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what it is
First Bancorp is a regional bank that takes your deposits, makes loans, and earns the spread plus fees.
how it gets paid
Last year First Bancorp. Nc made $68M in revenue. commercial real estate and business lending was the main engine at $23M, or 34% of sales.
why growth slowed
Revenue fell 3.6% last year. The quarter looked better than the run-rate implied by the weak 2024 exit.
what just happened
The latest quarter delivered $0.49 EPS, while full-year 2024 EPS still landed at just $1.84 after a steep step-down from 2022.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
80/100 earnings predictability — you can trust these numbers
24.3x trailing p/e — priced about right
1.8% dividend yield — cash in your pocket every quarter
$1.84 fy2024 eps est
xvary composite: 61/100 — average
What they do
First Bancorp is a regional bank that takes your deposits, makes loans, and earns the spread plus fees.
Banking is still local when you need a mortgage or a small-business loan. FBNC had 113 branches across North Carolina and South Carolina as of September 30, 2025, plus 1,345 employees backing those relationships. Scale matters here: a branch network means physical reach, and physical reach means your checking account, your loan, and your business treasury services can sit in one place.
How they make money
$68M
annual revenue · their business grew -3.6% last year
commercial real estate and business lending
$23M
flat
residential mortgage and consumer lending
$15M
dn
deposit service charges and account fees
$12M
flat
sba, factoring, and inventory finance
$10M
up
cards, cash management, and other banking services
$8M
up
The products that matter
business lending and deposits
Commercial Banking
carolina loan engine
this is the heart of a bank with a $12.7B footprint, and it is where local credit quality will make or break the story.
regional core
consumer deposits and loans
Consumer Banking
funding base
for a company that generated $68M in annual revenue, deposit costs matter a lot. cheap funding lifts margins. expensive funding does the opposite.
deposit base
trust and advisory services
Wealth Management
fee income
in a $2B market cap bank, even a smaller fee stream matters because it is less tied to interest spreads than the core lending book.
diversifier
Key numbers
24.3x
trailing p/e
That is a rich multiple for a regional bank with just 1.5% past earnings growth. You are paying up for stability and hoping recovery shows up.
$68M
ttm revenue
This tells you the business is small. A few million dollars of credit costs can move the story a lot.
$92M
long-term debt
Debt is only 4% of capital, which means the balance sheet is not doing circus tricks to manufacture returns.
1.8%
dividend yield
You get some cash back while you wait, but this is not a high-yield bank story.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 60 / 100
- long-term debt $92M (4% of capital)
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for FBNC right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The latest quarter delivered $0.49 EPS, while full-year 2024 EPS still landed at just $1.84 after a steep step-down from 2022.
The quarter looked better than the run-rate implied by the weak 2024 exit, but the bigger picture is still the same. TTM revenue was $68M, down 3.6% vs. prior year, so you are still waiting for a clean growth rebound.
$17M
revenue
$0.49
latest eps
3.6%
revenue vs. last year
the number that mattered
The number that mattered was $1.84 in full-year 2024 EPS, because that sits far below $4.12 in 2022 and makes today's 24.3x multiple look crowded.
source: company earnings report, 2026
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What could go wrong
the top risk is carolinas credit concentration.
med
concentrated regional exposure
the whole $12.7B footprint sits in the carolinas. when one regional economy is the story, one regional slowdown can become the earnings call.
all of the core lending and deposit-gathering exposure sits in one geography.
med
profit quality looks noisy
a n/a net margin means reported profit currently exceeds reported revenue. that may be explainable. it still means you should not treat the headline margin like a normal operating number.
$76.2M net income on $70.1M revenue is a number that demands context.
med
scale disadvantage
at a $2B market cap, FBNC does not have the same efficiency budget, tech spend, or balance-sheet flexibility as larger regional banks.
if revenue stays near $68M, small changes in costs or credit can matter a lot.
med
capital returned is capital not retained
the $0.24 quarterly dividend helps support the stock, but every payout is cash that cannot also reinforce capital.
the yield is 1.8%, so you are getting some income — just not enough to ignore the credit cycle.
a bank with a $12.7B footprint, $70.1M in trailing revenue, and one-region exposure does not have many places to hide if local credit turns.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
whether quarterly revenue stays anywhere near $83.90M
that single quarter is larger than the $68M annual revenue line shown above. if that gap persists, the headline financial picture needs a rewrite.
calendar
april 27, 2026 dividend payment
the raised $0.24 quarterly dividend becomes real cash on that date. payout decisions tell you a lot about management's confidence.
risk
carolinas credit quality
this is a one-region bank. if local borrowers wobble, the diversification argument ends quickly because there is not much diversification to begin with.
trend
whether the 3.6% revenue decline was temporary
revenue fell 3.6% last year. the next few quarters need to show that the recent earnings strength is a trend, not a one-off.
Analyst rankings
earnings predictability
80 / 100
a high predictability score means results have usually been steady. in human-speak, analysts think this bank is more dependable than dramatic.
balance sheet strength
B++
above average, not elite. you are not buying a broken bank, but you are also not paying for fortress-quality numbers.
source: institutional data
Institutional activity
institutional ownership data for FBNC is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$58
current price
n/a
target midpoint · n/a from current
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