First Bancorp Reports First Quarter Results

SOUTHERN PINES, N.C., April 27, 2021 /PRNewswire/ — First Bancorp (NASDAQ – FBNC), the parent company of First Bank,…

SOUTHERN PINES, N.C., April 27, 2021 /PRNewswire/ — First Bancorp (NASDAQ – FBNC), the parent company of First Bank, announced today net income of $28.2 million, or $0.99 per diluted common share, for the three months ended March 31, 2021, an increase of 59.7% on a per share basis, compared to $18.2 million, or $0.62 per diluted common share, recorded in the first quarter of 2020.  The increase in earnings was driven by lower credit costs and higher noninterest income.   

The Company continued to experience high balance sheet growth during the first quarter of 2021, with total assets increasing by $447 million, or 24.8% annualized.  This growth was driven by a $460 million, or 29.7% annualized, increase in deposits from December 31, 2020.

Net Interest Income and Net Interest Margin

Net interest income for the first quarter of 2021 was $55.2 million, a 0.9% increase from the $54.8 million recorded in the first quarter of 2020.  The increase in net interest income was due to higher levels of interest-earning assets and the recognition of PPP loan fees, the effects of which were mostly offset by a lower net interest margin.

The Company’s net interest margin (a non-GAAP measure calculated by dividing tax-equivalent net interest income by average earning assets) for the first quarter of 2021 was 3.27%, which was 69 basis points lower than the 3.96% realized in the first quarter of 2020.  The decline was primarily due to the impact of lower interest rates and the lower incremental reinvestment rates realized from funds provided by the high deposit growth. 

Driven by high deposit growth, average interest-earning assets increased by 23.3% in the first quarter of 2021 compared to the first quarter of 2020.  The funds provided by the in-flow of deposits were used primarily to either purchase investment securities or were held in the Company’s account at the Federal Reserve Bank, each of which increased net interest income but negatively impacted the Company’s net interest margin.  Additionally, in March 2020, the Federal Reserve Bank decreased interest rates by 150 basis points, which negatively impacted the Company’s net interest margin beginning in the second quarter of 2020.

In the first quarter of 2021, the Company processed $111 million in PPP loan forgiveness payments related to 2020 originations and also originated approximately $111 million in new PPP loans, which resulted in an unchanged balance of total PPP loans of $241 million from December 31, 2020.  Including accelerated amortization of deferred PPP loan fees, the Company recorded a total of $3.0 million in PPP fee-related interest income during the first quarter of 2021, which, when combined with the note rate of 1.00%, resulted in a total yield on PPP loans of 6.16% for the quarter.  The Company has $9.0 million in remaining deferred PPP loan fees, of which $3.1 million relates to 2020 originations and $5.9 million relates to 2021 originations.

Allowance for Loan Losses, Provision for Loan Losses and Asset Quality

On January 1, 2021, the Company adopted the Current Expected Credit Loss (CECL) methodology for estimating credit losses, which resulted in an increase of $14.6 million in the Company’s allowance for loan losses and an increase of $7.5 million in the Company’s reserve for unfunded commitments. The tax-effected impact of those two items amounted to $17.1 million and was recorded as an adjustment to the Company’s retained earnings as of January 1, 2021.

The Company recorded no provision for loan losses in the first quarter of 2021 compared to $5.6 million in the first quarter of 2020.  The higher provision in 2020 was primarily related to estimated incurred losses associated with the pandemic that was emerging at the time.  Under the CECL methodology for recording expected credit losses adopted at January 1, 2021, which resulted in the increase to the allowance for loan losses noted above, the Company determined that no further adjustment was necessary for the first quarter of 2021.

Total net loan charge-offs for the first quarters of 2021 and 2020 amounted to $1.1 million and $2.5 million, respectively, or 0.10% and 0.22% of average loans on an annualized basis, respectively.

Total nonperforming assets amounted to $50 million at March 31, 2021, or 0.65% of total assets, compared to $38.3 million a year earlier, or 0.60% of total assets.  At March 31, 2021, loans on deferral status associated with the pandemic amounted to $5.9 million.

Noninterest Income

Total noninterest income for the first quarter of 2021 was $20.7 million, a 50.8% increase from the $13.7 million recorded for the first quarter of 2020. 

Service charges on deposit accounts amounted to $2.7 million for the first quarter of 2021, an 18.1% decrease compared to $3.3 million in the first quarter of 2020.  The decline was primarily due to fewer instances of customer overdrafts.

Other service charges, commissions and fees amounted to $5.5 million for the first quarter of 2021, an increase of 35.7% from the $4.1 million for the first quarter of 2020.  The increase was primarily due to a $0.9 million increase in bankcard revenue.  Additionally, the first quarter of 2020 included a $0.5 million charge related to impairment of the Company’s SBA servicing asset.

Fees from presold mortgages amounted to $4.5 million for the first quarter of 2021, an increase of 146.8%, compared to $1.8 million in the first quarter of 2020.  The increase in 2021 was primarily due to higher mortgage loan origination volume arising from low mortgage loan interest rates.

SBA consulting fees amounted to $2.8 million for the first quarter, an increase of 169.1%, compared to $1.0 million for the first quarter of 2020.  The increase was due to fees earned by the Company’s SBA subsidiary, SBA Complete, related to assisting its third-party client banks with the PPP loan program.  SBA Complete recorded approximately $1.6 million in PPP-related fees for the three months ended March 31, 2021.  At March 31, 2021, SBA Complete had $0.6 million in remaining deferred PPP revenue that will be recorded as income upon completing the forgiveness process for its client banks.

SBA loan sale gains amounted to $2.3 million for the first quarter of 2021 compared to $0.6 million in the first quarter of 2020.  The first quarter of 2020 was significantly impacted by temporary pandemic-related market conditions.  The first quarter of 2021 was favorably impacted by the SBA increasing the guarantee percentage on most loans from 75% to 90% as part of the economic relief package.

Noninterest Expenses

Noninterest expenses amounted to $40.1 million in each of the first quarters of 2021 and 2020 with no significant variances in individual line items.

Income Taxes

The Company’s effective tax rate was 21.3% and 20.3% for the three months ended March 31, 2021 and 2020, respectively, with the 2021 increase being due to a higher proportion of fully-taxable income.

Balance Sheet and Capital

Total assets at March 31, 2021 amounted to $7.7 billion, a 21.3% increase from a year earlier.  The growth was driven by an increase in deposits. 

Total deposits amounted to $6.7 billion at March 31, 2021, an increase of $1.7 billion, or 33.5%, from March 31, 2020.  The high deposit growth is believed to be due to a combination of stimulus funds and changes in customer behaviors during the pandemic, as well as ongoing growth initiatives by the Company.

Total loans amounted to $4.6 billion at March 31, 2021, an increase of $71 million, or 1.6% from March 31, 2020.  Excluding PPP loans, the Company’s level of outstanding loans has been impacted by high mortgage loan refinancing activity, commercial loan payoffs, and soft demand arising from the pandemic.

With high levels of  liquidity, the Company reduced its level of borrowings to $61.3 million at March 31, 2021, a decrease of $341 million, or 84.8%, from a year earlier.  The Company has also increased its holdings of investment securities to $2.0 billion at March 31, 2021, an increase of $1.2 billion, or 132.8%, compared to a year earlier.

The Company remains well-capitalized by all regulatory standards, with an estimated Total Risk-Based Capital Ratio at March 31, 2021 of 15.58%, an increase from the 14.51% reported at March 31, 2020.  The Company’s tangible common equity to tangible assets ratio was 8.33% at March 31, 2021, a decrease of 167 basis points from a year earlier, which was impacted by the high balance sheet growth.

Comments of the CEO and Other Business Matters

Richard H. Moore, CEO of First Bancorp, commented, «We are very pleased with our first quarter performance.  We achieved a high level of profitability, and our balance sheet and capital levels remain strong.  With signs that the country is emerging from the pandemic, we expect to see an increase in economic activity that should benefit both our Company and our communities.»  Mr. Moore also stated, «We were also pleased to be able to recently report an 11% increase in our quarterly dividend rate to $0.20 per share.»

The following is additional discussion of business development and other miscellaneous matters affecting the Company during the first quarter of 2021:

  • On March 15, 2021, the Company announced a quarterly cash dividend of $0.20 per share payable on April 25, 2021 to shareholders of record on March 31, 2021. This dividend rate represents an 11.1% increase over the dividend rate declared in the first quarter of 2020.
  • During the first quarter of 2021, the Company repurchased 106,744 shares of its common stock at an average stock price of $37.81, which totaled $4.0 million.

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets of approximately $7.7 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 101 branches in North Carolina and South Carolina.  First Bank Insurance Services is a subsidiary of First Bank and provides insurance products and services to individuals and businesses throughout First Bank’s market area.  First Bank also provides SBA loans to customers through its nationwide network of lenders – for more information on First Bank’s SBA lending capabilities, please visit www.firstbanksba.com.  First Bancorp’s common stock is traded on The NASDAQ Global Select Market under the symbol «FBNC.»

Please visit our website at www.LocalFirstBank.com.

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which statements are inherently subject to risks and uncertainties.  Forward-looking statements are statements that include projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact.  Such statements are often characterized by the use of qualifying words (and their derivatives) such as «expect,» «believe,» «estimate,» «plan,» «project,» «anticipate,» or other words or phrases concerning opinions or judgments of the Company and its management about future events.  Factors that could influence the accuracy of such forward-looking statements include, but are not limited to, the financial success or changing strategies of the Company’s customers, the Company’s level of success in integrating acquisitions, actions of government regulators, the level of market interest rates, and general economic conditions.  For additional information about the factors that could affect the matters discussed in this paragraph, see the «Risk Factors» section of the Company’s most recent annual report on Form 10-K available at www.sec.gov.  Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.  The Company is also not responsible for changes made to this press release by wire services, internet services or other media.


First Bancorp and Subsidiaries

Financial Summary – Page 1




Three Months Ended

March 31,

Percent

($ in thousands except per share data – unaudited)

2021


2020

Change

INCOME STATEMENT





Interest income





   Interest and fees on loans

$

51,073



55,297



   Interest on investment securities

6,236



5,638



   Other interest income

700



1,098



      Total interest income

58,009



62,033


(6.5)%

Interest expense





   Interest on deposits

2,388



5,773



   Interest on borrowings

383



1,501



      Total interest expense

2,771



7,274


(61.9)%

        Net interest income

55,238



54,759


0.9%

Total provision for loan losses



5,590


(100.0)%

Net interest income after provision for loan losses

55,238



49,169


12.3%

Noninterest income





   Service charges on deposit accounts

2,733



3,337



   Other service charges, commissions, and fees

5,522



4,069



   Fees from presold mortgage loans

4,544



1,841



   Commissions from sales of insurance and financial products

2,190



2,068



   SBA consulting fees

2,764



1,027



   SBA loan sale gains

2,330



647



   Bank-owned life insurance income

620



642



   Other gains (losses), net

(34)



74



      Total noninterest income

20,669



13,705


50.8%

Noninterest expenses





   Salaries expense

20,131



20,110



   Employee benefit expense

4,574



4,547



   Occupancy and equipment related expense

3,949



4,103



   Intangibles amortization expense

897



1,055



   Foreclosed property losses (gains), net

157



159



   Other operating expenses

10,357



10,102



      Total noninterest expenses

40,065



40,076


—%

Income before income taxes

35,842



22,798


57.2%

Income tax expense

7,648



4,618


65.6%

Net income

$

28,194



18,180


55.1%






Earnings per common share – diluted

$

0.99



0.62


59.7%






ADDITIONAL INCOME STATEMENT INFORMATION





   Net interest income, as reported

$

55,238



54,759



   Tax-equivalent adjustment (1)

443



334



   Net interest income, tax-equivalent

$

55,681



55,093


1.1%












(1)

This amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax-exempt status.  This amount has been computed assuming a 23% tax rate and is reduced by the related nondeductible portion of interest expense.

 


First Bancorp and Subsidiaries

Financial Summary – Page 2




Three Months Ended

March 31,

PERFORMANCE RATIOS (annualized)

2021

2020

Return on average assets (1)

1.53

%

1.18

%

Return on average common equity (2)

12.92

%

8.52

%

Net interest margin – tax-equivalent (3)

3.27

%

3.96

%

Net (recoveries) charge-offs to average loans

0.10

%

0.22

%




COMMON SHARE DATA



Cash dividends declared – common

$

0.20


0.18


Stated book value – common

30.78


29.69


Tangible book value – common (non-GAAP)

21.87


21.09


Common shares outstanding at end of period

28,489,474


29,040,827


Weighted average shares outstanding – diluted

28,537,853


29,399,114





CAPITAL RATIOS



Tangible common equity to tangible assets (non-GAAP)

8.33

%

10.00

%

Common equity tier I capital ratio – estimated

13.25

%

12.86

%

Tier I leverage ratio – estimated

9.60

%

11.05

%

Tier I risk-based capital ratio – estimated

14.33

%

13.98

%

Total risk-based capital ratio – estimated

15.58

%

14.51

%




AVERAGE BALANCES ($ in thousands)



Total assets

$

7,477,826


6,183,098


Loans

4,684,143


4,512,893


Earning assets

6,898,406


5,595,734


Deposits

6,474,115


4,950,199


Interest-bearing liabilities

4,233,740


3,739,467


Shareholders’ equity

885,190


858,592





(1)

Calculated by dividing annualized net income by average assets.

(2)

Calculated by dividing annualized net income by average common equity.

(3)

See note 1 on the first page of the Financial Summary for discussion of tax-equivalent adjustments.

 

TREND INFORMATION


($ in thousands except per share data)

For the Three Months Ended

INCOME STATEMENT

Mar. 31, 2021

Dec. 31, 2020

Sept. 30, 2020

June 30, 2020

Mar. 31, 2020







Net interest income – tax-equivalent (1)

$

55,681


56,463


55,080


52,954


55,093


Taxable equivalent adjustment (1)

443


457


347


330


334


Net interest income

55,238


56,006


54,733


52,624


54,759


Provision for loan losses


4,031


6,120


19,298


5,590


Noninterest income

20,669


19,996


21,452


26,193


13,705


Noninterest expense

40,065


41,882


40,439


38,901


40,076


Income before income taxes

35,842


30,089


29,626


20,618


22,798


Income tax expense

7,648


6,441


6,329


4,266


4,618


Net income

28,194


23,648


23,297


16,352


18,180








Earnings per common share – diluted

0.99


0.83


0.81


0.56


0.62








Cash dividends declared per share

0.20


0.18


0.18


0.18


0.18


(1)

See note 1 on the first page of this Financial Summary for discussion of tax-equivalent adjustments.

 



First Bancorp and Subsidiaries

Financial Summary – Page 3



CONSOLIDATED BALANCE SHEETS 

($ in thousands – unaudited)









At Mar. 31,

2021


At Dec. 31,

2020


At Mar. 31,

2020


One Year

Change

Assets








Cash and due from banks

$

71,206



93,724



93,666



(24.0)

%

Interest-bearing deposits with banks

458,860



273,566



282,683



62.3

%

     Total cash and cash equivalents

530,066



367,290



376,349



40.8

%









Investment securities

2,020,540



1,620,683



867,773



132.8

%

Presold mortgages

31,869



42,271



14,861



114.4

%

SBA loans held for sale

7,002



6,077



18,449



(62.0)

%









Total loans

4,624,054



4,731,315



4,552,708



1.6

%

Allowance for loan losses

(65,849)



(52,388)



(24,498)



168.8

%

Net loans

4,558,205



4,678,927



4,528,210



0.7

%









Premises and equipment

123,271



120,502



113,669



8.4

%

Operating right-of-use lease assets

16,899



17,514



19,347



(12.7)

%

Intangible assets

253,878



254,638



249,829



1.6

%

Foreclosed real estate

1,811



2,424



3,487



(48.1)

%

Bank-owned life insurance

107,594



106,974



105,083



2.4

%

Other assets

85,259



72,451



79,001



7.9

%

     Total assets

$

7,736,394



7,289,751



6,376,058



21.3

%









Liabilities








Deposits:








     Noninterest-bearing checking accounts

$

2,430,198



2,210,012



1,580,849



53.7

%

     Interest-bearing checking accounts

1,258,500



1,172,022



922,985



36.4

%

     Money market accounts

1,721,230



1,581,364



1,224,414



40.6

%

     Savings accounts

567,715



519,266



431,377



31.6

%

     Brokered deposits

9,461



20,222



85,642



(89.0)

%

     Internet time deposits

249



249



698



(64.3)

%

     Other time deposits > $100,000

525,809



543,894



553,422



(5.0)

%

     Other time deposits

220,325



226,567



245,601



(10.3)

%

          Total deposits

6,733,487



6,273,596



5,044,988



33.5

%









Borrowings

61,342



61,829



402,185



(84.7)

%

Operating lease liabilities

17,354



17,868



19,578



(11.4)

%

Other liabilities

47,358



43,037



47,109



0.5

%

     Total liabilities

6,859,541



6,396,330



5,513,860



24.4

%









Shareholders’ equity








Common stock

397,094



400,582



410,236



(3.2)

%

Retained earnings

483,944



478,489



430,709



12.4

%

Stock in rabbi trust assumed in acquisition

(2,256)



(2,243)



(2,602)



(13.3)

%

Rabbi trust obligation

2,256



2,243



2,602



(13.3)

%

Accumulated other comprehensive income (loss)

(4,185)



14,350



21,253



(119.7)

%

     Total shareholders’ equity

876,853



893,421



862,198



1.7

%

Total liabilities and shareholders’ equity

$

7,736,394



7,289,751



6,376,058



21.3

%

 


First Bancorp and Subsidiaries

Financial Summary – Page 4




For the Three Months Ended

YIELD INFORMATION

Mar. 31, 2021

Dec. 31, 2020

Sept. 30, 2020

June 30, 2020

Mar. 31, 2020







Yield on loans

4.42

%

4.42

%

4.38

%

4.41

%

4.93

%

Yield on securities

1.47

%

1.62

%

2.02

%

2.49

%

2.65

%

Yield on other earning assets

0.57

%

0.57

%

0.64

%

0.55

%

1.95

%

   Yield on all interest-earning assets

3.41

%

3.55

%

3.71

%

3.80

%

4.46

%







Rate on interest bearing deposits

0.23

%

0.29

%

0.37

%

0.46

%

0.68

%

Rate on other interest-bearing liabilities

2.53

%

2.55

%

2.06

%

1.31

%

1.91

%

   Rate on all interest-bearing liabilities

0.27

%

0.32

%

0.41

%

0.52

%

0.78

%

     Total cost of funds

0.17

%

0.21

%

0.26

%

0.35

%

0.56

%







        Net interest margin (1)

3.25

%

3.35

%

3.46

%

3.47

%

3.94

%







        Net interest margin – tax-equivalent (2)

3.27

%

3.38

%

3.48

%

3.49

%

3.96

%







        Average prime rate

3.25

%

3.25

%

3.25

%

3.25

%

4.42

%







(1)

Calculated by dividing annualized net interest income by average earning assets for the period.

(2)

Calculated by dividing annualized tax-equivalent net interest income by average earning assets for the period.  See note 1 on the first page of this Financial Summary for discussion of tax-equivalent adjustments.

 



For the Three Months Ended

NET INTEREST INCOME PURCHASE

ACCOUNTING ADJUSTMENTS

($ in thousands)

Mar. 31, 2021


Dec. 31, 2020


Sept. 30, 2020


June 30, 2020


Mar. 31, 2020











Interest income – increased by accretion of loan

discount on acquired loans

$

752



802



972



802



1,241


Interest income – increased by accretion of loan

discount on retained portions of SBA loans

589



737



583



591



600


Interest expense – reduced by premium amortization of deposits

15



19



23



26



31


Interest expense – increased by discount accretion of borrowings

(44)



(45)



(45)



(45)



(45)


     Impact on net interest income

$

1,312



1,513



1,533



1,374



1,827



 

First Bancorp and Subsidiaries

Financial Summary – Page 5



ASSET QUALITY DATA ($ in thousands)

Mar. 31, 2021


Dec. 31, 2020


Sept. 30, 2020


June 30, 2020


Mar. 31, 2020











Nonperforming assets










Nonaccrual loans

$

39,566



35,076



31,656



34,922



25,066


Troubled debt restructurings – accruing

8,601



9,497



9,896



9,867



9,747


Accruing loans > 90 days past due










Total nonperforming loans

48,167



44,573



41,552



44,789



34,813


Foreclosed real estate

1,811



2,424



2,741



2,987



3,487


Total nonperforming assets

$

49,978



46,997



44,293



47,776



38,300


Purchased credit deteriorated loans (1)

$

8,437



8,591



9,616



9,742



9,839


Asset Quality Ratios










Net quarterly (recoveries) charge-offs to average loans – annualized

0.10

%


0.07

%


(0.06)

%


0.12

%


0.22

%

Nonperforming loans to total loans

1.04

%


0.94

%


0.86

%


0.94

%


0.76

%

Nonperforming assets to total assets

0.65

%


0.64

%


0.63

%


0.69

%


0.60

%

Allowance for loan losses to total loans

1.42

%


1.11

%


1.02

%


0.89

%


0.54

%

(1)

In the March 3, 2017 acquisition of Carolina Bank and the October 1, 2017 acquisition of Asheville Savings Bank, the Company acquired $19.3 million and $9.9 million, respectively, in purchased credit deteriorated loans in accordance with ASC 310-30 accounting guidance.  Prior to the Company’s January 1, 2021 adoption of ASC 326 (CECL), these loans were appropriately excluded from the nonperforming loan amounts presented, regardless of nonperforming status.  At March 31, 2021, approximately $0.8 million of purchased credit deteriorated loans are included in the nonaccrual loan amount.

 


First Bancorp and Subsidiaries

Financial Summary – Page 6




For the Three Months Ended

NET INTEREST MARGIN, EXCLUDING

LOAN DISCOUNT ACCRETION – RECONCILIATION    

($ in thousands)

Mar. 31, 2021


Dec. 31, 2020


Sept. 30, 2020


June 30, 2020


Mar. 31, 2020











Net interest income, as reported

$

55,238



56,006



54,733



52,624



54,759


Tax-equivalent adjustment

443



457



347



330



334


Net interest income, tax-equivalent (A)

$

55,681



56,463



55,080



52,954



55,093


Average earning assets (B)

$

6,898,406



6,640,732



6,294,556



6,102,012



5,595,734


Tax-equivalent net interest

margin, annualized – as reported –  (A)/(B)

3.27

%


3.38

%


3.48

%


3.49

%


3.96

%











Net interest income, tax-equivalent

$

55,681



56,463



55,080



52,954



55,093


Loan discount accretion

1,341



1,539



1,555



1,393



1,841


Net interest income, tax-equivalent, excluding loan discount accretion  (A)

$

54,340



54,924



53,525



51,561



53,252


Average earnings assets  (B)

$

6,898,406



6,640,732



6,294,556



6,102,012



5,595,734


Tax-equivalent net interest margin, excluding

impact of loan discount accretion, annualized – (A) / (B)

3.19

%


3.29

%


3.38

%


3.40

%


3.83

%


Note:  The measure «tax-equivalent net interest margin, excluding impact of loan discount accretion» is a non-GAAP performance measure.  Management of the Company believes that it is useful to calculate and present the Company’s net interest margin without the impact of loan discount accretion for the reasons explained in the remainder of this Note.  Loan discount accretion is a non-cash interest income adjustment that is related to 1) the Company’s acquisition of loans and represents the portion of the fair value discount that was initially recorded on the acquired loans, and 2) the Company’s origination of SBA loans and the subsequent sale of the guaranteed portions of the loans that results in a discount being recorded on the retained portion of the loans.  These discounts are recognized into income over the lives of the loans.  At March 31, 2021, the Company had a remaining loan discount balance on acquired loans of $8.2 million compared to $11.5 million at March 31, 2020.  At March 31, 2021, the Company had a remaining loan discount balance on SBA loans of $7.3 million compared to $6.8 million at March 31, 2020.  For the related loans that perform and pay down over time, the loan discount will also be reduced, with a corresponding increase to interest income.  Therefore, management of the Company believes it is useful to also present this ratio to reflect the Company’s net interest margin excluding this non-cash, temporary loan discount accretion adjustment to aid investors in comparing financial results between periods.  The Company cautions that non-GAAP financial measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results.

 

(PRNewsfoto/First Bancorp)

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/first-bancorp-reports-first-quarter-results-301278334.html

SOURCE First Bancorp