FIRST BANCORP /NC/
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
FBNC$64.81-0.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | 2023 |
| Cash Flows From Operating Activities | |||
| Net income | $111,048 | $76,215 | $104,131 |
| Reconciliation of net income to net cash provided by operating activities: | |||
| Provision for credit losses | 11,502 | 16,448 | 17,813 |
| Net security premium amortization | 5,142 | 8,628 | 9,337 |
| Deferred income taxes, net | 30,917 | (4,869) | (782) |
| Loan discount accretion | (7,438) | (10,718) | (13,277) |
| Deposit and debt discount accretion, net | 1,087 | 1,593 | 3,943 |
| Foreclosed real estate gains, net | 261 | (245) | (150) |
| Securities losses, net | 71,627 | 37,981 | — |
| Other (gains) losses, net | (8,660) | (633) | (1,857) |
| Bank-owned life insurance income | (5,113) | (4,773) | (4,350) |
| Net amortization of deferred loan costs/(fees) | 450 | (1,366) | (1,225) |
| Depreciation of premises and equipment | 6,793 | 7,760 | 7,754 |
| Amortization of operating lease right-of-use assets | 1,323 | 1,815 | 2,100 |
| Repayments of lease obligations | (1,257) | (1,738) | (1,988) |
| Stock-based compensation expense | 3,763 | 4,920 | 5,125 |
| Amortization of intangible assets | 5,672 | 6,604 | 8,003 |
| Amortization and impairment of SBA servicing assets | 1,141 | 1,699 | 1,356 |
| Gains on sale of loans | (2,891) | (5,922) | (4,102) |
| Origination of presold mortgage loans and SBA loans held for sale | (92,058) | (133,352) | (137,483) |
| Proceeds from sales of presold mortgage loans and SBA loans | 100,428 | 174,541 | 124,887 |
| Increase (decrease) in accrued interest receivable | (2,877) | 1,022 | (1,904) |
| (Increase) decrease in other assets | (6,220) | (5,396) | 12,435 |
| (Decrease) increase in accrued interest payable | (857) | (1,095) | 2,579 |
| (Decrease) increase in other liabilities | (20,652) | 5,662 | (949) |
| Net cash provided by (used in) operating activities | 203,131 | 174,781 | 131,396 |
| Cash Flows From Investing Activities | |||
| Purchases of securities available for sale | (585,084) | (494,895) | (1,169) |
| Proceeds from maturities, calls and principal repayments of securities available for sale | 216,476 | 243,029 | 165,358 |
| Proceeds from maturities, calls and principal repayments of securities held to maturity | 2,525 | 8,272 | 3,453 |
| Proceeds from sales of securities available for sale | 464,652 | 385,125 | 111,863 |
| Proceeds from sale of VISA B shares | — | 4,522 | — |
| Purchases of Federal Reserve and FHLB stock | (399) | (39,697) | (85,819) |
| Redemptions of Federal Reserve and FHLB stock | — | 52,990 | 70,928 |
| Proceeds from bank owned life insurance death benefits | 287 | 210 | 137 |
| Purchases of other investments | (29,927) | (6,824) | (9,754) |
| Net (increase) decrease in loans | (638,661) | 17,494 | (466,488) |
| Proceeds from sales of foreclosed real estate | 5,052 | 758 | 967 |
| Purchases of premises and equipment | (4,245) | (2,657) | (4,421) |
| Proceeds from sales of premises and equipment | 7,255 | 1,339 | 970 |
| Net cash received in acquisition activities | — | — | 22,610 |
| Net cash provided by (used in) investing activities | (562,069) | 169,666 | (191,365) |
| Cash Flows From Financing Activities | |||
| Net increase (decrease) in deposits | 217,552 | 498,100 | (244,339) |
| Proceeds from the issuance of FHLB and FRB borrowings | 2,000 | 986,000 | 3,348,000 |
| Repayment of FHLB and FRB borrowings | (2,050) | (1,515,049) | (3,044,991) |
| Repayment of subordinated debentures | (18,000) | (10,000) | — |
| Cash dividends paid – common stock | (37,284) | (36,249) | (34,940) |
| Repurchases of common stock | (991) | — | — |
| Proceeds from stock option exercises | 1,491 | 4,094 | 4,519 |
| Payment of taxes related to stock withheld | (1,692) | (1,691) | (743) |
| Net cash provided (used) by financing activities | 161,026 | (74,795) | 27,506 |
| (Decrease) increase in cash and cash equivalents | (197,912) | 269,652 | (32,463) |
| Cash and Cash Equivalents, beginning of year | 507,507 | 237,855 | 270,318 |
| Cash and Cash Equivalents, end of year | $309,595 | $507,507 | $237,855 |
(Continued)
Consolidated Statements of Cash Flows
(Continued)
| Year Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | 2023 |
| Supplemental Disclosures of Cash Flow Information: | |||
| Cash paid during the period for interest | $159,156 | $186,894 | $135,704 |
| Cash paid during the period for income taxes | 11,020 | 33,500 | 29,734 |
| Cash paid during the period for the purchase of transferable tax credits | 9,337 | — | — |
| Non-cash: Unrealized gain (loss) on securities available for sale, net of taxes | 132,818 | 25,839 | 34,064 |
| Non-cash: Foreclosed loans transferred to foreclosed real estate | 1,774 | 4,551 | 1,036 |
| Non-cash: Accrued dividends at end of period | 9,537 | 9,105 | 9,046 |
| 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 | 939 | — | 260 |
| Non-cash: Revision of operating lease right-of-use assets and operating lease liabilities | — | — | (562) |
| Non-cash: Affordable housing investments obtained in exchange for funding commitments | 130,743 | — | — |
| Acquisition of GrandSouth Bancorporation | — | — | See Note 2 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.