First bancorp (FBNC)
Income statement / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
INTEREST INCOME
Interest and fees on loans

220,784

208,609

163,738

121,322

117,872

133,641

141,616

145,554

147,652

151,292

148,007

Interest on investment securities:
Taxable interest income

19,881

10,638

7,007

6,162

6,296

3,461

3,410

4,352

5,680

5,750

6,580

Tax-exempt interest income

1,007

1,482

1,677

1,748

1,829

1,881

1,899

1,958

2,000

1,633

859

Other, principally overnight investments

8,435

10,478

4,960

1,755

658

849

586

656

436

586

545

Total interest income

250,107

231,207

177,382

130,987

126,655

139,832

147,511

152,520

155,768

159,261

155,991

INTEREST EXPENSE
Savings, checking and money market accounts

9,551

5,074

2,761

1,620

1,192

1,040

1,493

2,836

4,212

6,363

8,744

Time deposits of $100,000 or more

13,598

8,356

4,005

2,654

2,856

4,373

5,825

8,132

10,103

12,374

18,908

Other time deposits

1,901

1,061

778

896

1,271

1,659

2,642

4,486

7,036

11,193

17,866

Securities sold under agreements to repurchase

-

-

-

-

-

-

-

-

184

298

736

Borrowings

8,853

9,286

5,127

2,437

1,589

1,151

1,025

1,866

2,030

1,679

2,641

Total interest expense

33,903

23,777

12,671

7,607

6,908

8,223

10,985

17,320

23,565

31,907

48,895

Net interest income

216,204

207,430

164,711

123,380

119,747

131,609

136,526

135,200

132,203

127,354

107,096

Provision (reversal) for loan losses - non-covered

-

-

-

2,109

2,008

7,087

18,266

69,993

28,525

33,646

20,186

Provision (reversal) for loan losses - covered

-

-

-

-2,132

-2,788

3,108

12,350

9,679

12,776

20,916

0

Provision for loan losses

2,263

-3,589

723

-23

-780

10,195

30,616

79,672

41,301

54,562

20,186

Net interest income after provision for loan losses

213,941

211,019

163,988

123,403

120,527

121,414

105,910

55,528

90,902

72,792

86,910

NONINTEREST INCOME
Service charges on deposit accounts

12,970

12,690

11,862

10,571

11,648

13,706

12,752

11,865

11,981

12,335

13,112

Other service charges, commissions and fees

19,481

16,488

14,403

11,913

10,906

10,019

9,318

8,831

8,067

6,507

5,729

Fees from presold mortgage loans

3,944

2,735

5,695

2,033

2,532

2,726

2,907

2,378

1,609

1,813

1,505

Commissions from sales of insurance and financial products

8,495

8,731

5,300

3,790

2,580

2,733

2,132

1,832

1,512

1,476

1,524

SBA consulting fees

3,872

4,675

4,024

3,199

0

0

-

-

-

-

-

SBA loan sale gains

8,275

10,366

5,479

1,433

0

0

-

-

-

-

-

Bank-owned life insurance income

2,564

2,534

2,321

2,052

1,665

1,311

1,120

591

45

47

-

FDIC indemnification asset income (expense), net

-

-

-

10,255

8,615

12,842

6,824

-4,077

-20,481

-41,808

0

Securities gains (losses), net

97

0

-235

3

-1

786

532

638

74

26

-104

Gain on branch sale

-

-

-

1,466

0

-

-

-

-

-

-

Other gains (losses), net

-169

723

383

-29

-465

-228

-148

-463

98

605

-142

Total noninterest income

59,529

58,942

49,232

25,551

18,764

14,368

23,489

1,389

26,216

29,106

89,518

NONINTEREST EXPENSES
Salaries expense

79,129

75,077

66,786

51,252

47,660

46,071

45,120

41,336

39,822

35,076

30,745

Employee benefits

16,844

16,888

15,313

11,568

9,134

9,086

9,644

12,007

11,616

10,214

10,843

Total personnel expense

95,973

91,965

82,099

62,820

56,794

55,157

54,764

53,343

51,438

45,290

41,588

Occupancy expense

11,122

10,793

9,661

7,838

7,358

7,362

7,123

6,954

6,574

6,799

6,071

Equipment related expenses

5,023

5,627

4,480

3,608

3,749

3,931

4,364

4,800

4,326

4,327

4,334

Merger and acquisition expenses

192

2,358

8,073

1,431

0

0

-

-

636

0

1,343

Amortization of Intangible Assets

4,858

5,917

4,033

1,211

722

777

860

897

902

874

630

Foreclosed property gains (losses), net

-939

-565

-531

-625

-1,486

3,843

-

-

-

-

-

Gain from acquisition

-

-

-

-

-

-

-

-

10,196

0

67,894

Foreclosed property gains (losses) - non-covered

-

-

-

-

-

-

-1,333

15,325

3,355

984

0

Foreclosed property gains (losses) - covered

-

-

-

-

-

-

-367

13,035

24,492

34,527

0

Other operating expenses

39,087

39,258

36,604

29,913

29,508

30,024

29,508

31,281

32,230

29,666

24,585

Total noninterest expenses

157,194

156,483

145,481

106,821

98,131

97,251

96,619

97,275

96,106

86,956

78,551

Income before income taxes

116,276

113,478

67,739

42,133

41,160

38,531

32,780

-40,358

21,012

14,942

97,877

Income tax expense

24,230

24,189

21,767

14,624

14,126

13,535

12,081

-16,952

7,370

4,960

37,618

Net Income (Loss) Attributable to Parent

92,046

89,289

45,972

27,509

27,034

24,996

20,699

-23,406

13,642

9,982

-

Preferred stock dividends

-

-

-

175

603

868

895

2,809

3,234

3,250

3,169

Earnings Per Share [Abstract]
Net income

-

-

-

-

-

-

-

-

-

-

60,259

Accretion of preferred stock discount

-

-

-

-

-

-

-

-

2,932

-857

803

Net income available to common shareholders

-

-

-

27,334

26,431

24,128

19,804

-26,215

7,476

5,875

56,287

Basic (in dollars per share)

3.10

3.02

1.82

1.37

1.34

1.22

1.01

-1.54

0.44

0.35

3.38

Diluted (in dollars per share)

3.10

3.01

1.82

1.33

1.30

1.19

0.98

-1.54

0.44

0.35

3.37

Dividends declared per common share (in dollars per share)

0.54

0.40

0.32

0.32

0.32

0.32

0.32

0.32

0.32

0.32

0.32

Weighted average common shares outstanding:
Basic (in shares)

29,547

29,566

25,210

19,964

19,767

19,699

19,675

17,049

16,856

16,764

16,648

Weighted Average Number of Shares Outstanding, Diluted

29,720

29,707

25,291

20,732

20,499

20,434

20,404

17,049

16,883

16,793

16,686