Current Report Filing (8-k)
January 26 2017 - 11:05AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR
15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported):
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January 26, 2017
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First Bancorp
(Exact Name of Registrant as Specified in its
Charter)
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North Carolina
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0-15572
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56-1421916
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(State or Other Jurisdiction
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(Commission
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(I.R.S. Employer
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of Incorporation)
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File Number)
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Identification Number)
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300 SW Broad Street,
Southern Pines, North Carolina
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28387
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(Address of Principal Executive Offices)
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(Zip Code)
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(910) 246-2500
(Registrant’s telephone number, including
area code)
Not Applicable
(Former Name or Former Address, if changed since
last report)
Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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First Bancorp
INDEX
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Page
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Item 2.02 – Results of Operations and Financial Condition
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3
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Item 9.01 – Financial Statements and Exhibits
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3
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Signatures
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5
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Exhibit 99.1 News Release dated January 26, 2017
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Exhibit
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2
Item 2.02 – Results of Operations and Financial Condition
On January 26, 2017, First Bancorp (the
“Registrant”) issued a news release to announce its financial results for the three and twelve month periods ended
December 31, 2016. The news release is attached hereto as Exhibit 99.1.
The news release includes disclosure of net interest income
on a tax-equivalent basis, which is a non-GAAP performance measure used by management in operating its business. Management believes
that analysis of net interest income on a tax-equivalent basis is useful and appropriate because it allows a comparison of net
interest income amounts in different periods without taking into account the different mix of taxable versus non-taxable investments
that may have existed during those periods.
The news release also includes disclosure of
tax-equivalent net interest margin, excluding the impact of loan discount accretion, which is a non-GAAP performance measure. Management
believes that it is useful to calculate and present the net interest margin without the impact of loan discount accretion, for
the reasons explained in the rest of this paragraph. Loan discount accretion is a non-cash interest income adjustment that is related
to the Registrant’s acquisition of loans and represents the portion of the fair value discount that was initially recorded
on the acquired loans that is being recognized into income over the lives of the loans. At December 31, 2016, the Registrant had
a remaining loan discount balance of $12.7 million compared to $15.3 million at December 31, 2015. 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
believes it is useful to also present this ratio to reflect net interest margin excluding this non-cash, temporary loan discount
accretion adjustment to aid investors in comparing financial results between periods.
The Registrant cautions that non-GAAP financial
measures should be considered in addition to, but not as a substitute for, the reported GAAP results. A reconciliation between
the non-GAAP financial measures presented and the most directly comparable financial measure calculated in accordance with GAAP
is included in the news release and financial summary attached hereto as Exhibit 99.1.
An investor presentation prepared for use by
executive management during investor discussions is furnished as Exhibit 99.2. All of the information presented therein is as of
January 26, 2017, and the Company does not assume any obligation to update such information in the future.
The information in the preceding paragraph,
as well as Exhibit 99.1 and Exhibit 99.2 referenced therein, shall not be deemed “filed” for purposes of Section 18
of the Securities Exchange Act of 1934 nor shall it be deemed incorporated by reference in filings under the Securities Act.
Item 9.01 – Financial Statements and Exhibits
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Exhibit No.
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Description
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99.1
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Press release issued on January 26, 2017
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99.2
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Investor Presentation dated January 26, 2017
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Disclosures About Forward Looking Statements
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 statements 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 inintegrating 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.
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 the press release by wire
services, internet services or other media.
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Additional Information About the Proposed Transaction With Carolina
Bank Holdings, Inc. and Where to Find It
This communication includes statements made
in respect of the proposed transaction involving the Company and Carolina Bank Holdings Inc. (“CLBH”). This material
is not a solicitation of any vote or approval of CLBH’s shareholders and is not a substitute for the proxy statement/prospectus
or any other documents which the Company and CLBH may send to their respective shareholders in connection with the proposed merger.
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities.
In connection with the proposed transaction,
the Company has filed with the SEC a Registration Statement on Form S-4 that includes a proxy statement of CLBH and a prospectus
of the Company, as well as other relevant documents concerning the proposed transaction. Investors and security holders are also
urged to carefully review and consider each of the Company’s and CLBH’s public filings with the SEC, including but
not limited to their Annual Reports on Form 10-K, their proxy statements, their Current Reports on Form 8-K and their Quarterly
Reports on Form 10-Q. BEFORE MAKING ANY INVESTMENT DECISIONS, INVESTORS AND SHAREHOLDERS OF CLBH ARE URGED TO CAREFULLY READ THE
ENTIRE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED MERGER AND ANY OTHER RELEVANT DOCUMENTS FILED
WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT
THE PROPOSED TRANSACTION. Investors and security holders may obtain a free copy of the proxy statement/prospectus and other filings
containing information about the Company and CLBH at the SEC’s website at www.sec.gov. Investors and security holders may
also obtain free copies of the documents filed with the Securities and Exchange Commission by the Company on its website at http://www.localfirstbank.com
and by CLBH on its website at http://www.carolinabank.com.
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Signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
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First Bancorp
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January 26, 2017
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By:
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/s/ Richard H. Moore
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Richard H. Moore
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Chief Executive Officer
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