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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 March 31, 2022
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 April 30, 2022 was 35,639,889.



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 2021 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)March 31,
2022 (unaudited)
December 31,
2021
ASSETS  
Cash and due from banks, noninterest-bearing$124,785 128,228 
Due from banks, interest-bearing440,974 332,934 
Total cash and cash equivalents565,759 461,162 
Securities available for sale2,685,048 2,630,414 
Securities held to maturity (fair values of $492,307 and $511,699)
546,090 513,825 
Presold mortgages in process of settlement at fair value5,672 19,257 
SBA and other loans held for sale3,630 61,003 
Loans6,064,698 6,081,715 
Allowance for credit losses on loans(82,069)(78,789)
Net loans5,982,629 6,002,926 
Premises and equipment135,482 136,092 
Operating right-of-use lease assets20,380 20,719 
Accrued interest receivable24,728 25,896 
Goodwill364,263 364,263 
Other intangible assets16,928 17,827 
Foreclosed properties2,750 3,071 
Bank-owned life insurance164,273 165,786 
Other assets134,428 86,660 
Total assets$10,652,060 10,508,901 
LIABILITIES
Deposits:      Noninterest-bearing checking accounts$3,593,642 3,348,622 
Interest-bearing checking accounts1,577,197 1,593,231 
Money market accounts2,636,913 2,562,283 
Savings accounts735,659 708,054 
Time deposits of $100,000 or more543,542 613,414 
Other time deposits298,194 299,025 
Total deposits9,385,147 9,124,629 
Borrowings67,415 67,386 
Accrued interest payable576 607 
Operating lease liabilities20,903 21,192 
Other liabilities60,529 64,512 
Total liabilities9,534,570 9,278,326 
Commitments and contingencies
SHAREHOLDERS’ EQUITY
Preferred stock, no par value per share.  Authorized: 5,000,000 shares
Issued & outstanding:  none as of March 31, 2022 and December 31, 2021
  
Common stock, no par value per share.  Authorized: 40,000,000 shares
Issued & outstanding:  35,639,889 shares and 35,629,177 shares as of March 31, 2022 and December 31, 2021, respectively
723,441 722,671 
Retained earnings559,004 532,874 
Stock in rabbi trust assumed in acquisition(1,814)(1,803)
Rabbi trust obligation1,814 1,803 
Accumulated other comprehensive loss(164,955)(24,970)
Total shareholders’ equity1,117,490 1,230,575 
Total liabilities and shareholders’ equity$10,652,060 10,508,901 
See accompanying notes to unaudited consolidated financial statements.

Page 4

First Bancorp and Subsidiaries
Consolidated Statements of Income
Three Months Ended March 31,
20222021
($ in thousands, except share data)(unaudited)
INTEREST INCOME
Interest and fees on loans$64,202 51,073 
Interest on investment securities:
Taxable interest income13,210 5,913 
Tax-exempt interest income1,048 323 
Other, principally overnight investments649 700 
Total interest income79,109 58,009 
INTEREST EXPENSE
Savings, checking and money market accounts1,185 1,314 
Time deposits of $100,000 or more430 858 
Other time deposits156 216 
Borrowings460 383 
Total interest expense2,231 2,771 
Net interest income76,878 55,238 
Provision for credit losses3,500  
Reversal of provision for unfunded commitments(1,500) 
Total provision for credit losses2,000  
Net interest income after provision for credit losses74,878 55,238 
NONINTEREST INCOME
Service charges on deposit accounts3,541 2,733 
Other service charges, commissions and fees7,005 5,522 
Fees from presold mortgage loans1,121 4,544 
Commissions from sales of insurance and financial products945 2,190 
SBA consulting fees780 2,764 
SBA loan sale gains3,261 2,330 
Bank-owned life insurance income976 620 
Other gains (losses), net1,622 (34)
Total noninterest income19,251 20,669 
NONINTEREST EXPENSES
Salaries expense23,454 20,131 
Employee benefits expense5,578 4,574 
Total personnel expense29,032 24,705 
Occupancy expense3,384 2,904 
Equipment related expenses1,304 1,045 
Merger and acquisition expenses3,484  
Intangibles amortization expense1,017 897 
Foreclosed property (gains) losses, net(80)157 
Other operating expenses13,324 10,357 
Total noninterest expenses51,465 40,065 
Income before income taxes42,664 35,842 
Income tax expense8,695 7,648 
Net income$33,969 28,194 
Earnings per common share:
Basic$0.95 0.99 
Diluted0.95 0.99 
Dividends declared per common share$0.22 0.20 
Weighted average common shares outstanding:
Basic35,433,739 28,357,809 
Diluted35,640,978 28,537,853 
See accompanying notes to unaudited consolidated financial statements.

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First Bancorp and Subsidiaries
Consolidated Statements of Comprehensive Income
    
Three Months Ended
March 31,
20222021
($ in thousands)(unaudited)
Net income$33,969 28,194 
Other comprehensive loss:
Unrealized losses on securities available for sale:
Unrealized holding losses arising during the period, pretax(181,795)(24,235)
Tax benefit41,776 5,569 
Postretirement Plans:
Amortization of unrecognized net actuarial loss44 171 
Tax benefit(10)(40)
Other comprehensive loss(139,985)(18,535)
Comprehensive (loss) income$(106,016)9,659 
See accompanying notes to unaudited consolidated financial statements.

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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 March 31, 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 income28,194 28,194 
Cash dividends declared ($0.20 per common share)
(5,688)(5,688)
Change in Rabbi Trust obligation(13)13  
Stock repurchases(107)(4,036)(4,036)
Stock-based compensation20 651 651 
Other comprehensive loss(18,535)(18,535)
Balances, March 31, 202128,489 $397,094 483,944 (2,256)2,256 (4,185)876,853 
Three Months Ended March 31, 2022
Balances, January 1, 202235,629 $722,671 532,874 (1,803)1,803 (24,970)1,230,575 
Net income33,969 33,969 
Cash dividends declared ($0.22 per common share)
(7,839)(7,839)
Change in Rabbi Trust obligation(11)11  
Stock withheld for payment of taxes(3)(117)(117)
Stock-based compensation14 887 887 
Other comprehensive loss(139,985)(139,985)
Balances, March 31, 202235,640 $723,441 559,004 (1,814)1,814 (164,955)1,117,490 

See accompanying notes to unaudited consolidated financial statements.






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First Bancorp and Subsidiaries
Consolidated Statements of Cash Flows
Three Months Ended March 31,
($ in thousands-unaudited)20222021
Cash Flows From Operating Activities
Net income$33,969 28,194 
Reconciliation of net income to net cash provided by operating activities:
Provision for credit losses2,000  
Net security premium amortization3,437 2,876 
Loan discount accretion(1,671)(1,341)
Other purchase accounting accretion and amortization, net(172)29 
Foreclosed property (gains) losses and write-downs, net(80)157 
Other (gains) losses, net(1,622)34 
(Decrease) increase in net deferred loan fees(776)2,845 
Bank-owned life insurance income(976)(620)
Depreciation of premises and equipment1,726 1,448 
Amortization of operating lease right-of-use assets339 517 
Repayments of lease obligations(289)(416)
Stock-based compensation expense547 397 
Amortization of intangible assets1,017 897 
Amortization of SBA servicing assets626 470 
Fees/gains from sale of presold mortgages and SBA loans(4,382)(6,874)
Origination of presold mortgage loans in process of settlement(46,488)(112,592)
Proceeds from sales of presold mortgage loans in process of settlement60,860 127,346 
Origination of SBA loans for sale(39,807)(37,359)
Proceeds from sales of SBA and other loans88,895 32,467 
Decrease in accrued interest receivable1,168 1,620 
Decrease (increase) in other assets3,509 (5,242)
Decrease (increase) in net deferred income tax asset1,160 (4,596)
Decrease in accrued interest payable(31)(163)
(Decrease) increase in other liabilities(2,816)639 
Net cash provided by operating activities100,143 30,733 
Cash Flows From Investing Activities
Purchases of securities available for sale(330,147)(475,960)
Purchases of securities held to maturity(36,089)(37,438)
Proceeds from maturities/issuer calls of securities available for sale91,421 80,650 
Proceeds from maturities/issuer calls of securities held to maturity2,684 5,780 
(Purchases) redemptions of FRB and FHLB stock, net(9,818)1,836 
Net decrease in loans29,927 110,212 
Proceeds from sales of foreclosed properties520 1,183 
Purchases of premises and equipment(1,217)(4,534)
Proceeds from sales of premises and equipment99 218 
Bank-owned life insurance death benefits3,595  
Net cash used by investing activities(249,025)(318,053)
Cash Flows From Financing Activities
Net increase in deposits260,752 459,906 
        Payments on long-term borrowings(33)(531)
Cash dividends paid – common stock(7,123)(5,140)
Repurchases of common stock (4,036)
Payment of taxes related to stock withheld(117)(103)
Net cash provided by financing activities253,479 450,096 
Increase in cash and cash equivalents104,597 162,776 
Cash and cash equivalents, beginning of period461,162 367,290 
Cash and cash equivalents, end of period$565,759 530,066 
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for interest$2,422 2,934 
Cash paid during the period for income taxes 9,585 
Non-cash: Unrealized loss on securities available for sale, net of taxes(140,019)(18,666)
Non-cash: Foreclosed loans transferred to other real estate119 727 
Non-cash: Accrued dividends at end of period7,839 5,688 
Non-cash: Initial recognition of operating lease right-of-use assets and operating lease liabilities 444 
See accompanying notes to consolidated financial statements.

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First Bancorp and Subsidiaries
Notes to Consolidated Financial Statements
(unaudited)

Note 1 - Organization and Basis of Presentation

The consolidated financial statements include the accounts of First Bancorp (the “Company”) and its wholly owned subsidiary First Bank (the “Bank”). The Bank has three wholly owned subsidiaries that are fully consolidated, SBA Complete, Inc. (“SBA Complete”), Magnolia Financial, Inc. ("Magnolia Financial"), and First Troy SPE, LLC. All significant intercompany accounts and transactions have been eliminated.
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and notes necessary for complete financial statements in accordance with GAAP. In the opinion of the Company, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the consolidated financial position of the Company as of March 31, 2022, the consolidated results of operations for the three months ended March 31, 2022 and 2021, and the consolidated cash flows for the three months ended March 31, 2022 and 2021. Any such adjustments were of a normal, recurring nature. These interim financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes in the Annual Report on Form 10-K for the year ended December 31, 2021. Operating results for interim period are not necessarily indicative of the results that may be expected for the full year.
Reference is made to Note 1 of the 2021 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) for a discussion of accounting policies and other relevant information with respect to the financial statements. To maintain consistency and comparability, certain amounts from prior periods have been reclassified to conform to current period presentation with no effect on net income or shareholders' equity as previously reported.
The Company has evaluated all subsequent events through the date the financial statements were issued.
Impact of COVID-19
Our market areas and local economies continue to show signs of recovery from the impact of the COVID-19 pandemic. However, the current pandemic is ongoing and dynamic in nature, and there are many related uncertainties, including, among other things, its severity and new variants that may arise; its ultimate duration and infection spikes that may occur; the impact on our customers, employees and vendors; the impact on the financial services and banking industry; and the ongoing impact on the economy as a whole. The extent to which the COVID-19 pandemic has a further impact on our business, results of operations, and financial condition, as well as our regulatory capital and liquidity ratios, will depend on future developments, which are highly uncertain and cannot be predicted, including the scope and duration of the COVID-19 pandemic and actions taken by governmental authorities and other third parties in response to the COVID-19 pandemic.
Note 2 – Accounting Pronouncements
Accounting Standards Adopted in 2022
The Company did not adopt any accounting standards during the first three months of 2022.
Accounting Standards Pending Adoption
ASU 2022-02, "Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." This Accounting Standards Update ("ASU") eliminates the accounting guidance for troubled debt restructurings by creditors, while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. This ASU also requires entities to disclose current period gross write-offs by year of origination for financing receivables and net investment in leases. The amendments in this ASU will be effective for fiscal years beginning after December 15, 2022 including interim periods within those fiscal years and early adoption is permitted. The entity must have adopted the amendments in ASU 2016-13 ("CECL") to adopt the amendments in this ASU. The Company is currently evaluating the impact of

Page 9

adopting the new guidance on the consolidated financial statements but does not expect it to have a material effect on its financial statements.

Note 3 – Securities

The book values and approximate fair values of investment securities at March 31, 2022 and December 31, 2021 are summarized as follows:
($ in thousands)March 31, 2022December 31, 2021
Amortized
Cost
Fair
Value
UnrealizedAmortized
Cost
Fair
Value
Unrealized
Gains(Losses)Gains(Losses)
Securities available for sale:
US Treasuries$149,534 149,391  (143)$    
Government-sponsored enterprise securities71,953 64,168  (7,785)71,951 69,179  (2,772)
Mortgage-backed securities2,632,054 2,425,911 349 (206,492)2,545,150 2,514,805 9,489 (39,834)
Corporate bonds45,369 45,578 367 (158)45,380 46,430 1,106 (56)
Total available for sale$2,898,910 2,685,048 716 (214,578)2,662,481 2,630,414 10,595 (42,662)
Securities held to maturity:
Mortgage-backed securities$18,662 18,513 1 (150)20,260 20,845 585  
State and local governments527,428 473,794 19 (53,653)493,565 490,854 2,955 (5,666)
Total held to maturity$546,090 492,307 20 (53,803)513,825 511,699 3,540 (5,666)

All of the Company’s mortgage-backed securities were issued by government-sponsored enterprises, except for private mortgage-backed securities with a fair value of $0.9 million and $0.9 million as of March 31, 2022 and December 31, 2021, respectively.

The following table presents information regarding securities with unrealized losses at March 31, 2022:
Securities in an Unrealized
Loss Position for
Less than 12 Months
Securities in an Unrealized
Loss Position for
More than 12 Months
Total
($ in thousands)Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
US Treasuries$149,391 143   149,391 143 
Government-sponsored enterprise securities19,855 2,104 44,313 5,681 64,168 7,785 
Mortgage-backed securities1,656,529 133,422 705,932 73,220 2,362,461 206,642 
Corporate bonds13,914 86 928 72 14,842 158 
State and local governments431,433 46,491 40,482 7,162 471,915 53,653 
Total unrealized loss position$2,271,122 182,246 791,655 86,135 3,062,777 268,381 



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The following table presents information regarding securities with unrealized losses at December 31, 2021:
Securities in an Unrealized
Loss Position for
Less than 12 Months
Securities in an Unrealized
Loss Position for
More than 12 Months
Total
($ in thousands)Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Government-sponsored enterprise securities$21,436 522 47,743 2,250 69,179 2,772 
Mortgage-backed securities1,773,022 25,977 404,484 13,857 2,177,506 39,834 
Corporate bonds999 1 945 55 1,944 56 
State and local governments228,279 3,797 34,398 1,869 262,677 5,666 
Total unrealized loss position$2,023,736 30,297 487,570 18,031 2,511,306 48,328 
As of March 31, 2022 and December 31, 2021, the Company's security portfolio held 600 securities of which 371 securities were in an unrealized loss position. In the above tables, all of the securities that were in an unrealized loss position at March 31, 2022 and December 31, 2021 are bonds that the Company has determined are in a loss position due primarily to interest rate factors and not credit quality concerns. In arriving at this conclusion, the Company reviewed third-party credit ratings and considered the severity of the impairment. The Company does not intend to sell these securities, and it is more likely than not that the Company will not be required to sell these securities before recovery of the amortized cost.
At March 31, 2022 and December 31, 2021, the Company determined that expected credit losses associated with held to maturity debt securities was insignificant.
The book values and approximate fair values of investment securities at March 31, 2022, by contractual maturity, are summarized in the table below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
 Securities Available for SaleSecurities Held to Maturity
($ in thousands)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Securities
Due within one year$26,102 26,381 436 440 
Due after one year but within five years152,051 151,996   
Due after five years but within ten years87,703 79,832 17,141 15,988 
Due after ten years1,000 928 509,851 457,366 
Mortgage-backed securities2,632,054 2,425,911 18,662 18,513 
Total securities$2,898,910 2,685,048 546,090 492,307 
At March 31, 2022 and December 31, 2021 investment securities with carrying values of $852.8 million and $951.4 million, respectively, were pledged as collateral for public deposits.
At March 31, 2022 and December 31, 2021, there were no holdings of securities of any one issuer, other than US Government and its agencies or government sponsored enterprises, in an amount greater than 10% of shareholders equity.
Included in “Other assets” in the Consolidated Balance Sheets are investments in Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank of Richmond (“FRB”) stock totaling $32.2 million and $22.3 million at March 31, 2022 and December 31, 2021, respectively. These investments do not have readily determinable fair values. The FHLB stock had a cost and fair value of $5.3 million and $4.6 million at March 31, 2022 and December 31, 2021, respectively, and serves as part of the collateral for the Company’s line of credit with the FHLB and is also a requirement for membership in the FHLB system. The FRB stock had a cost and fair value of $26.8 million and $17.8 million at March 31, 2022 and December 31, 2021, respectively, and is a requirement for FRB member bank qualification. Periodically, both the FHLB and FRB recalculate the Company’s required level of holdings, and the Company either buys more stock or redeems a portion of the stock at cost. The Company determined that neither stock was impaired at either period end.

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The Company owns 12,356 Class B shares of Visa, Inc. (“Visa”) stock that were received upon Visa’s initial public offering. These shares are expected to convert into Class A Visa shares subsequent to the settlement of certain litigation against Visa, to which the Company is not a party. The Class B shares have transfer restrictions, and the conversion rate into Class A shares is periodically adjusted as Visa settles litigation. The conversion rate at March 31, 2022 was approximately 1.62, which means the Company would receive approximately 19,993 Class A shares if the stock had converted on that date. This Class B stock does not have a readily determinable fair value and is carried at zero. If a readily determinable fair value becomes available for the Class B shares, or upon the conversion to Class A shares, the Company will adjust the carrying value of the stock to its market value with a credit to earnings.
Note 4 – Loans, Allowance for Credit Losses, and Asset Quality Information

The following is a summary of the major categories of total loans outstanding:
($ in thousands)March 31, 2022December 31, 2021
 AmountPercentageAmountPercentage
All  loans:
Commercial, financial, and agricultural$603,454 10 %$648,997 11 %
Real estate – construction, land development & other land loans795,886 13 %828,549 13 %
Real estate – mortgage – residential (1-4 family) first mortgages1,045,167 17 %1,021,966 17 %
Real estate – mortgage – home equity loans / lines of credit329,348 6 %331,932 5 %
Real estate – mortgage – commercial and other3,234,949 53 %3,194,737 53 %
Consumer loans56,822 1 %57,238 1 %
Subtotal6,065,626 100 %6,083,419 100 %
Unamortized net deferred loan fees(928)(1,704)
Total loans$6,064,698 $