| North Carolina | |||||||
(State or other jurisdiction of incorporation or organization) | | | 6022 (Primary Standard Industrial Classification Code Number) | | | 56-1421916 (I.R.S. Employer Identification Number) | |
| First Bancorp 300 SW Broad Street Southern Pines, North Carolina 28387 (910) 246-2500 (Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices) | | | Richard H. Moore Chief Executive Officer 300 SW Broad Street Southern Pines, North Carolina 28387 (910) 246-2500 (Name, address, including zip code, and telephone number, including area code, of agent for service) | |
| Robert A. Singer, Esq. Iain MacSween, Esq. Brooks, Pierce, McLendon, Humphrey& Leonard, L.L.P. 2000 Renaissance Plaza 230 N. Elm Street Greensboro, North Carolina 27401 (336) 373-8850 | | | Todd H. Eveson, Esq. Wyrick Robbins Yates & | |
| Large accelerated filer ☒ | | | Accelerated filer ☐ | |
| Non-accelerated filer ☐ | | | Smaller reporting company ☐ | |
| | | | Emerging growth company ☐ | |
CALCULATION OF REGISTRATION FEE | | ||||||||||||||||||||||||
Title of each class of Securities to be Registered | | | Amount to be Registered(1) | | | Proposed Maximum Offering Price Per Share | | | Proposed Maximum Aggregate Offering Price(2) | | | Amount of Registration Fee(3) | | ||||||||||||
Common Stock, no par value | | | | | 4,909,280 | | | | | | N/A | | | | | $ | 166,568,568 | | | | | $ | 19,306 | | |
| | ||||||||||||||||
Title of each class of Securities to be Registered | | | | Amount to be Registered(1) | | | | Proposed Maximum Offering Price Per Share | | | | Proposed Maximum Aggregate Offering Price(2) | | | | Amount of Registration Fee(3) | |
Common Stock, no par value | | | | 7,150,890 | | | | N/A | | | | $281,128,156 | | | | $30,671 | |
| Proxy Statement | | | Prospectus | |
| | | |
| Richard H. Moore Chief Executive Officer First Bancorp | | | William L. Hedgepeth II President and Chief Executive Officer Select Bancorp, Inc. | |
| | | | Richard H. Moore Chief Executive Officer | |
| | | | William L. Hedgepeth II President and Chief Executive Officer | |
| First Bancorp 300 SW Broad Street Southern Pines, North Carolina 28387 (910) 246-2500 | | | Select Bancorp, Inc. 700 West Cumberland Street Dunn, North Carolina 28334 (910) 892-7080 | |
| | | | | iv | | | |
| SUMMARY | | | | | 1 | | |
| | | | | 9 | | | |
| | | | | 11 | | | |
| | | | | 13 | | | |
| | | | | 14 | | | |
| | | | | 19 | | | |
| | | | | 21 | | | |
| | | | | 30 | | | |
| | | | | 31 | | | |
| | | | | 31 | | | |
| | | | | 31 | | | |
| | | | | 31 | | | |
| | | | | 31 | | | |
| | | | | 32 | | | |
| | | | | 32 | | | |
| | | | | 32 | | | |
| | | | | 33 | | | |
| | | | | 33 | | | |
| | | | | 33 | | | |
| | | | | 33 | | | |
| | | | | 34 | | | |
| | | | | 34 | | | |
| | | | | 34 | | | |
| | | | | 34 | | | |
| | | | | 34 | | | |
| | | | | 35 | | | |
| | | | | 35 | | | |
| | | | | 35 | | | |
| | | | | 35 | | | |
| | | | | 35 | | | |
| | | | | 36 | | | |
| | | | | 36 | | | |
| | | | | 36 | | | |
| | | | | 36 | | | |
| | | | | 37 | | | |
| | | | | 37 | | | |
| | | | | 37 | | | |
| | | | | 38 | | | |
| | | | | 38 | | | |
| | | | | 38 | | |
| | | | | 39 | | | |
| | | | | 39 | | | |
| | | | | 39 | | | |
| | | | | 39 | | | |
| | | | | 40 | | | |
| | | | | 40 | | | |
| | | | | 40 | | | |
| | | | | 41 | | | |
| | | | | 43 | | | |
| | | | | 45 | | | |
| | | | | 53 | | | |
| | | | | 54 | | | |
| | | | | 65 | | | |
| | | | | 68 | | | |
| | | | | 70 | | | |
| | | | | 70 | | | |
| | | | | 70 | | | |
| | | | | 70 | | | |
| | | | | 72 | | | |
| | | | | 72 | | | |
| | | | | 72 | | | |
| | | | | 72 | | | |
| | | | | 72 | | | |
| | | | | 72 | | | |
| | | | | 73 | | | |
| | | | | 73 | | | |
| | | | | 74 | | | |
| | | | | 75 | | | |
| | | | | 76 | | | |
| | | | | 77 | | | |
| | | | | 77 | | | |
| | | | | 77 | | | |
| | | | | 80 | | | |
| | | | | 82 | | | |
| | | | | 82 | | | |
| | | | | 84 | | | |
| | | | | 84 | | | |
| | | | | 84 | | | |
| | | | | 84 | | | |
| | | | | 84 | | | |
| | | | | 84 | | | |
| | | | | 84 | | | |
| | | | | 85 | | | |
| | | | | 85 | | |
| | | | | 85 | | | |
| | | | | 86 | | | |
| | | | | 86 | | | |
| | | | | 91 | | | |
| | | | | 92 | | | |
| | | | | 95 | | | |
| | | | | 95 | | | |
| EXPERTS | | | | | 95 | | |
| | | | | 95 | | | |
| | | | | 96 | | | |
| | | | | 96 | | | |
| | | | | 96 | | | |
| | | | | 96 | | | |
| | | | | 97 | | |
| Annexes | | | | | | | |
| | | | | A-1 | | | |
| | | | | B-1 | | | |
| | | | | C-1 | | | |
| | | | | D-1 | | | |
| | | | | E-1 | | | |
| | | | | F-1 | | | |
| | | | | G-1 | | |
| | | First Bancorp Common Stock | | | Select Common Stock | | | Implied Value of One Share of Select Common Stock | | |||||||||
June 1, 2021 | | | | $ | 45.41 | | | | | $ | 14.32 | | | | | $ | 18.53 | | |
[•] | | | | $ | [•] | | | | | $ | [•] | | | | | $ | [•] | | |
| | | First Bancorp Common Stock | | | | | | | | | ASBB Common Stock | | | |||||||||||||||||||||||||||||||||||
| | | High | | | Low | | | Close | | | Dividend | | | High | | | Low | | | Close | | | Dividend | | ||||||||||||||||||||||||
2017 | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Third Quarter (through July 26, 2017) | | | | $ | 32.99 | | | | | $ | 30.45 | | | | | $ | 32.07 | | | | | $ | — | | | | | $ | 46.00 | | | | | $ | 43.05 | | | | | $ | 45.50 | | | | | $ | — | | |
Second Quarter | | | | | 32.27 | | | | | | 27.50 | | | | | | 31.26 | | | | | | 0.08 | | | | | | 44.50 | | | | | | 34.15 | | | | | | 43.95 | | | | | | — | | |
First Quarter | | | | | 31.31 | | | | | | 26.47 | | | | | | 29.29 | | | | | | 0.08 | | | | | | 37.35 | | | | | | 29.14 | | | | | | 34.00 | | | | | | — | | |
2016 | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Fourth Quarter | | | | | 28.49 | | | | | | 19.18 | | | | | | 27.14 | | | | | | 0.08 | | | | | | 29.75 | | | | | | 25.75 | | | | | | 29.75 | | | | | | — | | |
Third Quarter | | | | | 20.33 | | | | | | 17.42 | | | | | | 19.79 | | | | | | 0.08 | | | | | | 26.45 | | | | | | 24.62 | | | | | | 26.25 | | | | | | — | | |
Second Quarter | | | | | 21.94 | | | | | | 17.15 | | | | | | 17.58 | | | | | | 0.08 | | | | | | 26.50 | | | | | | 24.07 | | | | | | 24.53 | | | | | | — | | |
First Quarter | | | | | 19.59 | | | | | | 17.83 | | | | | | 18.85 | | | | | | 0.08 | | | | | | 26.00 | | | | | | 24.24 | | | | | | 24.24 | | | | | | — | | |
2015 | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Fourth Quarter | | | | | 19.92 | | | | | | 16.01 | | | | | | 18.74 | | | | | | 0.08 | | | | | | 27.00 | | | | | | 24.66 | | | | | | 25.96 | | | | | | — | | |
Third Quarter | | | | | 17.86 | | | | | | 16.01 | | | | | | 17.00 | | | | | | 0.08 | | | | | | 25.80 | | | | | | 21.67 | | | | | | 25.05 | | | | | | — | | |
Second Quarter | | | | | 17.82 | | | | | | 15.18 | | | | | | 16.68 | | | | | | 0.08 | | | | | | 21.99 | | | | | | 20.70 | | | | | | 21.66 | | | | | | — | | |
First Quarter | | | | | 18.64 | | | | | | 15.00 | | | | | | 17.56 | | | | | | 0.08 | | | | | | 21.42 | | | | | | 19.43 | | | | | | 20.50 | | | | | | — | | |
| | At and for the Three Months Ended March 31, | | At and for the Years Ended December 31, | | | | At and for the Three Months Ended March 31, | | At and for the Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2017 | | 2016 | | 2016 | | 2015 | | 2014 | | 2013 | | 2012 | | | | 2021 | | 2020 | | 2020 | | 2019 | | 2018 | | 2017 | | 2016 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | (in thousands, except per share data) | | | | (in thousands, except per share data) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STATEMENTS OF INCOME | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Interest income | | | $ | 36,468 | | | | $ | 32,063 | | | | $ | 130,987 | | | | $ | 126,655 | | | | $ | 139,832 | | | | $ | 147,511 | | | | $ | 152,520 | | | | | | $ | 58,009 | | | | $ | 62,033 | | | | $ | 237,684 | | | | $ | 250,107 | | | | $ | 231,207 | | | | $ | 177,382 | | | | $ | 130,987 | | | ||||||||||||||||||||||||||||||||||
Interest expense | | | | 2,172 | | | | | 1,868 | | | | | 7,607 | | | | | 6,908 | | | | | 8,223 | | | | | 10,985 | | | | | 17,320 | | | | | | | 2,771 | | | | | 7,274 | | | | | 19,562 | | | | | 33,903 | | | | | 23,777 | | | | | 12,671 | | | | | 7,607 | | | ||||||||||||||||||||||||||||||||||
Net interest income | | | | 34,296 | | | | | 30,195 | | | | | 123,380 | | | | | 119,747 | | | | | 131,609 | | | | | 136,526 | | | | | 135,200 | | | | | | | 55,238 | | | | | 54,759 | | | | | 218,122 | | | | | 216,204 | | | | | 207,430 | | | | | 164,711 | | | | | 123,380 | | | ||||||||||||||||||||||||||||||||||
Provision (reversal) for loan losses | | | | 723 | | | | | 258 | | | | | (23) | | | | | (780) | | | | | 10,195 | | | | | 30,616 | | | | | 79,672 | | | | | | | — | | | | | 5,590 | | | | | 35,039 | | | | | 2,263 | | | | | (3,589) | | | | | 723 | | | | | (23) | | | ||||||||||||||||||||||||||||||||||
Net interest income after provision for loan losses | | | | 33,573 | | | | | 29,937 | | | | | 123,403 | | | | | 120,527 | | | | | 121,414 | | | | | 105,910 | | | | | 55,528 | | | | | | | 55,238 | | | | | 49,169 | | | | | 183,083 | | | | | 213,941 | | | | | 211,019 | | | | | 163,988 | | | | | 123,403 | | | ||||||||||||||||||||||||||||||||||
Non interest income | | | | 9,809 | | | | | 5,002 | | | | | 25,551 | | | | | 18,764 | | | | | 14,368 | | | | | 23,489 | | | | | 1,389 | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non interest expense | | | | 32,072 | | | | | 24,773 | | | | | 106,821 | | | | | 98,131 | | | | | 97,251 | | | | | 96,619 | | | | | 97,275 | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | | | | 20,669 | | | | | 13,705 | | | | | 81,346 | | | | | 59,529 | | | | | 58,942 | | | | | 49,232 | | | | | 26,176 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | | | | 40,065 | | | | | 40,076 | | | | | 161,298 | | | | | 157,194 | | | | | 156,483 | | | | | 145,481 | | | | | 107,446 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income before income taxes | | | | 11,310 | | | | | 10,166 | | | | | 42,133 | | | | | 41,160 | | | | | 38,531 | | | | | 32,780 | | | | | (40,358) | | | | | | | 35,842 | | | | | 22,798 | | | | | 103,131 | | | | | 116,276 | | | | | 113,478 | | | | | 67,739 | | | | | 42,133 | | | ||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | | | | 3,755 | | | | | 3,329 | | | | | 14,624 | | | | | 14,126 | | | | | 13,535 | | | | | 12,081 | | | | | (16,952) | | | | | | | 7,648 | | | | | 4,618 | | | | | 21,654 | | | | | 24,230 | | | | | 24,189 | | | | | 21,767 | | | | | 14,624 | | | ||||||||||||||||||||||||||||||||||
Net income | | | | 7,555 | | | | | 6,837 | | | | | 27,509 | | | | | 27,034 | | | | | 24,996 | | | | | 20,699 | | | | | (23,406) | | | | | | | 28,194 | | | | | 18,180 | | | | | 81,477 | | | | | 92,046 | | | | | 89,289 | | | | | 45,972 | | | | | 27,509 | | | ||||||||||||||||||||||||||||||||||
Preferred stock dividends and discount accretion | | | | — | | | | | 58 | | | | | 175 | | | | | 603 | | | | | 868 | | | | | 895 | | | | | 2,809 | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 175 | | | ||||||||||||||||||||||||||||||||||
Net income available to common shareholders | | | $ | 7,555 | | | | $ | 6,779 | | | | $ | 27,334 | | | | $ | 26,431 | | | | $ | 24,128 | | | | $ | 19,804 | | | | $ | (26,215) | | | | | | $ | 28,194 | | | | $ | 18,180 | | | | $ | 81,477 | | | | $ | 92,046 | | | | $ | 89,289 | | | | $ | 45,972 | | | | $ | 27,334 | | | ||||||||||||||||||||||||||||||||||
COMMON AND PER SHARE DATA | COMMON AND PER SHARE DATA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) per common share: | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income per common share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | | | $ | 0.34 | | | | $ | 0.34 | | | | $ | 1.37 | | | | $ | 1.34 | | | | $ | 1.22 | | | | $ | 1.01 | | | | $ | (1.54) | | | | | | $ | 0.99 | | | | $ | 0.62 | | | | $ | 2.81 | | | | $ | 3.10 | | | | $ | 3.02 | | | | $ | 1.82 | | | | $ | 1.37 | | | ||||||||||||||||||||||||||||||||||
Diluted | | | | 0.34 | | | | | 0.33 | | | | | 1.33 | | | | | 1.30 | | | | | 1.19 | | | | | 0.98 | | | | | (1.54) | | | | | | | 0.99 | | | | | 0.62 | | | | | 2.81 | | | | | 3.10 | | | | | 3.01 | | | | | 1.82 | | | | | 1.33 | | | ||||||||||||||||||||||||||||||||||
Cash dividends declared per common share | | | | 0.08 | | | | | 0.08 | | | | | 0.32 | | | | | 0.32 | | | | | 0.32 | | | | | 0.32 | | | | | 0.32 | | | | | | | 0.20 | | | | | 0.18 | | | | | 0.72 | | | | | 0.54 | | | | | 0.40 | | | | | 0.32 | | | | | 0.32 | | | ||||||||||||||||||||||||||||||||||
Stated book value – common | | | | 19.85 | | | | | 17.24 | | | | | 17.66 | | | | | 16.96 | | | | | 16.08 | | | | | 15.30 | | | | | 14.51 | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible book value – common | | | $ | 13.53 | | | | $ | 13.75 | | | | $ | 13.85 | | | | $ | 13.56 | | | | $ | 12.63 | | | | $ | 11.81 | | | | $ | 11.00 | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Book value – common | | | | 30.78 | | | | | 29.69 | | | | | 31.26 | | | | | 28.80 | | | | | 25.71 | | | | | 23.38 | | | | | 17.66 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding common shares | | | | 24,663,241 | | | | | 19,865,779 | | | | | 20,844,505 | | | | | 19,747,509 | | | | | 19,709,881 | | | | | 19,679,659 | | | | | 19,669,302 | | | | | | | 28,489,474 | | | | | 29,040,827 | | | | | 28,579,335 | | | | | 29,601,264 | | | | | 29,724,874 | | | | | 29,639,374 | | | | | 20,844,505 | | | ||||||||||||||||||||||||||||||||||
Weighted average basic common shares | | | | 21,983,963 | | | | | 19,783,747 | | | | | 19,964,727 | | | | | 19,767,470 | | | | | 19,699,801 | | | | | 19,675,597 | | | | | 17,049,513 | | | | | | | 28,357,809 | | | | | 29,230,788 | | | | | 28,839,866 | | | | | 29,547,851 | | | | | 29,566,259 | | | | | 25,210,606 | | | | | 19,964,727 | | | ||||||||||||||||||||||||||||||||||
Weighted average diluted common shares | | | | 22,064,923 | | | | | 20,553,858 | | | | | 20,732,917 | | | | | 20,499,727 | | | | | 20,434,007 | | | | | 20,404,303 | | | | | 17,049,513 | | | | | | | 28,537,853 | | | | | 29,399,114 | | | | | 28,981,567 | | | | | 29,720,499 | | | | | 29,707,431 | | | | | 25,291,382 | | | | | 20,732,917 | | | ||||||||||||||||||||||||||||||||||
Dividend payout ratio – basic | | | | 23.53% | | | | | 23.53% | | | | | 23.36% | | | | | 23.88% | | | | | 26.23% | | | | | 31.68% | | | | | -20.78% | | | | | | | 20.20% | | | | | 29.03% | | | | | 25.62% | | | | | 17.42% | | | | | 13.25% | | | | | 17.58% | | | | | 23.36% | | | ||||||||||||||||||||||||||||||||||
PERIOD-END BALANCES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | | | $ | 4,441,846 | | | | $ | 3,382,966 | | | | $ | 3,614,862 | | | | $ | 3,362,065 | | | | $ | 3,218,383 | | | | $ | 3,185,070 | | | | $ | 3,244,910 | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities – carrying value | | | | 347,997 | | | | | 395,625 | | | | | 329,042 | | | | | 320,224 | | | | | 336,705 | | | | | 223,142 | | | | | 223,416 | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | | | | 3,289,355 | | | | | 2,539,353 | | | | | 2,710,712 | | | | | 2,518,926 | | | | | 2,396,174 | | | | | 2,463,194 | | | | | 2,376,457 | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | | | | 3,629,170 | | | | | 2,826,821 | | | | | 2,947,353 | | | | | 2,811,285 | | | | | 2,695,906 | | | | | 2,751,019 | | | | | 2,821,360 | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | | | | 290,403 | | | | | 186,394 | | | | | 271,394 | | | | | 186,394 | | | | | 116,394 | | | | | 46,394 | | | | | 46,394 | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | | | | 489,461 | | | | | 349,832 | | | | | 368,101 | | | | | 342,190 | | | | | 387,699 | | | | | 371,922 | | | | | 356,117 | | | |
| | At and for the Three Months Ended March 31, | | At and for the Years Ended December 31, | | | | At and for the Three Months Ended March 31, | | At and for the Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2017 | | 2016 | | 2016 | | 2015 | | 2014 | | 2013 | | 2012 | | | | 2021 | | 2020 | | 2020 | | 2019 | | 2018 | | 2017 | | 2016 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | (in thousands, except per share data) | | | | (in thousands, except per share data) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PERIOD-END BALANCES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | | | $ | 7,736,394 | | | | $ | 6,376,058 | | | | $ | 7,289,751 | | | | $ | 6,143,639 | | | | $ | 5,864,116 | | | | $ | 5,547,037 | | | | $ | 3,614,862 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities – carrying value | | | | 2,020,540 | | | | | 867,773 | | | | | 1,620,683 | | | | | 889,877 | | | | | 602,588 | | | | | 461,773 | | | | | 329,042 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | | | | 4,624,054 | | | | | 4,552,708 | | | | | 4,731,315 | | | | | 4,453,466 | | | | | 4,249,064 | | | | | 4,042,369 | | | | | 2,710,712 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | | | | 6,733,487 | | | | | 5,044,988 | | | | | 6,273,596 | | | | | 4,931,355 | | | | | 4,659,339 | | | | | 4,406,955 | | | | | 2,947,353 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | | | | 61,342 | | | | | 402,185 | | | | | 61,829 | | | | | 300,671 | | | | | 406,609 | | | | | 407,543 | | | | | 271,394 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | | | | 876,853 | | | | | 862,198 | | | | | 893,421 | | | | | 852,401 | | | | | 764,230 | | | | | 692,979 | | | | | 368,101 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE BALANCES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Total assets | | | $ | 3,856,589 | | | | $ | 3,332,492 | | | | $ | 3,422,267 | | | | $ | 3,230,302 | | | | $ | 3,219,915 | | | | $ | 3,208,458 | | | | $ | 3,311,289 | | | | | | $ | 7,477,826 | | | | $ | 6,183,098 | | | | $ | 6,765,998 | | | | $ | 6,027,047 | | | | $ | 5,693,760 | | | | $ | 4,590,786 | | | | $ | 3,422,267 | | | ||||||||||||||||||||||||||||||||||
Interest-earning assets | | | | 3,478,525 | | | | | 3,028,775 | | | | | 3,108,918 | | | | | 2,936,624 | | | | | 2,907,098 | | | | | 2,805,112 | | | | | 2,857,541 | | | | | | | 6,898,406 | | | | | 5,595,937 | | | | | 6,160,100 | | | | | 5,448,400 | | | | | 5,112,436 | | | | | 4,101,949 | | | | | 3,108,918 | | | ||||||||||||||||||||||||||||||||||
Investment securities – carrying value | | | | 339,305 | | | | | 336,216 | ��� | | | | 348,069 | | | | | 348,630 | | | | | 221,732 | | | | | 229,969 | | | | | 217,689 | | | | | | | 1,720,030 | | | | | 856,247 | | | | | 1,002,008 | | | | | 751,635 | | | | | 470,301 | | | | | 358,957 | | | | | 348,069 | | | ||||||||||||||||||||||||||||||||||
Total loans | | | | 2,903,279 | | | | | 2,528,317 | | | | | 2,603,327 | | | | | 2,434,602 | | | | | 2,434,331 | | | | | 2,419,679 | | | | | 2,436,997 | | | | | | | 4,684,143 | | | | | 4,512,893 | | | | | 4,702,743 | | | | | 4,346,331 | | | | | 4,161,838 | | | | | 3,420,939 | | | | | 2,603,327 | | | ||||||||||||||||||||||||||||||||||
Deposits | | | | 3,152,778 | | | | | 2,775,391 | | | | | 2,827,513 | | | | | 2,687,381 | | | | | 2,723,758 | | | | | 2,779,032 | | | | | 2,809,357 | | | | | | | 6,474,115 | | | | | 4,950,199 | | | | | 5,644,290 | | | | | 4,824,216 | | | | | 4,516,811 | | | | | 3,696,730 | | | | | 2,827,513 | | | ||||||||||||||||||||||||||||||||||
Borrowings | | | | 244,864 | | | | | 186,394 | | | | | 209,659 | | | | | 149,792 | | | | | 99,380 | | | | | 46,394 | | | | | 119,541 | | | | | | | 61,405 | | | | | 316,136 | | | | | 186,445 | | | | | 332,648 | | | | | 406,864 | | | | | 325,874 | | | | | 209,659 | | | ||||||||||||||||||||||||||||||||||
Shareholders’ equity | | | | 426,842 | | | | | 349,484 | | | | | 360,715 | | | | | 376,287 | | | | | 383,055 | | | | | 362,770 | | | | | 345,981 | | | | | | | 885,190 | | | | | 858,592 | | | | | 874,532 | | | | | 812,823 | | | | | 727,920 | | | | | 533,205 | | | | | 360,715 | | | ||||||||||||||||||||||||||||||||||
SELECT PERFORMANCE RATIOS | SELECT PERFORMANCE RATIOS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average assets | | | | 0.79% | | | | | 0.82% | | | | | 0.80% | | | | | 0.82% | | | | | 0.75% | | | | | 0.62% | | | | | -0.79% | | | | | | | 1.53% | | | | | 1.18% | | | | | 1.20% | | | | | 1.53% | | | | | 1.57% | | | | | 1.00% | | | | | 0.80% | | | ||||||||||||||||||||||||||||||||||
Return on average common equity | | | | 7.18% | | | | | 7.97% | | | | | 7.73% | | | | | 8.04% | | | | | 7.73% | | | | | 6.78% | | | | | -9.29% | | | | | | | 12.92% | | | | | 8.52% | | | | | 9.32% | | | | | 11.32% | | | | | 12.27% | | | | | 8.62% | | | | | 7.73% | | | ||||||||||||||||||||||||||||||||||
Net interest margin – tax-equivalent | | | | 4.07% | | | | | 4.07% | | | | | 4.03% | | | | | 4.13% | | | | | 4.58% | | | | | 4.92% | | | | | 4.78% | | | | | | | 3.27% | | | | | 3.96% | | | | | 3.56% | | | | | 4.00% | | | | | 4.09% | | | | | 4.08% | | | | | 4.03% | | | ||||||||||||||||||||||||||||||||||
CAPITAL RATIOS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Shareholders’ equity as a percentage of assets | | | | 11.02% | | | | | 10.34% | | | | | 10.18% | | | | | 10.18% | | | | | 12.05% | | | | | 11.68% | | | | | 10.97% | | | | | | | 11.33% | | | | | 13.52% | | | | | 12.26% | | | | | 13.87% | | | | | 13.03% | | | | | 12.49% | | | | | 10.18% | | | ||||||||||||||||||||||||||||||||||
Tangible common equity to tangible assets | | | | 7.79% | | | | | 8.24% | | | | | 8.16% | | | | | 8.13% | | | | | 7.90% | | | | | 7.46% | | | | | 6.81% | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 to Tier 1 risk weighted assets | | | | 10.33% | | | | | 11.35% | | | | | 10.92% | | | | | 11.22% | | | | | n/a | | | | | n/a | | | | | n/a | | | | | | | 13.16% | | | | | 12.86% | | | | | 13.19% | | | | | 13.28% | | | | | 12.28% | | | | | 10.72% | | | | | 10.92% | | | ||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital | | | | 11.85% | | | | | 13.40% | | | | | 12.49% | | | | | 13.30% | | | | | 16.35% | | | | | 15.53% | | | | | 15.41% | | | | | | | 14.24% | | | | | 13.98% | | | | | 14.28% | | | | | 14.41% | | | | | 13.48% | | | | | 11.94% | | | | | 12.49% | | | ||||||||||||||||||||||||||||||||||
Total risk-based capital | | | | 12.56% | | | | | 14.45% | | | | | 13.36% | | | | | 14.45% | | | | | 17.60% | | | | | 16.79% | | | | | 16.67% | | | | | | | 15.49% | | | | | 14.51% | | | | | 15.37% | | | | | 14.89% | | | | | 13.97% | | | | | 12.50% | | | | | 13.36% | | | ||||||||||||||||||||||||||||||||||
Tier 1 leverage | | | | 11.05% | | | | | 10.40% | | | | | 10.17% | | | | | 10.38% | | | | | 11.61% | | | | | 11.18% | | | | | 10.24% | | | | | | | 9.60% | | | | | 11.05% | | | | | 9.88% | | | | | 11.19% | | | | | 10.47% | | | | | 9.58% | | | | | 10.17% | | | ||||||||||||||||||||||||||||||||||
ASSET QUALITY INFORMATION | ASSET QUALITY INFORMATION | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming assets – Total | | | $ | 60,032 | | | | $ | 82,261 | | | | $ | 59,138 | | | | $ | 89,293 | | | | $ | 114,011 | | | | $ | 152,588 | | | | $ | 202,351 | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming assets – Non-covered | | | | 60,032 | | | | | 71,563 | | | | | 59,138 | | | | | 77,193 | | | | | 95,330 | | | | | 81,965 | | | | | 106,105 | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming assets | | | $ | 49,978 | | | | $ | 38,300 | | | | $ | 46,997 | | | | $ | 37,792 | | | | $ | 43,433 | | | | $ | 53,373 | | | | $ | 59,138 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming assets to total assets | | | | 1.35% | | | | | 2.43% | | | | | 1.64% | | | | | 2.66% | | | | | 3.54% | | | | | 4.79% | | | | | 6.24% | | | | | | | 0.65% | | | | | 0.60% | | | | | 0.64% | | | | | 0.62% | | | | | 0.74% | | | | | 0.96% | | | | | 1.64% | | | ||||||||||||||||||||||||||||||||||
Nonperforming assets to total assets – non-covered | | | | 1.35% | | | | | 2.18% | | | | | 1.64% | | | | | 2.37% | | | | | 3.09% | | | | | 2.78% | | | | | 3.64% | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loan charge-offs to average total loans | | | | 0.13% | | | | | 0.35% | | | | | 0.14% | | | | | 0.46% | | | | | 0.74% | | | | | 1.18% | | | | | 3.06% | | | | | | | 0.10% | | | | | 0.22% | | | | | 0.09% | | | | | 0.04% | | | | | -0.03% | | | | | 0.04% | | | | | 0.14% | | | ||||||||||||||||||||||||||||||||||
Net loan charge-offs to average total loans – non-covered | | | | 0.13% | | | | | 0.52% | | | | | 0.14% | | | | | 0.58% | | | | | 0.65% | | | | | 0.72% | | | | | 3.02% | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses to total loans | | | | 0.72% | | | | | 1.05% | | | | | 0.88% | | | | | 1.13% | | | | | 1.70% | | | | | 1.97% | | | | | 1.95% | | | | | | | 1.42% | | | | | 0.54% | | | | | 1.11% | | | | | 0.48% | | | | | 0.50% | | | | | 0.58% | | | | | 0.88% | | | ||||||||||||||||||||||||||||||||||
Allowance for loan losses to total loans – non-covered | | | | 0.72% | | | | | 1.03% | | | | | 0.88% | | | | | 1.11% | | | | | 1.69% | | | | | 1.96% | | | | | 1.99% | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER DATA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | �� | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||
Number of full-service branches | | | | 95 | | | | | 88 | | | | | 88 | | | | | 88 | | | | | 87 | | | | | 96 | | | | | 97 | | | | | | | 101 | | | | | 101 | | | | | 101 | | | | | 101 | | | | | 101 | | | | | 104 | | | | | 88 | | | ||||||||||||||||||||||||||||||||||
Number of full-time equivalent employees | | | | 1,009 | | | | | 814 | | | | | 827 | | | | | 812 | | | | | 798 | | | | | 864 | | | | | 831 | | | | | | | 1,088 | | | | | 1,098 | | | | | 1,095 | | | | | 1,088 | | | | | 1,076 | | | | | 1,140 | | | | | 834 | | |
| | At and for the Three Months Ended March 31, | | At and for the Years Ended December 31, | | | At and for the Three Months Ended March 31, | | At and for the Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2017 | | 2016 | | 2016 | | 2015 | | 2014 | | 2013 | | 2012 | | | 2021 | | 2020 | | 2020 | | 2019 | | 2018 | | 2017 | | 2016 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | (in thousands, except per share data) | | | (in thousands, except per share data) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STATEMENTS OF INCOME | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Interest income | | | $ | 6,923 | | | | $ | 6,677 | | | | $ | 27,348 | | | | $ | 25,435 | | | | $ | 23,502 | | | | $ | 22,952 | | | | $ | 24,992 | | | | | $ | 17,980 | | | | $ | 14,178 | | | | $ | 63,208 | | | | $ | 58,446 | | | | $ | 56,835 | | | | $ | 39,617 | | | | $ | 34,709 | | | ||||||||||||||
Interest expense | | | | 816 | | | | | 844 | | | | | 3,444 | | | | | 3,485 | | | | | 3,536 | | | | | 4,194 | | | | | 6,492 | | | | | | 2,049 | | | | | 2,718 | | | | | 10,759 | | | | | 11,556 | | | | | 9,450 | | | | | 5,106 | | | | | 3,733 | | | ||||||||||||||
Net interest income | | | | 6,107 | | | | | 5,833 | | | | | 23,904 | | | | | 21,950 | | | | | 19,966 | | | | | 18,758 | | | | | 18,500 | | | | | | 15,931 | | | | | 11,460 | | | | | 52,449 | | | | | 46,890 | | | | | 47,385 | | | | | 34,511 | | | | | 30,976 | | | ||||||||||||||
Provision (reversal) for loan losses | | | | 57 | | | | | 399 | | | | | 548 | | | | | 361 | | | | | (998) | | | | | (681) | | | | | 1,700 | | | | | | (777) | | | | | 2,273 | | | | | 6,244 | | | | | 438 | | | | | (156) | | | | | 1,367 | | | | | 1,516 | | | ||||||||||||||
Net interest income after provision for loan losses | | | | 6,050 | | | | | 5,434 | | | | | 23,356 | | | | | 21,589 | | | | | 20,964 | | | | | 19,439 | | | | | 16,800 | | | | | | 16,708 | | | | | 9,187 | | | | | 46,205 | | | | | 46,452 | | | | | 47,541 | | | | | 33,144 | | | | | 29,460 | | | ||||||||||||||
Noninterest income | | | | 1,946 | | | | | 2,049 | | | | | 8,756 | | | | | 7,509 | | | | | 6,333 | | | | | 8,034 | | | | | 9,456 | | | | | | 1,682 | | | | | 1,444 | | | | | 6,120 | | | | | 5,419 | | | | | 4,701 | | | | | 3,072 | | | | | 3,222 | | | ||||||||||||||
Noninterest expense | | | | 5,588 | | | | | 5,761 | | | | | 30,450 | | | | | 23,540 | | | | | 23,548 | | | | | 25,394 | | | | | 25,092 | | | | | | 10,196 | | | | | 9,247 | | | | | 41,947 | | | | | 35,140 | | | | | 34,550 | | | | | 27,319 | | | | | 22,281 | | | ||||||||||||||
Net income before income taxes | | | | 2,408 | | | | | 1,722 | | | | | 1,662 | | | | | 5,558 | | | | | 3,749 | | | | | 2,079 | | | | | 1,164 | | | | | | 8,194 | | | | | 1,384 | | | | | 10,378 | | | | | 16,731 | | | | | 17,692 | | | | | 8,897 | | | | | 10,401 | | | ||||||||||||||
Income tax expense (benefit) | | | | 574 | | | | | 601 | | | | | 444 | | | | | 1,983 | | | | | 1,260 | | | | | 625 | | | | | 302 | | | | | | 1,854 | | | | | 280 | | | | | 2,215 | | | | | 3,696 | | | | | 3,910 | | | | | 5,712 | | | | | 3,647 | | | ||||||||||||||
Net income | | | | 1,834 | | | | | 1,121 | | | | | 1,218 | | | | | 3,575 | | | | | 2,489 | | | | | 1,454 | | | | | 862 | | | | | | 6,340 | | | | | 1,104 | | | | | 8,163 | | | | | 13,035 | | | | | 13,782 | | | | | 3,185 | | | | | 6,754 | | | ||||||||||||||
Preferred stock dividends and discount accretion | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 4 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common shareholders | | | $ | 6,340 | | | | $ | 1,104 | | | | $ | 8,163 | | | | $ | 13,035 | | | | $ | 13,782 | | | | $ | 3,185 | | | | $ | 6,750 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
COMMON AND PER SHARE DATA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Net income per common share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Basic | | | $ | 0.53 | | | | $ | 0.31 | | | | $ | 0.35 | | | | $ | 0.92 | | | | $ | 0.60 | | | | $ | 0.31 | | | | $ | 0.17 | | | | | $ | 0.36 | | | | $ | 0.06 | | | | $ | 0.46 | | | | $ | 0.69 | | | | $ | 0.87 | | | | $ | 0.27 | | | | $ | 0.58 | | | ||||||||||||||
Diluted | | | | 0.50 | | | | | 0.30 | | | | | 0.33 | | | | | 0.89 | | | | | 0.59 | | | | | 0.31 | | | | | 0.17 | | | | | | 0.36 | | | | | 0.06 | | | | | 0.45 | | | | | 0.68 | | | | | 0.87 | | | | | 0.27 | | | | | 0.58 | | | ||||||||||||||
Cash dividends declared per common share | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||
Stated book value – common | | | | 24.75 | | | | | 23.10 | | | | | 24.06 | | | | | 22.50 | | | | | 21.56 | | | | | 20.06 | | | | | 19.97 | | | | | | 12.33 | | | | | 11.75 | | | | | 12.30 | | | | | 11.61 | | | | | 10.85 | | | | | 9.72 | | | | | 8.95 | | | ||||||||||||||
Tangible book value – common | | | $ | 24.75 | | | | $ | 23.10 | | | | $ | 24.06 | | | | $ | 22.50 | | | | $ | 21.56 | | | | $ | 20.06 | | | | $ | 19.97 | | | | | $ | 9.76 | | | | $ | 10.31 | | | | $ | 9.76 | | | | $ | 10.18 | | | | $ | 9.47 | | | | $ | 7.72 | | | | $ | 8.29 | | | ||||||||||||||
Outstanding common shares | | | | 3,788,025 | | | | | 3,985,475 | | | | | 3,788,025 | | | | | 3,985,475 | | | | | 4,378,411 | | | | | 5,040,057 | | | | | 5,584,551 | | | | | | 17,227,104 | | | | | 18,055,692 | | | | | 17,507,103 | | | | | 18,330,058 | | | | | 19,311,505 | | | | | 14,009,137 | | | | | 11,645,413 | | | ||||||||||||||
Weighted average basic common shares | | | | 3,452,400 | | | | | 3,578,367 | | | | | 3,505,387 | | | | | 3,884,691 | | | | | 4,150,706 | | | | | 4,691,470 | | | | | 5,160,830 | | | | | | 17,386,715 | | | | | 18,255,351 | | | | | 17,937,596 | | | | | 19,016,808 | | | | | 15,812,585 | | | | | 11,763,050 | | | | | 11,610,705 | | | ||||||||||||||
Weighted average diluted common shares | | | | 3,697,194 | | | | | 3,720,127 | | | | | 3,659,575 | | | | | 4,004,385 | | | | | 4,197,689 | | | | | 4,698,997 | | | | | 5,160,830 | | | | | | 17,415,680 | | | | | 18,287,064 | | | | | 17,961,258 | | | | | 19,063,237 | | | | | 15,877,633 | | | | | 11,826,977 | | | | | 11,655,111 | | | ||||||||||||||
Dividend payout ratio – basic | | | | 0.00% | | | | | 0.00% | | | | | 0.00% | | | | | 0.00% | | | | | 0.00% | | | | | 0.00% | | | | | 0.00% | | | | | | 0.00% | | | | | 0.00% | | | | | 0.00% | | | | | 0.00% | | | | | 0.00% | | | | | 0.00% | | | | | 0.00% | | | ||||||||||||||
PERIOD-END BALANCES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | | | $ | 803,499 | | | | $ | 783,523 | | | | $ | 795,823 | | | | $ | 782,853 | | | | $ | 760,040 | | | | $ | 733,026 | | | | $ | 749,345 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities – carrying value | | | | 101,106 | | | | | 122,374 | | | | | 103,581 | | | | | 141,364 | | | | | 145,461 | | | | | 189,570 | | | | | 243,385 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | | | | 605,826 | | | | | 595,832 | | | | | 603,582 | | | | | 576,087 | | | | | 521,820 | | | | | 449,234 | | | | | 387,721 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | | | | 682,069 | | | | | 628,415 | | | | | 647,623 | | | | | 630,904 | | | | | 603,379 | | | | | 572,786 | | | | | 578,299 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | | | | 20,000 | | | | | 50,000 | | | | | 50,000 | | | | | 50,000 | | | | | 50,000 | | | | | 50,000 | | | | | 50,000 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | | | | 93,740 | | | | | 92,064 | | | | | 91,137 | | | | | 89,682 | | | | | 94,397 | | | | | 101,088 | | | | | 111,529 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE BALANCES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | | | $ | 799,954 | | | | $ | 776,623 | | | | $ | 790,831 | | | | $ | 781,974 | | | | $ | 747,491 | | | | $ | 751,406 | | | | $ | 781,633 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets | | | | 759,148 | | | | | 746,263 | | | | | 755,451 | | | | | 746,531 | | | | | 708,733 | | | | | 706,496 | | | | | 749,024 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities – carrying value | | | | 102,438 | | | | | 125,753 | | | | | 115,392 | | | | | 137,424 | | | | | 156,062 | | | | | 231,396 | | | | | 269,252 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | | | | 611,614 | | | | | 593,341 | | | | | 601,654 | | | | | 557,221 | | | | | 476,782 | | | | | 421,415 | | | | | 418,569 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | | | | 655,719 | | | | | 622,630 | | | | | 636,800 | | | | | 621,741 | | | | | 588,511 | | | | | 582,858 | | | | | 595,183 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | | | | 44,444 | | | | | 50,000 | | | | | 50,000 | | | | | 50,000 | | | | | 50,000 | | | | | 50,000 | | | | | 59,208 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | | | | 92,821 | | | | | 91,414 | | | | | 92,102 | | | | | 96,308 | | | | | 98,981 | | | | | 105,941 | | | | | 116,208 | | |
| | At and for the Three Months Ended March 31, | | At and for the Years Ended December 31, | | | At and for the Three Months Ended March 31, | | At and for the Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2017 | | 2016 | | 2016 | | 2015 | | 2014 | | 2013 | | 2012 | | | 2021 | | 2020 | | 2020 | | 2019 | | 2018 | | 2017 | | 2016 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | (in thousands, except per share data) | | | (in thousands, except per share data) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PERIOD-END BALANCES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | | | $ | 1,832,329 | | | | $ | 1,263,494 | | | | $ | 1,730,045 | | | | $ | 1,275,076 | | | | $ | 1,258,525 | | | | $ | 1,194,135 | | | | $ | 846,640 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities – carrying value | | | | 208,648 | | | | | 64,738 | | | | | 194,492 | | | | | 72,367 | | | | | 51,533 | | | | | 63,774 | | | | | 62,257 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | | | | 1,342,316 | | | | | 1,039,514 | | | | | 1,304,384 | | | | | 1,029,975 | | | | | 986,040 | | | | | 982,626 | | | | | 677,195 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | | | | 1,582,637 | | | | | 982,651 | | | | | 1,485,817 | | | | | 992,838 | | | | | 980,427 | | | | | 995,044 | | | | | 679,661 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | | | | 12,372 | | | | | 57,372 | | | | | 12,372 | | | | | 57,372 | | | | | 64,372 | | | | | 47,651 | | | | | 60,129 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | | | | 212,489 | | | | | 212,085 | | | | | 215,368 | | | | | 212,775 | | | | | 209,611 | | | | | 136,115 | | | | | 104,273 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE BALANCES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | | | $ | 1,761,938 | | | | $ | 1,255,943 | | | | $ | 1,561,865 | | | | $ | 1,268,728 | | | | $ | 1,228,576 | | | | $ | 898,943 | | | | $ | 829,315 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets | | | | 1,613,963 | | | | | 1,147,631 | | | | | 1,386,187 | | | | | 1,164,149 | | | | | 1,119,344 | | | | | 813,773 | | | | | 744,024 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities – carrying value | | | | 201,077 | | | | | 68,174 | | | | | 86,961 | | | | | 76,875 | | | | | 57,505 | | | | | 59,082 | | | | | 72,244 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | | | | 1,322,031 | | | | | 1,020,630 | | | | | 1,189,894 | | | | | 1,004,051 | | | | | 987,634 | | | | | 732,089 | | | | | 639,412 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | | | | 1,516,612 | | | | | 972,162 | | | | | 1,278,068 | | | | | 981,132 | | | | | 989,838 | | | | | 746,418 | | | | | 665,764 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | | | | 12,372 | | | | | 57,372 | | | | | 56,036 | | | | | 60,799 | | | | | 70,750 | | | | | 49,891 | | | | | 57,348 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | | | | 216,007 | | | | | 214,502 | | | | | 214,360 | | | | | 214,324 | | | | | 161,953 | | | | | 108,709 | | | | | 102,110 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
SELECT PERFORMANCE RATIOS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Return on average assets | | | | 0.93% | | | | | 0.58% | | | | | 0.15% | | | | | 0.46% | | | | | 0.33% | | | | | 0.19% | | | | | 0.11% | | | | | | 1.46% | | | | | 0.35% | | | | | 0.52% | | | | | 1.03% | | | | | 1.12% | | | | | 0.35% | | | | | 0.81% | | | ||||||||||||||
Return on average common equity | | | | 8.01% | | | | | 4.93% | | | | | 1.32% | | | | | 3.71% | | | | | 2.51% | | | | | 1.37% | | | | | 0.74% | | | | | | 11.90% | | | | | 2.07% | | | | | 3.81% | | | | | 6.08% | | | | | 8.51% | | | | | 2.93% | | | | | 6.61% | | | ||||||||||||||
Net interest margin – tax-equivalent | | | | 3.33% | | | | | 3.21% | | | | | 3.23% | | | | | 3.00% | | | | | 2.87% | | | | | 2.72% | | | | | 2.50% | | | | | | 4.02% | | | | | 4.03% | | | | | 3.79% | | | | | 4.04% | | | | | 4.19% | | | | | 4.14% | | | | | 4.06% | | | ||||||||||||||
CAPITAL RATIOS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Shareholders’ equity as a percentage of assets | | | | 11.67% | | | | | 11.75% | | | | | 11.45% | | | | | 11.46% | | | | | 12.42% | | | | | 13.79% | | | | | 14.88% | | | | | | 11.60% | | | | | 16.79% | | | | | 12.45% | | | | | 16.69% | | | | | 16.66% | | | | | 11.40% | | | | | 12.32% | | | ||||||||||||||
Tangible common equity to tangible assets | | | | 11.67% | | | | | 11.75% | | | | | 11.45% | | | | | 11.46% | | | | | 12.42% | | | | | 13.79% | | | | | 14.88% | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 to Tier 1 risk weighted assets | | | | 15.97% | | | | | 16.65% | | | | | 15.54% | | | | | 16.66% | | | | | n/a | | | | | n/a | | | | | n/a | | | | | | 11.62% | | | | | 16.18% | | | | | 11.99% | | | | | 16.46% | | | | | 17.30% | | | | | 9.94% | | | | | 12.48% | | | ||||||||||||||
Tier 1 risk-based capital | | | | 15.97% | | | | | 16.65% | | | | | 15.54% | | | | | 16.66% | | | | | 19.83% | | | | | 24.14% | | | | | 27.72% | | | | | | 12.43% | | | | | 17.23% | | | | | 12.84% | | | | | 17.52% | | | | | 18.44% | | | | | 11.04% | | | | | 14.03% | | | ||||||||||||||
Total risk-based capital | | | | 17.07% | | | | | 17.81% | | | | | 16.63% | | | | | 17.77% | | | | | 21.01% | | | | | 25.39% | | | | | 28.98% | | | | | | 13.31% | | | | | 18.16% | | | | | 13.84% | | | | | 18.26% | | | | | 19.26% | | | | | 11.86% | | | | | 15.12% | | | ||||||||||||||
Tier 1 leverage | | | | 11.89% | | | | | 12.33% | | | | | 11.58% | | | | | 11.87% | | | | | 13.17% | | | | | 14.35% | | | | | 14.69% | | | | | | 10.74% | | | | | 15.98% | | | | | 10.41% | | | | | 15.84% | | | | | 15.65% | | | | | 12.64% | | | | | 12.99% | | | ||||||||||||||
ASSET QUALITY INFORMATION | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Nonperforming assets | | | $ | 10,268 | | | | $ | 12,472 | | | | $ | 10,814 | | | | $ | 12,813 | | | | $ | 16,345 | | | | $ | 20,727 | | | | $ | 25,683 | | | | | $ | 10,280 | | | | $ | 16,557 | | | | $ | 16,468 | | | | $ | 15,681 | | | | $ | 12,723 | | | | $ | 8,236 | | | | $ | 10,029 | | | ||||||||||||||
Nonperforming assets to total assets | | | | 1.28% | | | | | 1.59% | | | | | 1.36% | | | | | 1.64% | | | | | 2.15% | | | | | 2.83% | | | | | 3.43% | | | | | | 0.56% | | | | | 1.31% | | | | | 0.95% | | | | | 1.23% | | | | | 1.01% | | | | | 0.69% | | | | | 1.18% | | | ||||||||||||||
Net loan charge-offs to average total loans | | | | 0.02% | | | | | -0.02% | | | | | 0.05% | | | | | 0.00% | | | | | 0.08% | | | | | 0.12% | | | | | 0.91% | | | | | | 0.04% | | | | | 0.00% | | | | | 0.04% | | | | | 0.07% | | | | | 0.00% | | | | | 0.13% | | | | | 0.02% | | | ||||||||||||||
Allowance for loan losses to total loans | | | | 1.08% | | | | | 1.13% | | | | | 1.08% | | | | | 1.09% | | | | | 1.14% | | | | | 1.63% | | | | | 2.20% | | | | | | 0.98% | | | | | 1.02% | | | | | 1.08% | | | | | 0.81% | | | | | 0.88% | | | | | 0.90% | | | | | 1.24% | | | ||||||||||||||
OTHER DATA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Number of full-service branches | | | | 13 | | | | | 13 | | | | | 13 | | | | | 13 | | | | | 13 | | | | | 13 | | | | | 13 | | | | | | 22 | | | | | 19 | | | | | 22 | | | | | 17 | | | | | 18 | | | | | 18 | | | | | 13 | | | ||||||||||||||
Number of full-time equivalent employees | | | | 153 | | | | | 153 | | | | | 155 | | | | | 152 | | | | | 160 | | | | | 173 | | | | | 168 | | | | | | 241 | | | | | 221 | | | | | 246 | | | | | 213 | | | | | 205 | | | | | 202 | | | | | 150 | | |
(Dollars in thousands) | | | As of March 31, 2021 | | |||
Pro Forma Condensed Consolidated Combined Balance Sheet Data | | | | | | | |
Investment securities | | | | $ | 2,229,188 | | |
Loans, net of allowance for loan losses | | | | | 5,869,940 | | |
Total assets | | | | | 9,638,602 | | |
Deposits | | | | | 8,316,124 | | |
Borrowings and debt | | | | | 72,114 | | |
Shareholders’ equity | | | | | 1,151,596 | | |
(Dollars in thousands) | | | Three months ended March 31, 2021 | | | Year ended December 31, 2020 | | ||||||
Pro Forma Condensed Consolidated Combined Income Statement Data | | | | | | | | | | | | | |
Net interest income | | | | $ | 72,143 | | | | | $ | 275,538 | | |
Provision (reversal) for credit losses | | | | | (777) | | | | | | 41,283 | | |
Noninterest income | | | | | 22,351 | | | | | | 87,466 | | |
Noninterest expense | | | | | 50,457 | | | | | | 204,130 | | |
Net income | | | | | 35,133 | | | | | | 92,784 | | |
Pro Forma Condensed Consolidated Combined Per Share Data | | | | | | | | | | | | | |
Net income per common share – basic | | | | $ | 0.99 | | | | | $ | 2.59 | | |
Net income per common share – diluted | | | | $ | 0.99 | | | | | $ | 2.58 | | |
| | | First Bancorp | | | ASBB | | | Pro Forma Adjustments | | | Notes | | | Pro Forma Combined | | ||||||||||||
| | | ($ in thousands) | | ||||||||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash & due from banks, noninterest-bearing | | | | $ | 81,514 | | | | | | 10,742 | | | | | | — | | | | | | | | | 92,256 | | |
Due from banks, interest-bearing | | | | | 323,646 | | | | | | 49,709 | | | | | | (35,050) | | | | 1 | | | | | 338,305 | | |
Total cash and cash equivalents | | | | | 405,160 | | | | | | 60,451 | | | | | | (35,050) | | | | | | | | | 430,561 | | |
Securities available for sale | | | | | 214,743 | | | | | | 97,463 | | | | | | — | | | | | | | | | 312,206 | | |
Securities held to maturity | | | | | 133,254 | | | | | | 3,643 | | | | | | 195 | | | | 2 | | | | | 137,092 | | |
Loans and leases held for sale | | | | | 11,661 | | | | | | 4,238 | | | | | | — | | | | | | | | | 15,899 | | |
Loans | | | | | 3,289,355 | | | | | | 605,826 | | | | | | (5,300) | | | | 3 | | | | | 3,889,881 | | |
Allowance for loan losses | | | | | (23,546) | | | | | | (6,573) | | | | | | 6,573 | | | | 4 | | | | | (23,546) | | |
Net loans | | | | | 3,265,809 | | | | | | 599,253 | | | | | | 1,273 | | | | | | | | | 3,866,335 | | |
Premises and equipment | | | | | 97,142 | | | | | | 10,997 | | | | | | 8,624 | | | | 5 | | | | | 116,763 | | |
Other real estate | | | | | 12,789 | | | | | | 5,055 | | | | | | (1,800) | | | | 6 | | | | | 16,044 | | |
Goodwill | | | | | 142,872 | | | | | | — | | | | | | 68,140 | | | | 7 | | | | | 211,012 | | |
Other intangible assets | | | | | 12,811 | | | | | | — | | | | | | 9,200 | | | | 8 | | | | | 22,011 | | |
Bank-owned life insurance | | | | | 86,923 | | | | | | 10,271 | | | | | | — | | | | | | | | | 97,194 | | |
Other | | | | | 58,682 | | | | | | 12,128 | | | | | | — | | | | | | | | | 70,810 | | |
Total assets | | | | $ | 4,441,846 | | | | | | 803,499 | | | | | | 50,582 | | | | | | | | | 5,295,927 | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits: Demand – noninterest-bearing | | | | $ | 958,175 | | | | | | 133,201 | | | | | | — | | | | | | | | | 1,091,376 | | |
Interest-bearing | | | | | 2,670,995 | | | | | | 548,868 | | | | | | (1,280) | | | | 9 | | | | | 3,218,583 | | |
Total deposits | | | | | 3,629,170 | | | | | | 682,069 | | | | | | (1,280) | | | | | | | | | 4,309,959 | | |
Borrowings | | | | | 236,752 | | | | | | 20,708 | | | | | | 394 | | | | 10 | | | | | 257,854 | | |
Subordinated notes and debentures | | | | | 53,651 | | | | | | — | | | | | | — | | | | | | | | | 53,651 | | |
Other liabilities | | | | | 32,812 | | | | | | 6,982 | | | | | | 6,791 | | | | 11 | | | | | 46,585 | | |
Total liabilities | | | | | 3,952,385 | | | | | | 709,759 | | | | | | 5,905 | | | | | | | | | 4,668,049 | | |
SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock | | | | | 262,180 | | | | | | 38 | | | | | | 143,754 | | | | 12 | | | | | 405,972 | | |
Additional paid-in-capital | | | | | — | | | | | | 19,976 | | | | | | (19,976) | | | | 13 | | | | | — | | |
Retained earnings | | | | | 231,503 | | | | | | 79,140 | | | | | | (84,515) | | | | 14 | | | | | 226,128 | | |
Stock in directors’ rabbi trust assumed in acquisition | | | | | (7,688) | | | | | | (2,015) | | | | | | — | | | | | | | | | (9,703) | | |
Directors’ deferred fee obligation | | | | | 7,688 | | | | | | 2,015 | | | | | | — | | | | | | | | | 9,703 | | |
Unearned Employee Stock Ownership Plan (ESOP) shares | | | | | — | | | | | | (2,747) | | | | | | 2,747 | | | | 15 | | | | | — | | |
Unearned equity incentive plan shares | | | | | — | | | | | | (661) | | | | | | 661 | | | | 16 | | | | | — | | |
Stock-based deferral plan shares | | | | | — | | | | | | (380) | | | | | | 380 | | | | 16 | | | | | — | | |
Accumulated other comprehensive income | | | | | (4,222) | | | | | | (1,626) | | | | | | 1,626 | | | | 16 | | | | | (4,222) | | |
Total shareholders’ equity | | | | | 489,461 | | | | | | 93,740 | | | | | | 44,677 | | | | | | | | | 627,878 | | |
Total liabilities and shareholders’ equity | | | | $ | 4,441,846 | | | | | | 803,499 | | | | | | 50,582 | | | | | | | | | 5,295,927 | | |
|
| | | First Bancorp | | | ASBB | | | Pro Forma Adjustments | | | Notes | | | First Bancorp and ASBB — Pro Forma Combined | | | ||||||||||||||
| | | ($ in thousands, except per share data) | | | | | ||||||||||||||||||||||||
Interest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Interest and fees on loans | | | | $ | 33,703 | | | | | $ | 6,294 | | | | | $ | — | | | | | | | | $ | 39,997 | | | | ||
Interest on investment securities | | | | | 2,267 | | | | | | 520 | | | | | | (8) | | | | 17 | | | | $ | 2,779 | | | | ||
Other, principally overnight investments | | | | | 498 | | | | | | 109 | | | | | | (191) | | | | 18 | | | | | 416 | | | | ||
Total interest income | | | | | 36,468 | | | | | | 6,923 | | | | | | (199) | | | ��� | | | | | | 43,192 | | | | ||
Interest expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Savings, checking and money market accounts | | | | | 522 | | | | | | 144 | | | | | | — | | | | | | | | | 666 | | | | ||
Time deposits | | | | | 880 | | | | | | 246 | | | | | | 44 | | | | 19 | | | | | 1,170 | | | | ||
Borrowings | | | | | 770 | | | | | | 426 | | | | | | (48) | | | | 20 | | | | | 1,148 | | | | ||
Total interest expense | | | | | 2,172 | | | | | | 816 | | | | | | (4) | | | | | | | | | 2,984 | | | | ||
Net interest income | | | | | 34,296 | | | | | | 6,107 | | | | | | (195) | | | | | | | | | 40,208 | | | | ||
Provision for loan losses | | | | | 723 | | | | | | 57 | | | | | | — | | | | | | | | | 780 | | | | ||
Net interest income after provision (reversal) for loan losses | | | | | 33,573 | | | | | | 6,050 | | | | | | (195) | | | | | | | | | 39,428 | | | | ||
Noninterest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Service charges on deposit accounts | | | | | 2,614 | | | | | | 478 | | | | | | — | | | | | | | | | 3,092 | | | | ||
Other charges, commissions and fees | | | | | 3,173 | | | | | | 785 | | | | | | — | | | | | | | | | 3,958 | | | | ||
Mortgage banking income | | | | | 768 | | | | | | 493 | | | | | | — | | | | | | | | | 1,261 | | | | ||
Commissions from sales of insurance and financial products | | | | | 840 | | | | | | 60 | | | | | | — | | | | | | | | | 900 | | | | ||
SBA consulting fees | | | | | 1,260 | | | | | | — | | | | | | | | | | | | | | | 1,260 | | | | ||
SBA loan sale gains | | | | | 622 | | | | | | — | | | | | | | | | | | | | | | 622 | | | | ||
Bank-owned life insurance income | | | | | 508 | | | | | | 87 | | | | | | — | | | | | | | | | 595 | | | | ||
Securities gains (losses) | | | | | (235) | | | | | | 27 | | | | | | — | | | | | | | | | (208) | | | | ||
Foreclosed property gains (losses) | | | | | 25 | | | | | | 16 | | | | | | — | | | | | | | | | 41 | | | | ||
Other gain (losses) | | | | | 234 | | | | | | — | | | | | | — | | | | | | | | | 234 | | | | ||
Total noninterest income | | | | | 9,809 | | | | | | 1,946 | | | | | | — | | | | | | | | | 11,755 | | | | ||
Noninterest expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Salaries and employee benefits | | | | | 17,671 | | | | | | 3,231 | | | | | | — | | | | | | | | | 20,902 | | | | ||
Occupancy and equipment expense | | | | | 3,242 | | | | | | 430 | | | | | | — | | | | | | | | | 3,672 | | | | ||
Merger and acquisition expense | | | | | 2,373 | | | | | | — | | | | | | — | | | | | | | | | 2,373 | | | | ||
Intangibles amortization | | | | | 576 | | | | | | — | | | | | | 418 | | | | 21 | | | | | 994 | | | | ||
Other | | | | | 8,210 | | | | | | 1,927 | | | | | | — | | | | | | | | | 10,137 | | | | ||
Total noninterest expenses | | | | | 32,072 | | | | | | 5,588 | | | | | | 418 | | | | | | | | | 38,078 | | | | ||
Income before income taxes | | | | | 11,310 | | | | | | 2,408 | | | | | | (613) | | | | | | | | | 13,105 | | | | ||
Income taxes | | | | | 3,755 | | | | | | 574 | | | | | | (227) | | | | | | | | | 4,102 | | | | ||
Net income | | | | | 7,555 | | | | | | 1,834 | | | | | | (386) | | | | | | | | | 9,003 | | | | ||
Preferred stock dividends | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | ||
Net income available to common shareholders | | | | $ | 7,555 | | | | | $ | 1,834 | | | | | $ | (386) | | | | | | | | $ | 9,003 | | | | ||
Basic earnings per share | | | | $ | 0.34 | | | | | $ | 0.53 | | | | | | | | | | | | | | $ | 0.33 | | | | ||
Diluted earnings per share | | | | $ | 0.34 | | | | | $ | 0.50 | | | | | | | | | | | | | | $ | 0.33 | | | | ||
Weighted average common shares – basic | | | | | 21,983,963 | | | | | | 3,452,400 | | | | | | 1,456,880 | | | | 22 | | | | | 26,893,243 | | | | ||
Weighted average common shares – diluted | | | | | 22,064,923 | | | | | | 3,697,194 | | | | | | 1,212,086 | | | | 22 | | | | | 26,974,203 | | | |
| | | First Bancorp | | | ASBB | | | Pro Forma Adjustments | | | Notes | | | First Bancorp and ASBB — Pro Forma Combined | | ||||||||||||
| | | ($ in thousands, except per share data) | | ||||||||||||||||||||||||
Interest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and fees on loans | | | | $ | 121,322 | | | | | $ | 24,769 | | | | | $ | — | | | | | | | | $ | 146,091 | | |
Interest on investment securities | | | | | 8,782 | | | | | | 2,263 | | | | | | (33) | | | | 17 | | | | | 11,012 | | |
Other, principally overnight investments | | | | | 883 | | | | | | 316 | | | | | | (762) | | | | 18 | | | | | 437 | | |
Total interest income | | | | | 130,987 | | | | | | 27,348 | | | | | | (795) | | | | | | | | | 157,540 | | |
Interest expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Savings, checking and money market accounts | | | | | 1,620 | | | | | | 550 | | | | | | — | | | | | | | | | 2,170 | | |
Time deposits | | | | | 3,550 | | | | | | 922 | | | | | | 1,104 | | | | 19 | | | | | 5,576 | | |
Borrowings | | | | | 2,437 | | | | | | 1,972 | | | | | | (394) | | | | 20 | | | | | 4,015 | | |
Total interest expense | | | | | 7,607 | | | | | | 3,444 | | | | | | 710 | | | | | | | | | 11,761 | | |
Net interest income | | | | | 123,380 | | | | | | 23,904 | | | | | | (1,505) | | | | | | | | | 145,779 | | |
Provision for loan losses – noncovered | | | | | 2,109 | | | | | | 548 | | | | | | — | | | | | | | | | 2,657 | | |
Provision (reversal) for loan losses – covered | | | | | (2,132) | | | | | | — | | | | | | — | | | | | | | | | (2,132) | | |
Total provision (reversal) for loan losses | | | | | (23) | | | | | | 548 | | | | | | — | | | | | | | | | 525 | | |
Net interest income after provision (reversal) for loan losses | | | | | 123,403 | | | | | | 23,356 | | | | | | (1,505) | | | | | | | | | 145,254 | | |
Noninterest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Service charges on deposit accounts | | | | | 10,571 | | | | | | 1,988 | | | | | | — | | | | | | | | | 12,559 | | |
Other charges, commissions and fees | | | | | 11,913 | | | | | | 3,328 | | | | | | — | | | | | | | | | 15,241 | | |
Mortgage banking income | | | | | 2,033 | | | | | | 1,710 | | | | | | — | | | | | | | | | 3,743 | | |
Commissions from sales of insurance and financial products | | | | | 3,790 | | | | | | 243 | | | | | | — | | | | | | | | | 4,033 | | |
SBA consulting fees | | | | | 3,199 | | | | | | — | | | | | | — | | | | | | | | | 3,199 | | |
SBA loan sale gains | | | | | 1,433 | | | | | | — | | | | | | | | | | | | | | | 1,433 | | |
Bank-owned life insurance income | | | | | 2,052 | | | | | | 185 | | | | | | — | | | | | | | | | 2,237 | | |
Securities gains (losses) | | | | | 3 | | | | | | 1,321 | | | | | | — | | | | | | | | | 1,324 | | |
Foreclosed property gains (losses) | | | | | (625) | | | | | | (2) | | | | | | — | | | | | | | | | (627) | | |
Indemnification asset income | | | | | (10,255) | | | | | | — | | | | | | — | | | | | | | | | (10,255) | | |
Other gain (losses) | | | | | 1,437 | | | | | | (17) | | | | | | — | | | | | | | | | 1,420 | | |
Total noninterest income | | | | | 25,551 | | | | | | 8,756 | | | | | | — | | | | | | | | | 34,307 | | |
Noninterest expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits | | | | | 62,064 | | | | | | 13,088 | | | | | | — | | | | | | | | | 75,152 | | |
Occupancy and equipment expense | | | | | 11,446 | | | | | | 1,786 | | | | | | — | | | | | | | | | 13,232 | | |
Merger and acquisition expenses | | | | | 1,431 | | | | | | — | | | | | | — | | | | | | | | | 1,431 | | |
Settlement of qualified pension plan | | | | | — | | | | | | 7,607 | | | | | | (7,607) | | | | 23 | | | | | — | | |
Intangibles amortization | | | | | 1,211 | | | | | | — | | | | | | 1,673 | | | | 21 | | | | | 2,884 | | |
Other | | | | | 30,669 | | | | | | 7,969 | | | | | | — | | | | | | | | | 38,638 | | |
Total noninterest expenses | | | | | 106,821 | | | | | | 30,450 | | | | | | (5,934) | | | | | | | | | 131,337 | | |
Income before income taxes | | | | | 42,133 | | | | | | 1,662 | | | | | | 4,429 | | | | | | | | | 48,224 | | |
Income taxes | | | | | 14,624 | | | | | | 444 | | | | | | 1,637 | | | | | | | | | 16,705 | | |
Net income | | | | | 27,509 | | | | | | 1,218 | | | | | | 2,792 | | | | | | | | | 31,519 | | |
Preferred stock dividends | | | | | (175) | | | | | | — | | | | | | — | | | | | | | | | (175) | | |
Net income available to common shareholders | | | | $ | 27,334 | | | | | $ | 1,218 | | | | | $ | 2,792 | | | | | | | | $ | 31,344 | | |
Basic earnings per share | | | | $ | 1.37 | | | | | $ | 0.35 | | | | | | | | | | | | | | $ | 1.26 | | |
Diluted earnings per share | | | | $ | 1.33 | | | | | $ | 0.33 | | | | | $ | 1.23 | | | | | |||||||
Weighted average common shares – basic | | | | | 19,964,727 | | | | | | 3,505,387 | | | | | | 1,403,893 | | | | 22 | | | | | 24,874,007 | | |
Weighted average common shares – diluted | | | | | 20,732,917 | | | | | | 3,659,575 | | | | | | 1,249,705 | | | | 22 | | | | | 25,642,197 | | |
| Merger Transaction Costs Schedule | | | |||||
| Salaries and employee benefits | | | | $ | 5,750 | | |
| Professional fees | | | | | 3,500 | | |
| Contract termination fess | | | | | 4,275 | | |
| Other noninterest expense | | | | | 2,500 | | |
| Total merger related costs | | | | | 16,025 | | |
| Applicable tax benefit | | | | | 5,275 | | |
| Net expense after tax benefit | | | | $ | 10,750 | | |
|
| $ | 143,792 | | | | Stock consideration (3,788 × 90% × 1.44 Exchange Ratio × $29.29 First Bancorp Stock Price on 3/31/17) | |
| | 27,354 | | | | Cash consideration – from above | |
| | 171,146 | | | | Total merger consideration | |
| | 93,740 | | | | Equity of ASBB | |
| | 77,406 | | | | Preliminary goodwill amount | |
| | 5,375 | | | | Deal charges – assumed that 50% are incurred by ASBB and will reduce their equity | |
| | | | | | Fair Value Adjustments | |
| | (195) | | | | Held to maturity securities | |
| | 527 | | | | Loan mark, net of allowance | |
| | (8,624) | | | | Premises | |
| | (9,200) | | | | Core deposit intangible | |
| | (1,280) | | | | Time deposits interest rate mark | |
| | 394 | | | | Borrowings mark | |
| | 6,791 | | | | Deferred tax liability associated with fair value adjustments | |
| | (3,054) | | | | ESOP termination impact | |
| $ | 68,140 | | | | Total goodwill | |
|
| | | Unaudited Comparative Per Common Share Data | | |||||||||||||||||||||
| | | First Bancorp | | | ASBB | | | First Bancorp Pro Forma Combined(1) | | | ASBB Pro Forma Equivalent Per Share(2) | | ||||||||||||
Basic Earnings | | | | | | ||||||||||||||||||||
Year ended December 31, 2016 | | | | $ | 1.37 | | | | | $ | 0.35 | | | | | $ | 1.27 | | | | | $ | 1.83 | | |
Three months ended March 31, 2017 | | | | $ | 0.34 | | | | | $ | 0.53 | | | | | $ | 0.33 | | | | | $ | 0.48 | | |
Diluted Earnings | | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended December 31, 2016 | | | | $ | 1.33 | | | | | $ | 0.33 | | | | | $ | 1.24 | | | | | $ | 1.79 | | |
Three months ended March 31, 2017 | | | | $ | 0.34 | | | | | $ | 0.50 | | | | | $ | 0.33 | | | | | $ | 0.48 | | |
Cash Dividends Declared(3) | | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended December 31, 2016 | | | | $ | 0.32 | | | | | $ | 0.00 | | | | | $ | 0.32 | | | | | $ | 0.46 | | |
Three months ended March 31, 2017 | | | | $ | 0.08 | | | | | $ | 0.00 | | | | | $ | 0.08 | | | | | $ | 0.12 | | |
Tangible Book Value – Common | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2016 | | | | $ | 13.85 | | | | | $ | 24.06 | | | | | $ | 13.58 | | | | | $ | 19.56 | | |
March 31, 2017 | | | | $ | 13.53 | | | | | $ | 24.75 | | | | | $ | 13.35 | | | | | $ | 19.22 | | |
($ in thousands) | | | First Bancorp | | | Select | | | Transaction Accounting Adjustments | | | Notes | | | Pro Forma Combined | | |||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash & due from banks, noninterest-bearing | | | | $ | 71,206 | | | | | | 22,533 | | | | | | — | | | | | | | | | | | | 93,739 | | |
Due from banks, interest-bearing | | | | | 458,860 | | | | | | 139,100 | | | | | | (2,410) | | | | | | 1 | | | | | | 595,550 | | |
Total cash and cash equivalents | | | | | 530,066 | | | | | | 161,633 | | | | | | (2,410) | | | | | | | | | | | | 689,289 | | |
Securities available for sale | | | | | 1,821,697 | | | | | | 208,648 | | | | | | — | | | | | | | | | | | | 2,030,345 | | |
Securities held to maturity | | | | | 198,843 | | | | | | — | | | | | | — | | | | | | | | | | | | 198,843 | | |
Loans and leases held for sale | | | | | 38,871 | | | | | | 3,953 | | | | | | — | | | | | | | | | | | | 42,824 | | |
Loans | | | | | 4,624,054 | | | | | | 1,342,316 | | | | | | (10,481) | | | | | | 2 | | | | | | 5,955,889 | | |
Allowance for credit losses on loans | | | | | (65,849) | | | | | | (13,187) | | | | | | (6,913) | | | | | | 3 | | | | | | (85,949) | | |
Net loans | | | | | 4,558,205 | | | | | | 1,329,129 | | | | | | (17,394) | | | | | | | | | | | | 5,869,940 | | |
Premises and equipment | | | | | 123,271 | | | | | | 20,222 | | | | | | 3,500 | | | | | | 4 | | | | | | 146,993 | | |
Operating right-of-use assets | | | | | 16,899 | | | | | | 8,358 | | | | | | — | | | | | | | | | | | | 25,257 | | |
Foreclosed properties | | | | | 1,811 | | | | | | 1,968 | | | | | | (500) | | | | | | 5 | | | | | | 3,279 | | |
Goodwill | | | | | 239,272 | | | | | | 42,907 | | | | | | 78,933 | | | | | | 6 | | | | | | 361,112 | | |
Other intangible assets | | | | | 14,606 | | | | | | 1,581 | | | | | | 4,737 | | | | | | 7 | | | | | | 20,924 | | |
Bank-owned life insurance | | | | | 107,594 | | | | | | 30,586 | | | | | | — | | | | | | | | | | | | 138,180 | | |
Other | | | | | 85,259 | | | | | | 23,344 | | | | | | 3,013 | | | | | | 8 | | | | | | 111,616 | | |
Total assets | | | | $ | 7,736,394 | | | | | | 1,832,329 | | | | | | 69,879 | | | | | | | | | | | | 9,638,602 | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits: Demand – noninterest-bearing | | | | $ | 2,430,198 | | | | | | 448,835 | | | | | | — | | | | | | | | | | | | 2,879,033 | | |
Interest-bearing | | | | | 4,303,289 | | | | | | 1,133,802 | | | | | | — | | | | | | | | | | | | 5,437,091 | | |
Total deposits | | | | | 6,733,487 | | | | | | 1,582,637 | | | | | | — | | | | | | | | | | | | 8,316,124 | | |
Borrowings | | | | | 61,342 | | | | | | 12,372 | | | | | | (1,600) | | | | | | 9 | | | | | | 72,114 | | |
Operating lease liabilities | | | | | 17,354 | | | | | | 8,766 | | | | | | — | | | | | | | | | | | | 26,120 | | |
Other liabilities | | | | | 47,358 | | | | | | 16,065 | | | | | | 9,225 | | | | | | 10 | | | | | | 72,648 | | |
Total liabilities | | | | | 6,859,541 | | | | | | 1,619,840 | | | | | | 7,625 | | | | | | | | | | | | 8,487,006 | | |
SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock | | | | | 397,094 | | | | | | 17,227 | | | | | | 273,689 | | | | | | 11 | | | | | | 688,010 | | |
Additional paid-in-capital | | | | | — | | | | | | 132,400 | | | | | | (132,400) | | | | | | 12 | | | | | | — | | |
Retained earnings | | | | | 483,944 | | | | | | 67,178 | | | | | | (83,351) | | | | | | 13 | | | | | | 467,771 | | |
Stock in directors’ rabbi trust assumed in acquisition | | | | | (2,256) | | | | | | (2,449) | | | | | | (2,153) | | | | | | 14 | | | | | | (6,858) | | |
Directors’ deferred fee obligation | | | | | 2,256 | | | | | | 2,449 | | | | | | 2,153 | | | | | | 14 | | | | | | 6,858 | | |
Accumulated other comprehensive loss | | | | | (4,185) | | | | | | (4,316) | | | | | | 4,316 | | | | | | 12 | | | | | | (4,185) | | |
Total shareholders’ equity | | | | | 876,853 | | | | | | 212,489 | | | | | | 62,254 | | | | | | | | | | | | 1,151,596 | | |
Total liabilities and shareholders’ equity | | | | $ | 7,736,394 | | | | | | 1,832,329 | | | | | | 69,879 | | | | | | | | | | | | 9,638,602 | | |
| | | First Bancorp | | | Select | | | Transaction Accounting Adjustments | | | Notes | | | First Bancorp and Select — Pro Forma Combined | | |||||||||||||||
| | | ($ in thousands, except per share data) | | |||||||||||||||||||||||||||
Interest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and fees on loans | | | | $ | 51,073 | | | | | $ | 17,035 | | | | | | 754 | | | | | | 15 | | | | | $ | 68,862 | | |
Interest on investment securities | | | | | 6,236 | | | | | | 25 | | | | | | 250 | | | | | | 16 | | | | | | 6,511 | | |
Other, principally overnight investments | | | | | 700 | | | | | | 920 | | | | | | — | | | | | | | | | | | | 1,620 | | |
Total interest income | | | | | 58,009 | | | | | | 17,980 | | | | | | 1,004 | | | | | | | | | | | | 76,993 | | |
Interest expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Savings, checking and money market accounts | | | | | 1,314 | | | | | | 924 | | | | | | — | | | | | | | | | | | | 2,238 | | |
Time deposits | | | | | 1,074 | | | | | | 1,038 | | | | | | — | | | | | | | | | | | | 2,112 | | |
Borrowings | | | | | 383 | | | | | | 87 | | | | | | 30 | | | | | | 17 | | | | | | 500 | | |
Total interest expense | | | | | 2,771 | | | | | | 2,049 | | | | | | 30 | | | | | | | | | | | | 4,850 | | |
Net interest income | | | | | 55,238 | | | | | | 15,931 | | | | | | 974 | | | | | | | | | | | | 72,143 | | |
Provision (reversal) for loan losses | | | | | — | | | | | | (777) | | | | | | — | | | | | | | | | | | | (777) | | |
Net interest income after provision (reversal) for loan losses | | | | | 55,238 | | | | | | 16,708 | | | | | | 974 | | | | | | | | | | | | 72,920 | | |
Noninterest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Service charges on deposit accounts | | | | | 2,733 | | | | | | 256 | | | | | | — | | | | | | | | | | | | 2,989 | | |
Other charges, commissions and fees | | | | | 5,522 | | | | | | 787 | | | | | | — | | | | | | | | | | | | 6,309 | | |
Mortgage banking income | | | | | 4,544 | | | | | | 288 | | | | | | — | | | | | | | | | | | | 4,832 | | |
Commissions from sales of insurance and financial products | | | | | 2,190 | | | | | | — | | | | | | — | | | | | | | | | | | | 2,190 | | |
SBA consulting fees | | | | | 2,764 | | | | | | — | | | | | | | | | | | | | | | | | | 2,764 | | |
SBA loan sale gains | | | | | 2,330 | | | | | | 197 | | | | | | | | | | | | | | | | | | 2,527 | | |
Bank-owned life insurance income | | | | | 620 | | | | | | 154 | | | | | | — | | | | | | | | | | | | 774 | | |
Securities gains (losses) | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Other gain (losses) | | | | | (34) | | | | | | — | | | | | | — | | | | | | | | | | | | (34) | | |
Total noninterest income | | | | | 20,669 | | | | | | 1,682 | | | | | | — | | | | | | | | | | | | 22,351 | | |
Noninterest expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits | | | | | 24,705 | | | | | | 6,132 | | | | | | — | | | | | | | | | | | | 30,837 | | |
Occupancy and equipment expense | | | | | 3,949 | | | | | | 990 | | | | | | 19 | | | | | | 18 | | | | | | 4,958 | | |
Merger and acquisition expense | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Intangibles amortization | | | | | 897 | | | | | | 150 | | | | | | 177 | | | | | | 19 | | | | | | 1,224 | | |
Foreclosed property losses (gains) | | | | | 157 | | | | | | (140) | | | | | | — | | | | | | | | | | | | 17 | | |
Other | | | | | 10,357 | | | | | | 3,064 | | | | | | — | | | | | | | | | | | | 13,421 | | |
Total noninterest expenses | | | | | 40,065 | | | | | | 10,196 | | | | | | 196 | | | | | | | | | | | | 50,457 | | |
Income before income taxes | | | | | 35,842 | | | | | | 8,194 | | | | | | 778 | | | | | | | | | | | | 44,814 | | |
Income taxes | | | | | 7,648 | | | | | | 1,854 | | | | | | 179 | | | | | | 20 | | | | | | 9,681 | | |
Net income | | | | | 28,194 | | | | | | 6,340 | | | | | | 599 | | | | | | | | | | | | 35,133 | | |
Basic earnings per share | | | | $ | 0.99 | | | | | $ | 0.36 | | | | | | | | | | | | | | | | | $ | 0.99 | | |
Diluted earnings per share | | | | $ | 0.99 | | | | | $ | 0.36 | | | | | | | | | | | | | | | | | $ | 0.99 | | |
Weighted average common shares – basic | | | | | 28,357,809 | | | | | | 17,386,715 | | | | | | (10,358,057) | | | | | | 21 | | | | | | 35,386,467 | | |
Weighted average common shares – diluted | | | | | 28,537,853 | | | | | | 17,415,680 | | | | | | (10,387,022) | | | | | | 21 | | | | | | 35,566,511 | | |
| | | First Bancorp | | | Select | | | Transaction Accounting Adjustments | | | Notes | | | First Bancorp and Select — Pro Forma Combined | | |||||||||||||||
| | | ($ in thousands, except per share data) | | |||||||||||||||||||||||||||
Interest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and fees on loans | | | | $ | 213,099 | | | | | $ | 60,980 | | | | | | 4,086 | | | | | | 15 | | | | | $ | 278,165 | | |
Interest on investment securities | | | | | 21,154 | | | | | | 1,921 | | | | | | 1,000 | | | | | | 16 | | | | | | 24,075 | | |
Other, principally overnight investments | | | | | 3,431 | | | | | | 307 | | | | | | — | | | | | | | | | | | | 3,738 | | |
Total interest income | | | | | 237,684 | | | | | | 63,208 | | | | | | 5,086 | | | | | | | | | | | | 305,978 | | |
Interest expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Savings, checking and money market accounts | | | | | 6,551 | | | | | | 2,928 | | | | | | — | | | | | | | | | | | | 9,479 | | |
Time deposits | | | | | 9,750 | | | | | | 6,191 | | | | | | — | | | | | | | | | | | | 15,941 | | |
Borrowings | | | | | 3,261 | | | | | | 1,640 | | | | | | 119 | | | | | | 17 | | | | | | 5,020 | | |
Total interest expense | | | | | 19,562 | | | | | | 10,759 | | | | | | 119 | | | | | | | | | | | | 30,440 | | |
Net interest income | | | | | 218,122 | | | | | | 52,449 | | | | | | 4,967 | | | | | | | | | | | | 275,538 | | |
Provision for loan losses | | | | | 35,039 | | | | | | 6,244 | | | | | | — | | | | | | | | | | | | 41,283 | | |
Net interest income after provision (reversal) for loan losses | | | | | 183,083 | | | | | | 46,205 | | | | | | 4,967 | | | | | | | | | | | | 234,255 | | |
Noninterest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Service charges on deposit accounts | | | | | 11,098 | | | | | | 1,092 | | | | | | — | | | | | | | | | | | | 12,190 | | |
Other charges, commissions and fees | | | | | 20,097 | | | | | | 2,438 | | | | | | — | | | | | | | | | | | | 22,535 | | |
Mortgage banking income | | | | | 14,183 | | | | | | 1,413 | | | | | | — | | | | | | | | | | | | 15,596 | | |
Commissions from sales of insurance and financial products | | | | | 8,848 | | | | | | — | | | | | | — | | | | | | | | | | | | 8,848 | | |
SBA consulting fees | | | | | 8,644 | | | | | | — | | | | | | — | | | | | | | | | | | | 8,644 | | |
SBA loan sale gains | | | | | 7,973 | | | | | | 534 | | | | | | — | | | | | | | | | | | | 8,507 | | |
Bank-owned life insurance income | | | | | 2,533 | | | | | | 643 | | | | | | — | | | | | | | | | | | | 3,176 | | |
Securities gains (losses) | | | | | 8,024 | | | | | | — | | | | | | — | | | | | | | | | | | | 8,024 | | |
Other gain (losses) | | | | | (54) | | | | | | — | | | | | | — | | | | | | | | | | | | (54) | | |
Total noninterest income | | | | | 81,346 | | | | | | 6,120 | | | | | | — | | | | | | | | | | | | 87,466 | | |
Noninterest expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits | | | | | 100,968 | | | | | | 23,137 | | | | | | — | | | | | | | | | | | | 124,105 | | |
Occupancy and equipment expense | | | | | 15,563 | | | | | | 3,911 | | | | | | 77 | | | | | | 18 | | | | | | 19,551 | | |
Merger and acquisition expense | | | | | — | | | | | | 755 | | | | | | — | | | | | | | | | | | | 755 | | |
Intangibles amortization | | | | | 3,956 | | | | | | 717 | | | | | | 808 | | | | | | 19 | | | | | | 5,481 | | |
Foreclosed property losses (gains) | | | | | 547 | | | | | | 762 | | | | | | — | | | | | | | | | | | | 1,309 | | |
Debt extinguishment | | | | | — | | | | | | 1,616 | | | | | | — | | | | | | | | | | | | 1,616 | | |
Other | | | | | 40,264 | | | | | | 11,049 | | | | | | — | | | | | | | | | | | | 51,313 | | |
Total noninterest expenses | | | | | 161,298 | | | | | | 41,947 | | | | | | 885 | | | | | | | | | | | | 204,130 | | |
Income before income taxes | | | | | 103,131 | | | | | | 10,378 | | | | | | 4,082 | | | | | | | | | | | | 117,591 | | |
Income taxes | | | | | 21,654 | | | | | | 2,215 | | | | | | 938 | | | | | | 20 | | | | | | 24,807 | | |
Net income | | | | | 81,477 | | | | | | 8,163 | | | | | | 3,144 | | | | | | | | | | | | 92,784 | | |
Basic earnings per share | | | | $ | 2.81 | | | | | $ | 0.46 | | | | | | | | | | | | | | | | | $ | 2.59 | | |
Diluted earnings per share | | | | $ | 2.81 | | | | | $ | 0.45 | | | | | | | | | | | | | | | | | $ | 2.58 | | |
Weighted average common shares – basic | | | | | 28,839,866 | | | | | | 17,937,596 | | | | | | (10,908,938) | | | | | | 21 | | | | | | 35,868,524 | | |
Weighted average common shares – diluted | | | | | 28,981,567 | | | | | | 17,961,258 | | | | | | (10,932,600) | | | | | | 21 | | | | | | 36,010,225 | | |
| Reversal of historical Select loan fair value adjustments | | | | $ | 6,069 | | |
| Estimate of loan fair value adjustments | | | | | (26,600) | | |
| Gross up of PCD loans for credit mark | | | | | 10,050 | | |
| Total adjustments to loans | | | | $ | (10,481) | | |
| Reversal of historical Select allowance for loan losses | | | | $ | 13,187 | | |
| Estimate of lifetime credit losses for PCD loans | | | | | (10,050) | | |
| Estimate of lifetime credit losses for non-PCD loans (Day 2) | | | | | (10,050) | | |
| Total adjustments to allowance for credit losses on loans | | | | $ | (6,913) | | |
Merger Transaction Costs Schedule | | | | | | | |
Professional fees – direct | | | | $ | 6,025 | | |
Professional fees – other | | | | | 1,550 | | |
Salaries and employee benefits | | | | | 9,504 | | |
Contract termination fess | | | | ��� | 5,478 | | |
Other noninterest expense | | | | | 1,843 | | |
Total merger related costs | | | | $ | 24,400 | | |
| Provision for credit losses for non-PCD loans (Day 2) | | | | $ | (10,050) | | |
| Provision for credit losses on unfunded loan commitments (Day 2) | | | | | (3,200) | | |
| Estimated merger expenses | | | | | (6,025) | | |
| Tax benefit associated with the adjustments above | | | | | 3,102 | | |
| Reversal of historical Select retained earnings | | | | | (67,178) | | |
| Total adjustments to retained earnings | | | | $ | (83,351) | | |
(Dollars in thousands, except per share data) | | | As of June 28, 2021 | | | 20% Increase in First Bancorp Stock Price | | | 20% Decrease in First Bancorp Stock Price | | |||||||||
Number of Select shares outstanding at balance sheet date | | | | | 17,227,104 | | | | | | 17,227,104 | | | | | | 17,227,104 | | |
Merger exchange ratio | | | | | 0.408 | | | | | | 0.408 | | | | | | 0.408 | | |
Number of First Bancorp shares to be issued in merger | | | | | 7,028,658 | | | | | | 7,028,658 | | | | | | 7,028,658 | | |
First Bancorp share price | | | | $ | 41.39 | | | | | $ | 49.67 | | | | | $ | 33.11 | | |
Purchase price of Select common shares | | | | $ | 290,916 | | | | | $ | 349,113 | | | | | $ | 232,719 | | |
Number of Select stock options outstanding at balance sheet date | | | | | 306,589 | | | | | | 306,589 | | | | | | 306,589 | | |
Cash out price per merger agreement | | | | $ | 18.00 | | | | | $ | 18.00 | | | | | $ | 18.00 | | |
Weighted average exercise price | | | | | 10.14 | | | | | | 10.14 | | | | | | 10.14 | | |
Cash out value per stock option | | | | | 7.86 | | | | | | 7.86 | | | | | | 7.86 | | |
Cash out of all stock options | | | | | 2,410 | | | | | | 2,410 | | | | | | 2,410 | | |
Total purchase price of Select common stock and stock options | | | | $ | 293,326 | | | | | $ | 351,523 | | | | | $ | 235,129 | | |
Preliminary goodwill | | | | $ | 121,840 | | | | | $ | 180,037 | | | | | $ | 63,643 | | |
| | | Select (As Reported) | | | Adjustments to Reflect Acquisition of Select | | | Select (As Adjusted for Acquisition Accounting) | | |||||||||
Fair value of assets acquired: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 161,633 | | | | | $ | — | | | | | $ | 161,633 | | |
Investment securities | | | | | 208,648 | | | | | | — | | | | | | 208,648 | | |
Loans held for sale | | | | | 3,953 | | | | | | — | | | | | | 3,953 | | |
Loans | | | | | 1,329,129 | | | | | | (7,344) | | | | | | 1,321,785 | | |
Other intangibles, net | | | | | 1,581 | | | | | | 4,737 | | | | | | 6,318 | | |
Other assets | | | | | 84,478 | | | | | | 2,911 | | | | | | 87,389 | | |
Total assets acquired | | | | | 1,789,422 | | | | | | 304 | | | | | | 1,789,726 | | |
Fair value of liabilities acquired: | | | | | | | | | | | | | | | | | | | |
Deposits | | | | | 1,582,637 | | | | | | — | | | | | | 1,582,637 | | |
Borrowings and debt | | | | | 12,372 | | | | | | (1,600) | | | | | | 10,772 | | |
Other liabilities | | | | | 24,831 | | | | | | — | | | | | | 24,831 | | |
Total liabilities acquired | | | | | 1,619,840 | | | | | | (1,600) | | | | | | 1,618,240 | | |
Net assets acquired | | | | | 169,582 | | | | | | 1,904 | | | | | | 171,486 | | |
Purchase price as calculated in the table above | | | | | | | | | | | | | | | | | 293,326 | | |
Goodwill | | | | | | | | | | | | | | | | $ | 121,840 | | |
| | | Unaudited Comparative Per Common Share Data | | |||||||||||||||||||||
| | | | | | | | | | | | | First Bancorp | | | Select Pro Forma | | ||||||||
| | | | | | | | | | | | | Pro Forma | | | Equivalent | | ||||||||
| First Bancorp | | | Select | | | Combined | | | Per Share | | ||||||||||||||
Basic Earnings | | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended December 31, 2020 | | | | $ | 2.81 | | | | | | 0.46 | | | | | | 2.59 | | | | | | 1.06 | | |
Three months ended March 31, 2021 | | | | | 0.99 | | | | | | 0.36 | | | | | | 0.99 | | | | | | 0.41 | | |
Diluted Earnings | | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended December 31, 2020 | | | | | 2.81 | | | | | | 0.45 | | | | | | 2.58 | | | | | | 1.05 | | |
Three months ended March 31, 2021 | | | | | 0.99 | | | | | | 0.36 | | | | | | 0.99 | | | | | | 0.40 | | |
Cash Dividends Declared | | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended December 31, 2020 | | | | | 0.72 | | | | | | — | | | | | | 0.72 | | | | | | 0.29 | | |
Three months ended March 31, 2021 | | | | | 0.20 | | | | | | — | | | | | | 0.20 | | | | | | 0.08 | | |
Book Value Per Common Share | | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended December 31, 2020 | | | | | 31.26 | | | | | | 12.30 | | | | | | 32.81 | | | | | | 13.38 | | |
Three months ended March 31, 2021 | | | | | 30.78 | | | | | | 12.33 | | | | | | 32.42 | | | | | | 13.23 | | |
Market Value Per Common Share | | | | | | | | | | | | | | | | | | | | | | | — | | |
As of June 1, 2021 | | | | | 45.41 | | | | | | 14.32 | | | | | | 45.41 | | | | | | 18.53 | | |
As of June 28, 2021 | | | | | 41.39 | | | | | | 16.32 | | | | | | 41.39 | | | | | | 16.89 | | |
| | | Relative Contribution | | | Implied Exchange Ratio | | ||||||||||||
| | | First Bancorp | | | Select Bancorp, Inc. | | ||||||||||||
Total Assets | | | | | 80.9% | | | | | | 19.1% | | | | | | 0.39x | | |
Total Gross Loans | | | | | 77.6% | | | | | | 22.4% | | | | | | 0.48x | | |
Total Deposits | | | | | 81.0% | | | | | | 19.0% | | | | | | 0.39x | | |
Tangible Common Equity | | | | | 78.7% | | | | | | 21.3% | | | | | | 0.45x | | |
LTM Net Income | | | | | 84.6% | | | | | | 15.4% | | | | | | 0.30x | | |
2021E Net Income | | | | | 83.0% | | | | | | 17.0% | | | | | | 0.34x | | |
2022E Net Income | | | | | 81.7% | | | | | | 18.3% | | | | | | 0.37x | | |
Exchange Ratio in the Merger | | | | | | | | | | | | | | | | | 0.408x | | |
| | | Implied Per Share Value | | | Implied Exchange Ratio | | ||||||||||||||||||||||||||||||
| | | First Bancorp | | | Select Bancorp, Inc. | | ||||||||||||||||||||||||||||||
| | | Low | | | High | | | Low | | | High | | | Low/High | | | High/Low | | ||||||||||||||||||
Net Income Terminal Multiple | | | | $ | 40.24 | | | | | $ | 47.89 | | | | | $ | 16.77 | | | | | $ | 19.87 | | | | | | 0.35x | | | | | | 0.49x | | |
Exchange Ratio in the Merger | | | | | | | | | | | | | | | | | | | | | | | | | | | 0.408x | |
| Selected Companies for First Bancorp | | | Selected Companies for Select | |
| Renasant Corp. (RNST) | | | MVB Financial Corp. (MVBF) | |
| TowneBank (TOWN) | | | Southern First Bancshares, Inc. (SFST) | |
| ServisFirst Bancshares, Inc. (SFBS) | | | Professional Holding Corp. (PFHD) | |
| FB Financial Corp. (FBK) | | | C&F Financial Corp. (CFFI) | |
| Seacoast Banking Corp. of FL (SBCF) | | | MetroCity Bankshares, Inc. (MCBS) | |
| Amerant Bancorp, Inc. (AMTB) | | | FVCBankcorp, Inc. (FVCB) | |
| City Holding Co. (CHCO) | | | Colony Bankcorp, Inc. (CBAN) | |
| The First Bancshares, Inc. (FBMS) | | | MainStreet Bancshares, Inc. (MNSB) | |
| | | | Community Bankers Trust Corp. (ESXB) | |
| | | | National Bankshares Inc. (NKSH) | |
| | | | Citizens Holding Co. (CIZN) | |
| | | | Peoples Bancorp of NC, Inc. (PEBK) | |
| | | | First Community Corp. (FCCO) | |
| | | | Old Point Financial Corp. (OPOF) | |
| | | | First National Corp. (FXNC) | |
| | | Selected Companies for First Bancorp | | | | | | Selected Companies for Select Bancorp, Inc. | | ||||||||||||||||||
| | | 25th Percentile | | | 75th Percentile | | | | | | 25th Percentile | | | 75th Percentile | | ||||||||||||
Tangible Book Value | | | | | 178% | | | | | | 216% | | | | Tangible Book Value | | | | | 109% | | | | | | 134% | | |
LTM Core Earnings per Share | | | | | 14.9x | | | | | | 18.6x | | | | LTM Core Earnings per Share | | | | | 10.2x | | | | | | 14.3x | | |
2021E Earnings per Share | | | | | 13.0x | | | | | | 17.9x | | | | 2021E Earnings per Share | | | | | 10.1x | | | | | | 12.8x | | |
| | | Implied Per Share Value | | | Implied Exchange Ratio | | ||||||||||||||||||||||||||||||
| | | First Bancorp | | | Select Bancorp, Inc. | | ||||||||||||||||||||||||||||||
| | | 25th Percentile | | | 75th Percentile | | | 25th Percentile | | | 75th Percentile | | | Low/High | | | High/Low | | ||||||||||||||||||
Tangible Book Value | | | | $ | 38.84 | | | | | $ | 47.29 | | | | | $ | 10.64 | | | | | $ | 13.12 | | | | | | 0.23x | | | | | | 0.34x | | |
LTM Core Earnings per Share | | | | $ | 45.90 | | | | | $ | 57.31 | | | | | $ | 9.29 | | | | | $ | 12.99 | | | | | | 0.16x | | | | | | 0.28x | | |
2021E Earnings per Share | | | | $ | 46.19 | | | | | $ | 63.82 | | | | | $ | 12.04 | | | | | $ | 15.21 | | | | | | 0.19x | | | | | | 0.33x | | |
Exchange Ratio in the Merger | | | | | | | | | | | | | | | | | | | | | | | | | | | 0.408x | |
| | | Select Bancorp, Inc. Statistic | | | Percentiles | | | Implied Exchange Ratio | | |||||||||||||||||||||
| 25th Percentile | | | 75th Percentile | | | 25th Percentile | | | 75th Percentile | | ||||||||||||||||||||
Tangible Book Value | | | | $ | 9.76 | | | | | | 124% | | | | | | 171% | | | | | | 0.27x | | | | | | 0.38x | | |
LTM Core Earnings per Share | | | | $ | 0.91 | | | | | | 13.4x | | | | | | 21.6x | | | | | | 0.28x | | | | | | 0.45x | | |
Next Year Est. Net Income | | | | $ | 19,238 | | | | | | 12.5x | | | | | | 18.5x | | | | | | 0.32x | | | | | | 0.47x | | |
Premium to Core Deposits | | | | $ | 1,324,987 | | | | | | 4.5% | | | | | | 8.4% | | | | | | 0.30x | | | | | | 0.37x | | |
Exchange Ratio in the Merger | | | | | | | | | | | | | | | | | | | | | 0.408x | |
| | | Select Bancorp, Inc. Statistic | | | Percentiles | | | Implied Exchange Ratio | | |||||||||||||||||||||
| 25th Percentile | | | 75th Percentile | | | 25th Percentile | | | 75th Percentile | | ||||||||||||||||||||
Tangible Book Value | | | | $ | 9.76 | | | | | | 139% | | | | | | 184% | | | | | | 0.31x | | | | | | 0.41x | | |
LTM Core Earnings per Share | | | | $ | 0.91 | | | | | | 12.8x | | | | | | 19.0x | | | | | | 0.26x | | | | | | 0.39x | | |
Premium to Core Deposits | | | | $ | 1,324,987 | | | | | | 5.4x | | | | | | 7.4x | | | | | | 0.31x | | | | | | 0.35x | | |
Exchange Ratio in the Merger | | | | | | | | | | | | | | | | | | | | | 0.408x | |
| | | Primis Financial | | |
| Amerant Bancorp Inc. | | | Summit Financial Group, Inc. | |
| City Holding Company | | | Blue Ridge Bankshares, Inc. | |
| Carter Bankshares, Inc. | | | Capstar Financial Holdings, Inc. | |
| Capital City Bank Group, Inc. | | | First | |
| Atlantic Capital Bancshares, Inc. | | | American National Bankshares Inc. | |
| HomeTrust Bancshares, Inc. | | | Reliant Bancorp, Inc. | |
| | | | ||
|
| | | | | | | Selected Companies | | | First Bancorp | | | Selected Companies | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | ASBB | | 25th Percentile | | Median | | Average | | 75th Percentile | | | 25th Percentile | | Median | | Average | | 75th Percentile | | ||||||||||||||||||||||||||||||||||||||||||
LTM Return on Average Assets | | | | 0.24% | | | | | 0.59% | | | | | 0.73% | | | | | 0.68% | | | | | 0.82% | | | ||||||||||||||||||||||||||||||||||||
LTM Return on Average Equity | | | | 2.09% | | | | | 6.09% | | | | | 7.35% | | | | | 6.94% | | | | | 8.37% | | | ||||||||||||||||||||||||||||||||||||
LTM Core Return on Average Assets(1) | | | | 0.79% | | | | | 0.58% | | | | | 0.70% | | | | | 0.70% | | | | | 0.85% | | | | | | 1.24% | | | | | 0.93% | | | | | 1.24% | | | | | 1.10% | | | | | 1.44% | | | ||||||||||
LTM Core Return on Average Equity(1) | | | | 6.81% | | | | | 5.71% | | | | | 7.08% | | | | | 7.02% | | | | | 8.40% | | | ||||||||||||||||||||||||||||||||||||
LTM Core Return on Average Tangible Common Equity (1) | | | | 13.9% | | | | | 9.6% | | | | | 14.0% | | | | | 13.3% | | | | | 16.0% | | | ||||||||||||||||||||||||||||||||||||
LTM Core PTPP ROAA(2) | | | | 2.02% | | | | | 1.49% | | | | | 1.83% | | | | | 1.73% | | | | | 2.03% | | | ||||||||||||||||||||||||||||||||||||
LTM Net Interest Margin | | | | 3.16%(3) | | | | | 3.47% | | | | | 3.67% | | | | | 3.61% | | | | | 3.83% | | | | | | 3.40% | | | | | 3.00% | | | | | 3.22% | | | | | 3.31% | | | | | 3.52% | | | ||||||||||
LTM Fee Income/Revenue Ratio(2) | | | | 24.3% | | | | | 10.8% | | | | | 18.8% | | | | | 18.0% | | | | | 23.6% | | | ||||||||||||||||||||||||||||||||||||
LTM Fee Income / Revenue Ratio(2) | | | | 26.9% | | | | | 15.3% | | | | | 19.2% | | | | | 24.4% | | | | | 27.7% | | | ||||||||||||||||||||||||||||||||||||
LTM Efficiency Ratio | | | | 70.5% | | | | | 76.5% | | | | | 73.1% | | | | | 71.7% | | | | | 69.1% | | | | | | 52.2% | | | | | 63.4% | | | | | 56.1% | | | | | 58.9% | | | | | 53.3% | | |
| | | | | | | | | Selected Companies | | |||||||||||||||||||||
| | | ASBB | | | 25th Percentile | | | Median | | | Average | | | 75th Percentile | | |||||||||||||||
Tangible Common Equity/Tangible Assets | | | | | 11.67% | | | | | | 8.63% | | | | | | 9.47% | | | | | | 9.45% | | | | | | 9.98% | | |
Leverage Ratio | | | | | 11.89% | | | | | | 9.41% | | | | | | 10.30% | | | | | | 10.43% | | | | | | 10.81% | | |
Common Equity Tier 1 Ratio | | | | | 15.97% | | | | | | 11.88% | �� | | | | | 12.52% | | | | | | 12.96% | | | | | | 13.05% | | |
Total Capital Ratio | | | | | 17.07% | | | | | | 13.27% | | | | | | 14.14% | | | | | | 14.55% | | | | | | 15.42% | | |
Loans/Deposits | | | | | 89.4% | | | | | | 75.9% | | | | | | 85.2% | | | | | | 83.3% | | | | | | 91.1% | | |
Loan Loss Reserve/Gross Loans | | | | | 1.08% | | | | | | 0.94% | | | | | | 1.03% | | | | | | 1.02% | | | | | | 1.18% | | |
Nonperforming Assets/Loans + OREO | | | | | 1.76%(1) | | | | | | 2.64% | | | | | | 1.41% | | | | | | 2.00% | | | | | | 1.09% | | |
LTM Net Charge-Offs/Average Loans | | | | | 0.06% | | | | | | 0.20% | | | | | | 0.05% | | | | | | 0.08% | | | | | | 0.01% | | |
| | | First Bancorp | | | Selected Companies | | ||||||||||||||||||||||||
| 25th Percentile | | | Median | | | Average | | | 75th Percentile | | ||||||||||||||||||||
Tangible Common Equity / Tangible Assets | | | | | 8.40% | | | | | | 8.21% | | | | | | 9.01% | | | | | | 8.82% | | | | | | 9.76% | | |
Total Capital Ratio | | | | | 15.49% | | | | | | 14.10% | | | | | | 15.68% | | | | | | 15.54% | | | | | | 17.00% | | |
Loans Held for Investment / Deposits | | | | | 68.7% | | | | | | 74.5% | | | | | | 80.5% | | | | | | 82.5% | | | | | | 89.5% | | |
| | | First Bancorp | | | Selected Companies | | ||||||||||||||||||||||||
| 25th Percentile | | | Median | | | Average | | | 75th Percentile | | ||||||||||||||||||||
Loan Loss Reserve / Loans | | | | | 1.41% | | | | | | 0.94% | | | | | | 1.19% | | | | | | 1.35% | | | | | | 1.49% | | |
Nonperforming Assets / Loans + OREO(1) | | | | | 1.07% | | | | | | 1.33% | | | | | | 0.89% | | | | | | 1.19% | | | | | | 0.46% | | |
LTM Net Charge-offs / Average Loans | | | | | 0.06% | | | | | | 0.11% | | | | | | 0.07% | | | | | | 0.10% | | | | | | 0.03% | | |
| | | | | | Selected Companies | | |||||||||||||||||||||
| | | First Bancorp | | | 25th Percentile | | | Median | | | Average | | | 75th Percentile | | ||||||||||||
LTM Return on Average Assets | | | 0.79% | | | | | 0.79% | | | | | | 1.04% | | | | | | 1.03% | | | | | | 1.23% | | |
LTM Return on Average Equity | | | 7.43% | | | | | 7.49% | | | | | | 9.04% | | | | | | 9.34% | | | | | | 12.57% | | |
LTM Core Return on Average Assets(1) | | | 0.87%/0.97%(3) | | | | | 0.96% | | | | | | 1.04% | | | | | | 1.11% | | | | | | 1.30% | | |
LTM Core Return on Average Equity(1) | | | 8.11%/9.08%(3) | | | | | 8.13% | | | | | | 9.70% | | | | | | 9.98% | | | | | | 12.44% | | |
LTM Net Interest Margin | | | 4.03% | | | | | 3.33% | | | | | | 3.48% | | | | | | 3.67% | | | | | | 3.99% | | |
LTM Fee Income/Revenue Ratio(2) | | | 19.0% | | | | | 19.2% | | | | | | 21.8% | | | | | | 27.3% | | | | | | 31.2% | | |
LTM Efficiency Ratio | | | 68.2% | | | | | 71.4% | | | | | | 63.1% | | | | | | 65.0% | | | | | | 59.0% | | |
| | | | | | | | | Selected Companies | | |||||||||||||||||||||
| | | First Bancorp | | | 25th Percentile | | | Median | | | Average | | | 75th Percentile | | |||||||||||||||
Tangible Common Equity/Tangible Assets | | | | | 7.79% | | | | | | 8.88% | | | | | | 9.60% | | | | | | 9.82% | | | | | | 10.32% | | |
Leverage Ratio | | | | | 11.05% | | | | | | 9.42% | | | | | | 10.35% | | | | | | 10.32% | | | | | | 11.01% | | |
Common Equity Tier 1 Ratio | | | | | 10.33% | | | | | | 11.09% | | | | | | 11.81% | | | | | | 12.13% | | | | | | 13.60% | | |
Total Capital Ratio | | | | | 12.56% | | | | | | 13.29% | | | | | | 14.21% | | | | | | 14.24% | | | | | | 15.72% | | |
Loans/Deposits | | | | | 90.6% | | | | | | 81.1% | | | | | | 88.9% | | | | | | 86.5% | | | | | | 94.8% | | |
Loan Loss Reserve/Gross Loans | | | | | 0.71% | | | | | | 0.82% | | | | | | 0.91% | | | | | | 0.89% | | | | | | 0.99% | | |
Nonperforming Assets/Loans + OREO | | | | | 1.81% | | | | | | 1.75% | | | | | | 1.44% | | | | | | 1.43% | | | | | | 0.58% | | |
LTM Net Charge-Offs/Average Loans | | | | | 0.15% | | | | | | 0.15% | | | | | | 0.10% | | | | | | 0.13% | | | | | | 0.03% | | |
| | | First Bancorp | | | Selected Companies | | ||||||||||||||||||||||||
| 25th Percentile | | | Median | | | Average | | | 75th Percentile | | ||||||||||||||||||||
One-Year Stock Price Change | | | | | 82.6% | | | | | | 49.4% | | | | | | 72.9% | | | | | | 76.6% | | | | | | 93.5% | | |
Year-To-Date Stock Price Change | | | | | 34.2% | | | | | | 26.3% | | | | | | 44.9% | | | | | | 39.4% | | | | | | 49.1% | | |
Price / Tangible Book Value per Share | | | | | 206% | | | | | | 129% | | | | | | 159% | | | | | | 162% | | | | | | 189% | | |
Price / LTM Core EPS(1) | | | | | 14.8x | | | | | | 10.8x | | | | | | 12.8x | | | | | | 13.0x | | | | | | 15.4x | | |
Price / 2021 EPS Estimate | | | | | 12.8x | | | | | | 11.8x | | | | | | 13.4x | | | | | | 13.6x | | | | | | 15.5x | | |
Price / 2022 EPS Estimate | | | | | 14.2x | | | | | | 11.7x | | | | | | 13.7x | | | | | | 14.0x | | | | | | 15.7x | | |
Dividend Yield(2) | | | | | 1.8% | | | | | | 0.9% | | | | | | 1.6% | | | | | | 1.8% | | | | | | 2.9% | | |
MRQ Dividend Payout Ratio(3) | | | | | 20.2% | | | | | | 9.6% | | | | | | 21.3% | | | | | | 20.3% | | | | | | 26.6% | | |
| MVB Financial Corp. Southern First Bancshares, Inc. Professional Holding Corp. C&F Financial Corporation MetroCity Bankshares, Inc. FVCBankcorp, Inc. Colony Bankcorp, Inc. | | | MainStreet Bancshares, Inc. Community Bankers Trust Corporation National Bankshares, Inc. Peoples Bancorp of North Carolina, Inc. First Community Corporation Old Point Financial Corporation First National Corporation | |
| | | Select | | | Selected Companies | | ||||||||||||||||||||||||
| 25th Percentile | | | Median | | | Average | | | 75th Percentile | | ||||||||||||||||||||
LTM Core Return on Average Assets(1) | | | | | 0.95% | | | | | | 0.83% | | | | | | 1.00% | | | | | | 1.02% | | | | | | 1.14% | | |
LTM Core Return on Average Tangible Common Equity(1) | | | | | 9.2% | | | | | | 8.7% | | | | | | 10.5% | | | | | | 10.7% | | | | | | 12.4% | | |
LTM Core PTPP ROAA(2) | | | | | 1.41% | | | | | | 1.33% | | | | | | 1.53% | | | | | | 1.62% | | | | | | 1.61% | | |
LTM Net Interest Margin | | | | | 3.83% | | | | | | 3.26% | | | | | | 3.42% | | | | | | 3.50% | | | | | | 3.51% | | |
LTM Fee Income / Revenue Ratio | | | | | 10.0% | | | | | | 14.2% | | | | | | 24.7% | | | | | | 23.0% | | | | | | 31.1% | | |
LTM Efficiency Ratio | | | | | 61.4% | | | | | | 69.2% | | | | | | 60.3% | | | | | | 62.2% | | | | | | 53.5% | | |
| | | Select | | | Selected Companies | | ||||||||||||||||||||||||
| 25th Percentile | | | Median | | | Average | | | 75th Percentile | | ||||||||||||||||||||
Tangible Common Equity / Tangible Assets | | | | | 9.41% | | | | | | 8.32% | | | | | | 8.95% | | | | | | 9.15% | | | | | | 9.78% | | |
Total Capital Ratio | | | | | 13.31% | | | | | | 14.03% | | | | | | 15.13% | | | | | | 15.57% | | | | | | 16.06% | | |
Loans Held for Investment / Deposits | | | | | 84.8% | | | | | | 70.0% | | | | | | 76.0% | | | | | | 79.7% | | | | | | 89.3% | | |
Loan Loss Reserve / Loans | | | | | 0.98% | | | | | | 1.00% | | | | | | 1.13% | | | | | | 1.21% | | | | | | 1.18% | | |
Nonperforming Assets / Loans + OREO(1) | | | | | 0.76% | | | | | | 0.94% | | | | | | 0.69% | | | | | | 0.73% | | | | | | 0.40% | | |
LTM Net Charge-offs / Average Loans | | | | | 0.05% | | | | | | 0.10% | | | | | | 0.05% | | | | | | 0.09% | | | | | | 0.03% | | |
| | | Select | | | Selected Companies | | ||||||||||||||||||||||||
| 25th Percentile | | | Median | | | Average | | | 75th Percentile | | ||||||||||||||||||||
One-Year Stock Price Change | | | | | 90.9% | | | | | | 39.4% | | | | | | 53.6% | | | | | | 62.2% | | | | | | 62.2% | | |
Year-To-Date Stock Price Change | | | | | 51.2% | | | | | | 19.2% | | | | | | 21.4% | | | | | | 28.4% | | | | | | 30.2% | | |
Price / Tangible Book Value per Share | | | | | 147% | | | | | | 110% | | | | | | 126% | | | | | | 134% | | | | | | 137% | | |
Price / LTM Core EPS(1) | | | | | 15.8x | | | | | | 10.2x | | | | | | 12.4x | | | | | | 12.5x | | | | | | 13.8x | | |
Price / 2021 EPS Estimate | | | | | 13.5x | | | | | | 10.1x | | | | | | 11.8x | | | | | | 12.1x | | | | | | 12.8x | | |
Price / 2022 EPS Estimate | | | | | 12.9x | | | | | | 11.1x | | | | | | 12.1x | | | | | | 12.5x | | | | | | 13.4x | | |
Dividend Yield(2) | | | | | — | | | | | | 2.2% | | | | | | 2.5% | | | | | | 2.5% | | | | | | 2.7% | | |
MRQ Dividend Payout Ratio(3) | | | | | — | | | | | | 19.8% | | | | | | 20.3% | | | | | | 23.7% | | | | | | 23.6% | | |
| Acquiror | | | Acquired Company | |
| Enterprise Financial Services Corp Nicolet Bankshares, Inc. Peoples Bancorp Inc. Banc of California, Inc. Provident Financial Services, Inc. United Community Banks, Inc. Heartland Financial USA, Inc. Business First Northwest Bancshares, Inc. Sandy Spring Bancorp, Inc. First Financial Bankshares, Inc. Simmons First National Corporation WesBanco, Inc. S&T Bancorp, Inc. Hancock Whitney Corporation First Citizens BancShares, Inc. Glacier Bancorp, Inc. | | | Mackinac Financial Corporation Premier Financial Bancorp, Inc. | |
Pacific Mercantile Bancorp SB One Bancorp Three Shores Bancorporation, Inc. | |||||
AIM Bancshares, Inc. Pedestal Bancshares, Inc. MutualFirst Financial, | Revere Bank TB&T Bancshares, Inc. | ||||
Landrum Company Old Line Bancshares, Inc. DNB Financial Corporation | |||||
MidSouth Bancorp, Inc. Entegra Financial | |||||
Heritage Bancorp | |||||
|
| | | First Bancorp / Select | | | 25th Percentile | | | Median | | | Average | | | 75th Percentile | | |||||||||||||||
Price / Tangible Book Value per Share | | | | | 191% | | | | | | 156% | | | | | | 173% | | | | | | 177% | | | | | | 184% | | |
Price / LTM EPS | | | | | 24.0x | | | | | | 12.7x | | | | | | 14.6x | | | | | | 15.4x | | | | | | 16.7x | | |
Core Deposit Premium | | | | | 11.6% | | | | | | 6.7% | | | | | | 9.1% | | | | | | 10.5% | | | | | | 12.5% | | |
One-Day Market Premium | | | | | 29.4% | | | | | | 11.4% | | | | | | 21.2% | | | | | | 21.7% | | | | | | 27.7% | | |
| | | First Bancorp % of Total | | | Select % of Total | | ||||||
Ownership at 0.408x exchange ratio: | | | | | 80% | | | | | | 20% | | |
Market Information: | | | | | | | | | | | | | |
Pre-Transaction Market Capitalization | | | | | 84% | | | | | | 16% | | |
Balance Sheet: | | | | | | | | | | | | | |
Assets | | | | | 81% | | | | | | 19% | | |
Gross Loans Held for Investment | | | | | 78% | | | | | | 22% | | |
Deposits | | | | | 81% | | | | | | 19% | | |
Tangible Common Equity | | | | | 79% | | | | | | 21% | | |
Income Statement: | | | | | | | | | | | | | |
| | | First Bancorp as a % of Total | | | ASBB as a % of Total | | | | | ||||||
Ownership | | | | | ||||||||||||
90% stock/10% cash | | | | | 83% | | | | | | 17% | | | | ||
100% stock | | | | | 82% | | | | | | 18% | | | | ||
Balance Sheet | | | | | ||||||||||||
Total Assets | | | | | 85% | | | | | | 15% | | | | ||
Gross Loans Held for Investment | | | | | 84% | | | | | | 16% | | | | ||
Deposits | | | | | 84% | | | | | | 16% | | | | ||
Tangible Common Equity | | | | | 78% | | | | | | 22% | | | | ||
Income Statement | | | | | ||||||||||||
LTM GAAP Net Income | | | | | 96% | | | | | | 4% | | | | ||
LTM Core Net Income(1) | | | | | 83% | | | | | | 17% | | | | ||
2017 Estimated Net Income | | | | | 86% | | | | | | 14% | | | | ||
2018 Estimated Net Income | | | | | 86% | | | | | | 14% | | | | ||
2019 Estimated Net Income | | | | | 85% | | | | | | 15% | | | | ||
Market Capitalization | | | | | 85% | | | | | | 15% | | | |
| | | First Bancorp % of Total | | | Select % of Total | | ||||||
LTM Core Net Income(1) | | | | | 85% | | | | | | 15% | | |
LTM Core PTPP Net Income(2) | | | | | 86% | | | | | | 14% | | |
2021 Net Income | | | | | 83% | | | | | | 17% | | |
2022 Net Income | | | | | 83% | | | | | | 17% | | |
| | | As of and for the Years Ending December 31, | | |||||||||||||||
| | | Fiscal 2017 | | | Fiscal 2018 | | | Fiscal 2019 | | |||||||||
Balance Sheet: | | | | | |||||||||||||||
Total Assets | | | | $ | 822,585 | | | | | $ | 852,631 | | | | | $ | 885,836 | | |
Gross Loans(1) | | | | | 657,976 | | | | | | 694,487 | | | | | | 720,658 | | |
Total Deposits | | | | | 689,412 | | | | | | 722,646 | | | | | | 752,648 | | |
Total Shareholders’ Equity | | | | | 99,602 | | | | | | 110,264 | | | | | | 121,859 | | |
| | | As of and for the Years Ending December 31, | | |||||||||||||||
| | | Fiscal 2017 | | | Fiscal 2018 | | | Fiscal 2019 | | |||||||||
Capital Ratios: | | | | | |||||||||||||||
Tier I Leverage Ratio | | | | | 12.20% | | | | | | 13.01% | | | | | | 13.82% | | |
Tier I Common Equity/Risk Weighted Assets | | | | | 15.01% | | | | | | 15.17% | | | | | | 15.53% | | |
Tier I Risk-Based Capital Ratio | | | | | 15.01% | | | | | | 15.17% | | | | | | 15.53% | | |
Total Risk-Based Capital Ratio | | | | | 16.09% | | | | | | 16.22% | | | | | | 16.53% | | |
Income Statement: | | | | | |||||||||||||||
Net Interest Income | | | | $ | 26,326 | | | | | $ | 28,836 | | | | | $ | 30,540 | | |
Provision for Loan Losses | | | | | 1,472 | | | | | | 1,499 | | | | | | 1,629 | | |
Noninterest Income | | | | | 8,199 | | | | | | 8,736 | | | | | | 9,193 | | |
Noninterest Expense | | | | | 22,952 | | | | | | 22,616 | | | | | | 23,222 | | |
Income Before Tax | | | | | 10,101 | | | | | | 13,457 | | | | | | 14,882 | | |
Income Tax | | | | | 3,485 | | | | | | 4,643 | | | | | | 5,134 | | |
Net Income | | | | | 6,616 | | | | | | 8,814 | | | | | | 9,748 | | |
Ratio Analysis: | | | | | |||||||||||||||
Net Interest Margin | | | | | 3.50% | | | | | | 3.68% | | | | | | 3.74% | | |
Return on Average Assets | | | | | 0.82% | | | | | | 1.05% | | | | | | 1.12% | | |
Return on Average Equity | | | | | 6.94% | | | | | | 8.40% | | | | | | 8.40% | | |
Efficiency Ratio | | | | | 65.49% | | | | | | 59.38% | | | | | | 57.74% | | |
Per Share Data: | | | | | |||||||||||||||
Diluted Earnings Per Share | | | | $ | 1.77 | | | | | $ | 2.32 | | | | | $ | 2.52 | | |
Book Value Per Share | | | | | 26.29 | | | | | | 29.11 | | | | | | 32.17 | | |
Name | | | Cash ($)(1) | | | Equity ($)(2) | | | Pension NQDC ($)(3) | | | Total ($) | | ||||||||||||
William L. Hedgepeth II | | | | | 605,097 | | | | | | 662,810 | | | | | | 965,840 | | | | | | 2,233,747 | | |
Lynn H. Johnson | | | | | 127,508 | | | | | | 240,165 | | | | | | 717,621 | | | | | | 1,085,294 | | |
Mark A. Jeffries | | | | | 574,487 | | | | | | 168,320 | | | | | | — | | | | | | 742,807 | | |
W. Keith Betts | | | | | 606,528 | | | | | | 136,520 | | | | | | — | | | | | | 743,048 | | |
R. Richard Tobin, Jr. | | | | | 653,643 | | | | | | 128,260 | | | | | | — | | | | | | 781,903 | | |
Name of Director/Executive Officer | | | Shares of ASBB Common Stock Beneficially Owned as of July 26, 2017(1) | | | Consideration for 100% Cash Election(2) | | | Consideration for 100% Stock Election(3) | | | Consideration for 90% Stock Election and 10% Cash Election(4) | | ||||||||||||
John B. Dickson(5) | | | | | 19,000 | | | | | $ | 796,100 | | | | | $ | 877,435 | | | | | $ | 869,302 | | |
Suzanne S. DeFerie(6) | | | | | 78,856 | | | | | | 3,304,066 | | | | | | 3,641,633 | | | | | | 3,607,876 | | |
John B. Gould(7) | | | | | 35,002 | | | | | | 1,466,584 | | | | | | 1,616,420 | | | | | | 1,601,437 | | |
Leslie D. Green(8) | | | | | 23,354 | | | | | | 978,533 | | | | | | 1,078,506 | | | | | | 1,068,509 | | |
Kenneth E. Hornowski | | | | | 19,450 | | | | | | 814,955 | | | | | | 898,217 | | | | | | 889,890 | | |
Stephen P. Miller(9) | | | | | 27,500 | | | | | | 1,152,250 | | | | | | 1,269,972 | | | | | | 1,258,200 | | |
Lawrence B. Seidman | | | | | 252,674 | | | | | | 10,587,041 | | | | | | 11,668,687 | | | | | | 11,560,523 | | |
Alison J. Smith | | | | | 16,442 | | | | | | 688,920 | | | | | | 759,305 | | | | | | 752,266 | | |
Patricia S. Smith | | | | | 36,191 | | | | | | 1,516,403 | | | | | | 1,671,329 | | | | | | 1,655,837 | | |
Wyatt S. Stevens | | | | | 13,757 | | | | | | 576,418 | | | | | | 635,309 | | | | | | 629,420 | | |
Kenneth J. Wrench | | | | | 1,004 | | | | | | 42,068 | | | | | | 46,366 | | | | | | 45,936 | | |
Executive Officers who are not Directors: | | | | | | ||||||||||||||||||||
Kirby A. Tyndall | | | | | 36,442 | | | | | | 1,526,920 | | | | | | 1,682,921 | | | | | | 1,667,321 | | |
David A. Kozak | | | | | 27,370 | | | | | | 1,146,803 | | | | | | 1,263,968 | | | | | | 1,252,252 | | |
Vikki D. Bailey | | | | | 13,915 | | | | | | 583,039 | | | | | | 642,606 | | | | | | 636,649 | | |
Total | | | | | 600,957 | | | | | $ | 25,180,098 | | | | | $ | 27,752,675 | | | | | $ | 27,495,417 | | |
Name | | | Cash ($)(1) | | | Equity ($)(2) | | | Pension/ NQDC ($) | | | Perquisites/ Benefits ($)(3) | | | Tax Reimbursement ($) | | | Other ($)(4) | | | Total ($) | | |||||||||||||||||||||
Suzanne S. DeFerie | | | | $ | 1,329,007 | | | | | $ | 934,988 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 438,352 | | | | | $ | 2,702,347 | | |
Kirby A. Tyndall | | | | $ | 722,502 | | | | | $ | 475,162 | | | | | | — | | | | | $ | 28,699 | | | | | | — | | | | | $ | 317,501 | | | | | $ | 1,543,864 | | |
David A. Kozak | | | | $ | 704,542 | | | | | $ | 475,162 | | | | | | — | | | | | $ | 28,699 | | | | | | — | | | | | $ | 339,815 | | | | | $ | 1,548,218 | | |
Vikki D. Bailey | | | | $ | 609,897 | | | | | $ | 271,970 | | | | | | — | | | | | $ | 39,515 | | | | | | — | | | | | $ | 255,807 | | | | | $ | 1,177,189 | | |
| Select Shareholder Rights | | | First Bancorp Shareholder Rights | |
| Authorized, Issued and Outstanding Capital Stock | | |||
| The authorized capital stock of Select currently consists of 50,000,000 shares of common stock, $1.00 par value per share, and 5,000,000 shares of preferred stock, no par value per share. As of the record date, [•] shares of common stock were issued and outstanding and no shares of preferred stock were issued and outstanding. | | | The authorized capital stock of First Bancorp currently consists of 40,000,000 shares of common stock, no par value per share, and 5,000,000 shares of preferred stock, no par value per share. As of the record date, [•] shares of common stock were issued and outstanding and no shares of preferred stock were issued and outstanding. | |
| Shareholder Ability to Call Special Meetings | | |||
| The bylaws of Select provide that special meetings of the shareholders may be called at any time by (i) the chairman of the board, (ii) the President, or (iii) the Secretary at the request of the board. | | | The bylaws of First Bancorp provide that special meetings may be called by First Bancorp’s Chief Executive Officer, President, or by First Bancorp’s board. | |
| Advance Notice Requirements for Shareholder Proposals | | |||
| The articles and bylaws of Select do not establish any advance notice requirements for shareholder proposals. | | | The bylaws of First Bancorp provide that for business to be brought properly before an annual meeting by a shareholder, the shareholder must have given timely notice of the business in writing to the Secretary. To be timely, the notice must be delivered or mailed to and received at the principal offices of First Bancorp not less than 60 days before the first anniversary of the date of the proxy statement for the preceding year’s annual meeting. A shareholder’s notice must set forth as to each matter the shareholder proposes to bring before the annual meeting (i) a brief description of the business desired to be brought before the annual meeting and the reasons for conducting such | |
| Select Shareholder Rights | | | First Bancorp Shareholder Rights | |
| | | | business at the annual meeting, (ii) the name and address as they appear on First Bancorp’s books of the shareholder proposing such business, (iii) the class, series, and number of First Bancorp’s shares that are owned of record and beneficially by such shareholder, and (iv) any material interest of such shareholder in such business. | |
| Number of Directors | | |||
| The bylaws of Select provide that the number of directors on the Select board may range from six to 19. The number of directors may be fixed from time to time by the Select board. The Select board currently has [11] directors. | | | The bylaws of First Bancorp provide that the number of directors on the First Bancorp board may range from seven to 25. The number of directors may be fixed from time to time by the First Bancorp board. The First Bancorp board currently has 12 directors. | |
| Structure of the Board | | |||
| The bylaws of Select provide that if there are nine or more directors, the directors will be divided into three classes, as nearly equal in number as possible, to serve staggered, three-year terms. If Select has fewer than nine directors, then directors are elected for a term of one year. | | | The bylaws of First Bancorp provide that the terms of office for directors continue until the next annual meeting and until their successors are elected and qualified. Accordingly, First Bancorp directors serve one-year terms rather than three-year terms. | |
| Removal of Directors | | |||
| Select’s articles of incorporation provide that any director may be removed by shareholders only for cause upon the affirmative shares entitled to vote at an annual or special meeting. | | | The bylaws of First Bancorp provide that directors may be removed, with or without cause, by an affirmative vote of the holders of a majority of the shares entitled to vote on the election of directors. | |
| Approval of Business Transactions | | |||
| The articles of incorporation of Select require the approval of the holders of at least 2/3rds of Select’s outstanding shares of capital stock to approve certain business combinations. This supermajority voting requirement does not apply in cases where the proposed transaction has been approved by a majority of those members of Select’s board who are unaffiliated with any other party to the proposed transaction. In each such case, where shareholder approval is required, the approval of only a majority of the outstanding shares of voting stock is sufficient. | | | Neither the articles of incorporation nor the bylaws of First Bancorp require any supermajority vote of common stock holders for the approval of business transactions. So long as any shares of the Series A preferred stock are outstanding, the articles of incorporation of First Bancorp require approval of a supermajority (662∕3%) of the Series A preferred stock to effect or validate certain business transactions. As of the date of this proxy statement/prospectus, no shares of the Series A preferred stock are outstanding. So long as any shares of the Series C preferred stock are outstanding, the articles of incorporation of First Bancorp require approval of a majority of the Series C preferred stock to enter into any agreement, merger or business consolidation if the rights of the Series C holders are adversely affected. As of the date of this proxy statement/prospectus, no shares of the Series C preferred stock are outstanding. | |
| Select Shareholder Rights | | | First Bancorp Shareholder Rights | |
| North Carolina Shareholder Protection Act | | |||
| The North Carolina Shareholder Protection Act generally requires that, unless certain “fair price” and procedural requirements are satisfied, an affirmative vote of 95% of a public corporation’s voting shares is required to approve certain business combination transactions with another entity that is the beneficial owner, directly or indirectly, of more than 20% of the corporation’s voting shares or which is an affiliate of the corporation and previously has been a 20% beneficial holder of such shares. Select has not opted out of the Act by expressly providing in its articles of incorporation that the provisions of the Act are not applicable to Select. | | | First Bancorp has not opted out of the North Carolina Shareholder Protection Act by expressly providing in its articles of incorporation that the provisions of the Act are not applicable to First Bancorp. | |
| Control Share Acquisition Act | | |||
| The North Carolina Control Share Acquisition Act generally provides that, except as provided below, “Control Shares” will not have any voting rights. Control Shares are shares acquired by a person under certain circumstances which, when added to other shares owned, would give such person effective control over one-fifth, one-third, or a majority of all voting power in the election of the corporation’s directors. However, voting rights will be restored to Control Shares by resolution approved by the affirmative vote of the holders of a majority of the corporation’s voting stock (other than shares held by the owner of the Control Shares, officers of the corporation, and directors of the corporation). If voting rights are granted to Control Shares which give the holder a majority of all voting power in the election of the corporation’s directors, then the corporation’s other shareholders may require the corporation to redeem their shares at their fair value. Select has not opted out of the Act by expressly providing in its articles of incorporation that the provisions of the Act are not applicable to Select. | | | First Bancorp has not opted out of the Control Share Acquisition Act by expressly providing in its articles of incorporation that the provisions of the Act are not applicable to First Bancorp. | |
| Limitation of Personal Liability of Directors and Officers; Indemnification | | |||
| Select’s bylaws provide for the indemnification of its officers, directors, employees, and agents to the full extent allowed by applicable law against liability and litigation expense arising out of such status or activities in such capacity. Select’s articles of incorporation provide that, to the fullest extent provided by the NCBCA, no director or former director shall be personally liable to Select or any of its shareholders or otherwise for monetary damages for breach of any duty as a director. | | | First Bancorp’s articles of incorporation provide that no director of First Bancorp shall be personally liable to First Bancorp or its shareholders for breach of his or her duty of care or other duty as a director, but only to the extent permitted from time to time by the NCBCA. First Bancorp’s bylaws provide that any person who at any time serves or has served as a director or officer of First Bancorp or of any wholly owned subsidiary of First Bancorp, or in such capacity at the request of First Bancorp for any other foreign or domestic corporation, partnership, | |
| Select Shareholder Rights | | | First Bancorp Shareholder Rights | |
| | | | joint venture, trust or other enterprise, or as a trustee or administrator under any employee benefit plan of First Bancorp or of any wholly owned subsidiary thereof has the right to be indemnified and held harmless by First Bancorp to the fullest extent from time to time permitted by law against all liabilities and litigation expenses in the event a claim is made or threatened against that person in, or that person is made or threatened to be made a party to, any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, and whether or not brought by or on behalf of First Bancorp, including all appeals therefrom, arising out of that person’s status as such or that person’s activities in any such capacity; provided, however, that such indemnification shall not be available with respect to (a) that portion of any liabilities or litigation expenses with respect to which the claimant is entitled to receive payment under any insurance policy or (b) any liabilities or litigation expenses incurred on account of any of the claimant’s activities which were at the time taken known or believed by the claimant to be clearly in conflict with the best interests of First Bancorp. | |
| Shareholder Action Without Meeting | | |||
| The NCBCA provides that action required or permitted to be taken at a shareholders’ meeting may be taken without a meeting and without prior notice (except as provided below), if the action is taken by all the shareholders entitled to vote on the action. | | | The NCBCA provides that action required or permitted to be taken at a shareholders’ meeting may be taken without a meeting and without prior notice (except as provided below), if the action is taken by all the shareholders entitled to vote on the action. | |
| Unless the articles of incorporation otherwise provide, if shareholder approval is required for (i) an amendment to the articles of incorporation, (ii) a plan of merger or share exchange, (iii) a plan of conversion, (iv) the sale, lease, exchange, or other disposition of all, or substantially all, of Select’s property, or (v) a proposal for dissolution, and the approval is to be obtained through action without meeting, Select must give its shareholders, other than shareholders who consent to the action, written notice of the proposed action at least 10 days before the action is taken. | | | Unless the articles of incorporation otherwise provide, if shareholder approval is required for (i) an amendment to the articles of incorporation, (ii) a plan of merger or share exchange, (iii) a plan of conversion, (iv) the sale, lease, exchange, or other disposition of all, or substantially all, of First Bancorp’s property, or (v) a proposal for dissolution, and the approval is to be obtained through action without meeting, First Bancorp must give its shareholders, other than shareholders who consent to the action, written notice of the proposed action at least 10 days before the action is taken. | |
| Select’s articles of incorporation and bylaws do not change this default provision. | | | First Bancorp’s articles of incorporation and bylaws do not change this default provision. | |
| Amendments to Articles of Incorporation and Bylaws | | |||
| The NCBCA provides that a corporation’s articles of incorporation generally may be amended upon approval by the board of directors and the holders of a majority of the outstanding shares of such | | | The NCBCA provides that a corporation’s articles of incorporation generally may be amended upon approval by the board of directors and the holders of a majority of the outstanding shares of such | |
| Select Shareholder Rights | | | First Bancorp Shareholder Rights | |
| corporation’s common stock entitled to vote on the amendment. | | | corporation’s common stock entitled to vote on the amendment. | |
| Changes to Select’s articles of incorporation related to the approval of a business combination requires the affirmative vote of 2/3rds of the outstanding shares of the common stock unless a majority of the board has recommended the change to the shareholders. To the extent permitted by the NCBCA, Select’s bylaws may be amended by the majority vote of its board or by Select’s shareholders. | | | First Bancorp’s articles of incorporation do not change this default provision. First Bancorp’s bylaws provide that except as otherwise provided in a bylaw adopted by the shareholders, the articles of incorporation, or the NCBCA, the First Bancorp board may amend or repeal the bylaws, except that a bylaw adopted, amended or repealed by the shareholders may not be readopted, amended or repealed by the First Bancorp board if neither the articles of incorporation nor a bylaw adopted by the shareholders authorizes the First Bancorp board to adopt, amend or repeal that particular bylaw or the bylaws generally. | |
| Voting Rights | | |||
| All voting rights are vested in the holders of Select common stock. Each holder of common stock is entitled to one vote per share on each matter submitted to a vote at a meeting of shareholders. There is no cumulative voting for the election of directors. | | | All voting rights are vested in the holders of First Bancorp common stock. Each holder of First Bancorp common stock is entitled to one vote per share on each matter submitted to a vote at a meeting of shareholders. With respect to the election of directors, holders of First Bancorp common stock may choose to elect directors by cumulative voting. If cumulative voting is in effect, each shareholder is entitled to multiply the number of votes he, she or it is entitled to cast by the number of directors for whom he, she or it is entitled to vote, and to cast the product for a single candidate or distribute the product among two or more candidates. Cumulative voting procedures will not be followed at an annual meeting unless a shareholder calls for cumulative voting as provided in First Bancorp’s articles of incorporation, by announcing at the meeting before the voting for directors starts, his, her or its intention to vote cumulatively. | |
| | | First Bancorp Common Stock | | | Select Common Stock | | ||||||||||||||||||||||||||||||
| High | | | Low | | | Dividend | | | High | | | Low | | | Dividend | | ||||||||||||||||||||
2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Quarter | | | | | 39.70 | | | | | | 32.07 | | | | | | 0.12 | | | | | | 12.48 | | | | | | 10.83 | | | | | | — | | |
Second Quarter | | | | | 39.28 | | | | | | 35.35 | | | | | | 0.12 | | | | | | 12.28 | | | | | | 11.01 | | | | | | — | | |
Third Quarter | | | | | 37.53 | | | | | | 34.44 | | | | | | 0.12 | | | | | | 11.65 | | | | | | 10.61 | | | | | | — | | |
Fourth Quarter | | | | | 41.08 | | | | | | 34.74 | | | | | | 0.18 | | | | | | 12.47 | | | | | | 11.02 | | | | | | — | | |
2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Quarter | | | | | 39.86 | | | | | | 19.31 | | | | | | 0.18 | | | | | | 12.34 | | | | | | 6.96 | | | | | | — | | |
Second Quarter | | | | | 29.04 | | | | | | 20.52 | | | | | | 0.18 | | | | | | 8.84 | | | | | | 6.39 | | | | | | — | | |
Third Quarter | | | | | 23.46 | | | | | | 19.88 | | | | | | 0.18 | | | | | | 8.18 | | | | | | 7.05 | | | | | | — | | |
Fourth Quarter | | | | | 34.31 | | | | | | 21.10 | | | | | | 0.18 | | | | | | 9.83 | | | | | | 7.28 | | | | | | — | | |
2021 | | | | | | | | | | | | | | ��� | | | | | | | | | | | | | | | | | | | | | | | |
First Quarter | | | | | 48.07 | | | | | | 33.13 | | | | | | 0.20 | | | | | | 12.37 | | | | | | 9.10 | | | | | | — | | |
Second Quarter (through [•]) | | | | | [•] | | | | | | [•] | | | | | | [•] | | | | | | [•] | | | | | | [•] | | | | | | [•] | | |
Name and Address | | | Number of Shares Owned(1) | | | Percent of Common Stock Outstanding(2) | | ||||||
Asheville Savings Bank, S.S.B. Employee Stock Ownership Plan Trust 11 Church Street Asheville, NC 28801 | | | | | 416,397(3) | | | | | | 11.0% | | |
RMB Capital Holdings, LLC et al(4) 115 S. LaSalle Street, 34th Floor Chicago, IL 60603 | | | | | 330,293 | | | | | | 8.7% | | |
Lawrence B. Seidman, et al(5) 100 Misty Lane, 1st Floor Parsippany, NJ 07054 | | | | | 252,674 | | | | | | 6.7% | | |
Name of Beneficial Owner | | | Amount and Nature of Beneficial Ownership(1) | | | Percent of Shares Beneficially Owned(2) | | ||||||
5% Shareholders: | | | | | | | | | | | | | |
BlackRock Inc.(3) | | | | | 4,222,128 | | | | | | 14.82% | | |
The Vanguard Group(4) | | | | | 1,769,747 | | | | | | 6.21% | | |
Directors: | | | | | | | | | | | | | |
Richard H. Moore(5) | | | | | 115,645 | | | | | | * | | |
Michael G. Mayer(6) | | | | | 54,952 | | | | | | * | | |
Daniel T. Blue, Jr. | | | | | 18,109 | | | | | | * | | |
Mary Clara Capel | | | | | 13,002 | | | | | | * | | |
James C. Crawford, III(7) | | | | | 84,978 | | | | | | * | | |
Suzanne S. DeFerie(8) | | | | | 83,877 | | | | | | * | | |
Abby J. Donnelly(9) | | | | | 6,034 | | | | | | * | | |
John B. Gould(10) | | | | | 41,302 | | | | | | * | | |
O. Temple Sloan, III | | | | | 12,324 | | | | | | * | | |
Frederick L. Taylor, II(11) | | | | | 37,572 | | | | | | * | | |
Virginia C. Thomasson | | | | | 31,628 | | | | | | * | | |
Dennis A. Wicker(12) | | | | | 24,694 | | | | | | * | | |
Other Named Executive Officers: | | | | | | | | | | | | | |
Eric P. Credle(13) | | | | | 46,414 | | | | | | * | | |
All Current Directors and Executive Officers, as a Group (13 persons) | | | | | 570,531 | | | | | | 2% | | |
Name | | | Number of Shares Owned(1), (2), (3), (4), (5) | | | Percent of Common Stock Outstanding | | ||||||
John B. Dickson(6) | | | | | 34,200 | | | | | | * | | |
Suzanne S. DeFerie(7) | | | | | 158,856 | | | | | | 4.1% | | |
John B. Gould(8) | | | | | 51,802 | | | | | | 1.4% | | |
Leslie D. Green(9) | | | | | 38,554 | | | | | | 1.0% | | |
Kenneth E. Hornowski | | | | | 34,650 | | | | | | * | | |
Stephen P. Miller(10) | | | | | 42,700 | | | | | | 1.1% | | |
Lawrence B. Seidman | | | | | 252,674 | | | | | | 6.7% | | |
Alison J. Smith | | | | | 21,842 | | | | | | * | | |
Patricia S. Smith | | | | | 54,591 | | | | | | 1.4% | | |
Wyatt S. Stevens | | | | | 28,957 | | | | | | * | | |
Kenneth J. Wrench | | | | | 1,004 | | | | | | * | | |
Executive Officers who are not Directors: | | | | ||||||||||
Kirby A. Tyndall | | | | | 67,242 | | | | | | 1.8% | | |
David A. Kozak | | | | | 68,170 | | | | | | 1.8% | | |
Vikki D. Bailey | | | | | 37,115 | | | | | | 1.0% | | |
All Directors and Executive Officers as a group (14 people) | | | | | 892,357 | | | | | | 21.9% | | |
Name of Beneficial Owner | | | Amount and Nature of Beneficial Ownership(1)(2) | | | Percent of Shares Beneficially Owned(3) | | ||||||
5% Shareholders: | | | | | | | | | | | | | |
Gregory Blake Stallings(4) | | | | | 1,022,855 | | | | | | 5.94% | | |
K. Clark Stallings(5) | | | | | 994,509 | | | | | | 5.77% | | |
Directors: | | | | | | | | | | | | | |
J. Gary Ciccone(6) | | | | | 180,197 | | | | | | 1.05% | | |
Alicia Speight Hawk(7) | | | | | 42,654 | | | | | | * | | |
Gerald W. Hayes | | | | | 155,298 | | | | | | * | | |
William L. Hedgepeth II | | | | | 112,947 | | | | | | * | | |
Ronald V. Jackson | | | | | 59,649 | | | | | | * | | |
John W. McCauley | | | | | 85,255 | | | | | | * | | |
Carlie C. McLamb, Jr.(8) | | | | | 118,715 | | | | | | * | | |
V. Parker Overton | | | | | 164,714 | | | | | | * | | |
Sharon L. Raynor(9) | | | | | 294,804 | | | | | | 1.71% | | |
K. Clark Stallings(5) | | | | | 994,509 | | | | | | 5.77% | | |
W. Lyndo Tippett(10) | | | | | 47,485 | | | | | | * | | |
Other Named Executive Officers: | | | | | | | | | | | | | |
W. Keith Betts | | | | | 14,479 | | | | | | * | | |
Mark A. Jeffries | | | | | 10,360 | | | | | | * | | |
Lynn H. Johnson | | | | | 12,280 | | | | | | * | | |
D. Richard Tobin, Jr | | | | | 6,860 | | | | | | * | | |
All Current Directors and Executive Officers, as a Group (15 persons) | | | | | 2,310,206 | | | | | | 13.41% | | |
First Bancorp SEC Filings (SEC File No. 000-15572) | | | Period or Date Filed | |
Annual Report on Form 10-K | | | | |
Annual Report on Form 11-K | | | | |
Quarterly Reports on Form 10-Q | | | | |
Current Reports on Form 8-K | | | Filed on January 27, 2021, March 15, 2021, April 27, 2021, May 6, 2021, June 1, 2021, June 15, 2021, and July 2, 2021 (other than those portions of the documents deemed to be furnished and not filed) | |
Definitive Proxy Statement on Schedule 14A | | | | |
The description of First Bancorp common stock set forth in its Registration Statement filed on Form S-3 ASR (File No. 333-236756) and any amendment or report filed for the purpose of updating such description | | | |
Select SEC Filings (SEC File No. 000-50400) | | | Period or Date Filed | |
Annual Report on Form 10-K | | | | |
Quarterly Reports on Form 10-Q | | | | |
Current Reports on Form 8-K | | | Filed on January 28, 2021, February 3, 2021, May 3, 2021, May 25, 2021, May 27, 2021, and June 1, 2021 (other than those portions of the documents deemed to be furnished and not filed) | |
Definitive Proxy Statement on Schedule 14A | | | | |
The description of Select common stock set forth in its Registration Statement filed on Form S-3/A (File No. 333-225805) and any amendment or report filed for the purpose of updating such description | | | |
| First Bancorp 300 SW Broad Street Southern Pines, North Carolina 28387 Attention: Investor Relations Telephone: (910) 246-2500 | | | Select Bancorp, Inc. 700 West Cumberland Street Dunn, North Carolina 28334 Attention: Investor Relations Telephone: (910) 892-7080 | |
| | | | ||||
| | | | A-iv | | | |
| | | | A-1 | | | |
| | | | A-1 | | | |
| | | | A-1 | | | |
| | | | A-1 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-3 | | | |
| | | | A-3 | | | |
| | | | A-3 | | | |
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | |
| | | Page | | |||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | A-28 | | | |
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | |
| | | | ||||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | |
Exhibit | | | Description | |
A | | | Form of Bank Merger Agreement | |
B | | | Form of Support Agreement | |
Buyer: | |||||
| | | Very truly yours, Keefe, Bruyette & Woods, Inc. | |
Term | | | Section | |
Accrued Obligations | | | Section 8(a)(i)(A) | |
ADA Act | | | Section 7(a) | |
Base Salary | | | Section 6(a) | |
Bank Board | | | Section 6(a) | |
Bank Group | | | Section | |
Benefit Plans | | | Section | |
Business | | | Section | |
Cause | | | Section 7(b) | |
CEO | | | Section 7(b)(i) | |
Term | | | Section | |
COBRA | | | Section 8(a)(ii) | |
COBRA Reimbursement | | | Section 8(a)(ii) | |
Code | | | Section |
| ||||
| | Section | | |
Commissioner | | | Section 13(d) | |
Confidential Information | | | Section | |
| ||||
Covered Person | | | Section 11(b) | |
Date of Termination | | | Section | |
Disability | | | Section 7(a) | |
Disability Effective Date | | | Section 7(a) | |
Effective Date | | | Section 1 | |
Employment Period | ||||
| | Section 4 | | |
FDIC | | | Section 13(d) | |
FRB | | | Section 13(d) | |
Good Reason | | | Section | |
| ||||
Notice of Termination | | | Section | |
| | Section | | |
Other Benefits | | | Section 8(b) | |
| | Section | | |
Remaining Employment Period | | | Section 8(a)(i)(B) | |
Restricted Period | | | Section 11(a) | |
Section 409A | | | Section | |
Terminate | | | Section | |
Termination | | | Section | |
Territory | | | Section 11(a) | |
Trade Secrets | | | Section 14(a)(v) | |
Voluntary Termination | | | Section | |
Welfare Benefit Plans | | | Section | |
By: | |
By: | |
Term | | | Section | |
Accrued Obligations | | | Section 8(a)(i)(A) | |
ADA Act | | | Section 7(a) | |
Base Salary | | | Section 6(a) | |
Bank Board | | | Section 6(a) | |
Bank Group | | | Section 11(a) | |
Benefit Plans | | | Section 6(d) | |
Business | | | Section 11(a) | |
Cause | | | Section 7(b) | |
CEO | | | Section 7(b)(i) | |
Term | | | Section | |
COBRA | | | Section 8(a)(ii) | |
COBRA Reimbursement | | | Section 8(a)(ii) | |
Code | | | Section 7(h) | |
Compete | | | Section 11(a) | |
Commissioner | | | Section 13(d) | |
Confidential Information | | | Section 14(a)(vi) | |
Covered Person | | | Section 11(b) | |
Date of Termination | | | Section 7(g) | |
Disability | | | Section 7(a) | |
Disability Effective Date | | | Section 7(a) | |
Effective Date | | | Section 1 | |
Employment Period | | | Section 4 | |
FDIC | | | Section 13(d) | |
FRB | | | Section 13(d) | |
Good Reason | | | Section 7(d) | |
Notice of Termination | | | Section 7(f) | |
Offices | | | Section 4 | |
Other Benefits | | | Section 8(b) | |
Rules | | | Section 11(e) | |
Remaining Employment Period | | | Section 8(a)(i)(B) | |
Restricted Period | | | Section 11(a) | |
Section 409A | | | Section 7(h) | |
Terminate | | | Section 7(h) | |
Termination Without Cause | | | Section 7(c) | |
Territory | | | Section 11(a) | |
Trade Secrets | | | Section 14(a)(v) | |
Voluntary Termination | | | Section 7(e) | |
Welfare Benefit Plans | | | Section 6(e) | |
By: | |
By: | |
| | | | FIRST BANCORP | | ||||||
| | | | By: | | | |||||
Michael G. Mayer, President | | ||||||||||
| | | | FIRST BANK | | ||||||
| | | | By: | | | |||||
Michael G. Mayer, President and Chief Executive Officer | |||||||||||
| |||||||||||
| | | | | |
| | | | FIRST BANCORP | |
| | | | By: Michael G. Mayer, President | |
| | | | FIRST BANK | |
| | | | By: Michael G. Mayer, President and Chief Executive Officer | |
| | | | Lynn H. Johnson | |
| Exhibit No. | | | | |
| 2.1 | | | Agreement and Plan of Merger and Reorganization, dated as of |
| |||||
| 3.1 | | | Articles of Incorporation of First Bancorp and amendments thereto were filed as Exhibits 3.a.i through 3.a.v to First Bancorp’s Quarterly Report on Form 10-Q for the period ended June 30, | |
| Exhibit No. | | | Description | |
| | | | 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 First Bancorp’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 First Bancorp’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 First Bancorp’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 First Bancorp’s Current Report on Form 8-K filed on December 26, 2012, and are incorporated herein by reference. | |
| 3.2 | | | | |
| 4.1 | | | Form of Common Stock Certificate was filed as Exhibit 4 to First Bancorp’s Quarterly Report on Form 10-Q for the quarter ended June 30, 1999, and is incorporated herein by reference. | |
| 5.1 | | | Opinion of Brooks, Pierce, McLendon, Humphrey & Leonard, L.L.P.* | |
| 8.1 | | | Opinion of Brooks, Pierce, McLendon, Humphrey & Leonard, L.L.P. as to the federal income tax consequences of the merger to First Bancorp and | |
| 21.1 | | | Subsidiaries of First Bancorp, incorporated by reference to Exhibit 21 to First Bancorp’s Annual Report on Form 10-K for the year ended December 31, | |
| 23.1 | | | Consent of Elliott Davis, | |
| 23.2 | | | Consent of BDO USA, LLP. | |
| 23.3 | | | Consent of Dixon Hughes Goodman LLP. | |
23.4 | | | Consent of Brooks, Pierce, McLendon, Humphrey and Leonard L.L.P. (included in Exhibits 5.1 and 8.1).* | | |
| 24.1 | | | Power of Attorney (included on the Signature Page to this Registration Statement). | |
| 99.1 | | | Form of Proxy of | |
| 99.2 | | | | |
| 99.3 | | | Consent of Keefe, Bruyette & Woods, Inc. | |
| 99.4 | | | Consent of Raymond James & Associates, Inc. | |
| 99.5 | | | Consent of [•] as Director Nominee. * | |
| 99.6 | | | Consent of [•] as Director Nominee. * | |
| | | | |||||
By: | ||||||||
| | /s/ Richard H. Moore Richard H. Moore Chief Executive Officer | |
| /s/ Richard H. Moore Richard H. Moore Chief Executive Officer | | | /s/ Eric P. Credle Executive Vice President Chief Financial Officer (Principal Accounting Officer) | |
| James C. Crawford, III Chairman of the Board Director | | | Director | | |||
| Director | | | Director | | |||
| Abby J. Donnelly Director | | | | | |||
| /s/ Michael G. Mayer Michael G. Mayer President and Director | | | /s/ Richard H. Moore Richard H. Moore Director | |
| /s/ O. Temple Sloan, III O. Temple Sloan, III Director | | | /s/ Frederick L. Taylor II Frederick L. Taylor II Director | |
| /s/ Virginia C. Thomasson Virginia C. Thomasson Director | | | /s/ Dennis A. Wicker Dennis A. Wicker Director | |
Exhibit No. | | | | |
2.1 | | | Agreement and Plan of Merger and Reorganization, dated as of | |
3.1 | | | Articles of Incorporation of First Bancorp and amendments thereto were filed as Exhibits 3.a.i through 3.a.v to First Bancorp’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 First Bancorp’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 First Bancorp’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 First Bancorp’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 First Bancorp’s Current Report on Form 8-K filed on December 26, 2012, and are incorporated herein by reference. | |
3.2 | | | | |
4.1 | | | | |
5.1 | | | Opinion of Brooks, Pierce, McLendon, Humphrey & Leonard, L.L.P.* | |
8.1 | | | Opinion of Brooks, Pierce, McLendon, Humphrey & Leonard, L.L.P. as to the federal income tax consequences of the merger to First Bancorp and | |
21.1 | | | Subsidiaries of First Bancorp, incorporated by reference to Exhibit 21 to First Bancorp’s Annual Report on Form 10-K for the year ended December 31, | |
23.1 | | | | |
23.2 | | | | |
23.3 | | | | |
| | Consent of Brooks, Pierce, McLendon, Humphrey and Leonard L.L.P. (included in Exhibits 5.1 and 8.1).* | | |
24.1 | | | | |
99.1 99.2 | | | Form of Proxy of | |
Form of | | |||
99.3 | | | | |
99.4 | | | | |
99.5 | | | Consent of [•] as Director Nominee. * | |
99.6 | | | Consent of [•] as Director Nominee. * | |