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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
Commission File Number 0-15572
FIRST BANCORP
(Exact Name of Registrant as Specified in its Charter)
North Carolina56-1421916
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification Number)
300 SW Broad St.,Southern Pines,North Carolina28387
(Address of Principal Executive Offices)(Zip Code)
(Registrant's telephone number, including area code)(910)246-2500
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered:
Common Stock, No Par ValueFBNCThe Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one)
Large Accelerated FilerAccelerated Filer
Non-Accelerated FilerSmaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
The number of shares of the registrant's Common Stock outstanding on November 8, 2021 was 35,595,242.



INDEX
FIRST BANCORP AND SUBSIDIARIES
Page
 
 

Page 2

FORWARD-LOOKING STATEMENTS
Part I of this report contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which statements are inherently subject to risks and uncertainties. Forward-looking statements are statements that include projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact. Further, forward-looking statements are intended to speak only as of the date made. Such statements are often characterized by the use of qualifying words (and their derivatives) such as “expect,” “believe,” “estimate,” “plan,” “project,” or other statements concerning our opinions or judgment about future events. Our actual results may differ materially from those anticipated in any forward-looking statements, as they will depend on many factors about which we are unsure, including many factors which are beyond our control. Factors that could influence the accuracy of such forward-looking statements include, but are not limited to, the financial success or changing strategies of our customers, our level of success in integrating acquisitions, actions of government regulators, the level of market interest rates, and general economic conditions, including the impact of the current pandemic. For additional information about factors that could affect the matters discussed in this paragraph, see the “Risk Factors” section of our 2020 Annual Report on Form 10-K and Item 1A of Part II of this report.

Page 3

Part I. Financial Information
Item 1 - Financial Statements
First Bancorp and Subsidiaries
Consolidated Balance Sheets
($ in thousands)September 30,
2021 (unaudited)
December 31,
2020
ASSETS  
Cash and due from banks, noninterest-bearing$80,090 93,724 
Due from banks, interest-bearing314,103 273,566 
Total cash and cash equivalents394,193 367,290 
Securities available for sale2,305,075 1,453,132 
Securities held to maturity (fair values of $369,953 and $170,734)
367,893 167,551 
Presold mortgages in process of settlement at fair value16,746 42,271 
SBA loans held for sale1,518 6,077 
Loans4,869,841 4,731,315 
Allowance for credit losses on loans(63,628)(52,388)
Net loans4,806,213 4,678,927 
Premises and equipment124,391 120,502 
Operating right-of-use lease assets16,900 17,514 
Accrued interest receivable19,422 20,272 
Goodwill231,906 239,272 
Other intangible assets10,173 15,366 
Foreclosed properties1,819 2,424 
Bank-owned life insurance133,919 106,974 
Other assets59,198 52,179 
Total assets$8,489,366 7,289,751 
LIABILITIES
Deposits:      Noninterest bearing checking accounts$2,765,360 2,210,012 
Interest bearing checking accounts1,446,259 1,172,022 
Money market accounts1,899,172 1,581,364 
Savings accounts626,616 519,266 
Time deposits of $100,000 or more483,130 564,365 
Other time deposits212,228 226,567 
Total deposits7,432,765 6,273,596 
Borrowings60,764 61,829 
Accrued interest payable609 904 
Operating lease liabilities17,323 17,868 
Other liabilities48,155 42,133 
Total liabilities7,559,616 6,396,330 
Commitments and contingencies
SHAREHOLDERS’ EQUITY
Preferred stock, no par value per share.  Authorized: 5,000,000 shares
Issued & outstanding: none and none
  
Common stock, no par value per share.  Authorized: 40,000,000 shares
Issued & outstanding:  28,524,480 and 28,579,335 shares
398,058 400,582 
Retained earnings529,474 478,489 
Stock in rabbi trust assumed in acquisition(1,791)(2,243)
Rabbi trust obligation1,791 2,243 
Accumulated other comprehensive income (loss)2,218 14,350 
Total shareholders’ equity929,750 893,421 
Total liabilities and shareholders’ equity$8,489,366 7,289,751 
See accompanying notes to unaudited consolidated financial statements.

Page 4

First Bancorp and Subsidiaries
Consolidated Statements of Income
($ in thousands, except share data-unaudited)Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
INTEREST INCOME
Interest and fees on loans$50,957 52,739 154,325 160,000 
Interest on investment securities:
Taxable interest income8,383 4,958 22,085 15,203 
Tax-exempt interest income686 189 1,483 470 
Other, principally overnight investments528 802 1,809 2,688 
Total interest income60,554 58,688 179,702 178,361 
INTEREST EXPENSE
Savings, checking and money market accounts903 1,440 3,353 5,132 
Time deposits of $100,000 or more558 1,747 2,097 6,994 
Other time deposits165 346 563 1,254 
Borrowings375 422 1,139 2,865 
Total interest expense2,001 3,955 7,152 16,245 
Net interest income58,553 54,733 172,550 162,116 
Provision (reversal) for loan losses(1,400)6,120 (1,400)31,008 
Provision for unfunded commitments1,049  2,988  
Total provision for credit losses(351)6,120 1,588 31,008 
Net interest income after provision for credit losses58,904 48,613 170,962 131,108 
NONINTEREST INCOME
Service charges on deposit accounts3,209 2,567 8,766 8,193 
Other service charges, commissions and fees6,464 6,190 18,482 14,883 
Fees from presold mortgage loans2,096 4,864 8,914 9,725 
Commissions from sales of insurance and financial products1,198 2,357 5,854 6,515 
SBA consulting fees1,128 1,956 6,079 6,722 
SBA loan sale gains1,655 2,929 6,981 5,541 
Bank-owned life insurance income711 633 1,945 1,904 
Securities gains (losses), net   8,024 
Other gains (losses), net50 (44)1,533 (157)
Total noninterest income16,511 21,452 58,554 61,350 
NONINTEREST EXPENSES
Salaries expense20,651 22,127 61,969 62,843 
Employee benefits expense4,447 3,918 13,105 12,312 
Total personnel expense25,098 26,045 75,074 75,155 
Occupancy expense2,618 2,856 8,190 8,538 
Equipment related expenses1,125 1,049 3,223 3,214 
Merger and acquisition expenses254  665  
Intangibles amortization expense695 928 2,437 2,961 
Foreclosed property losses, net23 90 7 284 
Other operating expenses11,004 9,471 32,271 29,264 
Total noninterest expenses40,817 40,439 121,867 119,416 
Income before income taxes34,598 29,626 107,649 73,042 
Income tax expense6,955 6,329 22,527 15,213 
Net income$27,643 23,297 85,122 57,829 
Earnings per common share:
Basic$0.97 0.81 2.99 1.99 
Diluted0.97 0.81 2.99 1.99 
Dividends declared per common share$0.20 0.18 0.60 0.54 
Weighted average common shares outstanding:
Basic28,385,912 28,857,111 28,358,393 28,962,576 
Diluted28,515,328 28,940,018 28,514,405 29,102,953 
See accompanying notes to unaudited consolidated financial statements.

Page 5

First Bancorp and Subsidiaries
Consolidated Statements of Comprehensive Income
    
($ in thousands-unaudited)Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
Net income$27,643 23,297 85,122 57,829 
Other comprehensive income (loss):
Unrealized gains (losses) on securities available for sale:
Unrealized holding gains (losses) arising during the period, pretax3,673 19 (16,236)23,556 
Tax (expense) benefit(844)(4)3,731 (5,413)
      Reclassification to realized (gains) losses
   (8,024)
Tax expense   1,844 
Postretirement Plans:
Amortization of unrecognized net actuarial loss109 153 485 511 
Tax expense (benefit)5 (35)(112)(118)
Other comprehensive income (loss)2,943 133 (12,132)12,356 
Comprehensive income$30,586 23,430 72,990 70,185 
See accompanying notes to unaudited consolidated financial statements.

Page 6

First Bancorp and Subsidiaries
Consolidated Statements of Shareholders’ Equity
($ in thousands, except share data - unaudited)Common StockRetained
Earnings
Stock in
Rabbi
Trust
Assumed
in
Acquisition
Rabbi
Trust
Obligation
Accumulated
Other
Comprehensive
Income
(Loss)
Total
Shareholders’
Equity
SharesAmount
Three Months Ended September 30, 2020
Balances, July 1, 202028,977 $408,699 441,846 (2,217)2,217 17,346 867,891 
Net income23,297 23,297 
Cash dividends declared ($0.18 per common share)
(5,155)(5,155)
Change in Rabbi Trust obligation(13)13  
Equity issued related to acquisition earnout24 494 494 
Stock repurchases(306)(6,269)(6,269)
Stock withheld for payment of taxes(7)(178)(178)
Stock-based compensation 605 605 
Other comprehensive income (loss)133 133 
Balances, September 30, 202028,688 $403,351 459,988 (2,230)2,230 17,479 880,818 
Three Months Ended September 30, 2021
Balances, July 1, 202128,492 $397,704 507,531 (1,928)1,928 (725)904,510 
Net income27,643 27,643 
Cash dividends declared ($0.20 per common share)
(5,700)(5,700)
Change in Rabbi Trust obligation137 (137) 
Stock withheld for payment of taxes(6)(182)(182)
Stock-based compensation38 536 536 
Other comprehensive income (loss)2,943 2,943 
Balances, September 30, 202128,524 $398,058 529,474 (1,791)1,791 2,218 929,750 

See accompanying notes to unaudited consolidated financial statements.






Page 7

($ in thousands, except share data - unaudited)Common StockRetained
Earnings
Stock in
Rabbi
Trust
Assumed
in
Acquisition
Rabbi
Trust
Obligation
Accumulated
Other
Comprehensive
Income
(Loss)
Total
Shareholders’
Equity
SharesAmount
Nine Months Ended September 30, 2020
Balances, January 1, 202029,601 $429,514 417,764 (2,587)2,587 5,123 852,401 
Net income57,829 57,829 
Cash dividends declared ($0.54 per common share)
(15,605)(15,605)
Change in Rabbi Trust Obligation357 (357) 
Equity issued related to acquisition earnout24 494 494 
Stock repurchases(986)(28,701)(28,701)
Stock withheld for payment of taxes(7)(178)(178)
Stock-based compensation56 2,222 2,222 
Other comprehensive income (loss)12,356 12,356 
Balances, September 30, 202028,688 $403,351 459,988 (2,230)2,230 17,479 880,818 
Nine Months Ended September 30, 2021
Balances, January 1, 202128,579 400,582 478,489 (2,243)2,243 14,350 893,421 
Adoption of new accounting standard(17,051)(17,051)
Net income85,122 85,122 
Cash dividends declared ($0.60 per common share)
(17,086)(17,086)
Change in Rabbi Trust Obligation452 (452) 
Stock repurchases(107)(4,036)(4,036)
Stock withheld for payment of taxes(13)(506)(506)
Stock-based compensation65 2,018 2,018 
Other comprehensive income (loss)(12,132)(12,132)
Balances, September 30, 202128,524 $398,058 529,474 (1,791)1,791 2,218 929,750 

See accompanying notes to unaudited consolidated financial statements.


Page 8

First Bancorp and Subsidiaries
Consolidated Statements of Cash Flows
($ in thousands-unaudited)Nine Months Ended September 30,
20212020
Cash Flows From Operating Activities
Net income$85,122 57,829 
Reconciliation of net income to net cash provided by operating activities:
Provision (reversal) for credit losses1,588 31,008 
Net security premium amortization9,930 2,832 
Loan discount accretion(6,199)(4,789)
Other purchase accounting accretion and amortization, net98 55 
Foreclosed property (gains) losses and write-downs, net7 284 
Gains on securities available for sale (8,024)
Other (gains) losses(1,533)157 
(Decrease) increase in net deferred loan fees(309)7,380 
Bank-owned life insurance income(1,945)(1,904)
Depreciation of premises and equipment4,434 4,392 
Amortization of operating lease right-of-use assets1,107 1,522 
Repayments of lease obligations(1,034)(1,392)
Stock-based compensation expense1,764 2,013 
Amortization of intangible assets2,437 2,961 
Amortization of SBA servicing assets1,605 1,231 
Fees/gains from sale of presold mortgages and SBA loans(15,895)(15,266)
Origination of presold mortgage loans in process of settlement(243,737)(294,270)
Proceeds from sales of presold mortgage loans in process of settlement277,394 290,657 
Origination of SBA loans for sale(73,510)(117,412)
Proceeds from sales of SBA loans72,219 82,998 
Decrease (increase) in accrued interest receivable850 (2,998)
Decrease (increase) in other assets596 (5,550)
Increase in net deferred income tax asset(42)(8,638)
Decrease in accrued interest payable(295)(849)
(Decrease) increase in other liabilities(3,476)9,818 
Net cash provided by operating activities111,176 34,045 
Cash Flows From Investing Activities
Purchases of securities available for sale(1,128,880)(701,201)
Purchases of securities held to maturity(213,485)(69,899)
Proceeds from maturities/issuer calls of securities available for sale252,668 156,108 
Proceeds from maturities/issuer calls of securities held to maturity11,246 26,989 
Proceeds from sales of securities available for sale 219,697 
Redemptions of FRB and FHLB stock, net1,792 9,853 
Purchases of bank owned life insurance(25,000) 
Net increase in loans(125,083)(327,496)
Proceeds from sales of foreclosed properties2,847 1,880 
Purchases of premises and equipment(8,847)(8,983)
Proceeds from sales of premises and equipment218 189 
Net cash received (paid) from sale/(purchase) of business11,314 (9,559)
Net cash used by investing activities(1,221,210)(702,422)
Cash Flows From Financing Activities
Net increase in deposits1,159,204 1,128,951 
        Net decrease in short-term borrowings (148,000)
        Proceeds from long-term borrowings  150,000 
        Payments on long-term borrowings(1,198)(252,003)
Cash dividends paid – common stock(16,527)(15,798)
Repurchases of common stock(4,036)(28,701)
Payment of taxes related to stock withheld(506)(178)
Net cash provided by financing activities1,136,937 834,271 
Increase in cash and cash equivalents26,903 165,894 
Cash and cash equivalents, beginning of period367,290 231,302 
Cash and cash equivalents, end of period$394,193 397,196 
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for interest$7,447 17,094 
Cash paid during the period for income taxes25,602 21,302 
Non-cash: Unrealized (loss) gain on securities available for sale, net of taxes(12,505)18,143 
Non-cash: Foreclosed loans transferred to other real estate2,249 1,032 
Non-cash: Initial recognition of operating lease right-of-use assets and operating lease liabilities2,191 253 
Non-cash: Equity issued related to acquisitions 494 
Non-cash: Loans acquired 14,633 
Non-cash: Other assets acquired 451 
Non-cash: Borrowings assumed