First Bank(FBNC) - 2024 Q3 - Quarterly Report

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$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$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$13.6 million, a decrease of $1.6 million, or 10.5$59,850 thousand for the three months ended September 30, 2024, from $62,224 thousand in 2023, a reduction of 3.88$122,718 thousand in 2024 from $109,853 thousand in 2023, an increase of 11.00$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$1,477,525 thousand in 2024, up from $1,372,380 thousand in 2023, an increase of 7.66$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]