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 First Bancorp Reports Third Quarter ResultsNovember 4, 2009 TROY, N.C., Nov. 4 /PRNewswire-FirstCall/ -- First Bancorp (Nasdaq: FBNC), the parent company of First Bank, announced today third quarter net income available to common shareholders of $5.4 million compared to $6.2 million reported in the third quarter of 2008. Earnings per diluted common share were $0.32 in the third quarter of 2009 compared to $0.37 in the third quarter of 2008. For the nine months ended September 30, 2009, the Company reported net income available to common shareholders of $48.5 million compared to $17.0 million reported for the comparable period in 2008. Earnings per diluted common share were $2.91 for the nine months ended September 30, 2009 compared to $1.07 for the same nine months in 2008. Several significant factors affect the comparability of the 2009 and 2008 results, including the following:
-- In the second quarter of 2009, the Company realized a $62.1 million gain
related to the acquisition of Cooperative Bank in Wilmington, North
Carolina. This gain resulted from the difference between the purchase
price and the acquisition-date fair value of the acquired assets and
liabilities. The after-tax impact of this gain was $37.6 million, or
$2.25 per diluted common share.
-- In the second and third quarters of 2009, the Company recorded
acquisition related expenses related to Cooperative Bank of $792,000 and
$290,000, respectively, consisting primarily of professional fees. The
after-tax impact of these expenses was $483,000 (or $0.03 per diluted
common share) and $177,000 (or $0.01 per diluted common share),
respectively.
-- The Company has recorded $1.0 million in preferred stock dividends in
each of the first three quarters of 2009 related to the January 12, 2009
issuance of preferred stock to the U.S. Treasury. These amounts have
reduced the Company's net income available to common shareholders.
-- In the second quarter of 2009, the Company recorded a $1.6 million
expense related to a special assessment levied by the FDIC on all banks
in order to replenish the FDIC insurance fund. The after-tax impact of
this assessment was $976,000, or $0.06 per diluted common share.
Update on Cooperative Bank Acquisition On June 19, 2009, First Bank acquired substantially all of the assets and liabilities of Cooperative Bank, which had been closed earlier that day by regulatory authorities. Cooperative Bank operated through twenty-one branches in North Carolina and three branches in South Carolina. In connection with the acquisition, First Bank assumed assets with a book value of $958 million, including $829 million in loans and $706 million in deposits. The loans and foreclosed real estate purchased are covered by a loss share agreement between the FDIC and First Bank which affords First Bank significant loss protection. Under the loss share agreement, the FDIC will cover 80% of loan and foreclosed real estate losses up to $303 million and 95% of losses that exceed that amount. First Bank received a $123 million discount on the assets acquired and paid no deposit premium, which, after applying initial estimates of purchase accounting fair market value adjustments to the acquired assets and assumed deposits, resulted in a gain of $53.8 million. During the third quarter of 2009, the Company obtained third-party appraisals for the majority of Cooperative's collateral dependent problem loans. Overall, the appraised values were higher than the Company's original estimates made as of the acquisition date. In addition, during the third quarter, the Company received payoffs related to certain loans for which losses had been anticipated. Accordingly, as required by relevant accounting rules, the Company retrospectively adjusted the fair value of the loans acquired for these factors, which resulted in the acquisition gain increasing from $53.8 million to $62.1 million. The Company continues to obtain more information regarding the fair value of the assets acquired. Fair values are subject to refinement for up to one year after the closing date of the acquisition as information relative to closing date fair values becomes available, and thus the gain could be adjusted again (up or down) in the future during the one year period. On October 9, 2009, First Bank successfully converted Cooperative's loan and deposit records to First Bank's computer system. Also on that day, five branches were consolidated in market areas in which First Bank branches were in close proximity with former Cooperative Bank branches. Balance Sheet Growth Total assets at September 30, 2009, including the impact of Cooperative, amounted to $3.5 billion, 30.3% higher than a year earlier. Total loans at September 30, 2009 amounted to $2.7 billion, a 21.9% increase from a year earlier, and total deposits amounted to $2.9 billion at September 30, 2009, a 44.4% increase from a year earlier. Excluding the Cooperative acquisition, the Company has experienced a decline in loans and an increase in deposits during 2009. Internally generated loan balances declined $27 million, or 1.2%, in the third quarter of 2009 and have declined $64 million, or 2.9%, year to date. The Company continues to originate and renew a significant amount of loans each month, but normal paydowns of loans have exceeded new loan growth. Internally generated deposits increased $46 million, or 1.6%, in the third quarter of 2009, and have increased by $135 million, or 6.5%, for the first nine months of 2009. The combination of lower loans and higher deposits has significantly enhanced the Company's liquidity during 2009. At September 30, 2009, the Company's cash balances exceeded $284 million, a 59% increase from a year earlier. Net Interest Income and Net Interest Margin Net interest income for the third quarter of 2009 amounted to $30.5 million, a 33.9% increase over the third quarter of 2008. Net interest income for the nine months ended September 30, 2009 amounted to $76.1 million, an 18.8% increase over the same nine months in 2008. The increases in net interest income were primarily due to 1) the higher average balances of loans and deposits previously discussed, and 2) a higher net interest margin. The Company's net interest margin (tax-equivalent net interest income divided by average earnings assets) in the third quarter of 2009 was 3.87%, a 13 basis point increase from the 3.74% margin realized in the second quarter of 2009 and an 8 basis point increase from the 3.79% margin realized in the third quarter of 2008. The third quarter of 2009 was the third consecutive quarter in which there were no changes in the interest rates set by the Federal Reserve, and the Company was able to reprice at lower rates maturing time deposits that had been originated in periods of higher interest rates. The Company's net interest margin also benefitted from purchase accounting adjustments associated with the Cooperative acquisition and, to a lesser degree, the acquisition of Great Pee Dee Bancorp in 2008. For the three and nine months ended September 30, 2009, the Company recorded $2,139,000 and $2,473,000, respectively, in net positive purchase accounting adjustments that increased net interest income, primarily related to reductions to interest expense associated with Cooperative's time deposits. For the three and nine months ended September 30, 2008, the Company recorded $366,000 and $773,000, respectively, in net purchase accounting adjustments that increased net interest income. Provision for Loan Losses and Asset Quality The current economic environment has resulted in an increase in the Company's loan losses and nonperforming assets, which has led to significantly higher provisions for loan losses. The Company's provision for loan losses amounted to $5,200,000 in the third quarter of 2009 compared to $2,851,000 in the third quarter of 2008. The provision for loan losses for the nine months ended September 30, 2009 was $13,611,000 compared to $6,443,000 recorded in the first nine months of 2008. The increases in the provisions for loan losses are solely attributable to the Company's "non-covered" loan portfolio, which excludes loans assumed from Cooperative that are subject to the loss share agreement with the FDIC. The Company does not expect to record any significant loan loss provisions in the foreseeable future related to Cooperative's loan portfolio because these loans were written down to estimated fair market value in connection with the recording of the acquisition. The Company's non-covered nonperforming assets at September 30, 2009 increased approximately $13 million to $66 million from the second quarter of 2009 and are $37 million higher than at September 30, 2008. At September 30, 2009, the ratio of non-covered nonperforming assets to total non-covered assets was 2.21% compared to 1.81% at June 30, 2009 and 1.04% at September 30, 2008. The Company's ratio of annualized net charge-offs to average non-covered loans was 0.72% for the third quarter of 2009 compared to 0.18% in the third quarter of 2008. The Company's ratio of annualized net charge-offs to average non-covered loans was 0.52% for the first nine months of 2009 compared to 0.19% for the comparable period of 2008. During the third quarter of 2009, the Company's nonperforming loans that are covered by FDIC loss share agreements increased from $69 million to $105 million. The contractual balances related to these covered non-performing loans was $194 million at September 30, 2009. Noninterest Income Total noninterest income was $5.7 million in the third quarter of 2009, a 7.1% increase from the $5.4 million recorded in the third quarter of 2008, with the increase being attributable to a larger customer base as a result of the Cooperative acquisition. Noninterest income for the nine months ended September 30, 2009 amounted to $77.5 million compared to $15.7 million for the same nine months in 2008. The primary reason for the increase was the $62.1 million gain realized from the Cooperative acquisition that occurred in June 2009. Excluding that item, total noninterest income for the nine months ended September 30, 2009 was $15.4 million compared to $15.7 million for the comparable period of 2008. The decrease in 2009 is primarily attributable to higher levels of securities losses and other miscellaneous losses experienced in 2009. Noninterest Expenses Noninterest expenses amounted to $21.0 million in the third quarter of 2009, a 36.1% increase over the $15.4 million recorded in the same period of 2008. Noninterest expenses for the nine months ended September 30, 2009 amounted to $56.1 million, a 21.6% increase from the $46.1 million recorded in the first nine months of 2008. The primary reasons for the increase in noninterest expenses in 2009 compared to 2008 are:
-- Incremental operating expenses associated with the Cooperative
acquisition were $3.8 million in the third quarter of 2009 and were $4.1
million on a year to date basis.
-- FDIC insurance expense amounted to $1.2 million and $4.5 million for the
three and nine months ended September 30, 2009, compared to $0.3 million
and $0.8 million for the comparable periods of 2008, respectively.
Included in the $4.5 million in FDIC insurance expense for the nine
months ended September 30, 2009 is $1.6 million related to a special
assessment that was levied by the FDIC on all banks in the second
quarter of 2009.
Additionally, in the third quarter of 2009, the Company recorded acquisition related expenses related to Cooperative Bank of $290,000 consisting primarily of professional fees. The Company recorded $1.1 million in acquisition related expenses for the first nine months of 2009. The Company's effective tax rate was approximately 38% for all periods presented. Comments of the President and Other Business Matters Jerry L. Ocheltree, President and CEO of First Bancorp, commented on today's report, "I am pleased with the solid results we are reporting today. The acquisition and conversion of Cooperative Bank went smoothly, and I believe we are poised for even greater success in the future." Mr. Ocheltree noted the following other corporate developments:
-- On September 14, 2009, the Company reported that it had been recognized
for the second year in a row by investment banking firm Sandler O'Neill
& Partners, L.P., as one of the top performing small-cap banks in the
nation. New York-based Sandler O'Neill is one of the best-known and
most highly regarded investment firms specializing in the commercial
banking industry. Please contact the Company if you would like a copy
of this press release.
-- First Bank has elected to continue to participate in the FDIC's
Transaction Account Guarantee Program. Under the program, through June
30, 2010, all non-interest bearing transaction accounts are fully
guaranteed by the FDIC for the entire amount in the account. Coverage
under this program is in addition to and separate from the coverage
available under the FDIC's general deposit insurance rules.
-- The Company has received regulatory approval to open a full-service bank
branch in Christiansburg, Virginia. Construction of a branch facility
has begun and the Company anticipates the opening the branch in the
spring of 2010. This will be the Company's sixth branch in southwestern
Virginia.
-- In December 2009, First Bank plans to move into a newly constructed
branch office in Leland, North Carolina that is in close proximity to
the two existing First Bank branches. The two existing branches will be
closed.
-- In December 2009, First Bank plans to close its bank branch located at
Market Commons in Myrtle Beach, South Carolina. Customer accounts will
be transferred to First Bank's branch located in Little River, South
Carolina.
-- On August 27, 2009, the Company announced a quarterly cash dividend of
$0.08 cents per share payable on October 23, 2009 to shareholders of
record on September 30, 2009. The is the same dividend rate as the
Company declared in the first and second quarters of 2009 and is a
decrease from the $0.19 rate paid in the comparable quarter in 2008.
The dividend rate was reduced in order to conserve capital in light of
current economic conditions.
-- There has been no stock repurchase activity during 2009.
First Bancorp is a bank holding company headquartered in Troy, North Carolina with total assets of approximately $3.5 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that now operates 93 branches, with 78 branches operating in the central piedmont and coastal regions of North Carolina, 10 branches in South Carolina (Cheraw, Dillon, Florence, Latta, Jefferson, Myrtle Beach and Little River), and 5 branches in Virginia (Abingdon, Dublin, Fort Chiswell, Radford, and Wytheville), where First Bank does business as First Bank of Virginia. First Bank also has a loan production office in Blacksburg, Virginia. First Bancorp's common stock is traded on the NASDAQ Global Select Market under the symbol "FBNC." Please visit our website at www.FirstBancorp.com. This press release contains statements that could be deemed forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which statements are inherently subject to risks and uncertainties. Forward-looking statements are statements that include projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact. Such statements are often characterized by the use of qualifying words (and their derivatives) such as "expect," "believe," "estimate," "plan," "project," "anticipate," or other statements concerning opinions or judgments of the Company and its management about future events. Factors that could influence the accuracy of such forward-looking statements include, but are not limited to, the financial success or changing strategies of the Company's customers, the Company's level of success in integrating acquisitions, actions of government regulators, the level of market interest rates, and general economic conditions. For additional information about the factors that could affect the matters discussed in this paragraph, see the "Risk Factors" section of the Company's most recent report on Form 10-K.
First Bancorp and Subsidiaries
Financial Summary
Three Months Ended
September 30,
($in thousands except per ------------------ Percent
share data - unaudited) 2009 2008 Change
------------------------- ---- ---- -------
INCOME STATEMENT
Interest income
---------------
Interest and fees on loans $41,404 35,556
Interest on investment
securities 1,882 2,022
Other interest income 188 211
------ ------
Total interest income 43,474 37,789 15.0%
------ ------
Interest expense
----------------
Interest on deposits 12,169 12,724
Other, primarily borrowings 795 2,280
------ ------
Total interest expense 12,964 15,004 (13.6%)
------ ------
Net interest income 30,510 22,785 33.9%
Provision for loan losses 5,200 2,851 82.4%
------ ------
Net interest income after
provision for loan losses 25,310 19,934 27.0%
------ ------
Noninterest income
------------------
Service charges on deposit
accounts 3,811 3,610
Other service charges,
commissions, and fees 1,216 1,116
Fees from presold mortgages 395 199
Commissions from financial
product sales 333 419
Data processing fees 38 42
Securities gains 6 2
Other gains (losses) (58) (28)
----- -----
Total noninterest income 5,741 5,360 7.1%
----- -----
Noninterest expenses
--------------------
Personnel expense 11,450 8,907
Occupancy and equipment expense 3,083 2,097
Intangibles amortization 218 107
Acquisition expenses 290 -
Other operating expenses 5,912 4,285
------ ------
Total noninterest expenses 20,953 15,396 36.1%
------ ------
Income before income taxes 10,098 9,898 2.0%
Income taxes 3,716 3,701 0.4%
------ ------
Net income $6,382 6,197 3.0%
Preferred stock dividends and
accretion (995) -
------ ------
Net income available to common
shareholders $5,387 6,197 (13.1%)
====== ======
Earnings per common share - basic $0.32 0.38 (15.8%)
Earnings per common share - diluted 0.32 0.37 (13.5%)
ADDITIONAL INCOME STATEMENT
INFORMATION
---------------------------
Net interest income, as
reported $30,510 22,785
Tax-equivalent adjustment (1) 221 165
------- ------
Net interest income,
tax-equivalent $30,731 22,950 33.9%
======= ======
(1) This amount reflects the tax benefit that the Company receives
related to its tax-exempt loans and securities, which carry interest
rates lower than similar taxable investments due to their tax exempt
status. This amount has been computed assuming a 39% tax rate and
is reduced by the related nondeductible portion of interest expense.
==========================================================================
First Bancorp and Subsidiaries
Financial Summary - Page 2
Nine Months Ended
September 30,
($in thousands except per ----------------- Percent
share data - unaudited) 2009 2008 Change
------------------------- ---- ---- -------
INCOME STATEMENT
Interest income
---------------
Interest and fees on loans $107,596 104,309
Interest on investment
securities 5,688 5,990
Other interest income 293 930
------- -------
Total interest income 113,577 111,229 2.1%
------- -------
Interest expense
----------------
Interest on deposits 34,818 40,934
Other, primarily borrowings 2,696 6,245
------ ------
Total interest expense 37,514 47,179 (20.5%)
------ ------
Net interest income 76,063 64,050 18.8%
Provision for loan losses 13,611 6,443 111.3%
------ ------
Net interest income after
provision for loan losses 62,452 57,607
------ ------ 8.4%
Noninterest income
------------------
Service charges on deposit
accounts 10,035 10,148
Other service charges,
commissions, and fees 3,542 3,371
Fees from presold mortgages 847 657
Commissions from financial
product sales 1,164 1,174
Data processing fees 103 140
Gain from acquisition 62,085 -
Securities gains (losses) (113) (14)
Other gains (losses) (209) 229
------ ------
Total noninterest income 77,454 15,705 393.2%
------ ------
Noninterest expenses
--------------------
Personnel expense 29,828 26,590
Occupancy and equipment expense 7,262 6,148
Intangibles amortization 414 309
Acquisition expenses 1,082 -
Other operating expenses 17,507 13,097
------ ------
Total noninterest expenses 56,093 46,144 21.6%
------ ------
Income before income taxes 83,813 27,168 208.5%
Income taxes 32,338 10,164 218.2%
------ ------
Net income $51,475 17,004 202.7%
Preferred stock dividends and
accretion (2,958) -
------- ------
Net income available to common
shareholders $48,517 17,004 185.3%
======= ======
Earnings per common share - basic $2.92 1.08 170.4%
Earnings per common share - diluted 2.91 1.07 172.0%
ADDITIONAL INCOME STATEMENT
---------------------------
INFORMATION
-----------
Net interest income, as
reported $76,063 64,050
Tax-equivalent adjustment (1) 571 493
------- ------
Net interest income,
tax-equivalent $76,634 64,543 18.7%
======= ======
(1) See footnote 1 on page 1 of Financial Summary for discussion of
tax-equivalent adjustments
==========================================================================
First Bancorp and Subsidiaries
Financial Summary - page 3
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
PERFORMANCE RATIOS
(annualized) 2009 2008 2009 2008
---- ---- ---- ----
Return on average
assets (1) 0.61% 0.96% 2.20% 0.93%
Return on average
common equity (2) 7.97% 11.09% 27.01% 11.02%
Net interest margin -
tax equivalent (3) 3.87% 3.79% 3.78% 3.76%
Efficiency ratio - tax
equivalent (3) (4) 57.45% 54.38% 36.40% 57.50%
Net charge-offs to
average non-covered
loans 0.72% 0.18% 0.52% 0.19%
COMMON SHARE DATA
Cash dividends declared
- common $0.08 0.19 $0.24 0.57
Stated book value -
common 16.07 13.28 16.07 13.28
Tangible book value -
common 11.80 9.17 11.80 9.17
Common shares
outstanding at end of
period 16,671,983 16,522,581 16,671,983 16,522,581
Weighted average shares
outstanding - basic 16,664,544 16,515,507 16,636,646 15,789,027
Weighted average shares
outstanding - diluted 16,805,770 16,539,179 16,674,649 15,846,966
CAPITAL RATIOS
Tangible equity to
tangible assets 7.59% 5.75% 7.59% 5.75%
Tangible common equity
to tangible assets 5.70% 5.75% 5.70% 5.75%
Tier I leverage ratio 9.12% 8.12% 9.12% 8.12%
Tier I risk-based
capital ratio 13.04% 9.29% 13.04% 9.29%
Total risk-based
capital ratio 14.29% 10.54% 14.29% 10.54%
AVERAGE BALANCES ($in thousands)
Total assets $3,519,809 2,570,067 $2,953,971 2,444,993
Loans 2,733,145 2,195,971 2,395,019 2,085,331
Earning assets 3,150,167 2,412,037 2,713,223 2,291,855
Deposits 2,923,300 2,018,313 2,428,366 1,969,817
Interest-bearing
liabilities 2,912,269 2,092,329 2,376,409 1,983,663
Shareholders' equity 333,333 222,237 303,247 206,179
(1) Calculated by dividing annualized net income available to common
shareholders by average assets.
(2) Calculated by dividing annualized net income available to common
shareholders by average common equity.
(3) See footnote 1 on page 1 of Financial Summary for discussion of
tax-equivalent adjustments.
(4) Calculated by dividing noninterest expense by the sum of
tax-equivalent net interest income plus noninterest income.
------------------------------------------------------------------------------------------------------------------------------------
TREND INFORMATION
($in thousands except per share data)
For the Three Months Ended
--------------------------
September June March December September
30, 30, 31, 31, 30,
INCOME STATEMENT 2009 2009 2009 2008 2008
--------- ------- -------- -------- ---------
Net interest
income - tax
equivalent (1) $30,731 23,630 22,273 22,675 22,950
Taxable
equivalent
adjustment (1) 221 187 163 166 165
Net interest income 30,510 23,443 22,110 22,509 22,785
Provision for
loan losses 5,200 3,926 4,485 3,437 2,851
Noninterest income 5,741 66,967 4,746 4,952 5,360
Noninterest expense 20,953 19,203 15,937 16,067 15,396
Income before
income taxes 10,098 67,281 6,434 7,957 9,898
Income taxes 3,716 26,269 2,353 2,956 3,701
Net income 6,382 41,012 4,081 5,001 6,197
Preferred stock
dividends and
accretion 995 1,022 941 - -
Net income available
to common
shareholders 5,387 39,990 3,140 5,001 6,197
Earnings per common
share - basic 0.32 2.40 0.19 0.30 0.38
Earnings per common
share - diluted 0.32 2.40 0.19 0.30 0.37
(1) See footnote 1 on page 1 of Financial Summary for discussion of
tax-equivalent adjustments.
==========================================================================
First Bancorp and Subsidiaries
Financial Summary - page 4
CONSOLIDATED BALANCE SHEETS
($in thousands)
At Sept. At June At Dec. At Sept. One
30, 30, 31, 30, Year
2009 2009 2008 2008 Change
--------- --------- --------- --------- ------
Assets
Cash and due
from banks $43,667 47,761 88,015 86,825 -49.7%
Interest bearing
deposits with banks 240,425 177,230 136,765 91,884 161.7%
--------- --------- --------- ---------
Total cash and
cash equivalents 284,092 224,991 224,780 178,709 59.0%
--------- --------- --------- ---------
Investment securities 196,607 213,998 187,183 182,487 7.7%
Presold mortgages 8,420 8,993 423 2,468
Loans - non-covered 2,147,615 2,174,422 2,211,315 2,211,678 -2.9%
Loans -covered by
FDIC loss share
agreement 549,439 568,636 - - n/m
--------- --------- --------- ---------
Total loans 2,697,054 2,743,058 2,211,315 2,211,678 21.9%
Allowance for
loan losses (34,444) (33,185) (29,256) (27,928) 23.3%
--------- --------- --------- ---------
Net loans 2,662,610 2,709,873 2,182,059 2,183,750 21.9%
--------- --------- --------- ---------
Premises and equipment 52,868 52,362 52,259 51,334 3.0%
FDIC loss share
receivable 210,266 208,349 - - n/m
Intangible assets 71,165 71,382 67,780 67,887 4.8%
Other assets 33,657 36,018 36,083 34,031 -1.1%
---------- --------- --------- ---------
Total assets $3,519,685 3,525,966 2,750,567 2,700,666 30.3%
========== ========= ========= =========
Liabilities
Deposits:
Non-interest
bearing demand $268,097 271,669 229,478 235,334 13.9%
NOW accounts 264,267 271,991 198,775 197,942 33.5%
Money market
accounts 477,092 449,007 340,739 315,492 51.2%
Savings accounts 142,391 145,194 125,240 124,227 14.6%
Brokered time
deposits 122,634 108,933 78,569 46,594 163.2%
Internet time
deposits 158,680 168,562 5,206 1,089 n/m
Other time
deposits >
$100,000 706,343 673,370 520,198 515,942 36.9%
Other time
deposits 782,136 786,440 576,586 586,202 33.4%
--------- --------- --------- ---------
Total
deposits 2,921,640 2,875,166 2,074,791 2,022,822 44.4%
Repurchase agreements 58,209 62,309 61,140 49,008 18.8%
Borrowings 176,927 230,099 367,275 387,390 -54.3%
Other liabilities 30,042 31,765 27,493 22,092 36.0%
--------- --------- --------- ---------
Total
liabilities 3,186,818 3,199,339 2,530,699 2,481,312 28.4%
--------- --------- --------- ---------
Shareholders' equity
Preferred stock 65,000 65,000 - - n/m
Discount on preferred
stock (3,990) (4,190) - - n/m
Common stock 97,745 97,409 96,072 95,352 2.5%
Common stock warrants 4,592 4,592 - - n/m
Retained earnings 176,473 172,418 131,952 130,100 35.6%
Accumulated other
comprehensive income (6,953) (8,602) (8,156) (6,098) 14.0%
---------- --------- --------- ---------
Total
shareholders'
equity 332,867 326,627 219,868 219,354 51.7%
---------- --------- --------- ---------
Total liabilities
and shareholders'
equity $3,519,685 3,525,966 2,750,567 2,700,666 30.3%
========== ========= ========= =========
==========================================================================
First Bancorp and Subsidiaries
Financial Summary - page 5
For the Three Months Ended
--------------------------
September June March December September
30, 30, 31, 31, 30,
YIELD INFORMATION 2009 2009 2009 2008 2008
--------- ---- ------ -------- --------
Yield on loans 6.01% 6.00% 5.99% 6.22% 6.44%
Yield on securities - tax
equivalent (1) 4.23% 4.46% 4.80% 4.63% 4.90%
Yield on other earning
assets 0.34% 0.26% 0.22% 0.74% 2.18%
Yield on all interest
earning assets 5.50% 5.65% 5.74% 6.00% 6.26%
Rate on interest
bearing deposits 1.82% 2.24% 2.47% 2.72% 2.84%
Rate on other interest
bearing liabilities 1.36% 2.40% 1.97% 2.22% 2.92%
Rate on all interest
bearing liabilities 1.78% 2.25% 2.42% 2.64% 2.85%
Interest rate spread
- tax equivalent (1) 3.72% 3.40% 3.32% 3.36% 3.41%
Net interest margin
- tax equivalent (2) 3.87% 3.74% 3.68% 3.70% 3.79%
Average prime rate 3.25% 3.25% 3.25% 4.06% 5.00%
(1) See footnote 1 on page 1 of Financial Summary for discussion of
tax-equivalent adjustments.
(2) Calculated by dividing annualized tax equivalent net interest income
by average earning assets for the period. See footnote 1 on page 1
of Financial Summary for discussion of tax-equivalent adjustments.
------------------------------------------------------------------------------------------------------------------------------------
ASSET QUALITY DATA ($in thousands)
Sept. 30, June 30, March 31, Dec. 31, Sept. 30,
2009 2009 2009 2008 2008
-------- ------- -------- ------- --------
Nonaccrual loans -
non-covered $51,015 43,210 35,296 26,600 19,558
Nonaccrual loans -
covered by FDIC
loss share (1) 104,972 69,420 - - -
Restructured loans -
non-covered 6,963 3,995 3,995 3,995 3,995
Accruing loans > 90
days past due - - - - -
-------- -------- -------- -------- --------
Total
nonperforming
loans 162,950 116,625 39,291 30,595 23,553
Other real estate -
non-covered 7,549 6,032 5,428 4,832 4,565
Other real estate -
covered by FDIC
loss share 10,439 12,415 - - -
-------- ------- ------ ------ ------
Total
nonperforming
assets $180,938 135,072 44,719 35,427 28,118
======== ======= ====== ====== ======
Total
nonperforming
assets -
non-covered $65,527 53,237 44,719 35,427 28,118
======== ======= ====== ====== ======
Asset Quality Ratios - All Assets
---------------------------------
Net charge-offs
to average loans -
annualized 0.57% 0.47% 0.34% 0.38% 0.18%
Nonperforming Loans
to total loans 6.04% 4.25% 1.80% 1.38% 1.06%
Nonperforming Assets
to total assets 5.14% 3.83% 1.66% 1.29% 1.04%
Allowance for loan
losses to total loans 1.28% 1.21% 1.46% 1.32% 1.26%
Allowance for loan
losses to
nonperforming loans 21.14% 28.45% 81.22% 95.62% 118.58%
Asset Quality Ratios - Based on Non-covered Assets only
-------------------------------------------------------
Net charge-offs to
average non-covered
loans - annualized 0.72% 0.49% 0.34% 0.38% 0.18%
Non-covered
nonperforming loans
to non-covered loans 2.70% 2.17% 1.80% 1.38% 1.06%
Non-covered
nonperforming assets
to total non-covered
assets 2.21% 1.81% 1.66% 1.29% 1.04%
Allowance for Loan
losses to non-covered
loans 1.60% 1.53% 1.46% 1.32% 1.26%
Allowance for Loan
losses to non-covered
nonperforming loans 59.41% 70.30% 81.22% 95.62% 118.58%
(1) At September 30, 2009, the contractual balance of the nonaccrual
loans covered by the FDIC loss share agreement was $193.8 million.
SOURCE First Bancorp Come And Visit
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