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Share Name | Share Symbol | Market | Type |
---|---|---|---|
First Bancorp | NASDAQ:FBNC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.78 | 2.04% | 38.93 | 38.78 | 39.13 | 39.015 | 37.56 | 37.86 | 84,516 | 05:00:11 |
|
North Carolina
|
|
56-1421916
|
|||
(State or Other Jurisdiction of Incorporation or Organization)
|
|
(I.R.S. Employer Identification Number)
|
|||
|
|
|
|
|
|
300 SW Broad St.,
|
Southern Pines,
|
North Carolina
|
|
28387
|
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
|||
|
|
|
|
|
|
(Registrant's telephone number, including area code)
|
|
(910)
|
246-2500
|
Title of each class
|
Trading Symbol
|
Name of each exchange on which registered:
|
Common Stock, No Par Value
|
FBNC
|
The Nasdaq Global Select Market
|
|
Large Accelerated Filer
|
☒
|
Accelerated Filer
|
☐
|
|
Non-Accelerated Filer
|
☐
|
Smaller Reporting Company
|
☐
|
|
|
|
Emerging growth company
|
☐
|
|
|
Page
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands)
|
March 31,
2020 (unaudited) |
|
December 31,
2019 |
|||
ASSETS
|
|
|
|
|
|
|
Cash and due from banks, noninterest-bearing
|
$
|
93,666
|
|
|
64,519
|
|
Due from banks, interest-bearing
|
282,683
|
|
|
166,783
|
|
|
Total cash and cash equivalents
|
376,349
|
|
|
231,302
|
|
|
|
|
|
|
|||
Securities available for sale
|
806,470
|
|
|
821,945
|
|
|
Securities held to maturity (fair values of $62,385 and $68,333)
|
61,303
|
|
|
67,932
|
|
|
|
|
|
|
|||
Presold mortgages in process of settlement
|
14,861
|
|
|
19,712
|
|
|
SBA Loans held for sale
|
18,449
|
|
|
—
|
|
|
|
|
|
|
|||
Loans
|
4,552,708
|
|
|
4,453,466
|
|
|
Allowance for loan losses
|
(24,498
|
)
|
|
(21,398
|
)
|
|
Net loans
|
4,528,210
|
|
|
4,432,068
|
|
|
|
|
|
|
|||
Premises and equipment
|
113,669
|
|
|
114,859
|
|
|
Operating right-of-use lease assets
|
19,347
|
|
|
19,669
|
|
|
Accrued interest receivable
|
15,767
|
|
|
16,648
|
|
|
Goodwill
|
234,368
|
|
|
234,368
|
|
|
Other intangible assets
|
15,461
|
|
|
17,217
|
|
|
Foreclosed properties
|
3,487
|
|
|
3,873
|
|
|
Bank-owned life insurance
|
105,083
|
|
|
104,441
|
|
|
Other assets
|
63,234
|
|
|
59,605
|
|
|
Total assets
|
$
|
6,376,058
|
|
|
6,143,639
|
|
|
|
|
|
|||
LIABILITIES
|
|
|
|
|||
Deposits: Noninterest bearing checking accounts
|
$
|
1,580,849
|
|
|
1,515,977
|
|
Interest bearing checking accounts
|
922,985
|
|
|
912,784
|
|
|
Money market accounts
|
1,224,414
|
|
|
1,173,107
|
|
|
Savings accounts
|
431,377
|
|
|
424,415
|
|
|
Time deposits of $100,000 or more
|
639,762
|
|
|
649,947
|
|
|
Other time deposits
|
245,601
|
|
|
255,125
|
|
|
Total deposits
|
5,044,988
|
|
|
4,931,355
|
|
|
Borrowings
|
402,185
|
|
|
300,671
|
|
|
Accrued interest payable
|
2,100
|
|
|
2,154
|
|
|
Operating lease liabilities
|
19,578
|
|
|
19,855
|
|
|
Other liabilities
|
45,009
|
|
|
37,203
|
|
|
Total liabilities
|
5,513,860
|
|
|
5,291,238
|
|
|
|
|
|
|
|||
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|||
SHAREHOLDERS’ EQUITY
|
|
|
|
|||
Preferred stock, no par value per share. Authorized: 5,000,000 shares
|
|
|
|
|||
Issued & outstanding: none and none
|
—
|
|
|
—
|
|
|
Common stock, no par value per share. Authorized: 40,000,000 shares
|
|
|
|
|||
Issued & outstanding: 29,040,827 and 29,601,264 shares
|
410,236
|
|
|
429,514
|
|
|
Retained earnings
|
430,709
|
|
|
417,764
|
|
|
Stock in rabbi trust assumed in acquisition
|
(2,602
|
)
|
|
(2,587
|
)
|
|
Rabbi trust obligation
|
2,602
|
|
|
2,587
|
|
|
Accumulated other comprehensive income (loss)
|
21,253
|
|
|
5,123
|
|
|
Total shareholders’ equity
|
862,198
|
|
|
852,401
|
|
|
Total liabilities and shareholders’ equity
|
$
|
6,376,058
|
|
|
6,143,639
|
|
($ in thousands, except share data-unaudited)
|
Three Months Ended
March 31, |
|
|||||
|
2020
|
|
2019
|
|
|||
INTEREST INCOME
|
|
|
|
|
|||
Interest and fees on loans
|
$
|
55,297
|
|
|
53,960
|
|
|
Interest on investment securities:
|
|
|
|
|
|||
Taxable interest income
|
5,474
|
|
|
4,737
|
|
|
|
Tax-exempt interest income
|
164
|
|
|
337
|
|
|
|
Other, principally overnight investments
|
1,098
|
|
|
2,701
|
|
|
|
Total interest income
|
62,033
|
|
|
61,735
|
|
|
|
|
|
|
|
|
|||
INTEREST EXPENSE
|
|
|
|
|
|||
Savings, checking and money market accounts
|
2,359
|
|
|
2,009
|
|
|
|
Time deposits of $100,000 or more
|
2,924
|
|
|
3,178
|
|
|
|
Other time deposits
|
490
|
|
|
390
|
|
|
|
Borrowings
|
1,501
|
|
|
2,797
|
|
|
|
Total interest expense
|
7,274
|
|
|
8,374
|
|
|
|
|
|
|
|
|
|||
Net interest income
|
54,759
|
|
|
53,361
|
|
|
|
Provision for loan losses
|
5,590
|
|
|
500
|
|
|
|
Net interest income after provision for loan losses
|
49,169
|
|
|
52,861
|
|
|
|
|
|
|
|
|
|||
NONINTEREST INCOME
|
|
|
|
|
|||
Service charges on deposit accounts
|
3,337
|
|
|
2,945
|
|
|
|
Other service charges, commissions and fees
|
4,069
|
|
|
4,506
|
|
|
|
Fees from presold mortgage loans
|
1,841
|
|
|
545
|
|
|
|
Commissions from sales of insurance and financial products
|
2,068
|
|
|
2,029
|
|
|
|
SBA consulting fees
|
1,027
|
|
|
1,263
|
|
|
|
SBA loan sale gains
|
647
|
|
|
2,062
|
|
|
|
Bank-owned life insurance income
|
642
|
|
|
646
|
|
|
|
Other gains (losses), net
|
74
|
|
|
82
|
|
|
|
Total noninterest income
|
13,705
|
|
|
14,078
|
|
|
|
|
|
|
|
|
|||
NONINTEREST EXPENSES
|
|
|
|
|
|||
Salaries expense
|
20,110
|
|
|
18,965
|
|
|
|
Employee benefits expense
|
4,547
|
|
|
4,588
|
|
|
|
Total personnel expense
|
24,657
|
|
|
23,553
|
|
|
|
Occupancy expense
|
2,958
|
|
|
2,754
|
|
|
|
Equipment related expenses
|
1,145
|
|
|
1,369
|
|
|
|
Merger and acquisition expenses
|
—
|
|
|
110
|
|
|
|
Intangibles amortization expense
|
1,055
|
|
|
1,332
|
|
|
|
Foreclosed property losses, net
|
159
|
|
|
245
|
|
|
|
Other operating expenses
|
10,102
|
|
|
9,411
|
|
|
|
Total noninterest expenses
|
40,076
|
|
|
38,774
|
|
|
|
|
|
|
|
|
|||
Income before income taxes
|
22,798
|
|
|
28,165
|
|
|
|
Income tax expense
|
4,618
|
|
|
5,880
|
|
|
|
|
|
|
|
|
|||
Net income
|
$
|
18,180
|
|
|
22,285
|
|
|
|
|
|
|
|
|||
Earnings per common share:
|
|
|
|
|
|||
Basic
|
$
|
0.62
|
|
|
0.75
|
|
|
Diluted
|
0.62
|
|
|
0.75
|
|
|
|
|
|
|
|
|
|||
Dividends declared per common share
|
$
|
0.18
|
|
|
0.12
|
|
|
|
|
|
|
|
|||
Weighted average common shares outstanding:
|
|
|
|
|
|||
Basic
|
29,230,788
|
|
|
29,587,217
|
|
|
|
Diluted
|
29,399,114
|
|
|
29,743,395
|
|
|
($ in thousands-unaudited)
|
Three Months Ended
March 31, |
|||||
|
2020
|
|
2019
|
|||
Net income
|
$
|
18,180
|
|
|
22,285
|
|
Other comprehensive income (loss):
|
|
|
|
|||
Unrealized gains (losses) on securities available for sale:
|
|
|
|
|||
Unrealized holding gains (losses) arising during the period, pretax
|
20,765
|
|
|
5,903
|
|
|
Tax (expense) benefit
|
(4,772
|
)
|
|
(1,380
|
)
|
|
Postretirement Plans:
|
|
|
|
|||
Amortization of unrecognized net actuarial loss
|
178
|
|
|
228
|
|
|
Tax benefit
|
(41
|
)
|
|
(54
|
)
|
|
Other comprehensive income (loss)
|
16,130
|
|
|
4,697
|
|
|
Comprehensive income
|
$
|
34,310
|
|
|
26,982
|
|
($ in thousands-unaudited)
|
Three Months Ended
March 31, |
|||||
|
2020
|
|
2019
|
|||
Cash Flows From Operating Activities
|
|
|
|
|||
Net income
|
$
|
18,180
|
|
|
22,285
|
|
Reconciliation of net income to net cash provided by operating activities:
|
|
|
|
|||
Provision for loan losses
|
5,590
|
|
|
500
|
|
|
Net security premium amortization
|
804
|
|
|
459
|
|
|
Loan discount accretion
|
(1,841
|
)
|
|
(1,419
|
)
|
|
Other purchase accounting accretion and amortization, net
|
14
|
|
|
(13
|
)
|
|
Foreclosed property losses and write-downs, net
|
159
|
|
|
245
|
|
|
Other gains
|
(74
|
)
|
|
(82
|
)
|
|
Decrease (increase) in net deferred loan costs
|
320
|
|
|
(325
|
)
|
|
Depreciation of premises and equipment
|
1,563
|
|
|
1,468
|
|
|
Amortization of operating lease right-of-use assets
|
496
|
|
|
475
|
|
|
Repayments of lease obligations
|
(452
|
)
|
|
(455
|
)
|
|
Stock-based compensation expense
|
513
|
|
|
403
|
|
|
Amortization of intangible assets
|
1,055
|
|
|
1,332
|
|
|
Amortization of SBA servicing assets
|
918
|
|
|
299
|
|
|
Fees/gains from sale of presold mortgages and SBA loans
|
(2,488
|
)
|
|
(2,607
|
)
|
|
Origination of presold mortgage loans in process of settlement
|
(48,143
|
)
|
|
(19,025
|
)
|
|
Proceeds from sales of presold mortgage loans in process of settlement
|
54,764
|
|
|
20,506
|
|
|
Origination of SBA loans for sale
|
(36,081
|
)
|
|
(38,329
|
)
|
|
Proceeds from sales of SBA loans
|
16,031
|
|
|
30,678
|
|
|
Decrease (increase) in accrued interest receivable
|
881
|
|
|
(512
|
)
|
|
Increase in other assets
|
(1,738
|
)
|
|
(4,493
|
)
|
|
(Decrease) increase in accrued interest payable
|
(54
|
)
|
|
365
|
|
|
Increase in other liabilities
|
3,255
|
|
|
5,254
|
|
|
Net cash provided by operating activities
|
13,672
|
|
|
17,009
|
|
|
|
|
|
|
|||
Cash Flows From Investing Activities
|
|
|
|
|||
Purchases of securities available for sale
|
(9,423
|
)
|
|
(161,892
|
)
|
|
Purchases of securities held to maturity
|
(3,624
|
)
|
|
—
|
|
|
Proceeds from maturities/issuer calls of securities available for sale
|
45,037
|
|
|
29,313
|
|
|
Proceeds from maturities/issuer calls of securities held to maturity
|
10,075
|
|
|
10,098
|
|
|
Purchases of FRB and FHLB stock, net
|
(4,572
|
)
|
|
(308
|
)
|
|
Net increase in loans
|
(95,680
|
)
|
|
(45,018
|
)
|
|
Proceeds from sales of foreclosed properties
|
889
|
|
|
1,513
|
|
|
Purchases of premises and equipment
|
(1,321
|
)
|
|
(1,450
|
)
|
|
Proceeds from sales of premises and equipment
|
189
|
|
|
279
|
|
|
Net cash used by investing activities
|
(58,430
|
)
|
|
(167,465
|
)
|
|
|
|
|
|
|||
Cash Flows From Financing Activities
|
|
|
|
|||
Net increase in deposits
|
113,664
|
|
|
137,957
|
|
|
Net increase (decrease) in short-term borrowings
|
(48,000
|
)
|
|
—
|
|
|
Proceeds from long-term borrowings
|
150,000
|
|
|
—
|
|
|
Payments on long-term borrowings
|
(531
|
)
|
|
(529
|
)
|
|
Cash dividends paid – common stock
|
(5,328
|
)
|
|
(2,972
|
)
|
|
Repurchases of common stock
|
(20,000
|
)
|
|
—
|
|
|
Payment of taxes related to stock withheld
|
—
|
|
|
(91
|
)
|
|
Net cash provided by financing activities
|
189,805
|
|
|
134,365
|
|
|
|
|
|
|
|||
Increase (decrease) in cash and cash equivalents
|
145,047
|
|
|
(16,091
|
)
|
|
Cash and cash equivalents, beginning of period
|
231,302
|
|
|
462,898
|
|
|
|
|
|
|
|||
Cash and cash equivalents, end of period
|
$
|
376,349
|
|
|
446,807
|
|
|
|
|
|
|||
Supplemental Disclosures of Cash Flow Information:
|
|
|
|
|||
Cash paid during the period for interest
|
$
|
7,328
|
|
|
8,009
|
|
Cash paid during the period for income taxes
|
20
|
|
|
103
|
|
|
Non-cash: Unrealized gain (loss) on securities available for sale, net of taxes
|
15,993
|
|
|
4,523
|
|
|
Non-cash: Foreclosed loans transferred to other real estate
|
662
|
|
|
708
|
|
|
Non-cash: Initial recognition of operating lease right-of-use assets
|
—
|
|
|
19,406
|
|
|
Non-cash: Initial recognition of operating lease liabilities
|
—
|
|
|
19,406
|
|
(unaudited)
|
For the Period Ended March 31, 2020
|
|
|
|
Long-Term Restricted Stock
|
|||||
|
Number of Units
|
|
Weighted-Average
Grant-Date Fair Value
|
||||
Nonvested at January 1, 2020
|
|
159,366
|
|
|
$
|
36.79
|
|
Granted during the period
|
|
15,969
|
|
|
36.29
|
|
|
Vested during the period
|
|
(1,042
|
)
|
|
28.80
|
|
|
Forfeited or expired during the period
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|||
Nonvested at March 31, 2020
|
|
174,293
|
|
|
$
|
36.79
|
|
|
|
For the Three Months Ended March 31,
|
||||||||||||||||||||
|
|
2020
|
|
2019
|
||||||||||||||||||
($ in thousands except per
share amounts)
|
|
Per Share
Amount |
|
Shares
(Denominator)
|
|
Per Share
Amount
|
|
Income
(Numerator)
|
|
Shares
(Denominator)
|
|
Per Share
Amount
|
||||||||||
Basic EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
|
$
|
18,180
|
|
|
|
|
|
|
$
|
22,285
|
|
|
|
|
|
||||||
Less: income allocated to participating securities
|
|
(81
|
)
|
|
|
|
|
|
—
|
|
|
|
|
|
||||||||
Basic EPS per common share
|
|
$
|
18,099
|
|
|
29,230,788
|
|
|
$
|
0.62
|
|
|
$
|
22,285
|
|
|
29,587,217
|
|
|
$
|
0.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
|
$
|
18,180
|
|
|
29,230,788
|
|
|
|
|
$
|
22,285
|
|
|
29,587,217
|
|
|
|
||||
Effect of Dilutive Securities
|
|
—
|
|
|
168,326
|
|
|
|
|
—
|
|
|
156,178
|
|
|
|
||||||
Diluted EPS per common share
|
|
$
|
18,180
|
|
|
29,399,114
|
|
|
$
|
0.62
|
|
|
$
|
22,285
|
|
|
29,743,395
|
|
|
$
|
0.75
|
|
($ in thousands)
|
March 31, 2020
|
|
December 31, 2019
|
|||||||||||||||||||||
Amortized
Cost
|
|
Fair
Value
|
|
Unrealized
|
|
Amortized
Cost
|
|
Fair
Value
|
|
Unrealized
|
||||||||||||||
|
|
Gains
|
|
(Losses)
|
|
|
|
Gains
|
|
(Losses)
|
||||||||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Government-sponsored enterprise securities
|
$
|
5,000
|
|
|
5,032
|
|
|
32
|
|
|
—
|
|
|
20,000
|
|
|
20,009
|
|
|
17
|
|
|
(8
|
)
|
Mortgage-backed securities
|
727,261
|
|
|
756,926
|
|
|
29,892
|
|
|
(227
|
)
|
|
758,491
|
|
|
767,285
|
|
|
9,463
|
|
|
(669
|
)
|
|
Corporate bonds
|
43,701
|
|
|
44,512
|
|
|
866
|
|
|
(55
|
)
|
|
33,711
|
|
|
34,651
|
|
|
1,025
|
|
|
(85
|
)
|
|
Total available for sale
|
$
|
775,962
|
|
|
806,470
|
|
|
30,790
|
|
|
(282
|
)
|
|
812,202
|
|
|
821,945
|
|
|
10,505
|
|
|
(762
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Securities held to maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Mortgage-backed securities
|
$
|
39,113
|
|
|
39,992
|
|
|
879
|
|
|
—
|
|
|
41,423
|
|
|
41,542
|
|
|
125
|
|
|
(6
|
)
|
State and local governments
|
22,190
|
|
|
22,393
|
|
|
209
|
|
|
(6
|
)
|
|
26,509
|
|
|
26,791
|
|
|
285
|
|
|
(3
|
)
|
|
Total held to maturity
|
$
|
61,303
|
|
|
62,385
|
|
|
1,088
|
|
|
(6
|
)
|
|
67,932
|
|
|
68,333
|
|
|
410
|
|
|
(9
|
)
|
($ in thousands)
|
Securities in an Unrealized
Loss Position for
Less than 12 Months
|
|
Securities in an Unrealized
Loss Position for
More than 12 Months
|
|
Total
|
|||||||||||||
|
Fair Value
|
|
Unrealized
Losses
|
|
Fair Value
|
|
Unrealized
Losses
|
|
Fair Value
|
|
Unrealized
Losses
|
|||||||
Government-sponsored enterprise securities
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Mortgage-backed securities
|
3,389
|
|
|
28
|
|
|
10,570
|
|
|
199
|
|
|
13,959
|
|
|
227
|
|
|
Corporate bonds
|
3,949
|
|
|
50
|
|
|
995
|
|
|
5
|
|
|
4,944
|
|
|
55
|
|
|
State and local governments
|
3,615
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
3,615
|
|
|
6
|
|
|
Total temporarily impaired securities
|
$
|
10,953
|
|
|
84
|
|
|
11,565
|
|
|
204
|
|
|
22,518
|
|
|
288
|
|
($ in thousands)
|
Securities in an Unrealized
Loss Position for
Less than 12 Months
|
|
Securities in an Unrealized
Loss Position for
More than 12 Months
|
|
Total
|
|||||||||||||
|
Fair Value
|
|
Unrealized
Losses
|
|
Fair Value
|
|
Unrealized
Losses
|
|
Fair Value
|
|
Unrealized
Losses
|
|||||||
Government-sponsored enterprise securities
|
$
|
4,992
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
4,992
|
|
|
8
|
|
Mortgage-backed securities
|
77,274
|
|
|
293
|
|
|
50,851
|
|
|
382
|
|
|
128,125
|
|
|
675
|
|
|
Corporate bonds
|
—
|
|
|
—
|
|
|
915
|
|
|
85
|
|
|
915
|
|
|
85
|
|
|
State and local governments
|
—
|
|
|
—
|
|
|
934
|
|
|
3
|
|
|
934
|
|
|
3
|
|
|
Total temporarily impaired securities
|
$
|
82,266
|
|
|
301
|
|
|
52,700
|
|
|
470
|
|
|
134,966
|
|
|
771
|
|
|
Securities Available for Sale
|
|
Securities Held to Maturity
|
|||||||||
($ in thousands)
|
Amortized
Cost
|
|
Fair
Value
|
|
Amortized
Cost
|
|
Fair
Value
|
|||||
Securities
|
|
|
|
|
|
|
|
|||||
Due within one year
|
$
|
—
|
|
|
—
|
|
|
1,730
|
|
|
1,750
|
|
Due after one year but within five years
|
28,701
|
|
|
29,567
|
|
|
11,496
|
|
|
11,639
|
|
|
Due after five years but within ten years
|
15,000
|
|
|
15,032
|
|
|
5,342
|
|
|
5,389
|
|
|
Due after ten years
|
5,000
|
|
|
4,945
|
|
|
3,622
|
|
|
3,615
|
|
|
Mortgage-backed securities
|
727,261
|
|
|
756,926
|
|
|
39,113
|
|
|
39,992
|
|
|
Total securities
|
$
|
775,962
|
|
|
806,470
|
|
|
61,303
|
|
|
62,385
|
|
($ in thousands)
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||
|
Amount
|
|
Percentage
|
|
Amount
|
|
Percentage
|
||||||
All loans:
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||
Commercial, financial, and agricultural
|
$
|
521,470
|
|
|
12
|
%
|
|
$
|
504,271
|
|
|
11
|
%
|
Real estate – construction, land development & other land loans
|
590,485
|
|
|
13
|
%
|
|
530,866
|
|
|
12
|
%
|
||
Real estate – mortgage – residential (1-4 family) first mortgages
|
1,083,022
|
|
|
24
|
%
|
|
1,105,014
|
|
|
25
|
%
|
||
Real estate – mortgage – home equity loans / lines of credit
|
331,170
|
|
|
7
|
%
|
|
337,922
|
|
|
8
|
%
|
||
Real estate – mortgage – commercial and other
|
1,970,716
|
|
|
43
|
%
|
|
1,917,280
|
|
|
43
|
%
|
||
Consumer loans
|
54,133
|
|
|
1
|
%
|
|
56,172
|
|
|
1
|
%
|
||
Subtotal
|
4,550,996
|
|
|
100
|
%
|
|
4,451,525
|
|
|
100
|
%
|
||
Unamortized net deferred loan costs
|
1,712
|
|
|
|
|
1,941
|
|
|
|
||||
Total loans
|
$
|
4,552,708
|
|
|
|
|
$
|
4,453,466
|
|
|
|
($ in thousands)
|
March 31,
2020 |
|
December 31,
2019 |
|||
Guaranteed portions of SBA Loans included in table above
|
$
|
27,985
|
|
|
54,400
|
|
Unguaranteed portions of SBA Loans included in table above
|
119,857
|
|
|
110,782
|
|
|
Total SBA loans included in the table above
|
$
|
147,842
|
|
|
165,182
|
|
|
|
|
|
|
|
|
Sold portions of SBA loans with servicing retained - not included in table above
|
$
|
324,231
|
|
|
316,730
|
|
PCI loans
|
For the Three Months Ended March 31, 2020
|
|
For the Three Months Ended March 31, 2019
|
|||
Balance at beginning of period
|
$
|
12,664
|
|
|
17,393
|
|
Change due to payments received and accretion
|
(2,841
|
)
|
|
(1,556
|
)
|
|
Change due to loan charge-offs
|
(10
|
)
|
|
(8
|
)
|
|
Transfers to foreclosed real estate
|
—
|
|
|
—
|
|
|
Other
|
26
|
|
|
38
|
|
|
Balance at end of period
|
$
|
9,839
|
|
|
15,867
|
|
Accretable Yield for PCI loans
|
For the Three Months Ended March 31, 2020
|
|
For the Three Months Ended March 31, 2019
|
|||
Balance at beginning of period
|
$
|
4,149
|
|
|
4,750
|
|
Accretion
|
(567
|
)
|
|
(392
|
)
|
|
Reclassification from (to) nonaccretable difference
|
304
|
|
|
237
|
|
|
Other, net
|
(453
|
)
|
|
550
|
|
|
Balance at end of period
|
$
|
3,433
|
|
|
5,145
|
|
($ in thousands)
|
March 31,
2020 |
|
December 31,
2019 |
|||
Nonperforming assets
|
|
|
|
|
|
|
Nonaccrual loans
|
$
|
25,066
|
|
|
24,866
|
|
Restructured loans - accruing
|
9,747
|
|
|
9,053
|
|
|
Accruing loans > 90 days past due
|
—
|
|
|
—
|
|
|
Total nonperforming loans
|
34,813
|
|
|
33,919
|
|
|
Foreclosed real estate
|
3,487
|
|
|
3,873
|
|
|
Total nonperforming assets
|
$
|
38,300
|
|
|
37,792
|
|
|
|
|
|
|
|
|
Purchased credit impaired loans not included above (1)
|
$
|
9,839
|
|
|
12,664
|
|
|
|
|
|
|
|
($ in thousands)
|
March 31,
2020 |
|
December 31,
2019 |
|||
Commercial, financial, and agricultural
|
$
|
3,703
|
|
|
5,518
|
|
Real estate – construction, land development & other land loans
|
958
|
|
|
1,067
|
|
|
Real estate – mortgage – residential (1-4 family) first mortgages
|
8,581
|
|
|
7,552
|
|
|
Real estate – mortgage – home equity loans / lines of credit
|
1,874
|
|
|
1,797
|
|
|
Real estate – mortgage – commercial and other
|
9,837
|
|
|
8,820
|
|
|
Consumer loans
|
113
|
|
|
112
|
|
|
Total
|
$
|
25,066
|
|
|
24,866
|
|
($ in thousands)
|
Accruing
30-59
Days Past
Due
|
|
Accruing
60-89
Days
Past
Due
|
|
Accruing
90 Days
or More
Past
Due
|
|
Nonaccrual
Loans
|
|
Accruing
Current
|
|
Total Loans
Receivable
|
||||||||
Commercial, financial, and agricultural
|
$
|
2,387
|
|
|
201
|
|
|
—
|
|
|
3,703
|
|
|
514,992
|
|
|
521,283
|
|
|
Real estate – construction, land development & other land loans
|
1,333
|
|
|
42
|
|
|
—
|
|
|
958
|
|
|
587,989
|
|
|
590,322
|
|
||
Real estate – mortgage – residential (1-4 family) first mortgages
|
10,829
|
|
|
30
|
|
|
—
|
|
|
8,581
|
|
|
1,058,281
|
|
|
1,077,721
|
|
||
Real estate – mortgage – home equity loans / lines of credit
|
1,532
|
|
|
155
|
|
|
—
|
|
|
1,874
|
|
|
327,516
|
|
|
331,077
|
|
||
Real estate – mortgage – commercial and other
|
4,850
|
|
|
7,164
|
|
|
—
|
|
|
9,837
|
|
|
1,944,844
|
|
|
1,966,695
|
|
||
Consumer loans
|
129
|
|
|
67
|
|
|
—
|
|
|
113
|
|
|
53,750
|
|
|
54,059
|
|
||
Purchased credit impaired
|
625
|
|
|
15
|
|
|
746
|
|
|
—
|
|
|
8,453
|
|
|
9,839
|
|
||
Total
|
$
|
21,685
|
|
|
7,674
|
|
|
746
|
|
|
25,066
|
|
|
4,495,825
|
|
|
4,550,996
|
|
|
Unamortized net deferred loan costs
|
|
|
|
|
|
|
|
|
|
|
1,712
|
|
|||||||
Total loans
|
|
|
|
|
|
|
|
|
|
|
$
|
4,552,708
|
|
($ in thousands)
|
Accruing
30-59
Days
Past
Due
|
|
Accruing
60-89
Days
Past
Due
|
|
Accruing
90 Days
or More
Past
Due
|
|
Nonaccrual
Loans
|
|
Accruing
Current
|
|
Total Loans
Receivable
|
||||||||
Commercial, financial, and agricultural
|
$
|
752
|
|
|
—
|
|
|
—
|
|
|
5,518
|
|
|
497,788
|
|
|
504,058
|
|
|
Real estate – construction, land development & other land loans
|
37
|
|
|
152
|
|
|
—
|
|
|
1,067
|
|
|
529,444
|
|
|
530,700
|
|
||
Real estate – mortgage – residential (1-4 family) first mortgages
|
10,858
|
|
|
5,056
|
|
|
—
|
|
|
7,552
|
|
|
1,076,205
|
|
|
1,099,671
|
|
||
Real estate – mortgage – home equity loans / lines of credit
|
770
|
|
|
300
|
|
|
—
|
|
|
1,797
|
|
|
334,832
|
|
|
337,699
|
|
||
Real estate – mortgage – commercial and other
|
4,257
|
|
|
—
|
|
|
—
|
|
|
8,820
|
|
|
1,897,573
|
|
|
1,910,650
|
|
||
Consumer loans
|
344
|
|
|
137
|
|
|
—
|
|
|
112
|
|
|
55,490
|
|
|
56,083
|
|
||
Purchased credit impaired
|
218
|
|
|
38
|
|
|
762
|
|
|
—
|
|
|
11,646
|
|
|
12,664
|
|
||
Total
|
$
|
17,236
|
|
|
5,683
|
|
|
762
|
|
|
24,866
|
|
|
4,402,978
|
|
|
4,451,525
|
|
|
Unamortized net deferred loan costs
|
|
|
|
|
|
|
|
|
|
|
1,941
|
|
|||||||
Total loans
|
|
|
|
|
|
|
|
|
|
|
$
|
4,453,466
|
|
($ in thousands)
|
Commercial,
Financial, and Agricultural |
|
Real Estate
– Construction, Land Development & Other Land Loans |
|
Real Estate
– Residential (1-4 Family) First Mortgages |
|
Real Estate
– Mortgage – Home Equity Lines of Credit |
|
Real Estate
– Mortgage – Commercial and Other |
|
Consumer Loans
|
|
Unallocated
|
|
Total
|
||||||||||
As of and for the three months ended March 31, 2020
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Beginning balance
|
$
|
4,553
|
|
|
1,976
|
|
|
3,832
|
|
|
1,127
|
|
|
8,938
|
|
|
972
|
|
|
—
|
|
|
21,398
|
|
|
Charge-offs
|
(2,460
|
)
|
|
(40
|
)
|
|
(195
|
)
|
|
(68
|
)
|
|
(263
|
)
|
|
(287
|
)
|
|
—
|
|
|
(3,313
|
)
|
||
Recoveries
|
217
|
|
|
290
|
|
|
91
|
|
|
83
|
|
|
47
|
|
|
95
|
|
|
—
|
|
|
823
|
|
||
Provisions
|
1,894
|
|
|
373
|
|
|
645
|
|
|
252
|
|
|
2,191
|
|
|
235
|
|
|
—
|
|
|
5,590
|
|
||
Ending balance
|
$
|
4,204
|
|
|
2,599
|
|
|
4,373
|
|
|
1,394
|
|
|
10,913
|
|
|
1,015
|
|
|
—
|
|
|
24,498
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ending balance as of March 31, 2020: Allowance for loan losses
|
|||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
1,093
|
|
|
73
|
|
|
739
|
|
|
90
|
|
|
1,233
|
|
|
—
|
|
|
—
|
|
|
3,228
|
|
|
Collectively evaluated for impairment
|
$
|
3,069
|
|
|
2,526
|
|
|
3,528
|
|
|
1,304
|
|
|
9,680
|
|
|
1,006
|
|
|
—
|
|
|
21,113
|
|
|
Purchased credit impaired
|
$
|
42
|
|
|
—
|
|
|
106
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans receivable as of March 31, 2020
|
|||||||||||||||||||||||||
Ending balance – total
|
$
|
521,470
|
|
|
590,485
|
|
|
1,083,022
|
|
|
331,170
|
|
|
1,970,716
|
|
|
54,133
|
|
|
—
|
|
|
4,550,996
|
|
|
Unamortized net deferred loan costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,712
|
|
|||||||||
Total loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,552,708
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ending balances as of March 31, 2020: Loans
|
|||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
3,050
|
|
|
756
|
|
|
9,915
|
|
|
433
|
|
|
11,862
|
|
|
—
|
|
|
—
|
|
|
26,016
|
|
|
Collectively evaluated for impairment
|
$
|
518,233
|
|
|
589,566
|
|
|
1,067,805
|
|
|
330,644
|
|
|
1,954,834
|
|
|
54,059
|
|
|
—
|
|
|
4,515,141
|
|
|
Purchased credit impaired
|
$
|
187
|
|
|
163
|
|
|
5,302
|
|
|
93
|
|
|
4,020
|
|
|
74
|
|
|
—
|
|
|
9,839
|
|
($ in thousands)
|
Commercial,
Financial,
and
Agricultural
|
|
Real Estate
–
Construction,
Land
Development
& Other Land
Loans
|
|
Real Estate
–
Residential
(1-4 Family)
First
Mortgages
|
|
Real Estate
– Mortgage
– Home
Equity
Lines of
Credit
|
|
Real Estate
– Mortgage
–
Commercial
and Other
|
|
Consumer Loans
|
|
Unallocated
|
|
Total
|
||||||||||
As of and for the year ended December 31, 2019
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Beginning balance
|
$
|
2,889
|
|
|
2,243
|
|
|
5,197
|
|
|
1,665
|
|
|
7,983
|
|
|
952
|
|
|
110
|
|
|
21,039
|
|
|
Charge-offs
|
(2,473
|
)
|
|
(553
|
)
|
|
(657
|
)
|
|
(307
|
)
|
|
(1,556
|
)
|
|
(757
|
)
|
|
—
|
|
|
(6,303
|
)
|
||
Recoveries
|
980
|
|
|
1,275
|
|
|
705
|
|
|
629
|
|
|
575
|
|
|
235
|
|
|
—
|
|
|
4,399
|
|
||
Provisions
|
3,157
|
|
|
(989
|
)
|
|
(1,413
|
)
|
|
(860
|
)
|
|
1,936
|
|
|
542
|
|
|
(110
|
)
|
|
2,263
|
|
||
Ending balance
|
$
|
4,553
|
|
|
1,976
|
|
|
3,832
|
|
|
1,127
|
|
|
8,938
|
|
|
972
|
|
|
—
|
|
|
21,398
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ending balances as of December 31, 2019: Allowance for loan losses
|
|||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
1,791
|
|
|
50
|
|
|
750
|
|
|
—
|
|
|
983
|
|
|
—
|
|
|
—
|
|
|
3,574
|
|
|
Collectively evaluated for impairment
|
$
|
2,720
|
|
|
1,926
|
|
|
2,976
|
|
|
1,127
|
|
|
7,931
|
|
|
961
|
|
|
—
|
|
|
17,641
|
|
|
Purchased credit impaired
|
$
|
42
|
|
|
—
|
|
|
106
|
|
|
—
|
|
|
24
|
|
|
11
|
|
|
—
|
|
|
183
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans receivable as of December 31, 2019:
|
|||||||||||||||||||||||||
Ending balance – total
|
$
|
504,271
|
|
|
530,866
|
|
|
1,105,014
|
|
|
337,922
|
|
|
1,917,280
|
|
|
56,172
|
|
|
—
|
|
|
4,451,525
|
|
|
Unamortized net deferred loan costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,941
|
|
|||||||||
Total loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,453,466
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ending balances as of December 31, 2019: Loans
|
|||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
4,957
|
|
|
796
|
|
|
9,546
|
|
|
333
|
|
|
9,570
|
|
|
—
|
|
|
—
|
|
|
25,202
|
|
|
Collectively evaluated for impairment
|
$
|
499,101
|
|
|
529,904
|
|
|
1,090,125
|
|
|
337,366
|
|
|
1,901,080
|
|
|
56,083
|
|
|
—
|
|
|
4,413,659
|
|
|
Purchased credit impaired
|
$
|
213
|
|
|
166
|
|
|
5,343
|
|
|
223
|
|
|
6,630
|
|
|
89
|
|
|
—
|
|
|
12,664
|
|
($ in thousands)
|
Commercial,
Financial, and Agricultural |
|
Real Estate
– Construction, Land Development, & Other Land Loans |
|
Real Estate
– Residential (1-4 Family) First Mortgages |
|
Real Estate
– Mortgage – Home Equity Lines of Credit |
|
Real Estate
– Mortgage – Commercial and Other |
|
Consumer Loans
|
|
Unallocated
|
|
Total
|
|||||||||
As of and for the three months ended March 31, 2019
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Beginning balance
|
$
|
2,889
|
|
|
2,243
|
|
|
5,197
|
|
|
1,665
|
|
|
7,983
|
|
|
952
|
|
|
110
|
|
|
21,039
|
|
Charge-offs
|
(246
|
)
|
|
(264
|
)
|
|
(30
|
)
|
|
(80
|
)
|
|
(836
|
)
|
|
(281
|
)
|
|
—
|
|
|
(1,737
|
)
|
|
Recoveries
|
414
|
|
|
287
|
|
|
160
|
|
|
128
|
|
|
271
|
|
|
33
|
|
|
—
|
|
|
1,293
|
|
|
Provisions
|
652
|
|
|
18
|
|
|
(817
|
)
|
|
(339
|
)
|
|
702
|
|
|
302
|
|
|
(18
|
)
|
|
500
|
|
|
Ending balance
|
$
|
3,709
|
|
|
2,284
|
|
|
4,510
|
|
|
1,374
|
|
|
8,120
|
|
|
1,006
|
|
|
92
|
|
|
21,095
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Ending balances as of March 31, 2019: Allowance for loan losses
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
857
|
|
|
28
|
|
|
858
|
|
|
—
|
|
|
312
|
|
|
—
|
|
|
—
|
|
|
2,055
|
|
Collectively evaluated for impairment
|
$
|
2,852
|
|
|
2,256
|
|
|
3,596
|
|
|
1,362
|
|
|
7,723
|
|
|
990
|
|
|
92
|
|
|
18,871
|
|
Purchased credit impaired
|
$
|
—
|
|
|
—
|
|
|
56
|
|
|
12
|
|
|
85
|
|
|
16
|
|
|
—
|
|
|
169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Loans receivable as of March 31, 2019
|
||||||||||||||||||||||||
Ending balance – total
|
$
|
468,388
|
|
|
553,760
|
|
|
1,061,049
|
|
|
354,669
|
|
|
1,794,794
|
|
|
69,503
|
|
|
—
|
|
|
4,302,163
|
|
Unamortized net deferred loan fees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,624
|
|
||||||||
Total loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,303,787
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Ending balances as of March 31, 2019: Loans
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
1,044
|
|
|
797
|
|
|
10,891
|
|
|
21
|
|
|
8,396
|
|
|
—
|
|
|
—
|
|
|
21,149
|
|
Collectively evaluated for impairment
|
$
|
467,139
|
|
|
552,788
|
|
|
1,044,104
|
|
|
354,316
|
|
|
1,777,481
|
|
|
69,319
|
|
|
—
|
|
|
4,265,147
|
|
Purchased credit impaired
|
$
|
205
|
|
|
175
|
|
|
6,054
|
|
|
332
|
|
|
8,917
|
|
|
184
|
|
|
—
|
|
|
15,867
|
|
($ in thousands)
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
|
Average
Recorded
Investment
|
|||||
Impaired loans with no related allowance recorded:
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|||||
Commercial, financial, and agricultural
|
$
|
19
|
|
|
51
|
|
|
—
|
|
|
18
|
|
Real estate – mortgage – construction, land development & other land loans
|
116
|
|
|
168
|
|
|
—
|
|
|
169
|
|
|
Real estate – mortgage – residential (1-4 family) first mortgages
|
4,901
|
|
|
5,160
|
|
|
—
|
|
|
4,601
|
|
|
Real estate – mortgage –home equity loans / lines of credit
|
330
|
|
|
358
|
|
|
—
|
|
|
332
|
|
|
Real estate – mortgage –commercial and other
|
5,471
|
|
|
7,035
|
|
|
—
|
|
|
4,057
|
|
|
Consumer loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total impaired loans with no allowance
|
$
|
10,837
|
|
|
12,772
|
|
|
—
|
|
|
9,177
|
|
|
|
|
|
|
|
|
|
|||||
Impaired loans with an allowance recorded:
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|||||
Commercial, financial, and agricultural
|
$
|
3,031
|
|
|
3,063
|
|
|
1,093
|
|
|
3,986
|
|
Real estate – mortgage – construction, land development & other land loans
|
640
|
|
|
649
|
|
|
73
|
|
|
608
|
|
|
Real estate – mortgage – residential (1-4 family) first mortgages
|
5,014
|
|
|
5,244
|
|
|
739
|
|
|
5,130
|
|
|
Real estate – mortgage –home equity loans / lines of credit
|
103
|
|
|
103
|
|
|
90
|
|
|
52
|
|
|
Real estate – mortgage –commercial and other
|
6,391
|
|
|
6,821
|
|
|
1,233
|
|
|
6,659
|
|
|
Consumer loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total impaired loans with allowance
|
$
|
15,179
|
|
|
15,880
|
|
|
3,228
|
|
|
16,435
|
|
($ in thousands)
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
|
Average
Recorded
Investment
|
|||||
Impaired loans with no related allowance recorded:
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|||||
Commercial, financial, and agricultural
|
$
|
16
|
|
|
19
|
|
|
—
|
|
|
74
|
|
Real estate – mortgage – construction, land development & other land loans
|
221
|
|
|
263
|
|
|
—
|
|
|
366
|
|
|
Real estate – mortgage – residential (1-4 family) first mortgages
|
4,300
|
|
|
4,539
|
|
|
—
|
|
|
4,415
|
|
|
Real estate – mortgage –home equity loans / lines of credit
|
333
|
|
|
357
|
|
|
—
|
|
|
147
|
|
|
Real estate – mortgage –commercial and other
|
2,643
|
|
|
3,328
|
|
|
—
|
|
|
3,240
|
|
|
Consumer loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total impaired loans with no allowance
|
$
|
7,513
|
|
|
8,506
|
|
|
—
|
|
|
8,242
|
|
|
|
|
|
|
|
|
|
|||||
Impaired loans with an allowance recorded:
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|||||
Commercial, financial, and agricultural
|
$
|
4,941
|
|
|
4,995
|
|
|
1,791
|
|
|
1,681
|
|
Real estate – mortgage – construction, land development & other land loans
|
575
|
|
|
575
|
|
|
50
|
|
|
586
|
|
|
Real estate – mortgage – residential (1-4 family) first mortgages
|
5,246
|
|
|
5,469
|
|
|
750
|
|
|
6,206
|
|
|
Real estate – mortgage –home equity loans / lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
55
|
|
|
Real estate – mortgage –commercial and other
|
6,927
|
|
|
7,914
|
|
|
983
|
|
|
5,136
|
|
|
Consumer loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total impaired loans with allowance
|
$
|
17,689
|
|
|
18,953
|
|
|
3,574
|
|
|
13,664
|
|
|
Risk Grade
|
Description
|
Pass:
|
|
|
|
1
|
Loans with virtually no risk, including cash secured loans.
|
|
2
|
Loans with documented significant overall financial strength. These loans have minimum chance of loss due to the presence of multiple sources of repayment – each clearly sufficient to satisfy the obligation.
|
|
3
|
Loans with documented satisfactory overall financial strength. These loans have a low loss potential due to presence of at least two clearly identified sources of repayment – each of which is sufficient to satisfy the obligation under the present circumstances.
|
|
4
|
Loans to borrowers with acceptable financial condition. These loans could have signs of minor operational weaknesses, lack of adequate financial information, or loans supported by collateral with questionable value or marketability.
|
|
5
|
Loans that represent above average risk due to minor weaknesses and warrant closer scrutiny by management. Collateral is generally required and felt to provide reasonable coverage with realizable liquidation values in normal circumstances. Repayment performance is satisfactory.
|
|
P
(Pass)
|
Consumer loans (<$500,000) that are of satisfactory credit quality with borrowers who exhibit good personal credit history, average personal financial strength and moderate debt levels. These loans generally conform to Bank policy, but may include approved mitigated exceptions to the guidelines.
|
Special Mention:
|
|
|
|
6
|
Existing loans with defined weaknesses in primary source of repayment that, if not corrected, could cause a loss to the Bank.
|
Classified:
|
|
|
|
7
|
An existing loan inadequately protected by the current sound net worth and paying capacity of the obligor or the collateral pledged, if any. These loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt.
|
|
8
|
Loans that have a well-defined weakness that make the collection or liquidation in full highly questionable and improbable. Loss appears imminent, but the exact amount and timing is uncertain.
|
|
9
|
Loans that are considered uncollectible and are in the process of being charged-off. This grade is a temporary grade assigned for administrative purposes until the charge-off is completed.
|
|
F
(Fail)
|
Consumer loans (<$500,000) with a well-defined weakness, such as exceptions of any kind with no mitigating factors, history of paying outside the terms of the note, insufficient income to support the current level of debt, etc.
|
($ in thousands)
|
Pass
|
|
Special
Mention Loans
|
|
Classified
Accruing Loans
|
|
Classified
Nonaccrual
Loans
|
|
Total
|
||||||
Commercial, financial, and agricultural
|
$
|
504,858
|
|
|
7,736
|
|
|
4,986
|
|
|
3,703
|
|
|
521,283
|
|
Real estate – construction, land development & other land loans
|
583,176
|
|
|
4,743
|
|
|
1,445
|
|
|
958
|
|
|
590,322
|
|
|
Real estate – mortgage – residential (1-4 family) first mortgages
|
1,046,994
|
|
|
8,427
|
|
|
13,719
|
|
|
8,581
|
|
|
1,077,721
|
|
|
Real estate – mortgage – home equity loans / lines of credit
|
322,000
|
|
|
1,217
|
|
|
5,986
|
|
|
1,874
|
|
|
331,077
|
|
|
Real estate – mortgage – commercial and other
|
1,920,923
|
|
|
28,557
|
|
|
7,378
|
|
|
9,837
|
|
|
1,966,695
|
|
|
Consumer loans
|
53,532
|
|
|
207
|
|
|
207
|
|
|
113
|
|
|
54,059
|
|
|
Purchased credit impaired
|
8,022
|
|
|
87
|
|
|
1,730
|
|
|
—
|
|
|
9,839
|
|
|
Total
|
$
|
4,439,505
|
|
|
50,974
|
|
|
35,451
|
|
|
25,066
|
|
|
4,550,996
|
|
Unamortized net deferred loan costs
|
|
|
|
|
|
|
|
|
1,712
|
|
|||||
Total loans
|
|
|
|
|
|
|
|
|
4,552,708
|
|
($ in thousands)
|
Pass
|
|
Special
Mention Loans
|
|
Classified
Accruing Loans
|
|
Classified
Nonaccrual
Loans
|
|
Total
|
||||||
Commercial, financial, and agricultural
|
$
|
486,081
|
|
|
7,998
|
|
|
4,461
|
|
|
5,518
|
|
|
504,058
|
|
Real estate – construction, land development & other land loans
|
522,767
|
|
|
4,075
|
|
|
2,791
|
|
|
1,067
|
|
|
530,700
|
|
|
Real estate – mortgage – residential (1-4 family) first mortgages
|
1,063,735
|
|
|
13,187
|
|
|
15,197
|
|
|
7,552
|
|
|
1,099,671
|
|
|
Real estate – mortgage – home equity loans / lines of credit
|
328,903
|
|
|
1,258
|
|
|
5,741
|
|
|
1,797
|
|
|
337,699
|
|
|
Real estate – mortgage – commercial and other
|
1,873,594
|
|
|
20,800
|
|
|
7,436
|
|
|
8,820
|
|
|
1,910,650
|
|
|
Consumer loans
|
55,203
|
|
|
413
|
|
|
355
|
|
|
112
|
|
|
56,083
|
|
|
Purchased credit impaired
|
8,098
|
|
|
2,590
|
|
|
1,976
|
|
|
—
|
|
|
12,664
|
|
|
Total
|
$
|
4,338,381
|
|
|
50,321
|
|
|
37,957
|
|
|
24,866
|
|
|
4,451,525
|
|
Unamortized net deferred loan costs
|
|
|
|
|
|
|
|
|
1,941
|
|
|||||
Total loans
|
|
|
|
|
|
|
|
|
4,453,466
|
|
($ in thousands)
|
For the three months ended
March 31, 2020 |
|
For the three months ended
March 31, 2019 |
||||||||||||||||||
|
Number of
Contracts |
|
Pre-
Modification Restructured Balances |
|
Post-
Modification Restructured Balances |
|
Number of
Contracts |
|
Pre-
Modification Restructured Balances |
|
Post-
Modification Restructured Balances |
||||||||||
TDRs – Accruing
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial, financial, and agricultural
|
2
|
|
|
$
|
143
|
|
|
$
|
143
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Real estate – construction, land development & other land loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Real estate – mortgage – residential (1-4 family) first mortgages
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
254
|
|
|
258
|
|
||||
Real estate – mortgage – home equity loans / lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Real estate – mortgage – commercial and other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Consumer loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
TDRs – Nonaccrual
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial, financial, and agricultural
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Real estate – construction, land development & other land loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Real estate – mortgage – residential (1-4 family) first mortgages
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Real estate – mortgage – home equity loans / lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Real estate – mortgage – commercial and other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Consumer loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total TDRs arising during period
|
2
|
|
|
$
|
143
|
|
|
$
|
143
|
|
|
2
|
|
|
$
|
254
|
|
|
$
|
258
|
|
($ in thousands)
|
For the Three Months Ended March 31, 2020
|
|
For the Three Months Ended March 31, 2019
|
||||||||||
|
Number of
Contracts |
|
Recorded
Investment |
|
Number of
Contracts |
|
Recorded
Investment |
||||||
Accruing TDRs that subsequently defaulted
|
|
|
|
|
|
|
|
||||||
Real estate – mortgage – residential (1-4 family first mortgages)
|
—
|
|
|
$
|
—
|
|
|
1
|
|
|
$
|
93
|
|
Real estate – mortgage – commercial and other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Total accruing TDRs that subsequently defaulted
|
—
|
|
|
$
|
—
|
|
|
1
|
|
|
$
|
93
|
|
|
|
March 31, 2020
|
|
December 31, 2019
|
|||||||||
($ in thousands)
|
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
|
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
|
|||||
Amortizable intangible assets:
|
|
|
|
|
|
|
|
|
|||||
Customer lists
|
|
$
|
6,013
|
|
|
2,316
|
|
|
6,013
|
|
|
2,185
|
|
Core deposit intangibles
|
|
28,440
|
|
|
21,510
|
|
|
28,440
|
|
|
20,610
|
|
|
SBA servicing asset
|
|
7,993
|
|
|
3,311
|
|
|
7,776
|
|
|
2,393
|
|
|
Other
|
|
1,303
|
|
|
1,151
|
|
|
1,303
|
|
|
1,127
|
|
|
Total
|
|
$
|
43,749
|
|
|
28,288
|
|
|
43,532
|
|
|
26,315
|
|
|
|
|
|
|
|
|
|
|
|||||
Unamortizable intangible assets:
|
|
|
|
|
|
|
|
|
|||||
Goodwill
|
|
$
|
234,368
|
|
|
|
|
234,368
|
|
|
|
($ in thousands)
|
|
Estimated Amortization
Expense
|
||
April 1 to December 31, 2020
|
|
$
|
2,786
|
|
2021
|
|
2,927
|
|
|
2022
|
|
2,022
|
|
|
2023
|
|
1,041
|
|
|
2024
|
|
404
|
|
|
Thereafter
|
|
1,599
|
|
|
Total
|
|
$
|
10,779
|
|
|
For the Three Months Ended March 31,
|
|||||||||||||||||
($ in thousands)
|
2020
Pension Plan |
|
2019
Pension Plan |
|
2020
SERP |
|
2019
SERP |
|
2020 Total
Both Plans |
|
2019 Total
Both Plans |
|||||||
Service cost
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Interest cost
|
308
|
|
|
372
|
|
|
55
|
|
|
41
|
|
|
363
|
|
|
413
|
|
|
Expected return on plan assets
|
(325
|
)
|
|
(397
|
)
|
|
—
|
|
|
—
|
|
|
(325
|
)
|
|
(397
|
)
|
|
Amortization of net (gain)/loss
|
219
|
|
|
223
|
|
|
(41
|
)
|
|
5
|
|
|
178
|
|
|
228
|
|
|
Net periodic pension cost
|
$
|
202
|
|
|
198
|
|
|
14
|
|
|
46
|
|
|
216
|
|
|
244
|
|
($ in thousands)
|
March 31, 2020
|
|
December 31, 2019
|
|||
Unrealized gain (loss) on securities available for sale
|
$
|
30,508
|
|
|
9,743
|
|
Deferred tax asset (liability)
|
(7,011
|
)
|
|
(2,239
|
)
|
|
Net unrealized gain (loss) on securities available for sale
|
23,497
|
|
|
7,504
|
|
|
|
|
|
|
|||
Postretirement plans asset (liability)
|
(2,913
|
)
|
|
(3,092
|
)
|
|
Deferred tax asset (liability)
|
669
|
|
|
711
|
|
|
Net postretirement plans asset (liability)
|
(2,244
|
)
|
|
(2,381
|
)
|
|
|
|
|
|
|||
Total accumulated other comprehensive income (loss)
|
$
|
21,253
|
|
|
5,123
|
|
($ in thousands)
|
Unrealized Gain
(Loss) on
Securities
Available for Sale
|
|
Postretirement Plans Asset
(Liability)
|
|
Total
|
||||
Beginning balance at January 1, 2020
|
$
|
7,504
|
|
|
(2,381
|
)
|
|
5,123
|
|
Other comprehensive income (loss) before reclassifications
|
15,993
|
|
|
—
|
|
|
15,993
|
|
|
Amounts reclassified from accumulated other comprehensive income
|
—
|
|
|
137
|
|
|
137
|
|
|
Net current-period other comprehensive income (loss)
|
15,993
|
|
|
137
|
|
|
16,130
|
|
|
|
|
|
|
|
|
||||
Ending balance at March 31, 2020
|
$
|
23,497
|
|
|
(2,244
|
)
|
|
21,253
|
|
($ in thousands)
|
Unrealized Gain
(Loss) on
Securities
Available for Sale
|
|
Postretirement Plans Asset
(Liability)
|
|
Total
|
||||
Beginning balance at January 1, 2019
|
$
|
(9,494
|
)
|
|
(2,467
|
)
|
|
(11,961
|
)
|
Other comprehensive income (loss) before reclassifications
|
4,523
|
|
|
—
|
|
|
4,523
|
|
|
Amounts reclassified from accumulated other comprehensive income
|
—
|
|
|
174
|
|
|
174
|
|
|
Net current-period other comprehensive income (loss)
|
4,523
|
|
|
174
|
|
|
4,697
|
|
|
|
|
|
|
|
|
||||
Ending balance at March 31, 2019
|
$
|
(4,971
|
)
|
|
(2,293
|
)
|
|
(7,264
|
)
|
|
|
|
March 31, 2020
|
|
December 31, 2019
|
|||||||||
($ in thousands)
|
Level in Fair
Value
Hierarchy
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|||||
Cash and due from banks, noninterest-bearing
|
Level 1
|
|
$
|
93,666
|
|
|
93,666
|
|
|
64,519
|
|
|
64,519
|
|
Due from banks, interest-bearing
|
Level 1
|
|
282,683
|
|
|
282,683
|
|
|
166,783
|
|
|
166,783
|
|
|
Securities held to maturity
|
Level 2
|
|
61,303
|
|
|
62,385
|
|
|
67,932
|
|
|
68,333
|
|
|
SBA loans held for sale
|
Level 2
|
|
18,449
|
|
|
19,332
|
|
|
—
|
|
|
—
|
|
|
Total loans, net of allowance
|
Level 3
|
|
4,528,210
|
|
|
4,428,870
|
|
|
4,432,068
|
|
|
4,407,610
|
|
|
Accrued interest receivable
|
Level 1
|
|
15,767
|
|
|
15,767
|
|
|
16,648
|
|
|
16,648
|
|
|
Bank-owned life insurance
|
Level 1
|
|
105,083
|
|
|
105,083
|
|
|
104,441
|
|
|
104,441
|
|
|
SBA Servicing Asset
|
Level 3
|
|
4,682
|
|
|
4,906
|
|
|
5,383
|
|
|
5,649
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits
|
Level 2
|
|
5,044,988
|
|
|
5,045,800
|
|
|
4,931,355
|
|
|
4,930,751
|
|
|
Borrowings
|
Level 2
|
|
402,185
|
|
|
393,542
|
|
|
300,671
|
|
|
295,399
|
|
|
Accrued interest payable
|
Level 2
|
|
2,100
|
|
|
2,100
|
|
|
2,154
|
|
|
2,154
|
|
|
For the Three Months Ended
|
|||||
$ in thousands
|
March 31, 2020
|
|
March 31, 2019
|
|||
Noninterest Income
|
|
|
|
|||
In-scope of ASC 606:
|
|
|
|
|||
Service charges on deposit accounts:
|
$
|
3,337
|
|
|
2,945
|
|
Other service charges, commissions, and fees:
|
|
|
|
|||
Interchange income
|
2,887
|
|
|
2,809
|
|
|
Other service charges and fees
|
1,182
|
|
|
1,697
|
|
|
Commissions from sales of insurance and financial products:
|
|
|
|
|||
Insurance income
|
1,198
|
|
|
1,368
|
|
|
Wealth management income
|
870
|
|
|
661
|
|
|
SBA consulting fees
|
1,027
|
|
|
1,263
|
|
|
Noninterest income (in-scope of ASC 606)
|
10,501
|
|
|
10,743
|
|
|
Noninterest income (out-of-scope of ASC 606)
|
3,204
|
|
|
3,335
|
|
|
Total noninterest income
|
$
|
13,705
|
|
|
14,078
|
|
Description
|
|
Due date
|
|
Call Feature
|
|
March 31, 2020
|
|
Interest Rate
|
||
FHLB Term Note
|
|
4/6/2020
|
|
None
|
|
$
|
50,000
|
|
|
1.01% fixed
|
FHLB Term Note
|
|
5/6/2020
|
|
None
|
|
50,000
|
|
|
0.88% fixed
|
|
FHLB Term Note
|
|
5/29/2020
|
|
None
|
|
40,000
|
|
|
1.62% fixed
|
|
FHLB Term Note
|
|
6/8/2020
|
|
None
|
|
50,000
|
|
|
0.71% fixed
|
|
FHLB Term Note
|
|
6/18/2020
|
|
None
|
|
50,000
|
|
|
0.41% fixed
|
|
FHLB Term Note
|
|
9/4/2020
|
|
None
|
|
50,000
|
|
|
0.64% fixed
|
|
FHLB Term Note
|
|
9/18/2020
|
|
None
|
|
50,000
|
|
|
0.50% fixed
|
|
FHLB Principal Reducing Credit
|
|
7/24/2023
|
|
None
|
|
158
|
|
|
1.00% fixed
|
|
FHLB Principal Reducing Credit
|
|
12/22/2023
|
|
None
|
|
1,020
|
|
|
1.25% fixed
|
|
FHLB Principal Reducing Credit
|
|
1/15/2026
|
|
None
|
|
6,000
|
|
|
1.98% fixed
|
|
FHLB Principal Reducing Credit
|
|
6/26/2028
|
|
None
|
|
242
|
|
|
0.25% fixed
|
|
FHLB Principal Reducing Credit
|
|
7/17/2028
|
|
None
|
|
54
|
|
|
0.00% fixed
|
|
FHLB Principal Reducing Credit
|
|
8/18/2028
|
|
None
|
|
179
|
|
|
1.00% fixed
|
|
FHLB Principal Reducing Credit
|
|
8/22/2028
|
|
None
|
|
179
|
|
|
1.00% fixed
|
|
FHLB Principal Reducing Credit
|
|
12/20/2028
|
|
None
|
|
364
|
|
|
0.50% fixed
|
|
Trust Preferred Securities
|
|
1/23/2034
|
|
Quarterly by Company
beginning 1/23/2009 |
|
20,620
|
|
|
4.47% at 3/31/2020
adjustable rate 3 month LIBOR + 2.70% |
|
Trust Preferred Securities
|
|
6/15/2036
|
|
Quarterly by Company
beginning 6/15/2011 |
|
25,774
|
|
|
2.13% at 3/31/2020
adjustable rate 3 month LIBOR + 1.39% |
|
Trust Preferred Securities
|
|
1/7/2035
|
|
Quarterly by Company
beginning 1/7/2010 |
|
10,310
|
|
|
3.28% at 3/31/2020
adjustable rate 3 month LIBOR + 2.00% |
|
Total borrowings/ weighted average rate as of
|
|
March 31, 2020
|
|
$
|
404,900
|
|
|
1.16%
|
||
Unamortized discount on acquired borrowings
|
|
|
|
(2,715
|
)
|
|
|
|||
Total borrowings
|
|
|
|
|
|
$
|
402,185
|
|
|
|
Description
|
|
Due date
|
|
Call Feature
|
|
December 31, 2019
|
|
Interest Rate
|
||
FHLB Term Note
|
|
1/30/2020
|
|
None
|
|
$
|
100,000
|
|
|
1.70% fixed
|
FHLB Term Note
|
|
1/31/2020
|
|
None
|
|
68,000
|
|
|
1.70% fixed
|
|
FHLB Term Note
|
|
1/31/2020
|
|
None
|
|
30,000
|
|
|
1.70% fixed
|
|
FHLB Term Note
|
|
5/29/2020
|
|
None
|
|
40,000
|
|
|
1.62% fixed
|
|
FHLB Principal Reducing Credit
|
|
7/24/2023
|
|
None
|
|
168
|
|
|
1.00% fixed
|
|
FHLB Principal Reducing Credit
|
|
12/22/2023
|
|
None
|
|
1,029
|
|
|
1.25% fixed
|
|
FHLB Principal Reducing Credit
|
|
1/15/2026
|
|
None
|
|
6,500
|
|
|
1.98% fixed
|
|
FHLB Principal Reducing Credit
|
|
6/26/2028
|
|
None
|
|
245
|
|
|
0.25% fixed
|
|
FHLB Principal Reducing Credit
|
|
7/17/2028
|
|
None
|
|
55
|
|
|
0.00% fixed
|
|
FHLB Principal Reducing Credit
|
|
8/18/2028
|
|
None
|
|
181
|
|
|
1.00% fixed
|
|
FHLB Principal Reducing Credit
|
|
8/22/2028
|
|
None
|
|
181
|
|
|
1.00% fixed
|
|
FHLB Principal Reducing Credit
|
|
12/20/2028
|
|
None
|
|
367
|
|
|
0.50% fixed
|
|
Trust Preferred Securities
|
|
1/23/2034
|
|
Quarterly by Company
beginning 1/23/2009 |
|
20,620
|
|
|
4.64% at 12/31/2019
adjustable rate 3 month LIBOR + 2.70% |
|
Trust Preferred Securities
|
|
6/15/2036
|
|
Quarterly by Company
beginning 6/15/2011 |
|
25,774
|
|
|
3.28% at 12/31/2019
adjustable rate 3 month LIBOR + 1.39% |
|
Trust Preferred Securities
|
|
1/7/2035
|
|
Quarterly by Company
beginning 1/7/2010 |
|
10,310
|
|
|
3.99% at 12/31/2019
adjustable rate 3 month LIBOR + 2.00% |
|
Total borrowings / weighted average rate as of December 31, 2019
|
|
$
|
303,430
|
|
|
2.12%
|
||||
Unamortized discount on acquired borrowings
|
|
|
|
(2,759
|
)
|
|
|
|||
Total borrowings
|
|
|
|
|
|
$
|
300,671
|
|
|
|
•
|
All branches currently operate on a "drive-thru only" basis, except by appointment.
|
•
|
The Company has implemented an employee work-from-home plan where possible.
|
•
|
Extra precautions are being taken to safeguard health and safety in branch facilities.
|
•
|
The Company is a lender for the Small Business Administration's (“SBA”) Paycheck Protection Program ("PPP"), a program under the CARES Act, and other SBA, Federal Reserve or United States Treasury programs that have been created in response to the pandemic and may be a lender for programs created in the future. These programs are new and their effects on the Company’s business are uncertain. In April and
|
•
|
The Company has implemented a short-term deferral modification program that complies with federal banking regulator's interagency guidance and is working with borrowers effected by COVID-19 on a case by case basis. Under these terms, as of March 31, 2020, the Company had processed payment deferrals for 315 loans with an aggregate loan balance of $120 million. Through April 30, 2020, the number of deferrals increased to 1,269 with an aggregate loan balance of $647 million. These deferrals were generally no more than 90 days in duration.
|
|
Three Months Ended March 31,
|
|||||
($ in thousands)
|
2020
|
|
2019
|
|||
Net interest income, as reported
|
$
|
54,759
|
|
|
53,361
|
|
Tax-equivalent adjustment
|
334
|
|
|
424
|
|
|
Net interest income, tax-equivalent
|
$
|
55,093
|
|
|
53,785
|
|
|
For the Three Months Ended March 31,
|
||||||||||||||||||||
|
2020
|
|
2019
|
||||||||||||||||||
($ in thousands)
|
Average
Volume
|
|
Average
Rate
|
|
Interest
Earned
or Paid
|
|
Average
Volume
|
|
Average
Rate
|
|
Interest
Earned
or Paid
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loans (1)
|
$
|
4,512,893
|
|
|
4.93
|
%
|
|
$
|
55,297
|
|
|
$
|
4,280,272
|
|
|
5.11
|
%
|
|
$
|
53,960
|
|
Taxable securities
|
834,528
|
|
|
2.64
|
%
|
|
5,474
|
|
|
651,878
|
|
|
2.95
|
%
|
|
4,737
|
|
||||
Non-taxable securities
|
21,719
|
|
|
3.04
|
%
|
|
164
|
|
|
45,752
|
|
|
2.99
|
%
|
|
337
|
|
||||
Short-term investments, primarily overnight funds
|
226,797
|
|
|
1.95
|
%
|
|
1,098
|
|
|
394,864
|
|
|
2.77
|
%
|
|
2,701
|
|
||||
Total interest-earning assets
|
5,595,937
|
|
|
4.46
|
%
|
|
62,033
|
|
|
5,372,766
|
|
|
4.66
|
%
|
|
61,735
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks
|
63,218
|
|
|
|
|
|
|
55,899
|
|
|
|
|
|
||||||||
Premises and equipment
|
114,323
|
|
|
|
|
|
|
118,911
|
|
|
|
|
|
||||||||
Other assets
|
409,620
|
|
|
|
|
|
|
397,473
|
|
|
|
|
|
||||||||
Total assets
|
$
|
6,183,098
|
|
|
|
|
|
|
$
|
5,945,049
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest bearing checking
|
$
|
899,004
|
|
|
0.18
|
%
|
|
$
|
408
|
|
|
908,039
|
|
|
0.15
|
%
|
|
$
|
327
|
|
|
Money market deposits
|
1,203,129
|
|
|
0.56
|
%
|
|
1,683
|
|
|
1,056,931
|
|
|
0.54
|
%
|
|
1,395
|
|
||||
Savings deposits
|
426,225
|
|
|
0.25
|
%
|
|
269
|
|
|
426,843
|
|
|
0.27
|
%
|
|
287
|
|
||||
Time deposits >$100,000
|
644,113
|
|
|
1.83
|
%
|
|
2,924
|
|
|
712,540
|
|
|
1.81
|
%
|
|
3,178
|
|
||||
Other time deposits
|
250,860
|
|
|
0.78
|
%
|
|
489
|
|
|
263,171
|
|
|
0.60
|
%
|
|
390
|
|
||||
Total interest-bearing deposits
|
3,423,331
|
|
|
0.68
|
%
|
|
5,773
|
|
|
3,367,524
|
|
|
0.67
|
%
|
|
5,577
|
|
||||
Borrowings
|
316,136
|
|
|
1.91
|
%
|
|
1,501
|
|
|
406,190
|
|
|
2.79
|
%
|
|
2,797
|
|
||||
Total interest-bearing liabilities
|
3,739,467
|
|
|
0.78
|
%
|
|
7,274
|
|
|
3,773,714
|
|
|
0.90
|
%
|
|
8,374
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest bearing checking
|
1,526,868
|
|
|
|
|
|
|
1,336,707
|
|
|
|
|
|
||||||||
Other liabilities
|
58,171
|
|
|
|
|
|
|
59,569
|
|
|
|
|
|
||||||||
Shareholders’ equity
|
858,592
|
|
|
|
|
|
|
775,059
|
|
|
|
|
|
||||||||
Total liabilities and
shareholders’ equity
|
$
|
6,183,098
|
|
|
|
|
|
|
$
|
5,945,049
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net yield on interest-earning assets and net interest income
|
|
|
3.94
|
%
|
|
$
|
54,759
|
|
|
|
|
4.03
|
%
|
|
$
|
53,361
|
|
||||
Net yield on interest-earning assets and net interest income – tax-equivalent (2)
|
|
|
3.96
|
%
|
|
$
|
55,093
|
|
|
|
|
4.06
|
%
|
|
$
|
53,785
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate spread
|
|
|
3.68
|
%
|
|
|
|
|
|
3.76
|
%
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average prime rate
|
|
|
4.42
|
%
|
|
|
|
|
|
5.50
|
%
|
|
|
$ in thousands
|
|
|
|
|
|
|
|
|
|||||
January 1, 2020 to
March 31, 2020
|
|
Balance at
beginning
of period
|
|
Internal
Growth,
net
|
|
Balance at
end of
period
|
|
Total
percentage
growth
|
|||||
Total loans
|
|
$
|
4,453,466
|
|
|
99,242
|
|
|
4,552,708
|
|
|
2.2
|
%
|
|
|
|
|
|
|
|
|
|
|||||
Deposits – Noninterest bearing checking
|
|
1,515,977
|
|
|
64,872
|
|
|
1,580,849
|
|
|
4.3
|
%
|
|
Deposits – Interest bearing checking
|
|
912,784
|
|
|
10,201
|
|
|
922,985
|
|
|
1.1
|
%
|
|
Deposits – Money market
|
|
1,173,107
|
|
|
51,307
|
|
|
1,224,414
|
|
|
4.4
|
%
|
|
Deposits – Savings
|
|
424,415
|
|
|
6,962
|
|
|
431,377
|
|
|
1.6
|
%
|
|
Deposits – Brokered
|
|
86,141
|
|
|
(499
|
)
|
|
85,642
|
|
|
(0.6
|
)%
|
|
Deposits – Internet time
|
|
698
|
|
|
—
|
|
|
698
|
|
|
—
|
%
|
|
Deposits – Time>$100,000
|
|
563,108
|
|
|
(9,686
|
)
|
|
553,422
|
|
|
(1.7
|
)%
|
|
Deposits – Time<$100,000
|
|
255,125
|
|
|
(9,524
|
)
|
|
245,601
|
|
|
(3.7
|
)%
|
|
Total deposits
|
|
$
|
4,931,355
|
|
|
113,633
|
|
|
5,044,988
|
|
|
2.3
|
%
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY DATA ($ in thousands)
|
|
As of/for the quarter ended March 31, 2020
|
|
As of/for the quarter ended December 31, 2019
|
|||
Nonperforming assets
|
|
|
|
|
|||
Nonaccrual loans
|
|
$
|
25,066
|
|
|
24,866
|
|
Restructured loans – accruing
|
|
9,747
|
|
|
9,053
|
|
|
Accruing loans >90 days past due
|
|
—
|
|
|
—
|
|
|
Total nonperforming loans
|
|
34,813
|
|
|
33,919
|
|
|
Foreclosed real estate
|
|
3,487
|
|
|
3,873
|
|
|
Total nonperforming assets
|
|
$
|
38,300
|
|
|
37,792
|
|
|
|
|
|
|
|||
Purchased credit impaired loans not included above (1)
|
|
$
|
9,839
|
|
|
12,664
|
|
|
|
|
|
|
|||
Asset Quality Ratios – All Assets
|
|
|
|
|
|||
Net charge-offs to average loans - annualized
|
|
0.22
|
%
|
|
0.09
|
%
|
|
Nonperforming loans to total loans
|
|
0.76
|
%
|
|
0.76
|
%
|
|
Nonperforming assets to total assets
|
|
0.60
|
%
|
|
0.62
|
%
|
|
Allowance for loan losses to total loans
|
|
0.54
|
%
|
|
0.48
|
%
|
|
Allowance for loan losses to nonperforming loans
|
|
70.37
|
%
|
|
63.09
|
%
|
(1) In the March 3, 2017 acquisition of Carolina Bank and the October 1, 2017 acquisition of Asheville Savings Bank, we acquired $19.3 million and $9.9 million, respectively, in PCI loans in accordance with ASC 310-30 accounting guidance. These loans are excluded from the nonperforming loan amounts, including $0.7 million and $0.8 million in PCI loans at March 31, 2020 and December 31, 2019, respectively, that were contractually past due 90 days or more.
|
($ in thousands)
|
At March 31, 2020
|
|
At December 31, 2019
|
|
|||
Commercial, financial, and agricultural
|
$
|
3,703
|
|
|
5,518
|
|
|
Real estate – construction, land development, and other land loans
|
958
|
|
|
1,067
|
|
|
|
Real estate – mortgage – residential (1-4 family) first mortgages
|
8,581
|
|
|
7,552
|
|
|
|
Real estate – mortgage – home equity loans/lines of credit
|
1,874
|
|
|
1,797
|
|
|
|
Real estate – mortgage – commercial and other
|
9,837
|
|
|
8,820
|
|
|
|
Consumer loans
|
113
|
|
|
112
|
|
|
|
Total nonaccrual loans
|
$
|
25,066
|
|
|
24,866
|
|
|
($ in thousands)
|
At March 31, 2020
|
|
At December 31, 2019
|
|
|||
Vacant land and farmland
|
$
|
1,707
|
|
|
1,752
|
|
|
1-4 family residential properties
|
876
|
|
|
974
|
|
|
|
Commercial real estate
|
904
|
|
|
1,147
|
|
|
|
Total foreclosed real estate
|
$
|
3,487
|
|
|
3,873
|
|
|
|
As of March 31, 2020
|
||||||||||||
($ in thousands)
|
Total
Nonperforming
Loans
|
|
Total Loans
|
|
Nonperforming
Loans to Total
Loans
|
|
Total
Foreclosed
Real Estate
|
||||||
Region (1)
|
|
|
|
|
|
|
|
|
|
||||
Eastern Region (NC)
|
$
|
5,457
|
|
|
1,013,000
|
|
|
0.54
|
%
|
|
$
|
517
|
|
Triangle Region (NC)
|
7,004
|
|
|
978,000
|
|
|
0.72
|
%
|
|
1,049
|
|
||
Triad Region (NC)
|
6,058
|
|
|
891,000
|
|
|
0.68
|
%
|
|
229
|
|
||
Charlotte Region (NC)
|
1,750
|
|
|
359,000
|
|
|
0.49
|
%
|
|
—
|
|
||
Southern Piedmont Region (NC)
|
3,272
|
|
|
275,000
|
|
|
1.19
|
%
|
|
201
|
|
||
Western Region (NC)
|
1,039
|
|
|
660,000
|
|
|
0.16
|
%
|
|
411
|
|
||
South Carolina Region
|
964
|
|
|
189,000
|
|
|
0.51
|
%
|
|
459
|
|
||
Former Virginia Region
|
83
|
|
|
1,000
|
|
|
8.30
|
%
|
|
351
|
|
||
Other
|
9,186
|
|
|
187,000
|
|
|
4.91
|
%
|
|
270
|
|
||
Total
|
$
|
34,813
|
|
|
4,553,000
|
|
|
0.76
|
%
|
|
$
|
3,487
|
|
(1)
|
The counties comprising each region are as follows:
|
($ in thousands)
|
Three Months
Ended
March 31, 2020
|
|
Twelve Months
Ended December 31,
2019
|
|
Three Months
Ended
March 31, 2019
|
||||
Loans outstanding at end of period
|
$
|
4,552,708
|
|
|
4,453,466
|
|
|
4,303,787
|
|
Average amount of loans outstanding
|
$
|
4,512,893
|
|
|
4,346,331
|
|
|
4,280,272
|
|
|
|
|
|
|
|
||||
Allowance for loan losses, at beginning of year
|
$
|
21,398
|
|
|
21,039
|
|
|
21,039
|
|
Provision for loan losses
|
5,590
|
|
|
2,263
|
|
|
500
|
|
|
|
26,988
|
|
|
23,302
|
|
|
21,539
|
|
|
|
|
|
|
|
|
||||
Loans charged off:
|
|
|
|
|
|
||||
Commercial, financial, and agricultural
|
(2,460
|
)
|
|
(2,473
|
)
|
|
(246
|
)
|
|
Real estate – construction, land development & other land loans
|
(40
|
)
|
|
(553
|
)
|
|
(264
|
)
|
|
Real estate – mortgage – residential (1-4 family) first mortgages
|
(195
|
)
|
|
(657
|
)
|
|
(30
|
)
|
|
Real estate – mortgage – home equity loans / lines of credit
|
(68
|
)
|
|
(307
|
)
|
|
(80
|
)
|
|
Real estate – mortgage – commercial and other
|
(263
|
)
|
|
(1,556
|
)
|
|
(836
|
)
|
|
Consumer loans
|
(287
|
)
|
|
(757
|
)
|
|
(281
|
)
|
|
Total charge-offs
|
(3,313
|
)
|
|
(6,303
|
)
|
|
(1,737
|
)
|
|
Recoveries of loans previously charged-off:
|
|
|
|
|
|
||||
Commercial, financial, and agricultural
|
217
|
|
|
980
|
|
|
414
|
|
|
Real estate – construction, land development & other land loans
|
290
|
|
|
1,275
|
|
|
287
|
|
|
Real estate – mortgage – residential (1-4 family) first mortgages
|
91
|
|
|
705
|
|
|
160
|
|
|
Real estate – mortgage – home equity loans / lines of credit
|
83
|
|
|
629
|
|
|
128
|
|
|
Real estate – mortgage – commercial and other
|
47
|
|
|
575
|
|
|
271
|
|
|
Consumer loans
|
95
|
|
|
235
|
|
|
33
|
|
|
Total recoveries
|
823
|
|
|
4,399
|
|
|
1,293
|
|
|
Net (charge-offs) recoveries
|
(2,490
|
)
|
|
(1,904
|
)
|
|
(444
|
)
|
|
Allowance for loan losses, at end of period
|
$
|
24,498
|
|
|
21,398
|
|
|
21,095
|
|
|
|
|
|
|
|
||||
Ratios:
|
|
|
|
|
|
||||
Net charge-offs (recoveries) as a percent of average loans (annualized)
|
0.22
|
%
|
|
0.09
|
%
|
|
0.04
|
%
|
|
Allowance for loan losses as a percent of loans at end of period
|
0.54
|
%
|
|
0.48
|
%
|
|
0.49
|
%
|
|
March 31, 2020
|
|
December 31,
2019
|
|
||
Risk-based capital ratios:
|
|
|
|
|
|
|
Common equity Tier 1 to Tier 1 risk weighted assets
|
12.86
|
%
|
|
13.28
|
%
|
|
Minimum required Common equity Tier 1 capital
|
7.00
|
%
|
|
7.00
|
%
|
|
|
|
|
|
|
||
Tier I capital to Tier 1 risk weighted assets
|
13.98
|
%
|
|
14.41
|
%
|
|
Minimum required Tier 1 capital
|
8.50
|
%
|
|
8.50
|
%
|
|
|
|
|
|
|
||
Total risk-based capital to Tier II risk weighted assets
|
14.51
|
%
|
|
14.89
|
%
|
|
Minimum required total risk-based capital
|
10.50
|
%
|
|
10.50
|
%
|
|
|
|
|
|
|
||
Leverage capital ratios:
|
|
|
|
|
|
|
Tier 1 capital to quarterly average total assets
|
11.05
|
%
|
|
11.19
|
%
|
|
Minimum required Tier 1 leverage capital
|
4.00
|
%
|
|
4.00
|
%
|
|
•
|
On March 13, 2020, the Company announced a quarterly cash dividend of $0.18 per share payable on April 24, 2020 to shareholders of record on March 31, 2020. This dividend rate represents a 50% increase over the dividend rate declared in the first quarter of 2019.
|
Issuer Purchases of Equity Securities
|
||||||||||||||
Period
|
|
Total Number of
Shares
Purchased (2)
|
|
Average Price
Paid per Share
|
|
Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs (1)
|
|
Maximum Number of
Shares (or Approximate Dollar Value) that May Yet Be
Purchased Under the
Plans or Programs (1)
|
||||||
January 1, 2020 to January 31, 2020
|
|
109,000
|
|
|
$
|
35.98
|
|
|
109,000
|
|
|
$
|
36,077,714
|
|
February 1, 2020 to February 29, 2020
|
|
339,758
|
|
|
36.11
|
|
|
339,758
|
|
|
$
|
23,807,579
|
|
|
March 1, 2020 to March 31, 2020
|
|
127,648
|
|
|
29.83
|
|
|
127,648
|
|
|
$
|
20,000,000
|
|
|
Total
|
|
576,406
|
|
|
34.70
|
|
|
576,406
|
|
|
$
|
20,000,000
|
|
(1)
|
All shares available for repurchase are pursuant to publicly announced share repurchase authorizations. As of March 31, 2020, the Company had the remaining authorization to repurchase up to $20 million of the Company's stock, which was authorized and announced on November 19, 2019. The repurchase authorization has an expiration date of December 31, 2020. Given the COVID-19 outbreak and its effects on the markets, share repurchases have been suspended.
|
(2)
|
The table above does not include shares that were used by option holders to satisfy the exercise price of the options issued by the Company to its employees and directors pursuant to the Company’s stock option plans. There were no such transactions during the three months ended March 31, 2020.
|
2.a
|
|
|
|
2.b
|
|
|
|
2.c
|
|
|
|
2.d
|
|
|
|
3.a
|
Articles of Incorporation of the Company and amendments thereto were filed as Exhibits 3.a.i through 3.a.v to the Company's Quarterly Report on Form 10-Q for the period ended June 30, 2002, and are incorporated herein by reference. Articles of Amendment to the Articles of Incorporation were filed as Exhibits 3.1 and 3.2 to the Company’s Current Report on Form 8-K filed on January 13, 2009, and are incorporated herein by reference. Articles of Amendment to the Articles of Incorporation were filed as Exhibit 3.1.b to the Company’s Registration Statement on Form S-3D filed on June 29, 2010 (Commission File No. 333-167856), and are incorporated herein by reference. Articles of Amendment to the Articles of Incorporation were filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on September 6, 2011, and are incorporated herein by reference. Articles of Amendment to the Articles of Incorporation were filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on December 26, 2012, and are incorporated herein by reference.
|
|
|
3.b
|
|
|
|
4.a
|
|
|
|
31.1
|
|
|
|
31.2
|
|
|
|
32.1
|
|
|
|
32.2
|
|
|
|
101
|
The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, formatted in eXtensible Business Reporting Language (XBRL): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Shareholders’ Equity, (v) the Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements.
|
|
FIRST BANCORP
|
|
|
May 8, 2020
|
BY:/s/ Richard H. Moore
|
|
Richard H. Moore
Chief Executive Officer
(Principal Executive Officer),
and Director
|
|
|
|
|
May 8, 2020
|
BY:/s/ Eric P. Credle
|
|
Eric P. Credle
Executive Vice President
and Chief Financial Officer
|
1 Year First Bancorp Chart |
1 Month First Bancorp Chart |
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