FIRST BANCORP FBNC Cash Flow

First bancorp (FBNC)

CashFlow / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09
Cash Flows From Operating Activities
Net income
92,046	89,289	45,972	27,509	27,034	24,996	20,699	-23,406	13,642	9,982	60,259
Reconciliation of net income to net cash provided by operating activities:
Provision for loan losses
2,263	-3,589	723	-23	-780	10,195	30,616	79,672	41,301	54,562	20,186
Net security premium amortization
-2,653	-2,749	-2,908	-3,341	-3,247	-1,934	-2,667	-1,917	-1,373	-1,491	1,279
Loan discount accretion
5,974	7,812	7,076	-	-	-	-	-	-	-	-
Other purchase accounting accretion and amortization, net
9	190	236	-	0	-	-	-	-	-	-
Loan discount accretion
-	-	-	4,451	4,751	16,009	15,478	26,795	11,628	9,963	-5,648
FDIC indemnification asset expense, net
-	-	-	10,255	8,615	12,842	-	-	-	-	-
(Gains) losses on securities available for sale
97	0	-235	3	-1	786	532	638	74	26	104
Gain from acquisition
-	-	-	-	-	-	-	-	10,196	0	67,894
Foreclosed property (gains) losses and write-downs, net
-939	-565	-531	-625	-1,486	-3,843	1,700	-28,360	-27,847	-35,511	0
Other gains
-169	723	383	-29	-465	-228	-148	-463	143	652	142
Decrease (increase) in net deferred loan costs
642	2,285	-975	922	73	-17	396	-44	-307	-599	-139
Depreciation of premises and equipment
5,836	6,077	5,493	4,602	4,494	4,618	4,623	4,557	4,388	3,993	3,624
Amortization of operating lease right-of-use assets
1,857	0	0	-	-	-	-	-	-	-	-
Repayments of lease obligations
1,669	0	0	-	-	-	-	-	-	-	-
Stock-based compensation expense
2,270	1,569	1,095	714	710	270	222	311	905	640	449
Amortization of intangible assets
4,858	5,917	4,033	1,211	722	777	860	897	902	874	630
Amortization of SBA servicing assets
1,340	846	207	-	-	-	-	-	-	-	-
Fees/gains from sale of presold mortgages and SBA loans
12,219	13,101	11,174	3,466	2,532	2,726	-	-	-	-	-
Origination of presold mortgage loans in process of settlement
173,705	118,791	228,871	76,912	-97,118	-101,493	-103,877	-96,750	-76,095	-88,665	-93,893
Proceeds from sales of presold mortgage loans in process of settlement
162,476	129,519	235,493	81,127	101,315	103,773	106,787	94,350	73,967	88,670	93,598
Proceeds from sales of SBA loans
124,527	157,427	77,034	20,021	0	-	-	-	-	-	-
Origination of SBA loans for sale
150,677	196,784	95,436	24,784	0	-	-	-	-	-	-
Increase in accrued interest receivable
-	-	-	1,466	0	0	-	-	-	-	-
Decrease (increase) in accrued interest receivable
644	1,910	1,072	120	246	-729	-552	-1,578	-1,800	-1,204	1,096
Increase in other assets
5,735	-3,525	-6,724	724	5,062	-2,164	-22,199	19,274	30,096	32,538	2,306
(Decrease) increase in accrued interest payable
178	741	392	-4	-101	-193	-447	-577	-210	-972	-3,706
Increase in other liabilities
1,197	-6,629	-10,729	2,868	-222	2,675	4,145	-2,940	-330	597	2,640
Net cash provided by operating activities
51,238	46,410	26,838	41,271	37,350	47,820	71,880	41,681	37,046	64,109	15,033
Cash Flows From Investing Activities
Purchases of securities available for sale
498,891	230,794	191,260	114,396	95,822	66,263	65,733	92,058	75,689	99,310	102,899
Purchases of securities held to maturity
0	0	291	-	857	125,377	0	0	4,332	22,431	20,300
Proceeds from maturities/issuer calls of securities available for sale
158,920	60,871	37,974	76,939	86,238	30,332	38,881	96,040	75,615	97,202	134,736
Proceeds from maturities/issuer calls of securities held to maturity
32,461	16,183	22,344	23,368	23,203	453	1,837	1,690	1,053	2,687	1,799
Proceeds from sales of securities available for sale
39,797	0	140,621	-	-	-	-	-	-	-	-
Redemptions (purchases) of FRB and FHLB stock, net
4,088	6,129	9,947	-	-	-	-	-	-	-	-
Proceeds from maturities/issuer calls of securities held to maturity
-	-	-	8	0	47,473	12,908	9,641	2,518	0	44
Purchases of Federal Reserve and Federal Home Loan Bank stock, net
-	-	-	3,933	9,877	2,122	-1,040	-	-	-	-
Purchase of bank-owned life insurance
-	-	-	-	15,000	10,000	15,000	25,000	0	0	-
Net increase in loans
165,203	152,972	204,631	192,393	138,346	-52,157	101,444	89,718	-11,912	-40,306	-105,007
Payments related to FDIC loss share agreements
-	-	-	1,554	-6,673	-17,724	-49,572	-29,796	-69,339	-46,721	-41,891
Payment to FDIC for termination of loss share agreements
-	-	-	-2,012	0	0	-	-	-	-	-
Proceeds from sales of foreclosed properties
5,877	7,532	8,647	7,954	9,650	33,262	60,564	74,972	43,414	24,875	4,094
Purchases of premises and equipment
3,534	10,723	4,659	8,689	5,481	4,751	6,293	8,953	6,606	17,543	5,299
Proceeds from sales of premises and equipment
1,799	2,753	151	2,025	1,621	1,309	0	0	-	-	-
Proceeds from branch sale
-	-	-	26,211	0	0	30,393	0	0	-	-
Net cash received in acquisition
0	0	72,519	53,640	0	0	38,315	9,312	54,037	-171	91,696
Net cash used by investing activities
-424,686	-313,279	-128,532	-240,112	-137,998	-25,803	45,040	5,722	171,261	72,336	250,769
Cash Flows From Financing Activities
Net increase in deposits
272,206	252,756	195,468	158,989	115,379	-55,106	-127,646	39,888	-	-	-
Net increase (decrease) in short-term borrowings
-55,000	50,000	93,000	-	-	-	-	-	-	-	-
Proceeds from long-term borrowings
0	50,000	110,000	-	-	-	-	-	-	-	-
Net decrease in borrowings
-	-	-	85,000	70,000	70,000	0	-87,500	-	-	-
Net increase (decrease) in deposits and repurchase agreements
-	-	-	-	-	-	-	-	-127,253	-287,982	153,085
Payments on long-term borrowings
51,119	101,116	105,737	-	-	-	-	-	66,881	-	-
Proceeds from (repayments of) borrowings, net
-	-	-	-	-	-	-	-	-	20,400	-349,465
Cash dividends paid – common stock
13,662	11,281	7,596	6,399	6,309	6,303	6,297	5,426	5,390	5,359	7,145
Proceeds from issuance of preferred stock
-	-	-	-	-	-	-	7,287	63,500	0	65,000
Proceeds from issuance of common stock
-	-	-	-	-	-	-	26,727	881	840	1,505
Repurchases of common stock
10,000	0	0	-	-	-	-	2	228	0	0
Cash dividends paid - preferred stock
-	-	-	233	796	868	1,210	3,037	2,847	3,250	2,763
Redemption of preferred stock
-	-	-	-	63,500	0	0	-	65,000	0	0
Proceeds from Stock Options Exercised
129	324	287	375	112	70	0	-	-	-	-
Payment, Tax Withholding, Share-based Payment Arrangement
702	406	231	-	-	-	-	-	-	-	-
Stock withheld for payment of taxes
-	-	-	166	54	0	0	-	-	-	-
Repurchase of common stock warrants
-	-	-	-	-	-	-	-	924	0	0
Tax benefit from exercise of nonqualified stock options
-	-	-	-	-	-	-	-	-	36	73
Net cash provided by financing activities
141,852	240,277	285,191	237,566	114,832	7,793	-135,153	-22,063	-204,142	-275,315	-139,710
Increase (decrease) in cash and cash equivalents
-231,596	-26,592	183,497	38,725	14,184	29,810	-18,233	25,340	4,165	-138,870	126,092
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for interest
33,725	23,036	12,239	7,653	7,009	8,416	11,405	17,893	23,775	32,879	52,601
Cash paid during the period for income taxes
24,336	21,162	19,537	11,791	13,815	5,096	1,082	14,292	14,893	16,309	16,474
Loans transferred to loans held-for-sale (at liquidation value)
-	-	-	-	-	-	-	30,393	0	0	-
Non-cash: Unrealized gain (loss) on securities available for sale, net of taxes
16,998	-7,800	553	-1,238	-288	811	-3,240	-369	864	395	951
Non-cash: Foreclosed loans transferred to other real estate
3,249	4,148	5,452	8,117	9,009	12,717	22,037	53,521	76,242	123,962	43,860
Non-cash: Initial recognition of operating lease right-of-use assets
19,406	-	-	-	-	-	-	-	-	-	-
Non-cash: Initial recognition of operating lease liabilities
19,406	-	-	-	-	-	-	-	-	-	-
Non-cash: Equity issued related to acquisition earn-out
3,070	0	0	-	-	-	-	-	-	-	-