First Bank(FBNC) - 2024 Q4 - Annual Results

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]