First Bancorp (FBNC)
Market Price (10/20/2026): $59.11 | Market Cap: $2.4 BilSector: Financials | Industry: Regional Banks
First Bancorp (FBNC)
Market Price (10/20/2026): $59.11Market Cap: $2.4 BilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.9%, FCF Yield is 9.2% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -93% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 56%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 54% Low stock price volatilityVol 12M is 25% Capital ratio is >2x the minimum of 6%Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 13% Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments, and Online Banking & Lending. | Key risksFBNC key risks include [1] loan quality concerns, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.9%, FCF Yield is 9.2% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -93% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 56%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 54% |
| Low stock price volatilityVol 12M is 25% |
| Capital ratio is >2x the minimum of 6%Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 13% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments, and Online Banking & Lending. |
| Key risksFBNC key risks include [1] loan quality concerns, Show more. |
Qualitative Assessment
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Updated on 10/1/2026
First Bancorp (FBNC) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Acquisition of First Carolina Bancshares Corporation introduced short-term dilution and integration concerns.
On July 14, 2026, First Bancorp announced its acquisition of First Carolina Bancshares Corporation for approximately $166 million, based on First Bancorp's stock price of $64.22 as of July 13, 2026. The transaction involved issuing 1,967,017 shares of First Bancorp common stock in addition to $40 million in cash. While strategically expanding its South Carolina presence, such a stock-and-cash deal can lead to short-term investor concerns regarding potential share dilution and the complexities of integrating a bank with approximately $831 million in assets.
2. Market concerns over valuation despite strong earnings and growth forecasts.
As of September 25, 2026, First Bancorp's stock was trading at a Price-to-Earnings (P/E) ratio of 19.8x. This P/E ratio was noted as rich compared to many peers within the banking sector. Although the company reported solid Q2 2026 earnings with diluted EPS of $1.22 (beating estimates by $0.07) and anticipated future earnings growth of 24% per year, investor sentiment may have factored in a potential overvaluation, leading to a modest price correction during the period.
Show more
First Bancorp (FBNC) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Acquisition of First Carolina Bancshares Corporation introduced short-term dilution and integration concerns.
On July 14, 2026, First Bancorp announced its acquisition of First Carolina Bancshares Corporation for approximately $166 million, based on First Bancorp's stock price of $64.22 as of July 13, 2026. The transaction involved issuing 1,967,017 shares of First Bancorp common stock in addition to $40 million in cash. While strategically expanding its South Carolina presence, such a stock-and-cash deal can lead to short-term investor concerns regarding potential share dilution and the complexities of integrating a bank with approximately $831 million in assets.
2. Market concerns over valuation despite strong earnings and growth forecasts.
As of September 25, 2026, First Bancorp's stock was trading at a Price-to-Earnings (P/E) ratio of 19.8x. This P/E ratio was noted as rich compared to many peers within the banking sector. Although the company reported solid Q2 2026 earnings with diluted EPS of $1.22 (beating estimates by $0.07) and anticipated future earnings growth of 24% per year, investor sentiment may have factored in a potential overvaluation, leading to a modest price correction during the period.
Show more
Updated on 10/1/2026
First Bancorp (FBNC) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Acquisition of First Carolina Bancshares Corporation introduced short-term dilution and integration concerns.
On July 14, 2026, First Bancorp announced its acquisition of First Carolina Bancshares Corporation for approximately $166 million, based on First Bancorp's stock price of $64.22 as of July 13, 2026. The transaction involved issuing 1,967,017 shares of First Bancorp common stock in addition to $40 million in cash. While strategically expanding its South Carolina presence, such a stock-and-cash deal can lead to short-term investor concerns regarding potential share dilution and the complexities of integrating a bank with approximately $831 million in assets.
2. Market concerns over valuation despite strong earnings and growth forecasts.
As of September 25, 2026, First Bancorp's stock was trading at a Price-to-Earnings (P/E) ratio of 19.8x. This P/E ratio was noted as rich compared to many peers within the banking sector. Although the company reported solid Q2 2026 earnings with diluted EPS of $1.22 (beating estimates by $0.07) and anticipated future earnings growth of 24% per year, investor sentiment may have factored in a potential overvaluation, leading to a modest price correction during the period.
3. Broader banking sector cautiousness and competition for capital from rising fixed income yields.
The overall banking sector in the third fiscal quarter of 2026 faced continued cautiousness in commercial bank credit growth, with only modest increases expected. Concurrently, a rise in global government bond yields, driven by resilient global growth and fiscal concerns, has made fixed income investments more attractive. This shifting investor sentiment and increased competition for capital from alternative investments could have drawn some funds away from bank equities like First Bancorp.
Show less
First Bancorp (FBNC) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Acquisition of First Carolina Bancshares Corporation introduced short-term dilution and integration concerns.
On July 14, 2026, First Bancorp announced its acquisition of First Carolina Bancshares Corporation for approximately $166 million, based on First Bancorp's stock price of $64.22 as of July 13, 2026. The transaction involved issuing 1,967,017 shares of First Bancorp common stock in addition to $40 million in cash. While strategically expanding its South Carolina presence, such a stock-and-cash deal can lead to short-term investor concerns regarding potential share dilution and the complexities of integrating a bank with approximately $831 million in assets.
2. Market concerns over valuation despite strong earnings and growth forecasts.
As of September 25, 2026, First Bancorp's stock was trading at a Price-to-Earnings (P/E) ratio of 19.8x. This P/E ratio was noted as rich compared to many peers within the banking sector. Although the company reported solid Q2 2026 earnings with diluted EPS of $1.22 (beating estimates by $0.07) and anticipated future earnings growth of 24% per year, investor sentiment may have factored in a potential overvaluation, leading to a modest price correction during the period.
3. Broader banking sector cautiousness and competition for capital from rising fixed income yields.
The overall banking sector in the third fiscal quarter of 2026 faced continued cautiousness in commercial bank credit growth, with only modest increases expected. Concurrently, a rise in global government bond yields, driven by resilient global growth and fiscal concerns, has made fixed income investments more attractive. This shifting investor sentiment and increased competition for capital from alternative investments could have drawn some funds away from bank equities like First Bancorp.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -5.5% change in FBNC stock from 6/30/2026 to 10/19/2026 was primarily driven by a -14.2% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10192026 | Change |
|---|---|---|---|
| Stock Price ($) | 63.68 | 60.15 | -5.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 400 | 417 | 4.1% |
| Net Income Margin (%) | 30.3% | 32.0% | 5.6% |
| P/E Multiple | 21.7 | 18.6 | -14.2% |
| Shares Outstanding (Mil) | 41 | 41 | 0.2% |
| Cumulative Contribution | -5.5% |
Market Drivers
6/30/2026 to 10/19/2026| Return | Correlation | |
|---|---|---|
| FBNC | -5.5% | |
| Market (SPY) | 2.6% | 23.8% |
| Sector (XLF) | 2.7% | 45.3% |
Fundamental Drivers
The 7.6% change in FBNC stock from 3/31/2026 to 10/19/2026 was primarily driven by a 10.6% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10192026 | Change |
|---|---|---|---|
| Stock Price ($) | 55.92 | 60.15 | 7.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 384 | 417 | 8.5% |
| Net Income Margin (%) | 28.9% | 32.0% | 10.6% |
| P/E Multiple | 20.8 | 18.6 | -10.5% |
| Shares Outstanding (Mil) | 41 | 41 | 0.2% |
| Cumulative Contribution | 7.6% |
Market Drivers
3/31/2026 to 10/19/2026| Return | Correlation | |
|---|---|---|
| FBNC | 7.6% | |
| Market (SPY) | 18.2% | 21.5% |
| Sector (XLF) | 11.9% | 51.5% |
Fundamental Drivers
The 15.6% change in FBNC stock from 9/30/2025 to 10/19/2026 was primarily driven by a 22.6% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10192026 | Change |
|---|---|---|---|
| Stock Price ($) | 52.03 | 60.15 | 15.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 373 | 417 | 11.8% |
| Net Income Margin (%) | 26.1% | 32.0% | 22.6% |
| P/E Multiple | 22.0 | 18.6 | -15.6% |
| Shares Outstanding (Mil) | 41 | 41 | 0.0% |
| Cumulative Contribution | 15.6% |
Market Drivers
9/30/2025 to 10/19/2026| Return | Correlation | |
|---|---|---|
| FBNC | 15.6% | |
| Market (SPY) | 16.0% | 30.3% |
| Sector (XLF) | 3.5% | 58.0% |
Fundamental Drivers
The 127.2% change in FBNC stock from 9/30/2023 to 10/19/2026 was primarily driven by a 108.6% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10192026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.47 | 60.15 | 127.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 407 | 417 | 2.3% |
| Net Income Margin (%) | 29.7% | 32.0% | 7.6% |
| P/E Multiple | 8.9 | 18.6 | 108.6% |
| Shares Outstanding (Mil) | 41 | 41 | -1.1% |
| Cumulative Contribution | 127.2% |
Market Drivers
9/30/2023 to 10/19/2026| Return | Correlation | |
|---|---|---|
| FBNC | 127.2% | |
| Market (SPY) | 85.5% | 42.7% |
| Sector (XLF) | 73.3% | 60.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FBNC Return | 38% | -4% | -11% | 22% | 18% | 20% | 102% |
| Peers Return | 52% | -24% | 15% | 9% | 8% | 8% | 67% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| FBNC Win Rate | 67% | 50% | 42% | 58% | 67% | 50% | |
| Peers Win Rate | 69% | 38% | 48% | 58% | 58% | 54% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FBNC Max Drawdown | -20% | -31% | -37% | -19% | -21% | -15% | |
| Peers Max Drawdown | -23% | -39% | -42% | -24% | -29% | -18% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SSB, ABCB, PNFP, SFST, LOB.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/19/2026 (YTD)
How Low Can It Go
| Event | FBNC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.7% | -18.8% |
| % Gain to Breakeven | 18.6% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.2% | -9.5% |
| % Gain to Breakeven | 28.6% | 10.5% |
| Time to Breakeven | 45 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -35.6% | -6.7% |
| % Gain to Breakeven | 55.4% | 7.1% |
| Time to Breakeven | 440 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -27.1% | -24.5% |
| % Gain to Breakeven | 37.2% | 32.4% |
| Time to Breakeven | 113 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -47.2% | -33.7% |
| % Gain to Breakeven | 89.3% | 50.9% |
| Time to Breakeven | 294 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.3% | -19.2% |
| % Gain to Breakeven | 28.7% | 23.8% |
| Time to Breakeven | 347 days | 105 days |
In The Past
First Bancorp's stock fell -15.7% during the 2025 US Tariff Shock. Such a loss loss requires a 18.6% gain to breakeven.
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Asset Allocation
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| Event | FBNC | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.2% | -9.5% |
| % Gain to Breakeven | 28.6% | 10.5% |
| Time to Breakeven | 45 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -35.6% | -6.7% |
| % Gain to Breakeven | 55.4% | 7.1% |
| Time to Breakeven | 440 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -27.1% | -24.5% |
| % Gain to Breakeven | 37.2% | 32.4% |
| Time to Breakeven | 113 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -47.2% | -33.7% |
| % Gain to Breakeven | 89.3% | 50.9% |
| Time to Breakeven | 294 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.3% | -19.2% |
| % Gain to Breakeven | 28.7% | 23.8% |
| Time to Breakeven | 347 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -20.8% | -17.9% |
| % Gain to Breakeven | 26.3% | 21.8% |
| Time to Breakeven | 46 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -63.6% | -53.4% |
| % Gain to Breakeven | 174.4% | 114.4% |
| Time to Breakeven | 1800 days | 1085 days |
In The Past
First Bancorp's stock fell -15.7% during the 2025 US Tariff Shock. Such a loss loss requires a 18.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About First Bancorp (FBNC)
First Bancorp (FBNC) operates as the bank holding company for First Bank, a community-oriented financial institution primarily serving individuals and small to medium-sized businesses. Its geographic focus is primarily North Carolina, where it had 114 branches, and northeastern South Carolina, with seven branches, as of December 31, 2021. The company's core business involves traditional banking services, including accepting a variety of deposit products and originating diverse types of loans.
The bank offers a full suite of deposit products, such as checking, savings, money market accounts, certificates of deposit (CDs), and individual retirement accounts (IRAs). On the lending side, First Bancorp provides financing for business, real estate, personal, home improvement, and automobile needs, alongside residential mortgages and Small Business Administration (SBA) loans. It also supports commercial clients with specialized financing like accounts receivable, inventory, and purchase order financing. Complementary services include credit and debit cards, wire transfers, safe deposit boxes, and modern digital banking solutions such as internet and mobile banking, cash management, and remote deposit capture.
Beyond its core banking operations, First Bancorp extends its offerings to include various investment and insurance products. For individuals and businesses, it provides mutual funds, annuities, long-term care insurance, life insurance, and property and casualty insurance. The company further assists clients with company retirement plans and offers comprehensive financial planning services, positioning itself as a broad financial partner within its operating regions.
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1. It's like a smaller, regional version of Bank of America or Wells Fargo, concentrated in North and South Carolina.
2. Think of it as the Truist or U.S. Bank for North and South Carolina – a full-service regional bank.
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- Deposit Products: Accepts various deposit products including checking, savings, money market accounts, and time deposits like CDs and IRAs.
- Loan Products: Offers a diverse range of consumer and commercial loans, such as business, real estate, personal, home improvement, automobile, residential mortgages, and SBA loans.
- Commercial Financing Services: Provides specialized financing solutions for businesses, including accounts receivable financing, factoring, inventory financing, and purchase order financing.
- Banking Services: Delivers essential banking services like credit and debit cards, letters of credit, safe deposit boxes, wire transfers, and digital banking platforms.
- Wealth Management & Insurance: Offers investment products such as mutual funds and annuities, various insurance types including life, long-term care, property, and casualty, along with financial planning services and company retirement plans.
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First Bancorp (FBNC) operates as a bank holding company, providing banking products and services primarily to a broad base of individuals and businesses. As such, it does not have a few "major customers" in the traditional sense of specific large companies. Instead, its customer base is segmented into categories of clients it serves.
Based on the company description, First Bancorp serves the following primary categories of customers:
- Individuals: This category includes consumers seeking a wide range of personal banking services such as checking, savings, and money market accounts; various types of loans (e.g., personal, home improvement, automobile, residential mortgages); credit and debit cards; and electronic banking services. It also encompasses individuals seeking investment and insurance products like mutual funds, annuities, life insurance, and financial planning services.
- Small to Medium-Sized Businesses: This category comprises commercial clients who utilize the bank for business-related deposit accounts, commercial and real estate loans, Small Business Administration (SBA) loans, specialized financing (e.g., accounts receivable financing, factoring, inventory financing), cash management services, letters of credit, and company retirement plans.
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Richard H. Moore, Chairman & Chief Executive Officer
Richard H. Moore was named President and Chief Executive Officer of First Bancorp in June 2012 and became Chairman in January 2022. Prior to joining the company, he served as a managing director of San Diego-based Relational Investors LLC. He also held significant public service roles, including two terms as North Carolina State Treasurer and four years as the Secretary of Crime Control and Public Safety. Mr. Moore was also the Chair of the North Carolina State Banking Commission for eight years. His career further includes experience as an Assistant U.S. Attorney and in corporate, real estate, and tax law. He serves on numerous New York Stock Exchange boards and committees and is the past chair of the NYSE Regulation Board of Directors.
Elizabeth B. Bostian, Executive Vice President & Chief Financial OfficerElizabeth B. Bostian has served as Executive Vice President and Chief Financial Officer of First Bancorp and First Bank since November 2021. Ms. Bostian joined the Company and First Bank in 2012, initially as Senior Counsel from 2012 to 2017, and subsequently as General Counsel from 2017 until her appointment as CFO. Before her tenure with First Bancorp, she practiced as a Creditor's Rights attorney at a private law firm for several years.
Adam Currie, President & Chief Executive Officer, First BankAdam Currie was appointed President of First Bank in November 2023 and became Chief Executive Officer of First Bank in February 2025. He brings over 20 years of experience in financial services, encompassing retail banking, commercial banking, and capital markets. Prior to joining First Bank in 2015, Mr. Currie served as a Managing Director of the Financial Institutions Group at PNC Capital Markets and held senior roles at RBC Bank.
Christian Wilson, Executive Vice President & Chief Operating OfficerChristian Wilson joined First Bank in May 2024 as Chief Operating Officer.
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Here are the key risks to First Bancorp (FBNC) in order from most significant to less significant:
- Interest Rate Risk: First Bancorp's financial performance is highly sensitive to fluctuations in interest rates, which can significantly impact its net interest income, a primary component of its earnings. Potential interest rate cuts by the Federal Reserve could pressure the bank's Net Interest Margin (NIM) by affecting the difference between interest earned on assets and interest paid on liabilities. Additionally, intense competition in the banking sector can force First Bancorp to offer more competitive deposit rates, further compressing its net interest margins and profitability.
- Credit Risk from Commercial Real Estate (CRE) Exposure: As a regional bank, First Bancorp has considerable exposure to commercial real estate loans, and its loan mix is described as CRE-heavy. High interest rates make it challenging for investors to refinance CRE loans, increasing the risk of defaults, especially given potential lower property values and weakened demand for certain commercial spaces. This sector-wide vulnerability for regional banks poses a significant threat to the quality of First Bancorp's loan portfolio.
- Regional Economic Downturn: First Bancorp primarily conducts its banking operations in North Carolina and northeastern South Carolina. Consequently, an economic downturn or adverse conditions specifically within these regions could directly and negatively impact the company's loan demand, asset quality, and overall financial performance, given its geographic concentration.
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The clear emerging threat to First Bancorp is the increasing competition from digital-first fintech companies and neobanks. These entities offer alternative banking, lending, and payment solutions with often superior digital experiences, lower fees due to reduced overhead from physical branches, and specialized services. This trend poses a threat to traditional banks like First Bancorp by potentially eroding deposit bases, intensifying competition for loans, and disintermediating the bank from customers' primary financial interactions as consumers increasingly gravitate towards convenient digital alternatives.
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First Bancorp (FBNC) operates primarily in North Carolina and northeastern South Carolina, and the addressable markets for its main products and services are primarily within these regions.
Addressable Markets for First Bancorp's Main Products and Services:
Deposit Products (Checking, Savings, Money Market Accounts, Time Deposits, Individual Retirement Accounts)
- North Carolina: The total deposits held in domestic offices for all banks in North Carolina were approximately $2.53 trillion as of December 31, 2024. Community banks, which First Bancorp is a part of, held $75.65 billion in deposits at their branches in North Carolina as of December 13, 2024.
- South Carolina (and bordering NC): The Charlotte-Concord-Gastonia, NC-SC market, which includes parts of First Bancorp's operating region, had $477.34 billion in deposits from its largest deposit markets as of Q3-2025.
Loan Products (Business, Real Estate, Personal, Home Improvement, Automobiles, Residential Mortgages, Small Business Administration Loans, Accounts Receivable Financing, Inventory Financing, Purchase Order Financing)
-
North Carolina:
- New Home Loans: Approximately $37.2 billion in new home loans were originated in North Carolina in 2024.
- Small Business Loans: North Carolina saw $21.3 billion in small business loans in 2024.
- Small Farm Loans: There were $2.1 billion in small farm loans originated in North Carolina in 2024.
- Real Estate Loans & Collateralized Debt: The market size for real estate loans and collateralized debt in North Carolina is projected to be $6.4 billion in 2026.
- Consumer Loans: The aggregate outstanding loan receivables for licensed consumer finance lenders in North Carolina amounted to approximately $1.55 billion as of December 31, 2024.
-
South Carolina:
- Mortgage Loans: In 2024, nearly 1,000 mortgage companies collectively funded over $32 billion in home loans in South Carolina.
- Small Business Loans: In 2023, reporting banks issued $3.8 billion in new lending to South Carolina businesses through loans of $1 million or less. In 2022, this figure was $4.0 billion for loans to businesses with revenues of $1 million or less.
- Commercial Banking (including commercial, industrial, and consumer loans): The market size for the commercial banking industry in South Carolina is projected to be $13.4 billion in 2026.
- Commercial Loans: The total loan portfolio for commercial loans across 166 banks in South Carolina was $30.5 billion as of Q4 2024.
- Real Estate Loans & Collateralized Debt: The market size for real estate loans and collateralized debt in South Carolina is projected to be $4.1 billion in 2026.
Investment and Insurance Products (Mutual Funds, Annuities, Long-Term Care Insurance, Life Insurance, Company Retirement Plans, Property and Casualty Insurance Products, Financial Planning Services)
-
North Carolina:
- Property, Casualty, and Direct Insurance: North Carolina's property, casualty, and direct insurance market had approximately $4 billion in premiums in 2024 across 7,200 employers and 9.6 million participants. The market size has been growing at an average annual rate of 4.9% from 2020 to 2025.
-
South Carolina:
- Life Insurance and Annuities: Life insurers pay out $4.1 billion annually in life insurance and annuity benefits to South Carolina families. In 2024, 3 million individual life insurance policies were in force in the state.
- Property & Casualty (P&C) Insurance: In 2024, the direct premium written for property and casualty insurance in South Carolina reached $16.9 billion.
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First Bancorp (FBNC) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:
- Accelerated Loan Growth: The company has demonstrated robust and accelerating loan growth, which is a primary component of its net interest income. For example, in the third quarter of 2025, First Bancorp reported an annualized loan growth rate of 9.3%, pushing total loans to $8.4 billion. This momentum continued into the fourth quarter of 2025, with an annualized loan growth rate exceeding 14%, resulting in total loans of $8.7 billion.
- Net Interest Margin (NIM) Expansion: First Bancorp's profitability and, consequently, its revenue, are expected to benefit from the expansion of its net interest margin. The company's earnings in the fourth quarter of 2025 were driven by rising asset yields, which contributes to net interest income growth. The net interest margin was reported at 3.46% in the third quarter of 2025.
- Non-Interest Revenue Growth: While net interest income remains the dominant revenue stream, growth in non-interest revenue is also a contributing factor. First Bancorp's strong fourth-quarter 2025 results were notably supported by non-interest revenue growth.
- Expansion of Branch Network and Enhanced Digital Services: As part of its strategic initiatives, First Bancorp plans to expand its branch network and enhance its digital services throughout 2025. These efforts are aimed at attracting new customers and increasing deposits, which are fundamental to the company's lending capacity and overall revenue generation.
- Local Economic Growth: The regions where First Bancorp primarily operates, North Carolina and northeastern South Carolina, are expected to experience local economic growth. This economic expansion is anticipated to fuel demand for loans, directly benefiting First Bancorp's lending activities and overall revenue.
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Share Repurchases
- First Bancorp authorized a stock repurchase program of up to $40 million, approved by the Board of Directors on January 30, 2024, which commenced in August 2024.
- A previous share repurchase program for up to $40 million was authorized on February 7, 2022, and was set to expire on December 31, 2022, replacing an earlier program from 2021.
Share Issuance
- In October 2021, as part of the acquisition of Select Bancorp, Inc., First Bancorp issued 0.408 shares of its common stock for each share of Select Bancorp common stock.
- In January 2023, First Bancorp issued 0.91 shares of its common stock for each share of GrandSouth Bancorporation common and preferred stock during its acquisition.
- In June 2025, the company issued common stock to executives under its Long-Term Incentive Plan at a stated price of $42.12 per share.
Outbound Investments
- First Bancorp completed the acquisition of Select Bancorp, Inc. on October 15, 2021, which increased its total assets to over $10 billion and expanded its branch network to over 120 locations.
- On January 1, 2023, the company completed the acquisition of GrandSouth Bancorporation, further solidifying its presence in the Carolinas with total assets of approximately $12 billion and 118 branches.
Capital Expenditures
- In the fourth quarter of 2025, First Bancorp N C reported $1.2 million in capital expenditures, which was a 19.8% decrease from the previous quarter.
- These capital expenditures are primarily focused on funding long-term assets and infrastructure.
Peer Outperformance in Regional Banks
FBNC has trailed 55% of its 264 Regional Banks peers over 5Y. Among the peers that beat it are FBP, OFG and BPOP. Regional Banks ranks 8th of 18 industries in Financials by median 5Y return.
Share of Regional Banks constituents that FBNC has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
45%
of 286 industry peers · 28.3% return
3Y
82%
of 276 industry peers · 136.0% return
5Y
45%
of 264 industry peers · 43.2% return
Regional Banks peers with revenue growth within 4pp of FBNC's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| FBNC | First Bancorp | 1.1% | 18.6x | 28.3% | 136.0% | 43.2% | — |
| FBP | First BanCorp | 2.9% | 11.2x | 36.3% | 129.7% | 138.9% | +96pp |
| OFG | OFG Bancorp | 4.5% | 10.0x | 30.3% | 97.5% | 135.9% | +93pp |
| BPOP | Popular | 2.8% | 10.4x | 40.0% | 183.2% | 127.8% | +85pp |
| HWC | Hancock Whitney | 0.3% | 13.7x | 35.0% | 136.8% | 74.3% | +31pp |
| CATY | Cathay General Bancorp | 2.0% | 11.5x | 33.6% | 95.9% | 68.7% | +26pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is FBNC's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 27.7% | 71.4% | 119.0% | SPNT 174% · RNR 149% · RGA 147% |
| Diversified Banks | 12 | 29.7% | 140.5% | 87.0% | CM 136% · JPM 124% · RY 121% |
| Life & Health Insurance | 20 | 13.4% | 59.3% | 80.6% | JXN 472% · UNM 283% · MFC 176% |
| Investment Banking & Brokerage | 13 | -12.1% | 99.2% | 70.7% | IBKR 353% · SNEX 175% · GS 140% |
| Multi-Sector Holdings | 4 | 4.0% | 55.4% | 67.6% | BRK-B 87% · VOYA 48% · JEF 27% |
| Property & Casualty Insurance | 42 | 13.3% | 78.9% | 65.8% | TRV 173% · PGR 164% · ACGL 151% |
| Multi-line Insurance | 9 | 8.5% | 65.6% | 61.0% | GNW 101% · L 95% · AIZ 87% |
| Regional Banks ← | 265 | 30.6% | 94.5% | 49.1% | CBC 219% · FCNCA 156% · FBP 139% |
| Financial Exchanges & Data | 15 | 6.6% | 32.2% | 29.2% | CBOE 160% · VIRT 156% · CME 66% |
| Consumer Finance | 30 | 5.5% | 83.5% | 21.1% | ENVA 393% · EZPW 314% · FCFS 155% |
| Insurance Brokers | 15 | -8.7% | 5.8% | 12.7% | LIFE 343% · ARX 89% · AJG 64% |
| Diversified Financial Services | 4 | -2.2% | 22.0% | 7.5% | FRHC 164% · EQH 83% |
| Asset Management & Custody Banks | 83 | -12.5% | 19.2% | 1.7% | WT 292% · AAMI 254% · VCTR 248% |
| Commercial & Residential Mortgage Finance | 14 | -58.8% | 23.7% | -12.1% | FNMA 258% · FMCC 236% · ACT 157% |
| Specialized Finance | 3 | 8.7% | 35.1% | -13.0% | CACC -13% · HASI -22% |
| Mortgage REITs | 34 | -21.6% | -4.6% | -34.7% | RITM 24% · DX 13% · AGNC 3% |
| Transaction & Payment Processing Services | 17 | 3.1% | 7.0% | -40.1% | V 79% · MA 75% · CPAY 46% |
| Diversified Capital Markets | 20 | -48.0% | 12.8% | -58.7% | LPLA 86% · TW 39% · RIOT -55% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| How Low Can First Bancorp Stock Really Go? | 10/17/2025 | |
| Why First Bancorp Stock Moved: FBNC Stock Has Gained 47% Since 2023 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S) | 08/08/2025 | |
| First Bancorp (FBNC) Valuation Ratios Comparison | 08/08/2025 | |
| FBNC Dip Buy Analysis | 07/10/2025 | |
| Time To Buy First Bancorp Stock? | 05/16/2025 | |
| First Bancorp (FBNC) Operating Cash Flow Comparison | 02/17/2025 | |
| First Bancorp (FBNC) Net Income Comparison | 02/15/2025 | |
| ARTICLES | ||
| Small Cap Stocks Trading At 52-Week High | 08/13/2025 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 69.16 |
| Mkt Cap | 3.9 |
| Rev LTM | 898 |
| Op Inc LTM | - |
| FCF LTM | 380 |
| FCF 3Y Avg | 288 |
| CFO LTM | 401 |
| CFO 3Y Avg | 300 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 19.5% |
| Rev Chg 3Y Avg | 11.9% |
| Rev Chg Q | 12.2% |
| QoQ Delta Rev Chg LTM | 3.2% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 44.7% |
| CFO/Rev 3Y Avg | 34.3% |
| FCF/Rev LTM | 42.2% |
| FCF/Rev 3Y Avg | 32.9% |
Price Behavior
Price Behavior
| Market Price | $60.15 | |
| Market Cap ($ Bil) | 2.5 | |
| First Trading Date | 12/09/1992 | |
| Distance from 52W High | -9.0% | |
| 50 Days | 200 Days | |
| DMA Price | $62.87 | $59.71 |
| DMA Trend | down | up |
| Distance from DMA | -4.3% | 0.7% |
| 3M | 1YR | |
| Volatility | 20.4% | 25.3% |
| Downside Capture | 75.39 | 45.66 |
| Upside Capture | 31.90 | 70.94 |
| Correlation (S&P 500) | 24.5% | 30.0% |
FBNC Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.47 | 0.65 | 0.57 | 0.44 | 0.63 | 0.90 |
| Up Beta | -2.83 | 0.90 | 0.51 | 0.65 | 0.79 | 0.97 |
| Down Beta | 1.71 | 1.17 | 0.46 | 0.03 | 0.62 | 0.83 |
| Up Capture | 52% | 39% | 46% | 42% | 53% | 85% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 10 | 21 | 30 | 64 | 123 | 367 |
| Down Capture | 111% | 75% | 82% | 49% | 62% | 94% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 12 | 21 | 34 | 62 | 128 | 380 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FBNC | |
|---|---|---|---|---|
| FBNC | 32.2% | 25.3% | 1.05 | - |
| Sector ETF (XLF) | 7.7% | 14.4% | 0.28 | 55.9% |
| Equity (SPY) | 17.1% | 12.7% | 0.95 | 29.7% |
| Gold (GLD) | -4.2% | 29.3% | -0.15 | 4.3% |
| Commodities (DBC) | 52.6% | 20.7% | 1.93 | -25.2% |
| Real Estate (VNQ) | 3.9% | 13.7% | 0.03 | 37.9% |
| Bitcoin (BTCUSD) | -24.8% | 43.7% | -0.53 | 8.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FBNC | |
|---|---|---|---|---|
| FBNC | 6.2% | 32.1% | 0.23 | - |
| Sector ETF (XLF) | 9.1% | 18.3% | 0.36 | 60.3% |
| Equity (SPY) | 13.5% | 17.1% | 0.60 | 44.4% |
| Gold (GLD) | 18.3% | 18.9% | 0.78 | -2.2% |
| Commodities (DBC) | 9.8% | 19.5% | 0.38 | 3.5% |
| Real Estate (VNQ) | 1.3% | 18.8% | -0.04 | 45.7% |
| Bitcoin (BTCUSD) | 7.2% | 51.8% | 0.32 | 17.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FBNC | |
|---|---|---|---|---|
| FBNC | 13.7% | 35.2% | 0.46 | - |
| Sector ETF (XLF) | 12.9% | 22.1% | 0.53 | 67.5% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 49.6% |
| Gold (GLD) | 12.2% | 16.4% | 0.61 | -5.2% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 14.8% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 48.1% |
| Bitcoin (BTCUSD) | 63.0% | 66.2% | 1.03 | 13.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/24/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/22/2026 | 1.1% | 0.8% | 2.6% |
| 4/22/2026 | 3.0% | -0.5% | 1.5% |
| 1/21/2026 | 0.7% | -6.1% | 2.9% |
| 10/22/2025 | -1.9% | 0.1% | 0.8% |
| 7/23/2025 | 5.0% | 8.7% | 10.7% |
| 4/23/2025 | 4.7% | 4.7% | 6.6% |
| 1/29/2025 | -0.8% | 3.6% | -4.5% |
| 10/23/2024 | -1.9% | 0.2% | 10.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 16 | 17 |
| # Negative | 12 | 8 | 7 |
| Median Positive | 3.1% | 2.5% | 4.3% |
| Median Negative | -2.2% | -5.4% | -3.8% |
| Max Positive | 12.2% | 8.7% | 42.4% |
| Max Negative | -8.6% | -9.4% | -16.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/22/2026 | 1.1% | 0.8% | 2.6% |
| 4/22/2026 | 3.0% | -0.5% | 1.5% |
| 1/21/2026 | 0.7% | -6.1% | 2.9% |
| 10/22/2025 | -1.9% | 0.1% | 0.8% |
| 7/23/2025 | 5.0% | 8.7% | 10.7% |
| 4/23/2025 | 4.7% | 4.7% | 6.6% |
| 1/29/2025 | -0.8% | 3.6% | -4.5% |
| 10/23/2024 | -1.9% | 0.2% | 10.1% |
| 7/24/2024 | 12.2% | 6.3% | 4.3% |
| 4/24/2024 | -8.6% | -9.4% | -9.0% |
| 1/24/2024 | -2.2% | -2.6% | -3.8% |
| 10/25/2023 | 6.7% | 7.4% | 17.0% |
| 7/26/2023 | -3.6% | -8.0% | -16.4% |
| 4/26/2023 | -4.8% | -9.4% | -0.6% |
| 1/25/2023 | -1.0% | 6.6% | 3.5% |
| 10/27/2022 | 3.2% | 1.6% | 11.7% |
| 7/27/2022 | 1.1% | -2.5% | 1.8% |
| 4/27/2022 | 3.8% | 2.8% | -1.2% |
| 1/26/2022 | -2.6% | -4.6% | -0.9% |
| 10/26/2021 | -2.1% | 1.4% | 0.2% |
| 7/27/2021 | 2.6% | 3.8% | 7.1% |
| 4/27/2021 | -0.9% | 1.7% | 0.8% |
| 1/27/2021 | 1.8% | 1.7% | 17.1% |
| 10/26/2020 | -4.1% | 2.2% | 42.4% |
| SUMMARY STATS | |||
| # Positive | 12 | 16 | 17 |
| # Negative | 12 | 8 | 7 |
| Median Positive | 3.1% | 2.5% | 4.3% |
| Median Negative | -2.2% | -5.4% | -3.8% |
| Max Positive | 12.2% | 8.7% | 42.4% |
| Max Negative | -8.6% | -9.4% | -16.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
Insider Activity
Updated 9/30/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Moore, Richard H | Chief Executive Officer | Direct | Sell | 9302026 | 62.17 | 7,343 | 456,500 | 5,151,427 | Form |
| 2 | Moore, Richard H | Chief Executive Officer | Direct | Sell | 9302026 | 63.17 | 16,000 | 1,010,672 | 5,698,042 | Form |
| 3 | Nevin, Katharine Caldwell | Direct | Buy | 9162026 | 64.23 | 231 | 14,837 | 70,268 | Form | |
| 4 | Mayer, Michael Goodwin | Direct | Sell | 5212026 | 58.58 | 44,324 | 2,596,500 | 2,430,568 | Form | |
| 5 | Capel, Mary Clara | Direct | Sell | 2032026 | 57.75 | 2,642 | 152,568 | 1,466,752 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Moore, Richard H | Chief Executive Officer | Direct | Sell | 9302026 | 62.17 | 7,343 | 456,500 | 5,151,427 | Form |
| 2 | Moore, Richard H | Chief Executive Officer | Direct | Sell | 9302026 | 63.17 | 16,000 | 1,010,672 | 5,698,042 | Form |
| 3 | Nevin, Katharine Caldwell | Direct | Buy | 9162026 | 64.23 | 231 | 14,837 | 70,268 | Form | |
| 4 | Mayer, Michael Goodwin | Direct | Sell | 5212026 | 58.58 | 44,324 | 2,596,500 | 2,430,568 | Form | |
| 5 | Capel, Mary Clara | Direct | Sell | 2032026 | 57.75 | 2,642 | 152,568 | 1,466,752 | Form | |
| 6 | Capel, Mary Clara | Direct | Sell | 1292026 | 57.26 | 2,500 | 143,143 | 1,605,584 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Regional Banks Resources |
| Bank Director |
| Independent Banker |
| S&P Global Market Intelligence |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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