FBNCMEDIUM SIGNALFINANCIAL10-K

FBNC demonstrated strong financial performance with substantially higher net income and launched a new loan participation initiative while relocating its headquarters.

The company's financial metrics show healthy growth across key areas, with operating cash flow expanding meaningfully and stockholders equity growing robustly. The new loan participation program represents a strategic shift toward engaging regional and national commercial borrowers, though current balances remain nominal, suggesting early-stage implementation.

Comparing 2026-02-25 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

FBNC delivered solid financial performance with net income growing substantially and operating cash flow expanding by 16.2% to $203.1M. The balance sheet strengthened with stockholders equity rising 14.4% to $1.7B while total debt decreased 18.8% to $74.6M, indicating improved financial leverage. Capital expenditures grew notably to $4.2M, reflecting increased investment in the business infrastructure.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+59.8%
$2.7M→$4.2M

Capital expenditure jumped 59.8% — major investment cycle underway; assess returns on deployment.

Net Income
P&L
+45.7%
$76.2M→$111.0M

Net income grew 45.7% — bottom-line growth signals improving overall business health.

Total Debt
Balance Sheet
-18.8%
$91.9M→$74.6M

Debt reduced 18.8% — deleveraging strengthens balance sheet and reduces financial risk.

Operating Cash Flow
Cash Flow
+16.2%
$174.8M→$203.1M

Operating cash flow grew 16.2% — strong conversion of earnings to cash, healthy business fundamentals.

Stockholders Equity
Balance Sheet
+14.4%
$1.4B→$1.7B

Equity base grew 14.4% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-26
ADDED
government-sponsored enterprise Board Board of Directors of the Company or the Bank HTM Held to maturity BOLI Bank owned life insurance ICS Insured Cash Sweep BSA Bank Secrecy Act LIBOR London Interbank Offered Rate CARES Act Coronavirus Aid, Relief, and Economic Safety Act Magnolia Financial Magnolia Financial, Inc.
At December 31, 2025, the Company had total consolidated assets of $12.7 billion, total loans of $8.7 billion, total deposits of $10.7 billion, and shareholders equity of $1.7 billion.
Our principal executive offices are located at 205 SE Broad St., Southern Pines, North Carolina 28387, and our telephone number is (910) 246-2500.
First Troy SPE, LLC is a holding entity for certain foreclosed real estate.
In 2025, we established a loan participation initiative to engage with regional and national commercial borrowers within the Bank s footprint and nearby jurisdictions.
The total of loan participations as of December 31, 2025 was nominal.
For loans in excess of this amount, the Bank's Chief Executive Officer, the Company's President and the Bank's Chief Credit Officer have joint authority to approve loans up to $125 million.
The Board, generally through its Executive Loan Committee, approves loans in excess of $125 million.
Our legal lending limit to any one borrower is approximately $223.5 million.
The following table presents our total lending exposure in the counties with the largest percentage of our loan portfolio as of December 31, 2025 and 2024.
REMOVED
government-sponsored enterprise Board Board of Directors of the Company or the Bank HTM Held to maturity BOLI Bank owned life insurance LIBOR London Interbank Offered Rate BSA Bank Secrecy Act Magnolia Financial Magnolia Financial, Inc.
CARES Act Coronavirus Aid, Relief, and Economic Safety Act MD A Management s Discussion and Analysis of Results of Operations and Financial Condition Carolina Bank Carolina Bank Holdings, Inc.
At December 31, 2024, the Company had total consolidated assets of $12.1 billion, total loans of $8.1 billion, total deposits of $10.5 billion, and shareholders equity of $1.4 billion.
Our principal executive offices are located at 300 SW Broad St., Southern Pines, North Carolina 28387, and our telephone number is (910) 246-2500.
First Troy SPE, LLC is a holding entity for certain foreclosed properties.
We generally do not buy loan participations or portions of national credits, but we may acquire balances subject to participation agreements through acquisition.
The total of loan participations purchased at December 31, 2024 was nominal.
For loans in excess of this amount, the Chief Executive Officer, the President and the Chief Credit Officer have joint authority to approve loans up to the in-house limit of $150 million.
The Board, generally through its Executive Loan Committee, approves loans in excess of the in-house limit.
Our legal lending limit to any one borrower is approximately $213.6 million.
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