A Business at a Glance
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FIRST BANCORP /NC/
FBNC
$2.7B
Mkt Cap
$64.68
+0.87%
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 | 407M | 549M | 537M | 546M | 409M | 330M |
| Net Income | 121M | 110M | 76M | 103M | 146M | 95M |
| EPS | $2.91 | $2.68 | $1.84 | $2.53 | $4.12 | $3.19 |
| Free Cash Flow | 206M | 199M | 172M | 127M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 154M | 145M | 157M | 227M | 290M | 310M | 319M | 330M | 409M | 546M | 537M | 549M | 407M |
| Gross Margin | 88.1% | 94.7% | 95.1% | 94.1% | 90.6% | 88.3% | 82.9% | 92.5% | 93.0% | 70.7% | 62.1% | 69.0% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 55M | 57M | 63M | 82M | 92M | 96M | 101M | 103M | 118M | 140M | 140M | 144M | 146M |
| EBIT | 39M | 41M | 42M | 68M | 113M | 116M | 103M | 120M | 185M | 132M | 98M | 140M | 0 |
| Op. Margin | 25.0% | 28.3% | 26.9% | 29.9% | 39.1% | 37.6% | 32.3% | 36.5% | 45.3% | 24.2% | 18.3% | 25.4% | 0.0% |
| Net Income | 24M | 26M | 27M | 46M | 89M | 92M | 81M | 95M | 146M | 103M | 76M | 110M | 121M |
| Net Margin | 15.6% | 18.2% | 17.5% | 20.3% | 30.8% | 29.6% | 25.4% | 28.9% | 35.7% | 18.9% | 14.1% | 20.1% | 29.7% |
| Non-Recurring | 512K | 221K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 6.4% | 7.2% | 7.7% | 6.2% | 7.9% | 7.9% | 7.7% | 8.4% | 11.2% | 6.2% | 4.3% | 6.8% | 0.0% |
| ROE | 6.4% | 7.2% | 7.7% | 8.7% | 12.3% | 11.3% | 9.3% | 9.0% | 12.9% | 8.6% | 5.4% | 7.1% | 7.2% |
| ROA | 0.8% | 0.8% | 0.8% | 1.0% | 1.6% | 1.5% | 1.2% | 1.1% | 1.4% | 0.9% | 0.6% | 0.9% | 0.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 48M | 37M | 41M | 27M | 46M | 51M | 58M | 142M | 231M | 131M | 175M | 203M | 212M |
| Free Cash Flow | 43M | 32M | 33M | 22M | 36M | 48M | 46M | 133M | 225M | 127M | 172M | 199M | 206M |
| Owner Earnings | 42M | 31M | 35M | 16M | 33M | 38M | 46M | 130M | 217M | 111M | 155M | 187M | 131M |
| CapEx | 4.8M | 5.5M | 8.7M | 4.7M | 11M | 3.5M | 12M | 9.4M | 5.3M | 4.4M | 2.7M | 4.2M | 5.9M |
| Maint. CapEx | 5.4M | 5.2M | 5.8M | 9.5M | 12M | 11M | 9.8M | 9.7M | 11M | 16M | 14M | 12M | 77M |
| Growth CapEx | 0 | 265K | 2.9M | 0 | 0 | 0 | 2.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 5.4M | 5.2M | 5.8M | 9.5M | 12M | 11M | 9.8M | 9.7M | 11M | 16M | 14M | 12M | 77M |
| CapEx/OCF | 9.9% | 14.7% | 21.1% | 17.4% | 23.1% | 6.9% | 21.7% | 6.6% | 2.3% | 3.4% | 1.5% | 2.1% | 2.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 6.3M | 6.3M | 6.4M | 7.6M | 11M | 14M | 21M | 22M | 31M | 35M | 36M | 37M | 38M |
| Dividend Yield | 2.2% | 2.2% | 1.9% | 1.1% | 1.2% | 1.5% | 3.1% | 1.9% | 2.3% | 2.7% | 2.4% | 2.0% | 1.4% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 10M | 32M | 4.0M | 0 | 0 | 0 | 991K | 5.1M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | 1.0% | 3.6% | 0.3% | N/A | N/A | N/A | 0.0% | 0.2% |
| Stock-Based Comp | 270K | 710K | 714K | 1.1M | 1.6M | 2.3M | 2.5M | 2.3M | 3.0M | 5.1M | 4.9M | 3.8M | 3.7M |
| Debt Repayment | 70M | 70M | 85M | 106M | 101M | 51M | 202M | 5.7M | 133K | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | -329M | -305M | -500M | -1.8B | -390M | 238M | 921M | -411M | -232M | -520M |
| Cash & Equiv. | 253M | 267M | 306M | 489M | 463M | 231M | 367M | 461M | 270M | 238M | 508M | 310M | 598M |
| Long-Term Debt | N/A | N/A | N/A | 411M | 407M | 301M | 62M | 67M | 288M | 630M | 92M | 75M | 75M |
| Debt/Equity | 7.30 | 8.83 | 8.82 | 0.73 | 0.86 | 0.65 | 0.07 | 0.06 | 0.49 | 0.84 | 0.07 | 0.05 | 0.05 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 388M | 342M | 368M | 693M | 764M | 852M | 893M | 1.2B | 1.0B | 1.4B | 1.4B | 1.7B | 1.7B |
| Total Assets | 3.2B | 3.4B | 3.6B | 5.5B | 5.9B | 6.1B | 7.3B | 10.5B | 10.6B | 12.1B | 12.1B | 12.7B | 12.9B |
| Total Liabilities | 2.8B | 3.0B | 3.2B | 4.9B | 5.1B | 5.3B | 6.4B | 9.3B | 9.6B | 10.7B | 10.7B | 11.0B | 11.3B |
| Intangibles | 2.1M | 1.3M | 4.4M | 24M | 21M | 17M | 15M | 18M | 13M | 30M | 23M | 17M | 16M |
| Retained Earnings | 185M | 205M | 226M | 264M | 342M | 418M | 478M | 533M | 648M | 716M | 756M | 830M | 866M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.19 | 1.30 | 1.33 | 1.82 | 3.01 | 3.10 | 2.81 | 3.19 | 4.12 | 2.53 | 1.84 | 2.68 | 2.91 |
| Owner EPS | 2.08 | 1.55 | 1.69 | 0.64 | 1.11 | 1.30 | 1.59 | 4.37 | 6.12 | 2.70 | 3.77 | 4.54 | 3.17 |
| Book Value | 19.12 | 16.83 | 17.91 | 27.43 | 25.76 | 28.85 | 30.96 | 41.25 | 29.08 | 33.56 | 35.08 | 40.15 | 40.68 |
| Cash Flow/Share | 2.36 | 1.84 | 2.01 | 1.06 | 1.56 | 1.73 | 2.02 | 4.77 | 6.50 | 3.21 | 4.24 | 4.93 | 4.77 |
| Dividends/Share | 0.32 | 0.32 | 0.32 | 0.32 | 0.40 | 0.54 | 0.72 | 0.80 | 0.88 | 0.88 | 0.88 | 0.91 | 0.91 |
| Shares Out. | 20.3M | 20.3M | 20.6M | 25.3M | 29.7M | 29.5M | 28.9M | 29.8M | 35.5M | 40.9M | 41.2M | 41.2M | 41.4M |
| Valuation | |||||||||||||
| P/E Ratio | 12.7 | 12.0 | 17.4 | 16.6 | 9.3 | 11.2 | 10.8 | 13.0 | 9.6 | 14.3 | 23.5 | 19.3 | 22.2 |
| P/FCF | 7.1 | 10.0 | 14.6 | 34.4 | 23.2 | 21.5 | 19.0 | 9.3 | 6.2 | 11.6 | 10.4 | 10.7 | 13.0 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 0.8 | 0.9 | 1.3 | 1.1 | 1.1 | 1.2 | 1.0 | 1.0 | 1.4 | 1.1 | 1.2 | 1.3 | 1.6 |
| Price/Sales | 1.9 | 2.1 | 2.3 | 3.1 | 3.7 | 3.4 | 2.3 | 3.6 | 3.4 | 3.2 | 4.3 | 4.8 | 6.6 |
| FCF Yield | 14.0% | 10.0% | 6.8% | 2.9% | 4.3% | 4.6% | 5.2% | 10.7% | 15.9% | 8.5% | 9.6% | 9.3% | 7.7% |
| Market Cap | 307M | 318M | 476M | 763M | 826M | 1.0B | 880M | 1.2B | 1.4B | 1.5B | 1.8B | 2.1B | 2.7B |
| Avg. Price | 14.03 | 14.13 | 16.59 | 26.54 | 32.81 | 31.64 | 23.53 | 38.28 | 37.39 | 31.47 | 36.57 | 45.68 | 64.68 |
| Year-End Price | 15.13 | 15.62 | 23.16 | 30.19 | 27.86 | 34.66 | 30.35 | 41.59 | 39.67 | 36.11 | 43.32 | 51.84 | 64.68 |
FIRST BANCORP /NC/ passes 3 of 9 quality checks, indicating weak fundamentals.
FIRST BANCORP /NC/ trades at 24.1x 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 13.5x 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 + buybacks) is 1.6%. At current prices, the estimated annualized return to fair value is +19.2%.
FIRST BANCORP /NC/ (FBNC) has a current P/E ratio of 24.1, 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 $2.7B. It is classified as a mid-cap stock.
Yes, FIRST BANCORP /NC/ (FBNC) pays a dividend with a trailing twelve-month yield of 1.41%. The company also returns capital through share buybacks, with a buyback yield of 0.19%.
Based on historical P/E analysis, FIRST BANCORP /NC/ (FBNC) appears expensive. The current P/E of 24.1 is 77% above its historical median of 13.7. The estimated fair value CAGR (P/E method) is -3.0%.
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.
| 225M |
| 133M |
| ROIC | 0.0% | 6.8% | 4.3% | 6.2% | 11.2% | 8.4% |
|---|
| Gross Margin | - | 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 | $0.91 | $0.91 | $0.88 | $0.88 | $0.88 | $0.80 |
|---|
| Operating Income | 0 | 140M | 98M | 132M | 185M | 120M |
|---|
| Operating Margin | 0.0% | 25.4% | 18.3% | 24.2% | 45.3% | 36.5% |
|---|
| ROE | 7.2% | 7.1% | 5.4% | 8.6% | 12.9% | 9.0% |
|---|
| Shares Outstanding | 41M | 41M | 41M | 41M | 35M | 30M |
|---|
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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