Group 1: Earnings Performance - First Bancorp reported quarterly earnings of $0.76 per share, exceeding the Zacks Consensus Estimate of $0.72 per share, and up from $0.72 per share a year ago, representing an earnings surprise of 5.56% [1] - The company posted revenues of $102.48 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 0.48%, and an increase from year-ago revenues of $97.03 million [2] Group 2: Market Performance and Outlook - First Bancorp shares have increased by approximately 0.4% since the beginning of the year, while the S&P 500 has gained 3.2% [3] - The current consensus EPS estimate for the upcoming quarter is $0.74 on revenues of $104 million, and for the current fiscal year, it is $3.08 on revenues of $433 million [7] Group 3: Industry Context - The Zacks Industry Rank for Banks - Southeast is currently in the top 12% of over 250 Zacks industries, indicating a favorable outlook for the sector [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5]

Financial Performance - Net income for Q4 2024 was $3.6 million, or $0.08 diluted EPS, down from $18.7 million ($0.45 EPS) in Q3 2024 and $29.7 million ($0.72 EPS) in Q4 2023[2] - Adjusted net income for Q4 2024 was $31.7 million, or $0.76 adjusted diluted EPS, compared to $29.0 million ($0.70 EPS) in Q3 2024 and $29.7 million ($0.72 EPS) in Q4 2023[3] - The company reported a net income of $3.6 million for the fourth quarter of 2024, down from $29.7 million in the same quarter of 2023[42] - Net income for Q4 2024 was $3,551 thousand, a decrease from $29,674 thousand in Q4 2023, while adjusted net income rose to $31,690 thousand[64] Income and Expenses - Noninterest expenses declined by $1.6 million to $58.3 million in Q4 2024, driven by a $1.3 million decrease in personnel expenses[6] - Noninterest expenses for the fourth quarter of 2024 were $58.3 million, slightly down from $56.4 million in the same quarter of 2023[42] - Noninterest income for Q4 2024 was negative $23.2 million, primarily due to a $36.8 million loss on securities, while excluding this loss, it showed a 0.5% increase from the previous quarter[18] Loans and Deposits - Loan growth accelerated to $8.1 billion, reflecting a $81.1 million increase, or 4.03%, for the quarter[6] - Total loans reached $8.1 billion, an increase of $81.1 million, or 4.0%, from the previous quarter, but a decrease of $55.4 million, or 0.7%, year-over-year[26] - Average deposits increased by $99.4 million to $10.6 billion in Q4 2024, with noninterest-bearing deposits growing by $51.6 million[6] - Total deposits were $10.5 billion, reflecting an increase of $25.6 million, or 1.0%, from the previous quarter, and an increase of $498.9 million, or 5.0%, year-over-year[28] Capital and Ratios - Total risk-based capital ratio was estimated at 16.61% as of December 31, 2024, well above regulatory minimums[6] - The estimated total risk-based capital ratio was 16.61%, down from 16.65% in the previous quarter, but up from 15.54% year-over-year[31] - The tangible common equity to tangible assets ratio was 8.22%, a decrease of 25 basis points from the linked quarter, but an increase of 66 basis points year-over-year[32] - Return on average common equity was 5.48%, up from 1.29% in the previous quarter[46] Asset Management - Total assets amounted to $12.1 billion, a slight decrease of $5.7 million, or 0.19%, from the linked quarter, but an increase of $32.8 million, or 0.27%, year-over-year[23] - Total assets as of December 31, 2024, were $12.1 billion, with net loans amounting to $7.97 billion[37][44] - Total interest-earning assets increased to $11,508,581 thousand with net interest income of $332,273 thousand, reflecting a net yield of 2.89% for the twelve months ended December 31, 2024[56] Credit Losses - The provision for credit losses was $507,000 for the fourth quarter of 2024, significantly lower than $2.95 million in the same quarter of 2023[42] - Provision for credit losses was $507,000 for the quarter, significantly lower than $14,200,000 in the prior quarter[50] - The company reported a provision for credit losses of $13,000 thousand in Q4 2024, reflecting ongoing risk management strategies[64] Liquidity - The company continues to manage liquidity sources adequately to meet its operating needs for the foreseeable future[34] - The on-balance sheet liquidity ratio at December 31, 2024, was 17.6%, with a total liquidity ratio of 34.9% including $2.4 billion in available lines of credit[35] - Noninterest-bearing deposits comprised 32% of total deposits, indicating a stable funding source[29]

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Core Viewpoint - First Bancorp (FBNC) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on the consensus measure of EPS estimates from sell-side analysts, reflecting the company's changing earnings picture [1][2]. - A strong correlation exists between earnings estimate revisions and near-term stock price movements, making the Zacks rating system valuable for investors [4][6]. Institutional Investor Influence - Institutional investors utilize earnings estimates to determine the fair value of stocks, leading to significant price movements based on their buying or selling actions [4]. First Bancorp's Earnings Outlook - First Bancorp is projected to earn $2.72 per share for the fiscal year ending December 2024, representing a year-over-year increase of 7.5% [8]. - Over the past three months, the Zacks Consensus Estimate for First Bancorp has risen by 1.5%, indicating a positive trend in earnings estimates [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - The upgrade of First Bancorp to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting potential for higher stock movement in the near term [11].

Financial Performance - Net income for the three months ended September 30, 2024, was $18,680 thousand, compared to $29,893 thousand in 2023, reflecting a decline of 37.36%[10] - Basic earnings per common share decreased to $0.45 in 2024 from $0.73 in 2023, a drop of 38.36%[10] - The company reported a net income of $72,664,000 for the nine months ended September 30, 2024, compared to $74,457,000 for the same period in 2023, reflecting a decrease of 2.4%[15] - Net income for the nine months ended September 30, 2024, was $72,664,000, a decrease of 2.7% from $74,457,000 in the same period of 2023[17] - The company recorded a net income of $72,193 thousand for the nine months ended September 30, 2024, compared to $73,918 thousand in the same period of 2023[113] Asset and Loan Management - Total assets increased to $12,153,430 thousand in 2024 from $12,114,942 thousand in 2023, representing a growth of 0.32%[9] - Net loans decreased to $7,890,820 thousand in 2024 from $8,040,249 thousand in 2023, a decline of 1.86%[9] - Total loans as of September 30, 2024, amounted to $8,012,741,000, a decrease from $8,013,538,000 in the previous year[57] - Total loans decreased by $136.6 million, or 1.7%, to $8.0 billion as of September 30, 2024, from December 31, 2023[183] - The total amount of guaranteed portions of SBA loans was $36.13 million as of September 30, 2024, compared to $35.46 million on December 31, 2023[38] Deposits and Funding - Total deposits rose to $10,504,929 thousand in 2024, up from $10,031,599 thousand in 2023, marking an increase of 4.70%[9] - Total deposits were $10.5 billion at September 30, 2024, an increase of $473.3 million, or 4.72%, from December 31, 2023[136] - The mix of customer deposits remained stable, with significant growth in money market accounts contributing to organic growth of $476.4 million[189] Noninterest Income and Expenses - Total noninterest income for the nine months ended September 30, 2024, was $41,076 thousand, slightly down from $42,948 thousand in 2023, a decrease of 4.36%[10] - Noninterest income for the three months ended September 30, 2024, totaled $13.6 million, a decrease of $1.6 million, or 10.5%, from the comparable period in 2023[125] - Total noninterest expenses decreased to $59,850 thousand for the three months ended September 30, 2024, from $62,224 thousand in 2023, a reduction of 3.88%[10] Credit Losses and Allowances - The allowance for credit losses on loans increased to $122,718 thousand in 2024 from $109,853 thousand in 2023, an increase of 11.00%[9] - The provision for credit losses was $14.2 million for the three months ended September 30, 2024, compared to zero for the same period in 2023[170] - The allowance for credit losses rose to $122.7 million at September 30, 2024, compared to $109.9 million at December 31, 2023, reflecting a provision of $13.0 million related to Hurricane Helene[194] Securities and Investments - The total available for sale securities amounted to $2,238.996 million with a fair value of $1,907.458 million, reflecting unrealized losses of $331.577 million[27] - The unrealized loss on available for sale securities totaled $331.5 million as of September 30, 2024[187] - The fair value of mortgage-backed securities was $1.828 billion as of September 30, 2024, down from $1.938 billion as of December 31, 2023, a decrease of approximately 5.7%[92][93] Capital and Ratios - Total shareholders' equity rose to $1,477,525 thousand in 2024, up from $1,372,380 thousand in 2023, an increase of 7.66%[9] - Capital ratios improved, with a total common equity Tier 1 ratio of 14.37%, Tier 1 risk-based capital ratio of 15.19%, and total risk-based capital ratio of 16.65% at September 30, 2024[137] Economic and Market Conditions - The company identified borrowers with approximately $755 million of loans outstanding in areas impacted by Hurricane Helene, with an increased allowance for credit losses (ACL) of $13 million due to potential exposure from the storm[70] - The company experienced a decrease in net interest income due to compression in net interest margin (NIM) despite a shift to higher-yielding assets[148] Miscellaneous - The company completed the acquisition of GrandSouth Bancorporation on January 1, 2023, integrating its operations into First Bank[26] - The company modified loans for borrowers experiencing financial difficulty, offering various types of concessions such as principal forgiveness and term extensions[59]

Company Performance - First Bancorp reported quarterly earnings of $0.70 per share, exceeding the Zacks Consensus Estimate of $0.69 per share, but down from $0.73 per share a year ago, indicating a 4.1% year-over-year decline [1] - The company achieved an earnings surprise of 1.45% for the quarter and had a significant surprise of 18.64% in the previous quarter [1] - Revenues for the quarter were $96.62 million, missing the Zacks Consensus Estimate by 0.39% and down from $99.88 million year-over-year [1] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.71 on revenues of $100 million, while the estimate for the current fiscal year is $2.72 on revenues of $387 million [4] - The estimate revisions trend for First Bancorp is mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market [4] Industry Context - The Banks - Southeast industry, to which First Bancorp belongs, is currently in the bottom 33% of over 250 Zacks industries, indicating potential challenges for stock performance [5] - First National Corp. (FXNC), another company in the same industry, is expected to report quarterly earnings of $0.49 per share, reflecting a year-over-year decline of 2% [5]

ATLANTA, Oct. 21, 2024 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) today announced the results of the 2024 director election. The Bank conducted an election to fill the member directorships for North Carolina and Virginia, an independent directorship and a public interest independent directorship. Each director-elect will serve a four-year term commencing on January 1, 2025, and ending December 31, 2028. Suzanne DeFerie was elected to fill the member directorship representing the ...

Core Viewpoint - First Bancorp announces the retirement of Mason Y. Garrett from its Board of Directors effective July 26, 2024, marking the end of a significant era in the company's leadership [1][4]. Group 1: Leadership Changes - Mason Y. Garrett served as the Founder and Chairman of GrandSouth Bank and CEO of GrandSouth Bancorporation until its merger with First Bancorp in 2023, after which he joined the company's Board of Directors [2]. - Garrett has over 50 years of banking experience, having held various leadership roles in several banks in Upstate South Carolina, including co-founding First United Bancorporation in 1984 [3]. Group 2: Company Overview - First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets amounting to $12.1 billion [4]. - The company operates First Bank, a state-chartered community bank with 113 branches across North Carolina and South Carolina, providing tailored banking solutions and SBA loans through a nationwide network [4].

FIRST BANCORP For Immediate Release: For More Information, Contact: July 24, 2024 Hillary Kestler 704-644-4137 SOUTHERN PINES, N.C. - First Bancorp (the "Company") (NASDAQ - FBNC), the parent company of First Bank, announced today net income of $28.7 million, or $0.70 per diluted common share, for the three months ended June 30, 2024 compared to $25.3 million, or $0.61 per diluted common share, for the three months ended March 31, 2024 ("linked quarter") and $29.4 million, or $0.71 per diluted common share, ...

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, 2024 Commission File Number 0-15572 FIRST BANCORP (Exact Name of Registrant as Specified in its Charter) 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) du ...