First Bancorp Reports Second Quarter Results

About this update from First Bancorp. New

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The Company recorded net interest income of $96.7 million for the second quarter of 2025, compared to $92.9 million for the linked quarter and $81.1 million for the like quarter. NIM for the second quarter of 2025 expanded to 3.32% from 3.25% for the linked quarter and 2.84% for the like quarter.","length":398,"tagName":"p"},{"type":"text","content":"First Bancorp also continued to maintain expense control with noninterest expenses of $59.0 million for the second quarter of 2025, up slightly from $57.9 million for the linked quarter and $58.3 million for the like quarter.  For the six months ended June 30, 2025, the Company recorded noninterest expense of $116.9 million , down from  $117.5 million , for the six months ended June 30, 2024.","length":413,"tagName":"p"},{"type":"text","content":" Richard H. Moore , Chairman and CEO of the Company, stated "First Bancorp continues to improve financial results in 2025 as second quarter net income was $38.6 million and diluted EPS was $0.93 , both resulting from expanded net interest margin and disciplined expense management.  We improved our liquidity position and increased our capital levels, while credit quality remains strong with low levels of charge-offs and nonperforming assets. We grew loans 6% annualized in the quarter and benefited from our favorable cost of funds and increased yields on our earning assets.  Our Board also increased our quarterly dividend to $0.23 per share effective June 30 , 2025.  We are very pleased with the Bank's performance halfway through this year."","length":774,"tagName":"p"},{"type":"text","content":" Net Interest Income and Net Interest Margin ","length":43,"tagName":"p"},{"type":"text","content":"Net interest income for the second quarter of 2025 was $96.7 million , an increase of 4.1% from the linked quarter of $92.9 million and 19.2% from the like quarter of $81.1 million .  The increase in net interest income from the linked and like quarters was primarily driven by our focused efforts to manage deposit costs while increasing loan yields after the rate cuts by the Federal Reserve in the second half of 2024 along with the increased securities yield resulting from the loss-earnback transaction executed in the fourth quarter of 2024.","length":550,"tagName":"p"},{"type":"text","content":"The Company's NIM for the second quarter of 2025 was 3.32%, an increase of 7 basis points from the linked quarter and 48 basis points from the like quarter.  Within interest-earning assets, the purchase of $127.0 million of CMOs yielding 5.16% during the second quarter aided in the 13 basis point increase in the yield on securities as compared to the linked quarter. In addition, loan yields increased 1 basis point to 5.53%. During the quarter ended June 30, 2025, interest-bearing deposits remained consistent with the linked quarter and fell 0.40% from the like quarter, attributable to the three rate cuts by the Federal Reserve between September and December.  The like quarter expansion of NIM was driven by the same factors described above resulting in an increase of 69 basis points in securities yield,  an increase of 3 basis points in loan yields, and a decrease of 40 basis points in the rate on interest-bearing deposits.","length":965,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.83em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.83em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" 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","length":11,"tagName":"p","attribs":{}}]}]}],"length":906},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"7","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"7","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:TOP;TEXT-ALIGN:LEFT;","val":[{"type":"text","content":" (1)  Calculated by dividing annualized net interest income by average earning assets for the period. ","length":105,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"7","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:TOP;TEXT-ALIGN:LEFT;","val":[{"type":"text","content":" (2)  Calculated by dividing annualized tax-equivalent net interest income by average earning assets for the period. The tax-equivalent amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax-exempt status.  This amount has been computed using the expected tax rate and is reduced by the related nondeductible portion of interest expense. ","length":480,"tagName":"p","attribs":{}}]}]}],"length":586},{"type":"text","content":"See Appendix F regarding loan purchase discount accretion and its impact on the Company's NIM.","length":98,"tagName":"p"},{"type":"text","content":" Provision for Credit Losses and Credit Quality ","length":46,"tagName":"p"},{"type":"text","content":"For the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, the Company recorded $2 .2 million, $1 .1 million and $0 .5 million in provision for credit losses, respectively. The provision for the second quarter of 2025 was driven by net charge-offs of $1 .2 million, reserves related to loan growth of $122 .6 million, and declining macro-economic projections, partially offset by the $3 .5 million reduction in reserves for potential credit exposure from Hurricane Helene.  Additionally, the $1 .1 million provision for unfunded commitments during the quarter was the result of increased reserve rates for specifc segments of the loan portfolio and an increase in the level of available unfunded lending commitments.  The June macro-economic forecasts are a key driver in the Company's CECL model and reflected declines from the prior quarter.","length":922,"tagName":"p"},{"type":"text","content":"Within the portions of Western North and South Carolina that were significantly impacted by Hurricane Helene starting late in the third quarter of 2024, the Company identified borrowers that were potentially impacted by the storm and subsequent economic impacts which represented approximately $703 million of loans outstanding as of June 30, 2025.    Based upon its continuing evaluation of these potential impacts, the Company adjusted the incremental reserve for potential exposure from Hurricane Helene to $7 .5 million as of June 30, 2025.  The remaining incremental reserve contributes 10 basis points to the Allowance for Credit Losses at period end.  The results for the second quarter of 2025 included a $3.5 million reduction to the potential impacts to the allowance for credit losses from Hurricane Helene ( $2.7 million after-taxes or $0.06 per diluted share).  The reconciliations from net income and D-EPS to adjusted net income and adjusted D-EPS (both non-GAAP measures) for the first and second quarters of 2025 are presented in Appendix E .","length":1106,"tagName":"p"},{"type":"text","content":"Asset quality remained strong with annualized net loan charge-offs of 0.06% for the second quarter of 2025.  Total nonperforming assets ("NPAs") remained at a low level at $35 .8 million at June 30, 2025, or 0.28% of total assets, up slightly from  0.27% at March 31, 2025 and consistent with June 30, 2024.","length":346,"tagName":"p"},{"type":"text","content":"The following table presents the summary of NPAs and asset quality ratios for each period.","length":90,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;","val":[{"type":"text","content":" ASSET QUALITY DATA ","length":18,"tagName":"p","attribs":{}},{"type":"text","content":" ($ in thousands) ","length":16,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.83em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" 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