First Bancorp (FBNC) 10-Year Financial Performance & Capital Metrics

FBNC • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingSoutheast Community Banks

AboutFirst Bancorp operates as the bank holding company for First Bank that provides banking products and services for individuals and small to medium-sized businesses primarily in North Carolina and northeastern South Carolina. It accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificate of deposits and individual retirement accounts. The company also offers loans for a range of consumer and commercial purposes comprising loans for business, real estate, personal, home improvement, and automobiles, as well as residential mortgages and small business administration loans; and accounts receivable financing and factoring, inventory financing, and purchase order financing services. In addition, it provides credit and debit cards, letter of credits, and safe deposit box rental services, as well as electronic funds transfer services consisting of wire transfers; and internet and mobile banking, cash management, bank-by-phone services, and remote deposit capture services. Further, the company offers investment and insurance products, such as mutual funds, annuities, long-term care insurance, life insurance, and company retirement plans, as well as property and casualty insurance products; and financial planning services. As of December 31, 2021, it operated 121 branches comprising 114 branch offices located in North Carolina and seven branches in South Carolina. First Bancorp was founded in 1934 and is headquartered in Southern Pines, North Carolina.Show more

Net Interest Income $332M -4.1%
Total Revenue $531M -1.9%
Net Income $76M -26.8%
Return on Equity 5.41% -37.6%
Net Interest Margin 2.74% -4.4%
Efficiency Ratio 43.19% -6.2%
ROA 0.63% -31.4%
Equity / Assets 11.9% +5.1%
Book Value per Share 34.98 +4.9%
Tangible BV/Share 22.84 +8.8%
Debt/Equity 0.01 -95.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Efficient operations: 43.2% efficiency ratio
✓Well capitalized: 11.9% equity/assets
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.26%

5Y11.45%

3Y17.78%

TTM-

Profit (Net Income) CAGR

10Y11.79%

5Y-3.7%

3Y-7.29%

TTM-3.37%

EPS CAGR

10Y4.45%

5Y-9.91%

3Y-11.78%

TTM-3.8%

ROCE

10Y Avg9.69%

5Y Avg9.33%

3Y Avg8.75%

Latest5.32%

Peer Comparison

Southeast Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FFINFirst Financial Bankshares, Inc.	4.68B	32.65	20.93	18.79%	30.24%	14.14%	6.26%	0.12
FHNFirst Horizon Corporation	11.85B	24.44	17.97	4.71%	15.7%	9.58%	10.33%	0.50
AUBAtlantic Union Bankshares Corporation	5.47B	38.36	17.13	28.8%	15.53%	4.22%	5.51%	0.17
UCBUnited Community Banks, Inc.	4.09B	33.91	16.62	14.65%	17.05%	8.83%	7.4%	0.13
SNVSynovus Financial Corp.	6.95B	50.05	16.52	1.16%	14.09%	13.7%	11.01%	0.35
PNFPPinnacle Financial Partners, Inc.	14.67B	97.65	16.38	15.32%	16.65%	9.1%	5.5%	0.39
CADECadence Bank	8.27B	44.40	16.03	32.37%	18.03%	9.08%	9.39%	0.01
ABCBAmeris Bancorp	5.56B	81.41	15.69	9.75%	21.97%	9.91%	2.53%	0.11

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	119.75M	123.38M	164.71M	207.43M	216.2M	218.12M	246.4M	324.85M	346.66M	332.27M
NII Growth %	-0.09%	0.03%	0.33%	0.26%	0.04%	0.01%	0.13%	0.32%	0.07%	-0.04%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	126.66M	130.99M	177.38M	231.21M	250.11M	237.68M	255.92M	340.96M	488.76M	519.24M
Interest Expense	6.91M	7.61M	12.67M	23.78M	33.9M	19.56M	9.52M	16.1M	142.1M	186.97M
Loan Loss Provision	-780K	-23K	723K	-3.59M	2.26M	35.04M	15.03M	12.4M	17.81M	16.45M
Non-Interest Income+	28.86M	35.81M	48.7M	58.38M	58.59M	80.8M	68.98M	66.7M	52.35M	11.57M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	155.52M	166.79M	226.08M	289.58M	308.7M	318.48M	324.9M	407.66M	541.11M	530.81M
Revenue Growth %	-0.07%	0.07%	0.36%	0.28%	0.07%	0.03%	0.02%	0.25%	0.33%	-0.02%
Non-Interest Expense	108.23M	117.08M	144.95M	155.92M	156.25M	160.75M	180.02M	193.94M	249.24M	229.28M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	41.16M	42.13M	67.74M	113.48M	116.28M	103.13M	120.32M	185.22M	131.96M	98.12M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.07%	0.02%	0.61%	0.68%	0.02%	-0.11%	0.17%	0.54%	-0.29%	-0.26%
Pretax Income+	41.16M	42.13M	67.74M	113.48M	116.28M	103.13M	120.32M	185.22M	131.96M	98.12M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	14.13M	14.62M	21.77M	24.19M	24.23M	21.65M	24.68M	38.28M	27.82M	21.9M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	27.03M	27.51M	45.97M	89.29M	92.05M	81.48M	95.64M	146.94M	104.13M	76.22M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.08%	0.02%	0.67%	0.94%	0.03%	-0.11%	0.17%	0.54%	-0.29%	-0.27%
Net Income (Continuing)	27.03M	27.51M	45.97M	89.29M	92.05M	81.48M	95.64M	146.94M	104.13M	76.22M
EPS (Diluted)+	1.30	1.33	1.82	3.01	3.10	2.81	2.68	4.12	2.51	1.84
EPS Growth %	0.09%	0.02%	0.37%	0.65%	0.03%	-0.09%	-0.05%	0.54%	-0.39%	-0.27%
EPS (Basic)	1.34	1.37	1.82	3.02	3.12	2.85	2.68	4.12	2.54	1.85
Diluted Shares Outstanding	20.5M	20.73M	25.29M	29.71M	29.72M	28.98M	35.63M	35.67M	41.16M	41.33M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	266.71M	305.99M	489.49M	462.9M	231.3M	367.29M	461.16M	270.32M	237.85M	507.51M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	2.81B	3.02B	4.49B	4.83B	5.34B	6.35B	9.23B	9.43B	10.77B	10.54B
Investments Growth %	0.04%	0.07%	0.49%	0.08%	0.1%	0.19%	0.45%	0.02%	0.14%	-0.02%
Long-Term Investments	2.65B	2.82B	4.15B	4.33B	4.52B	4.89B	6.6B	7.12B	8.58B	8.64B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	65.83M	75.04M	233.07M	234.37M	234.37M	239.27M	364.26M	364.26M	478.75M	478.75M
Intangible Assets	1.34M	4.43M	24.44M	21.11M	17.22M	15.37M	17.83M	12.68M	29.51M	22.9M
PP&E (Net)	74.56M	75.35M	116.23M	119M	134.53M	138.02M	156.81M	152.92M	150.96M	143.46M
Other Assets	129.57M	126.67M	176.41M	175.84M	167.92M	161.58M	255.52M	363.51M	414.55M	417.64M
Total Current Assets	441.49M	514.61M	846.85M	980.25M	1.07B	1.84B	3.12B	2.61B	2.46B	2.44B
Total Non-Current Assets	2.92B	3.1B	4.7B	4.88B	5.07B	5.45B	7.39B	8.01B	9.65B	9.71B
Total Assets+	3.36B	3.61B	5.55B	5.86B	6.14B	7.29B	10.51B	10.63B	12.11B	12.15B
Asset Growth %	0.04%	0.08%	0.53%	0.06%	0.05%	0.19%	0.44%	0.01%	0.14%	0%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.02%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%
Accounts Payable	585K	539K	1.24M	1.98M	2.15M	904K	607K	2.74M	5.7M	4.6M
Total Debt+	186.39M	271.39M	693.84M	692.9M	501.82M	22.99M	19.5M	237.82M	321.67M	14.55M
Net Debt	-80.32M	-34.6M	204.35M	230.01M	270.52M	-344.3M	-441.66M	-32.5M	83.81M	-492.95M
Long-Term Debt	186.39M	271.39M	350.84M	349.9M	243.97M	5.13M	-1.69M	218.43M	303.83M	14.55M
Short-Term Debt	0	0	343M	343M	238M	0	0	0	0	0
Other Liabilities	21.61M	27.48M	-247.97M	-254.33M	-144.09M	98.84M	133.59M	125.36M	383.6M	152.4M
Total Current Liabilities	2.81B	2.95B	4.75B	5B	5.17B	6.27B	9.13B	9.23B	10.04B	10.54B
Total Non-Current Liabilities	208M	298.87M	102.87M	95.57M	119.73M	121.83M	153.09M	363.19M	705.26M	166.95M
Total Liabilities	3.02B	3.25B	4.85B	5.1B	5.29B	6.4B	9.28B	9.59B	10.74B	10.7B
Total Equity+	342.19M	368.1M	692.98M	764.23M	852.4M	893.42M	1.23B	1.03B	1.37B	1.45B
Equity Growth %	-0.12%	0.08%	0.88%	0.1%	0.12%	0.05%	0.38%	-0.16%	0.33%	0.05%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.07%	0.08%	0.09%	0.12%	0.11%	0.09%	0.09%	0.13%	0.09%	0.05%
Book Value per Share	16.69	17.75	27.40	25.73	28.68	30.83	34.54	28.92	33.34	34.98
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	133.39M	147.29M	432.79M	434.45M	429.51M	400.58M	722.67M	725.15M	963.99M	971.31M
Additional Paid-in Capital	0	0	0	0	0	0	0	0	0	0
Retained Earnings	205.06M	225.92M	264.33M	341.74M	417.76M	478.49M	532.87M	648.42M	716.42M	756.33M
Accumulated OCI	-3.55M	-5.11M	-4.15M	-11.96M	5.12M	14.35M	-24.97M	-341.98M	-308.03M	-282.03M
Treasury Stock	0	0	-3.58M	-3.23M	-2.59M	-2.24M	-1.8M	-1.58M	-1.39M	0
Preferred Stock	7.29M	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	37.35M	41.27M	26.84M	46.41M	51.24M	58.33M	142.34M	230.65M	131.4M	174.78M
Operating CF Growth %	-0.22%	0.1%	-0.35%	0.73%	0.1%	0.14%	1.44%	0.62%	-0.43%	0.33%
Net Income	27.03M	27.51M	45.97M	89.29M	92.05M	81.48M	95.64M	146.94M	104.13M	76.22M
Depreciation & Amortization	5.22M	5.81M	9.73M	12.84M	13.89M	13.6M	13.93M	15.33M	19.21M	17.88M
Deferred Taxes	0	0	0	0	1.59M	-10.01M	-4.8M	-1.81M	-782K	-4.87M
Other Non-Cash Items	10.02M	5.21M	-25.28M	-55.55M	-54.53M	-34.48M	18.95M	65.56M	-8.45M	80.44M
Working Capital Changes	-5.63M	2.02M	-4.68M	-1.74M	-4.03M	5.2M	16.35M	1.66M	12.16M	193K
Cash from Investing+	-138M	-240.11M	-128.53M	-313.28M	-424.69M	-961.54M	-1.27B	-713.36M	-191.37M	169.67M
Purchase of Investments	-96.68M	-114.4M	-191.55M	-230.79M	-498.89M	-1.19B	-1.85B	-401.76M	-10.92M	-501.72M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	-27.43M	72.52M	0	0	-9.56M	208.99M	0	22.61M	0
Other Investing	-145.28M	-189.91M	-205.78M	-148.82M	-153.44M	-221.26M	-104.89M	-564.13M	-479.31M	33.09M
Cash from Financing+	114.83M	237.57M	285.19M	240.28M	141.85M	1.04B	1.23B	291.86M	27.51M	-74.8M
Dividends Paid	-7.11M	-6.63M	-7.6M	-11.28M	-13.66M	-20.94M	-22.23M	-30.66M	-34.94M	-36.25M
Share Repurchases	0	0	0	0	-10M	-31.87M	-4.04M	0	0	0
Stock Issued	0	0	0	0	0	0	0	0	0	4.09M
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	1000K	-1000K	-1000K	-1000K	-1000K	1000K	1000K	-1000K
Other Financing	115.44M	159.2M	195.75M	252.67M	271.63M	1.34B	1.26B	102.65M	-240.56M	496.41M
Net Change in Cash+	14.18M	38.73M	183.5M	-26.59M	-231.6M	135.99M	93.87M	-190.84M	-32.46M	269.65M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	253.08M	267.27M	305.99M	489.49M	462.9M	231.3M	367.29M	461.16M	270.32M	237.85M
Cash at End	267.27M	305.99M	489.49M	462.9M	231.3M	367.29M	461.16M	270.32M	237.85M	507.51M
Interest Paid	7.01M	7.65M	12.24M	23.04M	33.73M	20.81M	10.21M	14.31M	135.7M	186.89M
Income Taxes Paid	13.81M	11.79M	19.54M	21.16M	24.34M	29.6M	32.51M	39.72M	29.73M	33.5M
Free Cash Flow+	31.87M	32.58M	22.18M	35.69M	47.7M	45.97M	132.93M	225.37M	126.97M	172.12M
FCF Growth %	-0.26%	0.02%	-0.32%	0.61%	0.34%	-0.04%	1.89%	0.7%	-0.44%	0.36%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	7.41%	7.75%	8.67%	12.25%	11.39%	9.33%	9.01%	12.99%	8.66%	5.41%
Return on Assets (ROA)	0.82%	0.79%	1%	1.57%	1.53%	1.21%	1.07%	1.39%	0.92%	0.63%
Net Interest Margin	3.56%	3.41%	2.97%	3.54%	3.52%	2.99%	2.34%	3.06%	2.86%	2.74%
Efficiency Ratio	69.59%	70.19%	64.11%	53.84%	50.62%	50.47%	55.41%	47.57%	46.06%	43.19%
Equity / Assets	10.18%	10.18%	12.49%	13.03%	13.87%	12.26%	11.71%	9.71%	11.33%	11.9%
Book Value / Share	16.69	17.75	27.4	25.73	28.68	30.83	34.54	28.92	33.34	34.98
NII Growth	-9.01%	3.03%	33.5%	25.94%	4.23%	0.89%	12.96%	31.84%	6.71%	-4.15%
Dividend Payout	23.34%	23.26%	16.52%	12.63%	14.84%	25.7%	23.24%	20.87%	33.55%	47.56%

Frequently Asked Questions

Valuation & Price

First Bancorp (FBNC) has a price-to-earnings (P/E) ratio of 31.3x. This suggests investors expect higher future growth.

Growth & Financials

First Bancorp (FBNC) saw revenue decline by 1.9% over the past year.

Yes, First Bancorp (FBNC) is profitable, generating $98.9M in net income for fiscal year 2024 (14.4% net margin).

Dividend & Returns

Yes, First Bancorp (FBNC) pays a dividend with a yield of 1.52%. This makes it attractive for income-focused investors.

First Bancorp (FBNC) has a return on equity (ROE) of 5.4%. This is below average, suggesting room for improvement.

Industry Metrics

First Bancorp (FBNC) has a net interest margin (NIM) of 2.7%. NIM has been under pressure due to interest rate environment.

First Bancorp (FBNC) has an efficiency ratio of 43.2%. This is excellent, indicating strong cost control.

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