A Business at a Glance
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General Description The Company is the fourth largest commercial bank holding company headquartered in North Carolina. At December 31, 2025, the Company had total consolidated assets of $12.7 billion, total loans of $8.7 billion, total deposits of $10.7 billion, and shareholders’ equity of $1.7 billion. Our principal activity is the ownership and operation of the Bank, a state-chartered bank with its headquarters in Southern Pines, North Carolina, through which we engage in a full range of banking activities. Our principal executive offices are located at 205 SE Broad St., Southern Pines, North Carolina 28387, and our telephone number is (910) 246-2500. The Company was incorporated in North Carolina on December 8, 1983 for the purpose of acquiring 100% of the outstanding common stock of the Bank through a stock-for-stock exchange. The Bank began banking operations in 1935 as the Bank of Montgomery, named for the county in which it originally operated.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 549M | 549M | 537M | 546M | 409M | 330M |
| Net Income | 110M | 110M | 76M | 103M | 146M | 95M |
| EPS | $2.68 | $2.68 | $1.84 | $2.53 | $4.12 | $3.19 |
| Free Cash Flow | 199M | 199M | 172M | 127M | 225M | 133M |
| ROIC | 7.8% | 6.8% | 4.3% | 6.2% | 11.2% | 8.4% |
| Gross Margin | 69.0% | 69.0% | 62.1% | 70.7% | 93.0% | 92.5% |
| Debt/Equity | 0.05 | 0.05 | 0.07 | 0.84 | 0.49 | 0.06 |
| Dividends/Share | $0.90 | $0.91 | $0.88 | $0.88 | $0.88 | $0.80 |
| Operating Income | 140M | 140M | 98M | 132M | 185M | 120M |
| Operating Margin | 25.4% | 25.4% | 18.3% | 24.2% | 45.3% | 36.5% |
| ROE | 6.7% | 7.1% | 5.4% | 8.6% | 12.9% | 9.0% |
| Shares Outstanding | 41M | 41M | 41M | 41M | 35M | 30M |
FIRST BANCORP /NC/ passes 3 of 9 quality checks, indicating weak fundamentals.
FIRST BANCORP /NC/ trades at 21.9x trailing earnings, compared to its 15-year median P/E of 13.7x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 12.3x vs a median of 13.1x. The company's 5-year average ROIC is 7.4% with a gross margin of 77.5%. Total shareholder yield (dividends) is 1.6%. At current prices, the estimated annualized return to fair value is +22.1%.
FIRST BANCORP /NC/ (FBNC) has a current P/E ratio of 21.9, compared to its historical median P/E of 13.7. The stock is currently considered Expensive based on its historical valuation range.
FIRST BANCORP /NC/ (FBNC) has a 5-year average return on invested capital (ROIC) of 7.4%. This is below average and may indicate limited pricing power.
FIRST BANCORP /NC/ (FBNC) has a market capitalization of $2.4B. It is classified as a mid-cap stock.
Yes, FIRST BANCORP /NC/ (FBNC) pays a dividend with a trailing twelve-month yield of 1.54%. The company also returns capital through share buybacks, with a buyback yield of 0.04%.
Based on historical P/E analysis, FIRST BANCORP /NC/ (FBNC) appears expensive. The current P/E of 21.9 is 61% above its historical median of 13.7. The estimated fair value CAGR (P/E method) is -2.4%.
FIRST BANCORP /NC/ (FBNC) operates in the State Commercial Banks industry, within the Financials sector.
FIRST BANCORP /NC/ (FBNC) reported annual revenue of $549 million in its most recent fiscal year, based on SEC EDGAR filings.
FIRST BANCORP /NC/ (FBNC) has a net profit margin of 20.1%. This is a strong margin indicating high profitability.
FIRST BANCORP /NC/ (FBNC) generated $199 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
FIRST BANCORP /NC/ (FBNC) has a debt-to-equity ratio of 0.05. This indicates a conservatively financed balance sheet.
FIRST BANCORP /NC/ (FBNC) reported earnings per share (EPS) of $2.68 in its most recent fiscal year.
FIRST BANCORP /NC/ (FBNC) has a return on equity (ROE) of 7.1%. This indicates moderate shareholder returns.
FIRST BANCORP /NC/ (FBNC) has a 5-year average gross margin of 77.5%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 15 years of financial data for FIRST BANCORP /NC/ (FBNC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FIRST BANCORP /NC/ (FBNC) has a book value per share of $40.15, based on its most recent annual SEC filing.
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