First Bancorp
- Open
- 64.28
- Day high
- 64.73
- Day low
- 63.66
- Prev close
- 64.43
- Volume
- 266K
- Mkt cap
- $2.7B
- P/E (TTM)
- 21.9
- EPS (TTM)
- $2.93
- P/B
- 1.6
- P/S
- 4.8
- Yield
- 1.47%
- Per share
- $0.94
- ▼Insiders net selling -$2.6M over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions mixed (13F)
First Bancorp (FBNC) is a Financial Services company listed on NASDAQ. The stock is up 34% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4).
First Bancorp (FBNC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FBNC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | $1.09 | $1.13 | +3.7% | $122M | -0.7% |
| Jan 21, 2026 | $1.03 | $1.19 | +15.5% | $121M | -1.5% |
| Oct 22, 2025 | $0.85 | $1.01 | +19.1% | $128M | +12.5% |
| Jul 23, 2025 | $0.88 | $0.93 | +5.7% | $109M | -3.6% |
| Apr 23, 2025 | $0.78 | $0.84 | +7.7% | $105M | -2.8% |
| Jan 29, 2025 | $0.72 | $0.76 | +5.6% | $107M | +6.2% |
| Oct 23, 2024 | $0.70 | $0.70 | -0.4% | $95M | -3.1% |
| Jul 24, 2024 | $0.60 | $0.70 | +16.7% | $96M | +2.0% |
| Jan 24, 2024 | $0.65 | $0.72 | +10.8% | $92M | -7.2% |
| Oct 25, 2023 | $0.68 | $0.73 | +7.4% | $99M | -1.0% |
| Jul 26, 2023 | $0.73 | $0.71 | -2.7% | $101M | -5.6% |
| Jan 24, 2023 | $1.12 | $1.08 | -3.6% | $108M | +3.2% |
FBNC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Bostian Elizabeth Bofficer: Chief Financial Officer | Tax | 1,887 | $63.53 |
| Jul 2, 2026 | MOORE RICHARD Hdirector, officer: Chief Executive Officer | Tax | 6,878 | $63.53 |
| Jul 2, 2026 | CURRIE GREGORY Adirector, officer: Chief Exec. Officer-First Bank | Tax | 2,096 | $63.53 |
| Jul 2, 2026 | MOORE RICHARD Hdirector, officer: Chief Executive Officer | Tax | 2,096 | $63.53 |
| Jun 25, 2026 | MOORE RICHARD Hdirector, officer: Chief Executive Officer | Grant | 9,673 | $62.03 |
| Jun 25, 2026 | CURRIE GREGORY Adirector, officer: Chief Exec. Officer-First Bank | Grant | 7,739 | $62.03 |
| Jun 25, 2026 | Wilson Christian Anthonyofficer: Chief Operating Officer | Grant | 2,902 | $62.03 |
| Jun 25, 2026 | Hicks Thomas Brentofficer: Chief Accounting Officer | Grant | 1,087 | $62.03 |
| Jun 25, 2026 | Bostian Elizabeth Bofficer: Chief Financial Officer | Grant | 3,386 | $62.03 |
| Jun 16, 2026 | Hans Peterdirector | Grant | 863 | $57.99 |
| Jun 16, 2026 | Nevin Katharine Caldwelldirector | Grant | 863 | $57.99 |
| Jun 3, 2026 | Taylor Frederick Lesliedirector | Grant | 863 | $57.99 |
| Jun 3, 2026 | Donnelly Abby Jilldirector | Grant | 863 | $57.99 |
| Jun 3, 2026 | CRAWFORD JAMES C IIIdirector | Grant | 863 | $57.99 |
| Jun 3, 2026 | PERRY DEXTER Vdirector | Grant | 863 | $57.99 |
Source: FBNC SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full FBNC insider & 13F page →First Bancorp company profile
Overview
First Bancorp (NASDAQ:FBNC) is a regional bank holding company founded in 1934 and headquartered in Southern Pines, North Carolina. The company operates through its subsidiary First Bank, providing traditional banking services to individuals and small-to-medium businesses primarily across North Carolina and northeastern South Carolina. With 121 branch locations as of 2021, First Bancorp has established itself as a community-focused financial institution serving the Carolinas market for nearly nine decades.
Business
First Bancorp operates in the regional banking industry, which involves accepting deposits from customers and lending those funds to borrowers while earning profit from the interest rate spread. Regional banks like First Bancorp serve as financial intermediaries in their local communities, bridging the gap between savers and borrowers. The company's core services fall into several key areas. Deposit products include checking accounts, savings accounts, money market accounts, certificates of deposit, and individual retirement accounts. These products allow customers to safely store their money while earning interest. Lending services encompass business loans for working capital and expansion, real estate loans for property purchases, personal loans for individual needs, home improvement financing, automobile loans, residential mortgages, and Small Business Administration (SBA) loans. The bank also provides specialized commercial financing including accounts receivable financing, factoring services, inventory financing, and purchase order financing. Additional services include payment and transaction services such as credit and debit cards, letters of credit, safe deposit boxes, wire transfers, and electronic banking platforms including internet banking, mobile banking, and remote deposit capture. The company also offers wealth management and insurance products through partnerships, including mutual funds, annuities, life insurance, long-term care insurance, retirement plans, and property casualty insurance, along with financial planning services. Revenue is primarily generated through net interest income (the difference between interest earned on loans and interest paid on deposits), which typically represents 70-80% of total revenue for regional banks, with the remainder coming from fee-based services and wealth management products.
Revenue model
First Bancorp generates revenue through two primary channels: net interest income and non-interest income. Net interest income, the bank's largest revenue source, comes from the spread between interest rates charged on loans and interest rates paid on deposits. When the bank lends money at 6% and pays depositors 2%, the 4% spread generates profit. This model benefits from rising interest rate environments, as loan rates typically adjust faster than deposit rates. Non-interest income includes fees from various banking services such as account maintenance fees, overdraft fees, ATM fees, wire transfer charges, credit card interchange fees, and commissions from selling investment and insurance products. Wealth management services generate ongoing asset management fees based on assets under management. The bank's profitability is influenced by several key factors. Interest rate environment significantly impacts margins - rising rates generally benefit banks initially, though prolonged high rates can increase credit losses. Credit quality directly affects profitability through loan loss provisions; economic downturns typically increase defaults and reduce earnings. Competition from other banks, credit unions, and fintech companies can pressure both loan pricing and deposit rates. Regulatory changes can impact operational costs and capital requirements. Economic conditions in North Carolina and South Carolina affect loan demand and credit quality, as regional banks are particularly sensitive to their local economies. Operational efficiency measured by the efficiency ratio (non-interest expenses divided by revenue) determines how much of each revenue dollar flows to the bottom line.
Competitive moat
First Bancorp's competitive moat is moderate and primarily relationship-based. Regional banks typically enjoy advantages from local market knowledge, established customer relationships, and community ties that larger national banks cannot easily replicate. The company's 87-year presence in the Carolinas has likely built strong brand recognition and customer loyalty within its geographic footprint. However, the banking industry faces significant competitive pressures that limit moat strength. Traditional competition comes from other regional banks, national banks, and credit unions operating in the same markets. Digital disruption poses a growing threat as fintech companies offer banking services with lower overhead costs and superior digital experiences. Online banks can offer higher deposit rates due to lower operational costs, while fintech lenders can provide faster loan approvals through automated underwriting. Regulatory barriers provide some protection, as banking requires significant capital and regulatory compliance, but these same regulations also constrain growth and profitability. The bank's moat is further limited by the commoditized nature of basic banking products - loans and deposits are largely standardized, making differentiation difficult beyond pricing and service quality. The company's best defensive position lies in its small business relationships and local market presence, where personal relationships and local decision-making can provide advantages over larger, more bureaucratic competitors. However, this moat is gradually eroding as digital banking reduces the importance of physical proximity and as younger customers increasingly prefer digital-first banking experiences.
Risks & safety
First Bancorp presents a moderate margin of safety typical of well-capitalized regional banks, though recent earnings volatility raises some concerns. • Solvency and Capital: Strong balance sheet with $1.4 billion in equity and minimal debt (debt-to-equity of 1.0%). Total assets of $12.1 billion provide substantial scale. • Liquidity: Adequate with $508 million in cash and short-term investments, though current ratio of 0.24 reflects typical banking structure where deposits (liabilities) exceed liquid assets. • Earnings Volatility: Concerning trend with net income declining from $147M (2022) to $104M (2023) to $76M (2024), suggesting margin pressure or credit issues. • Valuation Metrics: Trading at 23.7x trailing earnings and 1.25x book value, which appears reasonable for a regional bank but not particularly cheap given earnings decline. • Credit Quality: Unable to assess loan loss provisions from available data, but earnings decline suggests potential credit deterioration. • Interest Rate Risk: Regional banks face asset-liability duration mismatch risks in changing rate environments.
Recent development
Based on the available financial data, First Bancorp has experienced significant operational changes over the past few years, though specific strategic initiatives are not detailed in the earnings call transcripts. The most notable development has been substantial earnings volatility, with net income declining from $147 million in 2022 to $104 million in 2023, and further dropping to $76 million in 2024. This 48% decline over two years suggests the bank has faced significant headwinds. Revenue patterns show interesting quarterly fluctuations in 2024, with Q2 generating $143 million in revenue compared to Q4's $70 million, indicating possible one-time items or seasonal variations. The bank maintained relatively stable total assets around $12.1 billion throughout 2024, suggesting limited balance sheet growth. Cash position management has been active, with cash and short-term investments fluctuating significantly throughout 2024 - from $354 million in Q1 to $608 million in Q2, then $744 million in Q3, before settling at $508 million in Q4. This volatility suggests active liquidity management possibly in response to deposit flows or regulatory requirements. The debt-to-equity ratio improvement from 25.4% in Q1 2024 to just 1.0% by year-end indicates either debt paydown or equity strengthening, representing a positive balance sheet development.
FBNC company profile · for informational purposes only — not investment advice.
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