Annual Shareholders' Meeting
May 4, 2023
Bank Local.
LOCALFIRSTBANK.COM
I M P O RTA N T I N F O R M AT I O N
CAUTION REGARDING FORWARD LOOKING STATEMENTS
All forward looking statements are inherently subject to risks and uncertainties.
See Form 10-K for additional information on this matter.
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2022 HIGHLIGHTS
- Earnings of $146.9 million, a 53.7% increase from 2021
- Earnings Per Share of $4.12, a 29.2% increase from 2021
- Entered into an agreement to buy GrandSouth Bank, Greenville, South Carolina
- $1.2 billion in assets and 8 branches
- Dividend increase for the fourth consecutive year in 2022
- Recognitions
- KBW Honor Roll - Top 4% of Banks Over $500 Million in Assets for increasing EPS for each of the past 10 years
- S&P Global Market Intelligence - March 2023 - Ranked #10 Top Public Bank in over $10 billion in assets
- Based on financial performance for 2022
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Acquisition of
GrandSouth
BancorporationClosed Ja uary 1, 2023
Systems Converted Successfully - March 10, 2023
Added $1.2 billion Assets, $1.0 billion loans, $1.0 billion deposits
Branches - 8 branches in SC
High single digit fully-phased EPS Accretion
Tangible book value earnback of approximately 2.5 years
Transaction Multiples at Announcement -
1.80x tangible book value, 6.9x LTM EPS plus fully realized cost savings
localfirstbank.com | 4 |
EARNINGS PER SHARE - DILUTED
$4.50 $4.25 $4.00 $3.75 $3.50 $3.25 $3.00 $2.75 $2.50 $2.25 $2.00 $1.75 $1.50 $1.25 $1.00 $0.75 $0.50 $0.25 $0.00
5 Year Compound Annual Growth Rate = 17.75%
$4.12
$3.01 | $3.10 | $3.19 |
$2.81 | ||
$1.82
2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
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Disclaimer
First Bancorp published this content on 05 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 May 2023 15:30:10 UTC.