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North Carolina
|
| |
6022
|
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56-1421916
|
|
|
(State or other jurisdiction of
incorporation or organization) |
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(Primary Standard Industrial
Classification Code Number) |
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(I.R.S. Employer
Identification Number) |
|
|
First Bancorp
300 SW Broad Street Southern Pines, North Carolina 28387 (910) 246-2500 (Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices) |
| |
Richard H. Moore
Chief Executive Officer 300 SW Broad Street Southern Pines, North Carolina 28387 (910) 246-2500 (Name, address, including zip code, and telephone number, including area code, of agent for service) |
|
|
Robert A. Singer, Esq.
Iain MacSween, Esq. Brooks, Pierce, McLendon, Humphrey & Leonard, L.L.P. 2000 Renaissance Plaza 230 N. Elm Street Greensboro, North Carolina 27401 (336) 373-8850 |
| |
Neil E. Grayson, Esq.
Eva R. Bateman, Esq. Nelson Mullins Riley & Scarborough LLP 104 S. Main Street, Suite 900 Greenville, South Carolina 29601 (864) 250-2235 |
|
| Large accelerated filer ☐ | | | Accelerated filer ☒ | |
| Non-accelerated filer ☐ (Do not check if a smaller reporting company) | | | Smaller reporting company ☐ | |
| | | | Emerging growth company ☐ | |
CALCULATION OF REGISTRATION FEE
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Title of each class of Securities to be Registered
|
| |
Amount to be
Registered(1) |
| |
Proposed Maximum
Offering Price Per Share |
| |
Proposed Maximum Aggregate
Offering Price(2) |
| |
Amount of
Registration Fee(3) |
| ||||||||||||
Common Stock, no par value
|
| | | | 4,909,280 | | | | | | N/A | | | | | $ | 166,568,568 | | | | | $ | 19,306 | | |
|
|
| |
|
|
|
First Bancorp
300 SW Broad Street Southern Pines, North Carolina 28387 Attention: Investor Relations (910) 246-2500 |
| |
ASB Bancorp, Inc.
11 Church Street Asheville, North Carolina 28801 Attn: Investor Relations (828) 254-7411 |
|
|
Place:
|
| | The Collider 1 Haywood Street, 4th Floor Asheville, North Carolina 28801 |
|
| Date: | | |
September 19, 2017
|
|
| Time: | | |
10:30 A.M.
|
|
| | | | By Order of the Board of Directors, | |
| | | |
|
|
| | | | Suzanne S. DeFerie President and Chief Executive Officer |
|
| July 28, 2017 Asheville, North Carolina |
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| | | | | A-1 | | | |
| | | | | B-1 | | | |
| | | | | C-1 | | |
| | |
First Bancorp Common Stock
|
| | | | | | | |
ASBB Common Stock
|
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| | |
High
|
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Low
|
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Close
|
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Dividend
|
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High
|
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Low
|
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Close
|
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Dividend
|
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2017 | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Third Quarter (through July 26, 2017)
|
| | | $ | 32.99 | | | | | $ | 30.45 | | | | | $ | 32.07 | | | | | $ | — | | | | | $ | 46.00 | | | | | $ | 43.05 | | | | | $ | 45.50 | | | | | $ | — | | |
Second Quarter
|
| | | | 32.27 | | | | | | 27.50 | | | | | | 31.26 | | | | | | 0.08 | | | | | | 44.50 | | | | | | 34.15 | | | | | | 43.95 | | | | | | — | | |
First Quarter
|
| | | | 31.31 | | | | | | 26.47 | | | | | | 29.29 | | | | | | 0.08 | | | | | | 37.35 | | | | | | 29.14 | | | | | | 34.00 | | | | | | — | | |
2016 | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Fourth Quarter
|
| | | | 28.49 | | | | | | 19.18 | | | | | | 27.14 | | | | | | 0.08 | | | | | | 29.75 | | | | | | 25.75 | | | | | | 29.75 | | | | | | — | | |
Third Quarter
|
| | | | 20.33 | | | | | | 17.42 | | | | | | 19.79 | | | | | | 0.08 | | | | | | 26.45 | | | | | | 24.62 | | | | | | 26.25 | | | | | | — | | |
Second Quarter
|
| | | | 21.94 | | | | | | 17.15 | | | | | | 17.58 | | | | | | 0.08 | | | | | | 26.50 | | | | | | 24.07 | | | | | | 24.53 | | | | | | — | | |
First Quarter
|
| | | | 19.59 | | | | | | 17.83 | | | | | | 18.85 | | | | | | 0.08 | | | | | | 26.00 | | | | | | 24.24 | | | | | | 24.24 | | | | | | — | | |
2015 | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Fourth Quarter
|
| | | | 19.92 | | | | | | 16.01 | | | | | | 18.74 | | | | | | 0.08 | | | | | | 27.00 | | | | | | 24.66 | | | | | | 25.96 | | | | | | — | | |
Third Quarter
|
| | | | 17.86 | | | | | | 16.01 | | | | | | 17.00 | | | | | | 0.08 | | | | | | 25.80 | | | | | | 21.67 | | | | | | 25.05 | | | | | | — | | |
Second Quarter
|
| | | | 17.82 | | | | | | 15.18 | | | | | | 16.68 | | | | | | 0.08 | | | | | | 21.99 | | | | | | 20.70 | | | | | | 21.66 | | | | | | — | | |
First Quarter
|
| | | | 18.64 | | | | | | 15.00 | | | | | | 17.56 | | | | | | 0.08 | | | | | | 21.42 | | | | | | 19.43 | | | | | | 20.50 | | | | | | — | | |
| | |
At and for the Three Months
Ended March 31, |
| |
At and for the Years Ended December 31,
|
| | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2017
|
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2016
|
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2016
|
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2015
|
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2014
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2013
|
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2012
|
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(in thousands, except per share data)
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| | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||
STATEMENTS OF INCOME
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Interest income
|
| | | $ | 36,468 | | | | | $ | 32,063 | | | | | $ | 130,987 | | | | | $ | 126,655 | | | | | $ | 139,832 | | | | | $ | 147,511 | | | | | $ | 152,520 | | | | | | | | | | ||||||||||||||
Interest expense
|
| | | | 2,172 | | | | | | 1,868 | | | | | | 7,607 | | | | | | 6,908 | | | | | | 8,223 | | | | | | 10,985 | | | | | | 17,320 | | | | | | | | | | ||||||||||||||
Net interest income
|
| | | | 34,296 | | | | | | 30,195 | | | | | | 123,380 | | | | | | 119,747 | | | | | | 131,609 | | | | | | 136,526 | | | | | | 135,200 | | | | | | | | | | ||||||||||||||
Provision (reversal) for loan
losses |
| | | | 723 | | | | | | 258 | | | | | | (23) | | | | | | (780) | | | | | | 10,195 | | | | | | 30,616 | | | | | | 79,672 | | | | | | | | | | ||||||||||||||
Net interest income after provision for loan
losses |
| | | | 33,573 | | | | | | 29,937 | | | | | | 123,403 | | | | | | 120,527 | | | | | | 121,414 | | | | | | 105,910 | | | | | | 55,528 | | | | | | | | | | ||||||||||||||
Non interest income
|
| | | | 9,809 | | | | | | 5,002 | | | | | | 25,551 | | | | | | 18,764 | | | | | | 14,368 | | | | | | 23,489 | | | | | | 1,389 | | | | | | | | | | ||||||||||||||
Non interest expense
|
| | | | 32,072 | | | | | | 24,773 | | | | | | 106,821 | | | | | | 98,131 | | | | | | 97,251 | | | | | | 96,619 | | | | | | 97,275 | | | | | | | | | | ||||||||||||||
Net income before income taxes
|
| | | | 11,310 | | | | | | 10,166 | | | | | | 42,133 | | | | | | 41,160 | | | | | | 38,531 | | | | | | 32,780 | | | | | | (40,358) | | | | | | | | | | ||||||||||||||
Income tax expense (benefit)
|
| | | | 3,755 | | | | | | 3,329 | | | | | | 14,624 | | | | | | 14,126 | | | | | | 13,535 | | | | | | 12,081 | | | | | | (16,952) | | | | | | | | | | ||||||||||||||
Net income
|
| | | | 7,555 | | | | | | 6,837 | | | | | | 27,509 | | | | | | 27,034 | | | | | | 24,996 | | | | | | 20,699 | | | | | | (23,406) | | | | | | | | | | ||||||||||||||
Preferred stock dividends and discount accretion
|
| | | | — | | | | | | 58 | | | | | | 175 | | | | | | 603 | | | | | | 868 | | | | | | 895 | | | | | | 2,809 | | | | | | | | | | ||||||||||||||
Net income available to common shareholders
|
| | | $ | 7,555 | | | | | $ | 6,779 | | | | | $ | 27,334 | | | | | $ | 26,431 | | | | | $ | 24,128 | | | | | $ | 19,804 | | | | | $ | (26,215) | | | | | | | | | | ||||||||||||||
COMMON AND PER SHARE DATA | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) per common
share: |
| | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||
Basic
|
| | | $ | 0.34 | | | | | $ | 0.34 | | | | | $ | 1.37 | | | | | $ | 1.34 | | | | | $ | 1.22 | | | | | $ | 1.01 | | | | | $ | (1.54) | | | | | | | | | | ||||||||||||||
Diluted
|
| | | | 0.34 | | | | | | 0.33 | | | | | | 1.33 | | | | | | 1.30 | | | | | | 1.19 | | | | | | 0.98 | | | | | | (1.54) | | | | | | | | | | ||||||||||||||
Cash dividends declared per common share
|
| | | | 0.08 | | | | | | 0.08 | | | | | | 0.32 | | | | | | 0.32 | | | | | | 0.32 | | | | | | 0.32 | | | | | | 0.32 | | | | | | | | | | ||||||||||||||
Stated book value – common
|
| | | | 19.85 | | | | | | 17.24 | | | | | | 17.66 | | | | | | 16.96 | | | | | | 16.08 | | | | | | 15.30 | | | | | | 14.51 | | | | | | | | | | ||||||||||||||
Tangible book value –
common |
| | | $ | 13.53 | | | | | $ | 13.75 | | | | | $ | 13.85 | | | | | $ | 13.56 | | | | | $ | 12.63 | | | | | $ | 11.81 | | | | | $ | 11.00 | | | | | | | | | | ||||||||||||||
Outstanding common shares
|
| | | | 24,663,241 | | | | | | 19,865,779 | | | | | | 20,844,505 | | | | | | 19,747,509 | | | | | | 19,709,881 | | | | | | 19,679,659 | | | | | | 19,669,302 | | | | | | | | | | ||||||||||||||
Weighted average basic common shares
|
| | | | 21,983,963 | | | | | | 19,783,747 | | | | | | 19,964,727 | | | | | | 19,767,470 | | | | | | 19,699,801 | | | | | | 19,675,597 | | | | | | 17,049,513 | | | | | | | | | | ||||||||||||||
Weighted average diluted common shares
|
| | | | 22,064,923 | | | | | | 20,553,858 | | | | | | 20,732,917 | | | | | | 20,499,727 | | | | | | 20,434,007 | | | | | | 20,404,303 | | | | | | 17,049,513 | | | | | | | | | | ||||||||||||||
Dividend payout ratio –
basic |
| | | | 23.53% | | | | | | 23.53% | | | | | | 23.36% | | | | | | 23.88% | | | | | | 26.23% | | | | | | 31.68% | | | | | | -20.78% | | | | | | | | | | ||||||||||||||
PERIOD-END BALANCES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Total assets
|
| | | $ | 4,441,846 | | | | | $ | 3,382,966 | | | | | $ | 3,614,862 | | | | | $ | 3,362,065 | | | | | $ | 3,218,383 | | | | | $ | 3,185,070 | | | | | $ | 3,244,910 | | | | | | | | | | ||||||||||||||
Investment securities – carrying
value |
| | | | 347,997 | | | | | | 395,625 | | | | | | 329,042 | | | | | | 320,224 | | | | | | 336,705 | | | | | | 223,142 | | | | | | 223,416 | | | | | | | | | | ||||||||||||||
Total loans
|
| | | | 3,289,355 | | | | | | 2,539,353 | | | | | | 2,710,712 | | | | | | 2,518,926 | | | | | | 2,396,174 | | | | | | 2,463,194 | | | | | | 2,376,457 | | | | | | | | | | ||||||||||||||
Deposits
|
| | | | 3,629,170 | | | | | | 2,826,821 | | | | | | 2,947,353 | | | | | | 2,811,285 | | | | | | 2,695,906 | | | | | | 2,751,019 | | | | | | 2,821,360 | | | | | | | | | | ||||||||||||||
Borrowings
|
| | | | 290,403 | | | | | | 186,394 | | | | | | 271,394 | | | | | | 186,394 | | | | | | 116,394 | | | | | | 46,394 | | | | | | 46,394 | | | | | | | | | | ||||||||||||||
Shareholders’ equity
|
| | | | 489,461 | | | | | | 349,832 | | | | | | 368,101 | | | | | | 342,190 | | | | | | 387,699 | | | | | | 371,922 | | | | | | 356,117 | | | | | | | | | |
| | |
At and for the Three Months
Ended March 31, |
| |
At and for the Years Ended December 31,
|
| | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |
2012
|
| | | | | | | | |||||||||||||||||||||||||||||||||||
| | |
(in thousands, except per share data)
|
| | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE BALANCES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Total assets
|
| | | $ | 3,856,589 | | | | | $ | 3,332,492 | | | | | $ | 3,422,267 | | | | | $ | 3,230,302 | | | | | $ | 3,219,915 | | | | | $ | 3,208,458 | | | | | $ | 3,311,289 | | | | | | | | | | ||||||||||||||
Interest-earning assets
|
| | | | 3,478,525 | | | | | | 3,028,775 | | | | | | 3,108,918 | | | | | | 2,936,624 | | | | | | 2,907,098 | | | | | | 2,805,112 | | | | | | 2,857,541 | | | | | | | | | | ||||||||||||||
Investment securities – carrying
value |
| | | | 339,305 | | | | | | 336,216 | | | | | | 348,069 | | | | | | 348,630 | | | | | | 221,732 | | | | | | 229,969 | | | | | | 217,689 | | | | | | | | | | ||||||||||||||
Total loans
|
| | | | 2,903,279 | | | | | | 2,528,317 | | | | | | 2,603,327 | | | | | | 2,434,602 | | | | | | 2,434,331 | | | | | | 2,419,679 | | | | | | 2,436,997 | | | | | | | | | | ||||||||||||||
Deposits
|
| | | | 3,152,778 | | | | | | 2,775,391 | | | | | | 2,827,513 | | | | | | 2,687,381 | | | | | | 2,723,758 | | | | | | 2,779,032 | | | | | | 2,809,357 | | | | | | | | | | ||||||||||||||
Borrowings
|
| | | | 244,864 | | | | | | 186,394 | | | | | | 209,659 | | | | | | 149,792 | | | | | | 99,380 | | | | | | 46,394 | | | | | | 119,541 | | | | | | | | | | ||||||||||||||
Shareholders’ equity
|
| | | | 426,842 | | | | | | 349,484 | | | | | | 360,715 | | | | | | 376,287 | | | | | | 383,055 | | | | | | 362,770 | | | | | | 345,981 | | | | | | | | | | ||||||||||||||
SELECT PERFORMANCE RATIOS | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||
Return on average assets
|
| | | | 0.79% | | | | | | 0.82% | | | | | | 0.80% | | | | | | 0.82% | | | | | | 0.75% | | | | | | 0.62% | | | | | | -0.79% | | | | | | | | | | ||||||||||||||
Return on average common
equity |
| | | | 7.18% | | | | | | 7.97% | | | | | | 7.73% | | | | | | 8.04% | | | | | | 7.73% | | | | | | 6.78% | | | | | | -9.29% | | | | | | | | | | ||||||||||||||
Net interest margin – tax-equivalent
|
| | | | 4.07% | | | | | | 4.07% | | | | | | 4.03% | | | | | | 4.13% | | | | | | 4.58% | | | | | | 4.92% | | | | | | 4.78% | | | | | | | | | | ||||||||||||||
CAPITAL RATIOS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Shareholders’ equity as a percentage of assets
|
| | | | 11.02% | | | | | | 10.34% | | | | | | 10.18% | | | | | | 10.18% | | | | | | 12.05% | | | | | | 11.68% | | | | | | 10.97% | | | | | | | | | | ||||||||||||||
Tangible common equity to tangible assets
|
| | | | 7.79% | | | | | | 8.24% | | | | | | 8.16% | | | | | | 8.13% | | | | | | 7.90% | | | | | | 7.46% | | | | | | 6.81% | | | | | | | | | | ||||||||||||||
Common equity Tier 1 to Tier 1
risk weighted assets |
| | | | 10.33% | | | | | | 11.35% | | | | | | 10.92% | | | | | | 11.22% | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | | | | | ||||||||||||||
Tier 1 risk-based capital
|
| | | | 11.85% | | | | | | 13.40% | | | | | | 12.49% | | | | | | 13.30% | | | | | | 16.35% | | | | | | 15.53% | | | | | | 15.41% | | | | | | | | | | ||||||||||||||
Total risk-based capital
|
| | | | 12.56% | | | | | | 14.45% | | | | | | 13.36% | | | | | | 14.45% | | | | | | 17.60% | | | | | | 16.79% | | | | | | 16.67% | | | | | | | | | | ||||||||||||||
Tier 1 leverage
|
| | | | 11.05% | | | | | | 10.40% | | | | | | 10.17% | | | | | | 10.38% | | | | | | 11.61% | | | | | | 11.18% | | | | | | 10.24% | | | | | | | | | | ||||||||||||||
ASSET QUALITY INFORMATION | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||
Nonperforming assets –
Total |
| | | $ | 60,032 | | | | | $ | 82,261 | | | | | $ | 59,138 | | | | | $ | 89,293 | | | | | $ | 114,011 | | | | | $ | 152,588 | | | | | $ | 202,351 | | | | | | | | | | ||||||||||||||
Nonperforming assets – Non-covered
|
| | | | 60,032 | | | | | | 71,563 | | | | | | 59,138 | | | | | | 77,193 | | | | | | 95,330 | | | | | | 81,965 | | | | | | 106,105 | | | | | | | | | | ||||||||||||||
Nonperforming assets to total assets
|
| | | | 1.35% | | | | | | 2.43% | | | | | | 1.64% | | | | | | 2.66% | | | | | | 3.54% | | | | | | 4.79% | | | | | | 6.24% | | | | | | | | | | ||||||||||||||
Nonperforming assets to total assets – non-covered
|
| | | | 1.35% | | | | | | 2.18% | | | | | | 1.64% | | | | | | 2.37% | | | | | | 3.09% | | | | | | 2.78% | | | | | | 3.64% | | | | | | | | | | ||||||||||||||
Net loan charge-offs to average
total loans |
| | | | 0.13% | | | | | | 0.35% | | | | | | 0.14% | | | | | | 0.46% | | | | | | 0.74% | | | | | | 1.18% | | | | | | 3.06% | | | | | | | | | | ||||||||||||||
Net loan charge-offs to average
total loans – non-covered |
| | | | 0.13% | | | | | | 0.52% | | | | | | 0.14% | | | | | | 0.58% | | | | | | 0.65% | | | | | | 0.72% | | | | | | 3.02% | | | | | | | | | | ||||||||||||||
Allowance for loan losses to total loans
|
| | | | 0.72% | | | | | | 1.05% | | | | | | 0.88% | | | | | | 1.13% | | | | | | 1.70% | | | | | | 1.97% | | | | | | 1.95% | | | | | | | | | | ||||||||||||||
Allowance for loan losses to total loans – non-covered
|
| | | | 0.72% | | | | | | 1.03% | | | | | | 0.88% | | | | | | 1.11% | | | | | | 1.69% | | | | | | 1.96% | | | | | | 1.99% | | | | | | | | | | ||||||||||||||
OTHER DATA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Number of full-service
branches |
| | | | 95 | | | | | | 88 | | | | | | 88 | | | | | | 88 | | | | | | 87 | | | | | | 96 | | | | | | 97 | | | | | | | | | | ||||||||||||||
Number of full-time equivalent
employees |
| | | | 1,009 | | | | | | 814 | | | | | | 827 | | | | | | 812 | | | | | | 798 | | | | | | 864 | | | | | | 831 | | | | | | | | | |
| | |
At and for the Three Months
Ended March 31, |
| |
At and for the Years Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |
2012
|
| |||||||||||||||||||||
| | |
(in thousands, except per share data)
|
| |||||||||||||||||||||||||||||||||||||||
STATEMENTS OF INCOME | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | $ | 6,923 | | | | | $ | 6,677 | | | | | $ | 27,348 | | | | | $ | 25,435 | | | | | $ | 23,502 | | | | | $ | 22,952 | | | | | $ | 24,992 | | |
Interest expense
|
| | | | 816 | | | | | | 844 | | | | | | 3,444 | | | | | | 3,485 | | | | | | 3,536 | | | | | | 4,194 | | | | | | 6,492 | | |
Net interest income
|
| | | | 6,107 | | | | | | 5,833 | | | | | | 23,904 | | | | | | 21,950 | | | | | | 19,966 | | | | | | 18,758 | | | | | | 18,500 | | |
Provision (reversal) for loan losses
|
| | | | 57 | | | | | | 399 | | | | | | 548 | | | | | | 361 | | | | | | (998) | | | | | | (681) | | | | | | 1,700 | | |
Net interest income after provision for
loan losses |
| | | | 6,050 | | | | | | 5,434 | | | | | | 23,356 | | | | | | 21,589 | | | | | | 20,964 | | | | | | 19,439 | | | | | | 16,800 | | |
Noninterest income
|
| | | | 1,946 | | | | | | 2,049 | | | | | | 8,756 | | | | | | 7,509 | | | | | | 6,333 | | | | | | 8,034 | | | | | | 9,456 | | |
Noninterest expense
|
| | | | 5,588 | | | | | | 5,761 | | | | | | 30,450 | | | | | | 23,540 | | | | | | 23,548 | | | | | | 25,394 | | | | | | 25,092 | | |
Net income before income taxes
|
| | | | 2,408 | | | | | | 1,722 | | | | | | 1,662 | | | | | | 5,558 | | | | | | 3,749 | | | | | | 2,079 | | | | | | 1,164 | | |
Income tax expense (benefit)
|
| | | | 574 | | | | | | 601 | | | | | | 444 | | | | | | 1,983 | | | | | | 1,260 | | | | | | 625 | | | | | | 302 | | |
Net income
|
| | | | 1,834 | | | | | | 1,121 | | | | | | 1,218 | | | | | | 3,575 | | | | | | 2,489 | | | | | | 1,454 | | | | | | 862 | | |
COMMON AND PER SHARE DATA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income per common share: | | | | | | | | | |||||||||||||||||||||||||||||||||||
Basic
|
| | | $ | 0.53 | | | | | $ | 0.31 | | | | | $ | 0.35 | | | | | $ | 0.92 | | | | | $ | 0.60 | | | | | $ | 0.31 | | | | | $ | 0.17 | | |
Diluted
|
| | | | 0.50 | | | | | | 0.30 | | | | | | 0.33 | | | | | | 0.89 | | | | | | 0.59 | | | | | | 0.31 | | | | | | 0.17 | | |
Cash dividends declared per common share
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stated book value – common
|
| | | | 24.75 | | | | | | 23.10 | | | | | | 24.06 | | | | | | 22.50 | | | | | | 21.56 | | | | | | 20.06 | | | | | | 19.97 | | |
Tangible book value – common
|
| | | $ | 24.75 | | | | | $ | 23.10 | | | | | $ | 24.06 | | | | | $ | 22.50 | | | | | $ | 21.56 | | | | | $ | 20.06 | | | | | $ | 19.97 | | |
Outstanding common shares
|
| | | | 3,788,025 | | | | | | 3,985,475 | | | | | | 3,788,025 | | | | | | 3,985,475 | | | | | | 4,378,411 | | | | | | 5,040,057 | | | | | | 5,584,551 | | |
Weighted average basic common
shares |
| | | | 3,452,400 | | | | | | 3,578,367 | | | | | | 3,505,387 | | | | | | 3,884,691 | | | | | | 4,150,706 | | | | | | 4,691,470 | | | | | | 5,160,830 | | |
Weighted average diluted common
shares |
| | | | 3,697,194 | | | | | | 3,720,127 | | | | | | 3,659,575 | | | | | | 4,004,385 | | | | | | 4,197,689 | | | | | | 4,698,997 | | | | | | 5,160,830 | | |
Dividend payout ratio – basic
|
| | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | |
PERIOD-END BALANCES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 803,499 | | | | | $ | 783,523 | | | | | $ | 795,823 | | | | | $ | 782,853 | | | | | $ | 760,040 | | | | | $ | 733,026 | | | | | $ | 749,345 | | |
Investment securities – carrying value
|
| | | | 101,106 | | | | | | 122,374 | | | | | | 103,581 | | | | | | 141,364 | | | | | | 145,461 | | | | | | 189,570 | | | | | | 243,385 | | |
Total loans
|
| | | | 605,826 | | | | | | 595,832 | | | | | | 603,582 | | | | | | 576,087 | | | | | | 521,820 | | | | | | 449,234 | | | | | | 387,721 | | |
Deposits
|
| | | | 682,069 | | | | | | 628,415 | | | | | | 647,623 | | | | | | 630,904 | | | | | | 603,379 | | | | | | 572,786 | | | | | | 578,299 | | |
Borrowings
|
| | | | 20,000 | | | | | | 50,000 | | | | | | 50,000 | | | | | | 50,000 | | | | | | 50,000 | | | | | | 50,000 | | | | | | 50,000 | | |
Shareholders’ equity
|
| | | | 93,740 | | | | | | 92,064 | | | | | | 91,137 | | | | | | 89,682 | | | | | | 94,397 | | | | | | 101,088 | | | | | | 111,529 | | |
AVERAGE BALANCES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 799,954 | | | | | $ | 776,623 | | | | | $ | 790,831 | | | | | $ | 781,974 | | | | | $ | 747,491 | | | | | $ | 751,406 | | | | | $ | 781,633 | | |
Interest-earning assets
|
| | | | 759,148 | | | | | | 746,263 | | | | | | 755,451 | | | | | | 746,531 | | | | | | 708,733 | | | | | | 706,496 | | | | | | 749,024 | | |
Investment securities – carrying value
|
| | | | 102,438 | | | | | | 125,753 | | | | | | 115,392 | | | | | | 137,424 | | | | | | 156,062 | | | | | | 231,396 | | | | | | 269,252 | | |
Total loans
|
| | | | 611,614 | | | | | | 593,341 | | | | | | 601,654 | | | | | | 557,221 | | | | | | 476,782 | | | | | | 421,415 | | | | | | 418,569 | | |
Deposits
|
| | | | 655,719 | | | | | | 622,630 | | | | | | 636,800 | | | | | | 621,741 | | | | | | 588,511 | | | | | | 582,858 | | | | | | 595,183 | | |
Borrowings
|
| | | | 44,444 | | | | | | 50,000 | | | | | | 50,000 | | | | | | 50,000 | | | | | | 50,000 | | | | | | 50,000 | | | | | | 59,208 | | |
Shareholders’ equity
|
| | | | 92,821 | | | | | | 91,414 | | | | | | 92,102 | | | | | | 96,308 | | | | | | 98,981 | | | | | | 105,941 | | | | | | 116,208 | | |
| | |
At and for the Three Months
Ended March 31, |
| |
At and for the Years Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |
2012
|
| |||||||||||||||||||||
| | |
(in thousands, except per share data)
|
| |||||||||||||||||||||||||||||||||||||||
SELECT PERFORMANCE RATIOS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Return on average assets
|
| | | | 0.93% | | | | | | 0.58% | | | | | | 0.15% | | | | | | 0.46% | | | | | | 0.33% | | | | | | 0.19% | | | | | | 0.11% | | |
Return on average common equity
|
| | | | 8.01% | | | | | | 4.93% | | | | | | 1.32% | | | | | | 3.71% | | | | | | 2.51% | | | | | | 1.37% | | | | | | 0.74% | | |
Net interest margin – tax-equivalent
|
| | | | 3.33% | | | | | | 3.21% | | | | | | 3.23% | | | | | | 3.00% | | | | | | 2.87% | | | | | | 2.72% | | | | | | 2.50% | | |
CAPITAL RATIOS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity as a percentage of assets
|
| | | | 11.67% | | | | | | 11.75% | | | | | | 11.45% | | | | | | 11.46% | | | | | | 12.42% | | | | | | 13.79% | | | | | | 14.88% | | |
Tangible common equity to tangible assets
|
| | | | 11.67% | | | | | | 11.75% | | | | | | 11.45% | | | | | | 11.46% | | | | | | 12.42% | | | | | | 13.79% | | | | | | 14.88% | | |
Common equity Tier 1 to Tier 1 risk weighted assets
|
| | | | 15.97% | | | | | | 16.65% | | | | | | 15.54% | | | | | | 16.66% | | | | | | n/a | | | | | | n/a | | | | | | n/a | | |
Tier 1 risk-based capital
|
| | | | 15.97% | | | | | | 16.65% | | | | | | 15.54% | | | | | | 16.66% | | | | | | 19.83% | | | | | | 24.14% | | | | | | 27.72% | | |
Total risk-based capital
|
| | | | 17.07% | | | | | | 17.81% | | | | | | 16.63% | | | | | | 17.77% | | | | | | 21.01% | | | | | | 25.39% | | | | | | 28.98% | | |
Tier 1 leverage
|
| | | | 11.89% | | | | | | 12.33% | | | | | | 11.58% | | | | | | 11.87% | | | | | | 13.17% | | | | | | 14.35% | | | | | | 14.69% | | |
ASSET QUALITY INFORMATION | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nonperforming assets
|
| | | $ | 10,268 | | | | | $ | 12,472 | | | | | $ | 10,814 | | | | | $ | 12,813 | | | | | $ | 16,345 | | | | | $ | 20,727 | | | | | $ | 25,683 | | |
Nonperforming assets to total assets
|
| | | | 1.28% | | | | | | 1.59% | | | | | | 1.36% | | | | | | 1.64% | | | | | | 2.15% | | | | | | 2.83% | | | | | | 3.43% | | |
Net loan charge-offs to average total
loans |
| | | | 0.02% | | | | | | -0.02% | | | | | | 0.05% | | | | | | 0.00% | | | | | | 0.08% | | | | | | 0.12% | | | | | | 0.91% | | |
Allowance for loan losses to total loans
|
| | | | 1.08% | | | | | | 1.13% | | | | | | 1.08% | | | | | | 1.09% | | | | | | 1.14% | | | | | | 1.63% | | | | | | 2.20% | | |
OTHER DATA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Number of full-service branches
|
| | | | 13 | | | | | | 13 | | | | | | 13 | | | | | | 13 | | | | | | 13 | | | | | | 13 | | | | | | 13 | | |
Number of full-time equivalent
employees |
| | | | 153 | | | | | | 153 | | | | | | 155 | | | | | | 152 | | | | | | 160 | | | | | | 173 | | | | | | 168 | | |
| | |
First
Bancorp |
| |
ASBB
|
| |
Pro Forma
Adjustments |
| |
Notes
|
| |
Pro Forma
Combined |
| ||||||||||||
| | |
($ in thousands)
|
| ||||||||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash & due from banks, noninterest-bearing
|
| | | $ | 81,514 | | | | | | 10,742 | | | | | | — | | | | | | | | | 92,256 | | |
Due from banks, interest-bearing
|
| | | | 323,646 | | | | | | 49,709 | | | | | | (35,050) | | | |
1
|
| | | | 338,305 | | |
Total cash and cash equivalents
|
| | | | 405,160 | | | | | | 60,451 | | | | | | (35,050) | | | | | | | | | 430,561 | | |
Securities available for sale
|
| | | | 214,743 | | | | | | 97,463 | | | | | | — | | | | | | | | | 312,206 | | |
Securities held to maturity
|
| | | | 133,254 | | | | | | 3,643 | | | | | | 195 | | | |
2
|
| | | | 137,092 | | |
Loans and leases held for sale
|
| | | | 11,661 | | | | | | 4,238 | | | | | | — | | | | | | | | | 15,899 | | |
Loans | | | | | 3,289,355 | | | | | | 605,826 | | | | | | (5,300) | | | |
3
|
| | | | 3,889,881 | | |
Allowance for loan losses
|
| | | | (23,546) | | | | | | (6,573) | | | | | | 6,573 | | | |
4
|
| | | | (23,546) | | |
Net loans
|
| | | | 3,265,809 | | | | | | 599,253 | | | | | | 1,273 | | | | | | | | | 3,866,335 | | |
Premises and equipment
|
| | | | 97,142 | | | | | | 10,997 | | | | | | 8,624 | | | |
5
|
| | | | 116,763 | | |
Other real estate
|
| | | | 12,789 | | | | | | 5,055 | | | | | | (1,800) | | | |
6
|
| | | | 16,044 | | |
Goodwill | | | | | 142,872 | | | | | | — | | | | | | 68,140 | | | |
7
|
| | | | 211,012 | | |
Other intangible assets
|
| | | | 12,811 | | | | | | — | | | | | | 9,200 | | | |
8
|
| | | | 22,011 | | |
Bank-owned life insurance
|
| | | | 86,923 | | | | | | 10,271 | | | | | | — | | | | | | | | | 97,194 | | |
Other | | | | | 58,682 | | | | | | 12,128 | | | | | | — | | | | | | | | | 70,810 | | |
Total assets
|
| | | $ | 4,441,846 | | | | | | 803,499 | | | | | | 50,582 | | | | | | | | | 5,295,927 | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits: Demand – noninterest-bearing
|
| | | $ | 958,175 | | | | | | 133,201 | | | | | | — | | | | | | | | | 1,091,376 | | |
Interest-bearing
|
| | | | 2,670,995 | | | | | | 548,868 | | | | | | (1,280) | | | |
9
|
| | | | 3,218,583 | | |
Total deposits
|
| | | | 3,629,170 | | | | | | 682,069 | | | | | | (1,280) | | | | | | | | | 4,309,959 | | |
Borrowings | | | | | 236,752 | | | | | | 20,708 | | | | | | 394 | | | |
10
|
| | | | 257,854 | | |
Subordinated notes and debentures
|
| | | | 53,651 | | | | | | — | | | | | | — | | | | | | | | | 53,651 | | |
Other liabilities
|
| | | | 32,812 | | | | | | 6,982 | | | | | | 6,791 | | | |
11
|
| | | | 46,585 | | |
Total liabilities
|
| | | | 3,952,385 | | | | | | 709,759 | | | | | | 5,905 | | | | | | | | | 4,668,049 | | |
SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock
|
| | | | 262,180 | | | | | | 38 | | | | | | 143,754 | | | |
12
|
| | | | 405,972 | | |
Additional paid-in-capital
|
| | | | — | | | | | | 19,976 | | | | | | (19,976) | | | |
13
|
| | | | — | | |
Retained earnings
|
| | | | 231,503 | | | | | | 79,140 | | | | | | (84,515) | | | |
14
|
| | | | 226,128 | | |
Stock in directors’ rabbi trust assumed in acquisition
|
| | | | (7,688) | | | | | | (2,015) | | | | | | — | | | | | | | | | (9,703) | | |
Directors’ deferred fee obligation
|
| | | | 7,688 | | | | | | 2,015 | | | | | | — | | | | | | | | | 9,703 | | |
Unearned Employee Stock Ownership Plan (ESOP)
shares |
| | | | — | | | | | | (2,747) | | | | | | 2,747 | | | |
15
|
| | | | — | | |
Unearned equity incentive plan shares
|
| | | | — | | | | | | (661) | | | | | | 661 | | | |
16
|
| | | | — | | |
Stock-based deferral plan shares
|
| | | | — | | | | | | (380) | | | | | | 380 | | | |
16
|
| | | | — | | |
Accumulated other comprehensive income
|
| | | | (4,222) | | | | | | (1,626) | | | | | | 1,626 | | | |
16
|
| | | | (4,222) | | |
Total shareholders’ equity
|
| | | | 489,461 | | | | | | 93,740 | | | | | | 44,677 | | | | | | | | | 627,878 | | |
Total liabilities and shareholders’ equity
|
| | | $ | 4,441,846 | | | | | | 803,499 | | | | | | 50,582 | | | | | | | | | 5,295,927 | | |
|
| | |
First
Bancorp |
| |
ASBB
|
| |
Pro Forma
Adjustments |
| |
Notes
|
| |
First Bancorp
and ASBB — Pro Forma Combined |
| | ||||||||||||||
| | |
($ in thousands, except per share data)
|
| | | | ||||||||||||||||||||||||
Interest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Interest and fees on loans
|
| | | $ | 33,703 | | | | | $ | 6,294 | | | | | $ | — | | | | | | | | $ | 39,997 | | | | ||
Interest on investment securities
|
| | | | 2,267 | | | | | | 520 | | | | | | (8) | | | |
17
|
| | | $ | 2,779 | | | | ||
Other, principally overnight investments
|
| | | | 498 | | | | | | 109 | | | | | | (191) | | | |
18
|
| | | | 416 | | | | ||
Total interest income
|
| | | | 36,468 | | | | | | 6,923 | | | | | | (199) | | | | | | | | | 43,192 | | | | ||
Interest expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Savings, checking and money market
accounts |
| | | | 522 | | | | | | 144 | | | | | | — | | | | | | | | | 666 | | | | ||
Time deposits
|
| | | | 880 | | | | | | 246 | | | | | | 44 | | | |
19
|
| | | | 1,170 | | | | ||
Borrowings | | | | | 770 | | | | | | 426 | | | | | | (48) | | | |
20
|
| | | | 1,148 | | | | ||
Total interest expense
|
| | | | 2,172 | | | | | | 816 | | | | | | (4) | | | | | | | | | 2,984 | | | | ||
Net interest income
|
| | | | 34,296 | | | | | | 6,107 | | | | | | (195) | | | | | | | | | 40,208 | | | | ||
Provision for loan losses
|
| | | | 723 | | | | | | 57 | | | | | | — | | | | | | | | | 780 | | | | ||
Net interest income after provision (reversal) for loan losses
|
| | | | 33,573 | | | | | | 6,050 | | | | | | (195) | | | | | | | | | 39,428 | | | | ||
Noninterest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Service charges on deposit accounts
|
| | | | 2,614 | | | | | | 478 | | | | | | — | | | | | | | | | 3,092 | | | | ||
Other charges, commissions and fees
|
| | | | 3,173 | | | | | | 785 | | | | | | — | | | | | | | | | 3,958 | | | | ||
Mortgage banking income
|
| | | | 768 | | | | | | 493 | | | | | | — | | | | | | | | | 1,261 | | | | ||
Commissions from sales of insurance and financial
products |
| | | | 840 | | | | | | 60 | | | | | | — | | | | | | | | | 900 | | | | ||
SBA consulting fees
|
| | | | 1,260 | | | | | | — | | | | | | | | | | | | | | | 1,260 | | | | ||
SBA loan sale gains
|
| | | | 622 | | | | | | — | | | | | | | | | | | | | | | 622 | | | | ||
Bank-owned life insurance income
|
| | | | 508 | | | | | | 87 | | | | | | — | | | | | | | | | 595 | | | | ||
Securities gains (losses)
|
| | | | (235) | | | | | | 27 | | | | | | — | | | | | | | | | (208) | | | | ||
Foreclosed property gains (losses)
|
| | | | 25 | | | | | | 16 | | | | | | — | | | | | | | | | 41 | | | | ||
Other gain (losses)
|
| | | | 234 | | | | | | — | | | | | | — | | | | | | | | | 234 | | | | ||
Total noninterest income
|
| | | | 9,809 | | | | | | 1,946 | | | | | | — | | | | | | | | | 11,755 | | | | ||
Noninterest expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Salaries and employee benefits
|
| | | | 17,671 | | | | | | 3,231 | | | | | | — | | | | | | | | | 20,902 | | | | ||
Occupancy and equipment expense
|
| | | | 3,242 | | | | | | 430 | | | | | | — | | | | | | | | | 3,672 | | | | ||
Merger and acquisition expense
|
| | | | 2,373 | | | | | | — | | | | | | — | | | | | | | | | 2,373 | | | | ||
Intangibles amortization
|
| | | | 576 | | | | | | — | | | | | | 418 | | | |
21
|
| | | | 994 | | | | ||
Other | | | | | 8,210 | | | | | | 1,927 | | | | | | — | | | | | | | | | 10,137 | | | | ||
Total noninterest expenses
|
| | | | 32,072 | | | | | | 5,588 | | | | | | 418 | | | | | | | | | 38,078 | | | | ||
Income before income taxes
|
| | | | 11,310 | | | | | | 2,408 | | | | | | (613) | | | | | | | | | 13,105 | | | | ||
Income taxes
|
| | | | 3,755 | | | | | | 574 | | | | | | (227) | | | | | | | | | 4,102 | | | | ||
Net income
|
| | | | 7,555 | | | | | | 1,834 | | | | | | (386) | | | | | | | | | 9,003 | | | | ||
Preferred stock dividends
|
| |