First Bancorp (FBNC)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$423.1M

Revenue growth

11.6%

Net income, last twelve months

$133.3M

Earnings per share

$3.22

Net margin

31.5%

Free cash flow

$227.0M

Return on equity

7.8%

Market value

$2.6B

Price to earnings

19.7x

Dividend yield

1.5%

Cash

$550.3M

Debt

$74.7M

Debt to equity

0.04

Shares outstanding

41.4M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

Company events

The newest 8-K filings of 309 held.

Every filing

The newest filings with the SEC of 636 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

258 funds held it at 30 Jun 2026: 103 added and 66 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Bank of Nova Scotia (BNS): revenue $27.0B, market value $116.9B
• Bank of New York Mellon Corp. (BNY): revenue $21.4B, market value $100.9B
• Itaú Unibanco Holding S.A. (ITUB): revenue $30.1B, market value $81.6B
• Fifth Third Bancorp (FITB): revenue $10.7B, market value $48.5B
• State Street Corp. (STT): revenue $15.5B, market value $47.4B
• M&T Bank Corp. (MTB): revenue $10.0B, market value $31.8B
• Northern Trust Corp. (NTRS): revenue $9.1B, market value $31.4B
• Banco Bradesco S.A. (BBD): revenue –, market value $28.9B
• Citizens Financial Group Inc. (CFG): revenue $8.9B, market value $27.5B
• First Citizens Bancshares Inc. (FCNCA): revenue $9.6B, market value $26.9B

What the company does

First Bancorp is the fourth largest commercial bank holding company headquartered in North Carolina. Its main activity is owning and operating First Bank, a state-chartered bank based in Southern Pines, North Carolina. At 31 December 2025 the bank had 113 branches in North Carolina and South Carolina. The company was incorporated in North Carolina on 8 December 1983 to acquire all the stock of the bank, which began operating in 1935 as the Bank of Montgomery.

How the business is organised

The bank is the operating core of the company, and it had two wholly-owned subsidiaries at 31 December 2025. Magnolia Financial provides accounts receivable financing and factoring, inventory financing and purchase order financing across the southeastern United States. First Troy SPE, LLC holds certain foreclosed real estate. The company also parents a series of statutory business trusts that issue trust preferred securities. Net interest income, the gap between interest earned on loans and securities and interest paid on deposits and borrowings, is the company's largest source of revenue.

The company has grown by acquisition as well as organically. Its recent purchases were GrandSouth Bancorp in January 2023, Select Bancorp, Inc. in October 2021, Magnolia Financial, Inc. in September 2020, ASB Bancorp, Inc. in October 2017 and Carolina Bank Holdings, Inc. in March 2017. The GrandSouth deal added eight South Carolina branches, all of which remain open.

What it lends

The bank makes commercial business loans, commercial and residential real estate construction and mortgage loans, revolving lines of credit, letters of credit and personal loans for purposes such as home improvement and automobiles. Its CarBucks division provides floor-plan financing, mainly to small used car dealers.

- Commercial real estate, non owner occupied: 33% - Residential 1-4 family real estate: 20% - Commercial real estate, owner occupied: 15% - Commercial and industrial: 12% - Construction, development and other land: 9% - Multi-family real estate: 6% - Home equity loans and lines: 4% - Consumer loans: 1%

About 87% of the loan portfolio is secured by real estate. Variable rate loans were 29% of performing loans and fixed rate loans 71%. Loans are approved under a loan policy through tiers of authority, running from individual lending officers to regional credit officers, the Chief Credit Officer, a joint group of senior officers and, for the largest loans, the Board through its Executive Loan Committee. An internal loan review department checks the portfolio, and an independent consulting firm also reviews it.

How it funds itself and earns other income

Deposits are the primary funding source. They consist of checking, savings, money market and time accounts for retail and commercial customers. Noninterest-bearing checking made up 32% of deposits, money market accounts 42%, interest-bearing checking 13%, savings 5% and time deposits 8%.

The bank also holds a securities portfolio, made up mostly of mortgage-backed securities issued by government-sponsored enterprises, along with Treasury securities and municipal bonds. Fee income comes from deposit service charges, card interchange, ATM and wire transfer fees, SBA loan servicing and sales, and mortgage sales. It also comes from commissions on investment and insurance products sold through FB Wealth Management Services.

Where it operates

Of the 113 branches, 100 are in North Carolina and 13 are in South Carolina. They sit in small and medium-sized communities and in larger cities, including Charlotte, Raleigh, Greensboro, Winston-Salem, High Point, Asheville and Wilmington in North Carolina. In South Carolina they sit in Greenville, Columbia and Charleston.

The largest county shares of loans are Wake County at 9.4%, New Hanover County at 9.5%, Mecklenburg County at 8.2%, Buncombe County at 5.0% and Guilford County at 4.9%. No other county exceeded 5%. For deposits, Moore County holds 9.0%, Buncombe County 7.3% and Guilford County 5.1%. The company says most of its customers are individuals and small to medium-sized businesses, so the loss of one customer or group would not materially hurt the bank.

How it competes

The company competes with national and super-regional banks, smaller community banks, internet-based banks, credit unions, finance companies, brokerage firms and other financial intermediaries. It says many competitors have greater resources, including broader markets and higher lending limits. It also says many non-bank competitors face less regulatory oversight and lower capital requirements. The company says it competes by emphasizing customer service, responsiveness, local decision making and customer relationships.

Its people and oversight

At 31 December 2025 the bank employed 1,332 full-time and 42 part-time associates, mostly in the Carolinas. The company says its culture follows a philosophy it calls "Our Promise to Service Excellence," built on four principles: Safety and Soundness, Knowledge and Accuracy, Courteous Service, and Convenience and Ease. Benefits include medical, dental and vision coverage, an employee stock purchase plan and a 401(k) plan that matched 100% of employee deferrals up to 6% of pay in 2025. The company also runs a Leadership Development Program with three tracks.

The company is supervised by the Federal Reserve and the North Carolina Commissioner of Banks, and the bank is also subject to the Consumer Financial Protection Bureau. FDIC insurance covers its deposits. Because of its asset size, the company is subject to heightened supervision and regulation.

*From First Bancorp's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/811589/000081158926000051/fbnc-20251231.htm)*

From the company's 10-K.