Date of Report (Date of earliest event reported): | April 23, 2025 |
North Carolina | 0-15572 | 56-1421916 | ||||||||||||
(State or Other Jurisdiction | (Commission | (I.R.S. Employer | ||||||||||||
of Incorporation) | File Number) | Identification Number) |
300 SW Broad Street, | ||||||||||||||
Southern Pines, | NC | 28387 | ||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Page | |||||
Item 2.02 – Results of Operations and Financial Condition | 3 | ||||
Item 9.01 – Financial Statements and Exhibits | 3 | ||||
Signatures | 3 | ||||
4 | |||||
18 |
First Bancorp | ||||||||||||||||||||
April 23, 2025 | By: |
/s/ Richard H. Moore |
||||||||||||||||||
Richard H. Moore | ||||||||||||||||||||
Chief Executive Officer |
For Immediate Release: | For More Information, Contact: | ||||||||||
April 23, 2025 | Hillary Kestler |
||||||||||
704-644-4137 |
First Quarter 2025 Highlights |
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First Quarter 2025 Results |
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First Quarter 2025 Results |
Net Interest Income and Net Interest Margin |
For the Three Months Ended | ||||||||||||||||||||
YIELD INFORMATION | March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||||||||
Yield on loans | 5.52% | 5.47% | 5.45% | |||||||||||||||||
Yield on securities | 2.28% | 1.96% | 1.78% | |||||||||||||||||
Yield on other earning assets | 4.42% | 4.49% | 4.30% | |||||||||||||||||
Yield on total interest-earning assets | 4.65% | 4.55% | 4.43% | |||||||||||||||||
Cost of interest-bearing deposits | 2.14% | 2.31% | 2.33% | |||||||||||||||||
Cost of borrowings | 7.31% | 7.66% | 5.71% | |||||||||||||||||
Cost of total interest-bearing liabilities | 2.21% | 2.38% | 2.59% | |||||||||||||||||
Total cost of funds | 1.51% | 1.62% | 1.79% | |||||||||||||||||
Cost of total deposits | 1.46% | 1.57% | 1.56% | |||||||||||||||||
Net interest margin (1) | 3.25% | 3.05% | 2.77% | |||||||||||||||||
Net interest margin - tax-equivalent (2) | 3.27% | 3.08% | 2.80% | |||||||||||||||||
Average prime rate | 7.50% | 7.81% | 8.50% | |||||||||||||||||
(1) Calculated by dividing annualized net interest income by average earning assets for the period. | ||||||||||||||||||||
(2) Calculated by dividing annualized tax-equivalent net interest income by average earning assets for the period. The tax-equivalent 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 using the expected tax rate and is reduced by the related nondeductible portion of interest expense. |
Provision for Credit Losses and Credit Quality |
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First Quarter 2025 Results |
ASSET QUALITY DATA
($ in thousands)
|
March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||||||||
Nonperforming assets | ||||||||||||||||||||
Nonaccrual loans | $ | 29,081 | $ | 31,779 | $ | 35,622 | ||||||||||||||
Accruing loans > 90 days past due | — | — | — | |||||||||||||||||
Total nonperforming loans | 29,081 | 31,779 | 35,622 | |||||||||||||||||
Foreclosed real estate | 4,769 | 4,965 | 926 | |||||||||||||||||
Total nonperforming assets | $ | 33,850 | $ | 36,744 | $ | 36,548 | ||||||||||||||
Asset Quality Ratios | ||||||||||||||||||||
Quarterly net charge-offs to average loans - annualized | 0.17 | % | 0.04 | % | 0.08 | % | ||||||||||||||
Nonperforming loans to total loans | 0.36 | % | 0.39 | % | 0.44 | % | ||||||||||||||
Nonperforming assets to total assets | 0.27 | % | 0.30 | % | 0.30 | % | ||||||||||||||
Allowance for credit losses to total loans | 1.49 | % | 1.51 | % | 1.36 | % |
Noninterest Income |
Noninterest Expenses |
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First Quarter 2025 Results |
Income Taxes |
Balance Sheet |
For the Three Months Ended | ||||||||||||||||||||||||||||||||
AVERAGE BALANCES
($ in thousands)
|
March 31, 2025 | December 31, 2024 | March 31, 2024 | Change 1Q25 vs 4Q24 |
Change 1Q25 vs 1Q24 |
|||||||||||||||||||||||||||
Total assets | $ | 12,226,810 | $ | 12,243,771 | $ | 12,111,201 | (0.1)% | 1.0% | ||||||||||||||||||||||||
Investment securities, at amortized cost | 2,917,971 | 2,825,154 | 3,108,464 | 3.3% | (6.1)% | |||||||||||||||||||||||||||
Loans | 8,107,394 | 7,993,671 | 8,103,387 | 1.4% | —% | |||||||||||||||||||||||||||
Earning assets | 11,528,742 | 11,592,480 | 11,489,796 | (0.5)% | 0.3% | |||||||||||||||||||||||||||
Deposits | 10,594,140 | 10,608,629 | 10,078,835 | (0.1)% | 5.1% | |||||||||||||||||||||||||||
Interest-bearing liabilities | 7,311,002 | 7,272,728 | 7,343,934 | 0.5% | (0.4)% | |||||||||||||||||||||||||||
Shareholders’ equity | 1,467,871 | 1,466,181 | 1,375,491 | 0.1% | 6.7% |
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First Quarter 2025 Results |
LOAN PORTFOLIO | March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||||||||||||||||||||||||||
($ in thousands) | Amount | Percentage | Amount | Percentage | Amount | Percentage | ||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 890,071 | 11 | % | $ | 919,690 | 11 | % | $ | 872,623 | 11 | % | ||||||||||||||||||||||||||
Construction, development & other land loans | 644,439 | 8 | % | 647,167 | 8 | % | 904,216 | 11 | % | |||||||||||||||||||||||||||||
Commercial real estate - owner occupied | 1,233,732 | 15 | % | 1,248,812 | 16 | % | 1,238,759 | 15 | % | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | 2,701,746 | 34 | % | 2,625,554 | 33 | % | 2,524,221 | 31 | % | |||||||||||||||||||||||||||||
Multi-family real estate | 512,958 | 6 | % | 506,407 | 6 | % | 457,142 | 6 | % | |||||||||||||||||||||||||||||
Residential 1-4 family real estate | 1,709,593 | 21 | % | 1,729,322 | 21 | % | 1,684,173 | 21 | % | |||||||||||||||||||||||||||||
Home equity loans/lines of credit | 341,240 | 4 | % | 345,883 | 4 | % | 328,466 | 4 | % | |||||||||||||||||||||||||||||
Consumer loans | 68,115 | 1 | % | 70,653 | 1 | % | 66,666 | 1 | % | |||||||||||||||||||||||||||||
Loans, gross | 8,101,894 | 100 | % | 8,093,488 | 100 | % | 8,076,266 | 100 | % | |||||||||||||||||||||||||||||
Unamortized net deferred loan fees | 1,139 | 1,188 | 240 | |||||||||||||||||||||||||||||||||||
Total loans | $ | 8,103,033 | $ | 8,094,676 | $ | 8,076,506 |
DEPOSIT PORTFOLIO | March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||||||||||||||||||||||||||
($ in thousands) | Amount | Percentage | Amount | Percentage | Amount | Percentage | ||||||||||||||||||||||||||||||||
Noninterest-bearing checking accounts | $ | 3,476,786 | 32 | % | $ | 3,367,624 | 32 | % | $ | 3,362,265 | 33 | % | ||||||||||||||||||||||||||
Interest-bearing checking accounts | 1,448,377 | 14 | % | 1,398,395 | 13 | % | 1,401,724 | 13 | % | |||||||||||||||||||||||||||||
Money market accounts | 4,386,469 | 41 | % | 4,285,405 | 41 | % | 3,787,323 | 37 | % | |||||||||||||||||||||||||||||
Savings accounts | 539,632 | 5 | % | 542,133 | 5 | % | 584,901 | 6 | % | |||||||||||||||||||||||||||||
Other time deposits | 533,723 | 5 | % | 566,514 | 5 | % | 607,359 | 6 | % | |||||||||||||||||||||||||||||
Time deposits >$250,000 | 349,990 | 3 | % | 360,854 | 4 | % | 363,687 | 3 | % | |||||||||||||||||||||||||||||
Total customer deposits | 10,734,977 | 100 | % | 10,520,925 | 100 | % | 10,107,259 | 98 | % | |||||||||||||||||||||||||||||
Brokered deposits | 9,682 | — | % | 9,600 | — | % | 196,052 | 2 | % | |||||||||||||||||||||||||||||
Total deposits | $ | 10,744,659 | 100 | % | $ | 10,530,525 | 100 | % | $ | 10,303,311 | 100 | % |
Capital |
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First Quarter 2025 Results |
CAPITAL RATIOS | March 31, 2025 (estimated) | December 31, 2024 | March 31, 2024 | |||||||||||||||||
Tangible common equity to tangible assets (non-GAAP) | 8.55% | 8.22% | 7.62% | |||||||||||||||||
Common equity tier I capital ratio | 14.53% | 14.35% | 13.50% | |||||||||||||||||
Tier I leverage ratio | 11.41% | 11.15% | 10.99% | |||||||||||||||||
Tier I risk-based capital ratio | 15.34% | 15.17% | 14.29% | |||||||||||||||||
Total risk-based capital ratio | 16.79% | 16.63% | 15.85% |
Liquidity |
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First Quarter 2025 Results |
About First Bancorp |
Non-GAAP Measures |
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First Quarter 2025 Results |
First Bancorp and Subsidiaries Financial Summary |
CONSOLIDATED INCOME STATEMENT | ||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||
($ in thousands, except per share data - unaudited) | March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||||||||
Interest income | ||||||||||||||||||||
Interest and fees on loans | $ | 110,533 | $ | 109,835 | $ | 109,798 | ||||||||||||||
Interest on investment securities: | ||||||||||||||||||||
Taxable interest income | 15,524 | 12,712 | 12,728 | |||||||||||||||||
Tax-exempt interest income | 1,116 | 1,116 | 1,117 | |||||||||||||||||
Other, principally overnight investments | 5,487 | 8,732 | 2,971 | |||||||||||||||||
Total interest income | 132,660 | 132,395 | 126,614 | |||||||||||||||||
Interest expense | ||||||||||||||||||||
Interest on deposits | 38,119 | 41,786 | 39,135 | |||||||||||||||||
Interest on borrowings | 1,658 | 1,768 | 8,205 | |||||||||||||||||
Total interest expense | 39,777 | 43,554 | 47,340 | |||||||||||||||||
Net interest income | 92,883 | 88,841 | 79,274 | |||||||||||||||||
Provision for credit losses | 1,116 | 507 | 1,200 | |||||||||||||||||
Net interest income after provision for credit losses | 91,767 | 88,334 | 78,074 | |||||||||||||||||
Noninterest income | ||||||||||||||||||||
Service charges on deposit accounts | 3,767 | 4,293 | 3,868 | |||||||||||||||||
Other service charges and fees | 5,883 | 5,828 | 5,570 | |||||||||||||||||
Presold mortgage loan fees and gains on sale | 450 | 676 | 338 | |||||||||||||||||
Commissions from sales of financial products | 1,408 | 1,202 | 1,320 | |||||||||||||||||
SBA loan sale gains | 52 | 291 | 895 | |||||||||||||||||
Bank-owned life insurance income | 1,228 | 1,225 | 1,164 | |||||||||||||||||
Securities losses, net | — | (36,820) | (975) | |||||||||||||||||
Other Income, net | 114 | 128 | 716 | |||||||||||||||||
Total noninterest income | 12,902 | (23,177) | 12,896 | |||||||||||||||||
Noninterest expenses | ||||||||||||||||||||
Salaries incentives and commissions expense | 28,661 | 28,447 | 27,642 | |||||||||||||||||
Employee benefit expense | 6,095 | 6,702 | 6,269 | |||||||||||||||||
Total personnel expense | 34,756 | 35,149 | 33,911 | |||||||||||||||||
Occupancy and equipment expense | 5,192 | 4,690 | 6,075 | |||||||||||||||||
Intangibles amortization expense | 1,516 | 1,563 | 1,759 | |||||||||||||||||
Other operating expenses | 16,429 | 16,877 | 17,442 | |||||||||||||||||
Total noninterest expenses | 57,893 | 58,279 | 59,187 | |||||||||||||||||
Income before income taxes | 46,776 | 6,878 | 31,783 | |||||||||||||||||
Income tax expense | 10,370 | 3,327 | 6,511 | |||||||||||||||||
Net income | $ | 36,406 | $ | 3,551 | $ | 25,272 | ||||||||||||||
Earnings per common share: | ||||||||||||||||||||
Basic | $ | 0.88 | $ | 0.09 | $ | 0.61 | ||||||||||||||
Diluted | 0.88 | 0.08 | 0.61 |
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First Quarter 2025 Results |
First Bancorp and Subsidiaries Financial Summary |
CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||
($ in thousands - unaudited) | March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||||||||
Assets | ||||||||||||||||||||
Cash and due from banks, noninterest-bearing | $ | 149,781 | $ | 78,596 | $ | 87,181 | ||||||||||||||
Due from banks, interest-bearing | 622,660 | 428,911 | 266,661 | |||||||||||||||||
Total cash and cash equivalents | 772,441 | 507,507 | 353,842 | |||||||||||||||||
Securities available for sale | 2,064,516 | 2,043,062 | 2,088,483 | |||||||||||||||||
Securities held to maturity | 518,265 | 519,998 | 525,627 | |||||||||||||||||
Presold mortgages and SBA loans held for sale | 5,166 | 5,942 | 6,703 | |||||||||||||||||
Loans | 8,103,033 | 8,094,676 | 8,076,506 | |||||||||||||||||
Allowance for credit losses on loans | (120,631) | (122,572) | (110,067) | |||||||||||||||||
Net loans | 7,982,402 | 7,972,104 | 7,966,439 | |||||||||||||||||
Premises and equipment, net | 141,954 | 143,459 | 150,546 | |||||||||||||||||
Accrued interest receivable | 35,452 | 36,329 | 35,147 | |||||||||||||||||
Goodwill | 478,750 | 478,750 | 478,750 | |||||||||||||||||
Other intangible assets, net | 21,388 | 22,904 | 27,748 | |||||||||||||||||
Bank-owned life insurance | 189,597 | 188,460 | 185,061 | |||||||||||||||||
Other assets | 226,314 | 229,179 | 273,251 | |||||||||||||||||
Total assets | $ | 12,436,245 | $ | 12,147,694 | $ | 12,091,597 | ||||||||||||||
Liabilities | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Noninterest-bearing deposits | $ | 3,476,786 | $ | 3,367,624 | $ | 3,362,265 | ||||||||||||||
Interest-bearing deposits | 7,267,873 | 7,162,901 | 6,941,046 | |||||||||||||||||
Total deposits | 10,744,659 | 10,530,525 | 10,303,311 | |||||||||||||||||
Borrowings | 92,055 | 91,876 | 332,335 | |||||||||||||||||
Accrued interest payable | 4,935 | 4,604 | 9,847 | |||||||||||||||||
Other liabilities | 86,420 | 75,078 | 70,005 | |||||||||||||||||
Total liabilities | 10,928,069 | 10,702,083 | 10,715,498 | |||||||||||||||||
Shareholders’ equity | ||||||||||||||||||||
Common stock | 971,174 | 971,313 | 965,429 | |||||||||||||||||
Retained earnings | 783,630 | 756,327 | 732,643 | |||||||||||||||||
Stock in rabbi trust assumed in acquisition | (1,166) | (1,148) | (1,396) | |||||||||||||||||
Rabbi trust obligation | 1,166 | 1,148 | 1,396 | |||||||||||||||||
Accumulated other comprehensive loss | (246,628) | (282,029) | (321,973) | |||||||||||||||||
Total shareholders’ equity | 1,508,176 | 1,445,611 | 1,376,099 | |||||||||||||||||
Total liabilities and shareholders’ equity | $ | 12,436,245 | $ | 12,147,694 | $ | 12,091,597 |
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First Quarter 2025 Results |
First Bancorp and Subsidiaries Financial Summary |
TREND INFORMATION | ||||||||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||||||||
March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | ||||||||||||||||||||||||||||
PERFORMANCE RATIOS (annualized) |
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Return on average assets (1) |
1.21 | % | 0.12 | % | 0.61 | % | 0.96 | % | 0.84 | % | ||||||||||||||||||||||
Return on average common equity (2) |
10.06 | % | 0.96 | % | 5.14 | % | 8.38 | % | 7.39 | % | ||||||||||||||||||||||
Return on average tangible common equity (3) |
15.54 | % | 1.93 | % | 8.30 | % | 13.60 | % | 12.13 | % | ||||||||||||||||||||||
COMMON SHARE DATA | ||||||||||||||||||||||||||||||||
Cash dividends declared - common | $ | 0.22 | $ | 0.22 | $ | 0.22 | $ | 0.22 | $ | 0.22 | ||||||||||||||||||||||
Book value per common share | $ | 36.46 | $ | 34.96 | $ | 35.74 | $ | 34.10 | $ | 33.44 | ||||||||||||||||||||||
Tangible book value per share (4) |
$ | 24.69 | $ | 23.17 | $ | 23.91 | $ | 22.19 | $ | 21.49 | ||||||||||||||||||||||
Common shares outstanding at end of period | 41,368,828 | 41,347,418 | 41,340,099 | 41,187,943 | 41,156,286 | |||||||||||||||||||||||||||
Weighted average shares outstanding - diluted | 41,406,525 | 41,422,973 | 41,366,743 | 41,262,091 | 41,249,636 | |||||||||||||||||||||||||||
CAPITAL INFORMATION (estimates for current quarter) |
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Tangible common equity to tangible assets (5) |
8.55 | % | 8.22 | % | 8.47 | % | 7.90 | % | 7.62 | % | ||||||||||||||||||||||
Common equity tier I capital ratio | 14.53 | % | 14.35 | % | 14.37 | % | 13.99 | % | 13.50 | % | ||||||||||||||||||||||
Total risk-based capital ratio | 16.79 | % | 16.63 | % | 16.65 | % | 16.24 | % | 15.85 | % | ||||||||||||||||||||||
(1) Calculated by dividing annualized net income by average assets. | ||||||||||||||||||||||||||||||||
(2) Calculated by dividing annualized tangible net income (net income adjusted for intangible asset amortization, net of tax), by average common equity. See Appendix A for the components of the calculation. | ||||||||||||||||||||||||||||||||
(3) Return on average tangible common equity is a non-GAAP financial measure. See Appendix A for the components of the calculation and the reconciliation of average common equity to average TCE. | ||||||||||||||||||||||||||||||||
(4) Tangible book value per share is a non-GAAP financial measure. See Appendix B for a reconciliation of common equity to tangible common equity and Appendix C for the resulting calculation. | ||||||||||||||||||||||||||||||||
(5) Tangible common equity ratio is a non-GAAP financial measure. See Appendix B for a reconciliation of common equity to tangible common equity and Appendix D for the resulting calculation. |
For the Three Months Ended | ||||||||||||||||||||||||||||||||
INCOME STATEMENT
($ in thousands except per share data)
|
March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | |||||||||||||||||||||||||||
Net interest income - tax-equivalent (1) | $ | 93,320 | $ | 89,587 | $ | 83,765 | $ | 81,848 | $ | 80,005 | ||||||||||||||||||||||
Taxable equivalent adjustment (1) | 437 | 746 | 722 | 733 | 731 | |||||||||||||||||||||||||||
Net interest income | 92,883 | 88,841 | 83,043 | 81,115 | 79,274 | |||||||||||||||||||||||||||
Provision for credit losses | 1,116 | 507 | 14,200 | 541 | 1,200 | |||||||||||||||||||||||||||
Noninterest income | 12,902 | (23,177) | 13,579 | 14,601 | 12,896 | |||||||||||||||||||||||||||
Noninterest expense | 57,893 | 58,279 | 59,850 | 58,291 | 59,187 | |||||||||||||||||||||||||||
Income before income taxes | 46,776 | 6,878 | 22,572 | 36,884 | 31,783 | |||||||||||||||||||||||||||
Income tax expense | 10,370 | 3,327 | 3,892 | 8,172 | 6,511 | |||||||||||||||||||||||||||
Net income | 36,406 | 3,551 | 18,680 | 28,712 | 25,272 | |||||||||||||||||||||||||||
Earnings per common share - diluted | $ | 0.88 | $ | 0.08 | $ | 0.45 | $ | 0.70 | $ | 0.61 | ||||||||||||||||||||||
(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 the expected tax rate and is reduced by the related nondeductible portion of interest expense. |
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First Quarter 2025 Results |
First Bancorp and Subsidiaries Financial Summary |
For the Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Average Volume |
Interest Earned or Paid |
Average Rate |
Average Volume |
Interest Earned or Paid |
Average Rate |
Average Volume |
Interest Earned or Paid |
Average Rate |
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Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (1) (2) | $ | 8,107,394 | $ | 110,533 | 5.52 | % | $ | 7,993,671 | $ | 109,835 | 5.47 | % | $ | 8,103,387 | $ | 109,798 | 5.45 | % | |||||||||||||||||||||||||||||||||||
Taxable securities | 2,629,066 | 15,524 | 2.36 | % | 2,535,232 | 12,712 | 2.01 | % | 2,815,266 | 12,728 | 1.81 | % | |||||||||||||||||||||||||||||||||||||||||
Non-taxable securities | 288,905 | 1,116 | 1.55 | % | 289,922 | 1,116 | 1.54 | % | 293,198 | 1,117 | 1.52 | % | |||||||||||||||||||||||||||||||||||||||||
Short-term investments, primarily interest-bearing cash | 503,377 | 5,487 | 4.42 | % | 773,655 | 8,732 | 4.49 | % | 277,945 | 2,971 | 4.30 | % | |||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 11,528,742 | 132,660 | 4.65 | % | 11,592,480 | 132,395 | 4.55 | % | 11,489,796 | 126,614 | 4.43 | % | |||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 133,756 | 80,481 | 90,833 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment | 143,064 | 144,467 | 151,159 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 421,248 | 426,343 | 379,413 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 12,226,810 | $ | 12,243,771 | $ | 12,111,201 | |||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing checking | $ | 1,431,556 | $ | 2,497 | 0.71 | % | $ | 1,389,063 | $ | 2,438 | 0.70 | % | $ | 1,403,484 | $ | 2,359 | 0.68 | % | |||||||||||||||||||||||||||||||||||
Money market deposits | 4,337,560 | 29,180 | 2.73 | % | 4,273,170 | 31,430 | 2.93 | % | 3,704,731 | 27,813 | 3.02 | % | |||||||||||||||||||||||||||||||||||||||||
Savings deposits | 539,104 | 240 | 0.18 | % | 542,861 | 269 | 0.20 | % | 592,395 | 308 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||
Other time deposits | 558,648 | 3,353 | 2.43 | % | 598,152 | 4,192 | 2.79 | % | 709,517 | 5,456 | 3.09 | % | |||||||||||||||||||||||||||||||||||||||||
Time deposits >$250,000 | 352,174 | 2,849 | 3.28 | % | 377,693 | 3,457 | 3.64 | % | 355,809 | 3,199 | 3.62 | % | |||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 7,219,042 | 38,119 | 2.14 | % | 7,180,939 | 41,786 | 2.31 | % | 6,765,936 | 39,135 | 2.33 | % | |||||||||||||||||||||||||||||||||||||||||
Borrowings | 91,960 | 1,658 | 7.31 | % | 91,789 | 1,768 | 7.66 | % | 577,998 | 8,205 | 5.71 | % | |||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 7,311,002 | 39,777 | 2.21 | % | 7,272,728 | 43,554 | 2.38 | % | 7,343,934 | 47,340 | 2.59 | % | |||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing checking | 3,375,098 | 3,427,690 | 3,312,899 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 72,839 | 77,172 | 78,877 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,467,871 | 1,466,181 | 1,375,491 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 12,226,810 | $ | 12,243,771 | $ | 12,111,201 | |||||||||||||||||||||||||||||||||||||||||||||||
Net yield on interest-earning assets and net interest income | $ | 92,883 | 3.25 | % | $ | 88,841 | 3.05 | % | $ | 79,274 | 2.77 | % | |||||||||||||||||||||||||||||||||||||||||
Net yield on interest-earning assets and net interest income – tax-equivalent (3) | $ | 93,320 | 3.27 | % | $ | 89,587 | 3.08 | % | $ | 80,005 | 2.80 | % | |||||||||||||||||||||||||||||||||||||||||
Interest rate spread | 2.44 | % | 2.17 | % | 1.84 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Average prime rate | 7.50 | % | 7.81 | % | 8.50 | % |
![]() |
First Quarter 2025 Results |
Reconciliation of non-GAAP measures |
For the Three Months Ended | ||||||||||||||||||||||||||||||||
($ in thousands) | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | |||||||||||||||||||||||||||
Net Income |
$ | 36,406 | $ | 3,551 | $ | 18,680 | $ | 28,712 | $ | 25,272 | ||||||||||||||||||||||
Intangible asset amortization, net of taxes | 1,159 | 1,195 | 1,240 | 1,283 | 1,352 | |||||||||||||||||||||||||||
Tangible Net income | $ | 37,565 | $ | 4,746 | $ | 19,920 | $ | 29,995 | $ | 26,624 | ||||||||||||||||||||||
Average common equity | $ | 1,467,871 | $ | 1,466,181 | $ | 1,445,029 | $ | 1,378,284 | $ | 1,375,490 | ||||||||||||||||||||||
Less: Average goodwill and other intangibles, net of related taxes | (487,395) | (488,624) | (489,987) | (491,318) | (492,733) | |||||||||||||||||||||||||||
Average tangible common equity | $ | 980,476 | $ | 977,557 | $ | 955,042 | $ | 886,966 | $ | 882,757 | ||||||||||||||||||||||
Return on average common equity | 10.06 | % | 0.96 | % | 5.14 | % | 8.38 | % | 7.39 | % | ||||||||||||||||||||||
Return on average tangible common equity | 15.54 | % | 1.93 | % | 8.30 | % | 13.60 | % | 12.13 | % |
For the Three Months Ended | ||||||||||||||||||||||||||||||||
($ in thousands) | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | |||||||||||||||||||||||||||
Total shareholders' common equity |
$ | 1,508,176 | $ | 1,445,611 | $ | 1,477,525 | $ | 1,404,342 | $ | 1,376,099 | ||||||||||||||||||||||
Less: Goodwill and other intangibles, net of related taxes | (486,749) | (487,660) | (489,139) | (490,439) | (491,740) | |||||||||||||||||||||||||||
Tangible common equity | $ | 1,021,427 | $ | 957,951 | $ | 988,386 | $ | 913,903 | $ | 884,359 |
For the Three Months Ended | ||||||||||||||||||||||||||||||||
($ in thousands except per share data) | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | |||||||||||||||||||||||||||
Tangible common equity (Appendix B) |
$ | 1,021,427 | $ | 957,951 | $ | 988,386 | $ | 913,903 | $ | 884,359 | ||||||||||||||||||||||
Common shares outstanding |
41,368,828 | 41,347,418 | 41,340,099 | 41,187,943 | 41,156,286 | |||||||||||||||||||||||||||
Tangible book value per common share | $ | 24.69 | $ | 23.17 | $ | 23.91 | $ | 22.19 | $ | 21.49 |
For the Three Months Ended | ||||||||||||||||||||||||||||||||
($ in thousands) | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | |||||||||||||||||||||||||||
Tangible common equity (Appendix B) |
$ | 1,021,427 | $ | 957,951 | $ | 988,386 | $ | 913,903 | $ | 884,359 | ||||||||||||||||||||||
Total assets |
12,436,245 | 12,147,694 | 12,153,430 | 12,060,805 | 12,091,597 | |||||||||||||||||||||||||||
Less: Goodwill and other intangibles, net of related taxes | (486,749) | (487,660) | (489,139) | (490,439) | (491,740) | |||||||||||||||||||||||||||
Tangible assets ("TA") | $ | 11,949,496 | $ | 11,660,034 | $ | 11,664,291 | $ | 11,570,366 | $ | 11,599,857 | ||||||||||||||||||||||
TCE to TA ratio | 8.55 | % | 8.22 | % | 8.47 | % | 7.90 | % | 7.62 | % |
![]() |
First Quarter 2025 Results |
Reconciliation of non-GAAP measures, continued |
For the Three Months Ended | ||||||||||||||||||||
($ in thousands) | March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||||||||
Net income | $ | 36,406 | $ | 3,551 | $ | 25,272 | ||||||||||||||
Impact of Hurricane Helene | ||||||||||||||||||||
Provision for (benefit from) credit losses | (2,000) | — | — | |||||||||||||||||
Building repairs and maintenance | — | (24) | — | |||||||||||||||||
Other | — | (3) | — | |||||||||||||||||
Total | (2,000) | (27) | — | |||||||||||||||||
Less, tax impact | 464 | 6 | — | |||||||||||||||||
After-tax impact of Hurricane Helene | (1,536) | (21) | — | |||||||||||||||||
Impact of loss-earnback | ||||||||||||||||||||
Securities loss from loss-earnback | — | 36,820 | — | |||||||||||||||||
Less, tax impact | — | (8,660) | — | |||||||||||||||||
After-tax impact of loss-earnback | — | 28,160 | — | |||||||||||||||||
Adjusted net income | $ | 34,870 | $ | 31,690 | $ | 25,272 | ||||||||||||||
Weighted average shares outstanding - diluted | 41,406,525 | 41,422,973 | 41,249,636 | |||||||||||||||||
EPS - diluted | $ | 0.88 | $ | 0.08 | $ | 0.61 | ||||||||||||||
Adjusted EPS - diluted | $ | 0.84 | $ | 0.76 | $ | 0.61 |
Supplemental information |
For the Three Months Ended | ||||||||||||||||||||
NET INTEREST INCOME PURCHASE ACCOUNTING ADJUSTMENTS
($ in thousands)
|
March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||||||||
Interest income - increased by accretion of loan discount on acquired loans | $ | 1,789 | $ | 2,195 | $ | 2,437 | ||||||||||||||
Total interest income impact | 1,789 | 2,195 | 2,437 | |||||||||||||||||
Interest expense - increased by discount accretion on deposits | (103) | (145) | (283) | |||||||||||||||||
Interest expense - increased by discount accretion on borrowings | (191) | (195) | (189) | |||||||||||||||||
Total net interest expense impact | (294) | (340) | (472) | |||||||||||||||||
Total impact on net interest income | $ | 1,495 | $ | 1,855 | $ | 1,965 |