities losses, net | 37,981 | — | — |
| Other (gains) losses, net | (633) | (1,857) | (4,069) |
| Bank-owned life insurance income | (4,773) | (4,350) | (3,847) |
| Net amortization of deferred loan costs/(fees) | (1,366) | (1,225) | (301) |
| Depreciation of premises and equipment | 7,760 | 7,754 | 6,859 |
| Amortization of operating lease right-of-use assets | 1,815 | 2,100 | 1,986 |
| Repayments of lease obligations | (1,738) | (1,988) | (1,801) |
| Stock-based compensation expense | 4,920 | 5,125 | 2,982 |
| Amortization of intangible assets | 6,604 | 8,003 | 3,684 |
| Amortization and impairment of SBA servicing assets | 1,699 | 1,356 | 2,800 |
| Gains on sale of loans | (5,922) | (4,102) | (7,178) |
| Origination of presold mortgage loans and SBA loans held for sale | (133,352) | (137,483) | (179,048) |
| Proceeds from sales of presold mortgage loans and SBA loans | 174,541 | 124,887 | 243,730 |
| Decrease (increase) in accrued interest receivable | 1,022 | (1,904) | (3,814) |
| (Increase) decrease in other assets | (5,396) | 12,435 | 11,352 |
| (Decrease) increase in accrued interest payable | (1,095) | 2,579 | 2,131 |
| Increase (decrease) in other liabilities | 5,662 | (949) | (8,009) |
| Net cash provided by (used in) operating activities | 174,781 | 131,396 | 230,654 |
| Cash Flows From Investing Activities | |||
| Purchases of securities available for sale | (494,895) | (1,169) | (354,765) |
| Purchases of securities held to maturity | — | — | (39,004) |
| Proceeds from maturities, calls and principal repayments of securities available for sale | 243,029 | 165,358 | 251,314 |
| Proceeds from maturities, calls and principal repayments of securities held to maturity | 8,272 | 3,453 | 6,500 |
| Proceeds from sales of securities available for sale | 385,125 | 111,863 | — |
| Proceeds from sale of VISA B shares | 4,522 | — | — |
| Purchases of Federal Reserve and FHLB stock | (39,697) | (85,819) | (48,159) |
| Redemptions of Federal Reserve and FHLB stock | 52,990 | 70,928 | 30,915 |
| Proceeds from bank owned life insurance death benefits | 210 | 137 | 8,312 |
| Purchases of other investments | (6,824) | (9,754) | (7,990) |
| Net decrease (increase) in loans | 17,494 | (466,488) | (558,398) |
| Proceeds from sales of foreclosed properties | 758 | 967 | 2,904 |
| Purchases of premises and equipment | (2,657) | (4,421) | (5,287) |
| Proceeds from sales of premises and equipment | 1,339 | 970 | 299 |
| Net cash received in acquisition activities | — | 22,610 | — |
| Net cash provided by (used in) investing activities | 169,666 | (191,365) | (713,359) |
| Cash Flows From Financing Activities | |||
| Net increase (decrease) in deposits | 498,100 | (244,339) | 103,494 |
| Proceeds from the issuance of FHLB and FRB borrowings | 986,000 | 3,348,000 | 1,252,000 |
| Repayment of FHLB and FRB borrowings | (1,515,049) | (3,044,991) | (1,032,133) |
| Repayment of subordinated debentures | (10,000) | — | — |
| Cash dividends paid – common stock | (36,249) | (34,940) | (30,660) |
| Proceeds from stock option exercises | 4,094 | 4,519 | — |
| Payment of taxes related to stock withheld | (1,691) | (743) | (840) |
| Net cash (used) provided by financing activities | (74,795) | 27,506 | 291,861 |
| Increase (decrease) in cash and cash equivalents | 269,652 | (32,463) | (190,844) |
| Cash and Cash Equivalents, beginning of year | 237,855 | 270,318 | 461,162 |
| Cash and Cash Equivalents, end of year | $507,507 | $237,855 | $270,318 |
(Continued)
Consolidated Statements of Cash Flows
(Continued)
| Year Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | 2022 |
| Supplemental Disclosures of Cash Flow Information: | |||
| Cash paid during the period for interest | $186,894 | $135,704 | $14,312 |
| Cash paid during the period for income taxes | 33,500 | 29,734 | 39,722 |
| Non-cash: Unrealized gain (loss) on securities available for sale, net of taxes | 25,839 | 34,064 | (317,319) |
| Non-cash: Foreclosed loans transferred to foreclosed real estate | 4,551 | 1,036 | 119 |
| Non-cash: Accrued dividends at end of period | 9,105 | 9,046 | 7,857 |
| 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 liabilities | — | 260 | — |
| Non-cash: Revision of operating lease right-of-use assets and operating lease liabilities | — | (562) | — |
| Acquisition of GrandSouth Bancorporation | — | See Note 2 | — |
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