FIRST BANCORP /NC/ FBNC
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. In 1985, its name was changed to First Bank and in September 2013, the Company and the Bank moved their headquarters and main offices to Southern Pines, North Carolina.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $67.6M | $70.1M | $32.8M | $17.4M | $25.3M | $237.7M | $250.1M | $231.2M | $177.4M | $131.0M |
| Interest expense | $398.2M | $332.3M | $346.8M | $325.0M | $9.5M | $19.6M | $33.9M | $23.8M | $12.7M | $7.6M |
| Pre-tax income | $139.5M | $98.1M | $132.0M | $185.2M | $120.3M | $103.1M | $116.3M | $113.5M | $67.7M | $42.1M |
| Income tax | $28.5M | $21.9M | $27.8M | $38.3M | $24.7M | $21.7M | $24.2M | $24.2M | $21.8M | $14.6M |
| Net income | $111.0M | $76.2M | $104.1M | $146.9M | $95.6M | $81.5M | $92.0M | $89.3M | $46.0M | $27.5M |
| EPS, basic | 2.68 | 1.85 | 2.54 | 4.12 | 3.19 | 2.81 | 3.10 | 3.02 | 1.82 | 1.37 |
| EPS, diluted | 2.68 | 1.84 | 2.53 | 4.12 | 3.19 | 2.81 | 3.10 | 3.01 | 1.82 | 1.33 |
| Shares, diluted (wtd. avg.) | $41.5M | $41.3M | $41.2M | $35.7M | $30.0M | $29.0M | $29.7M | $29.7M | $25.3M | $20.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $309.6M | $507.5M | $237.9M | $270.3M | $461.2M | $367.3M | $231.3M | $462.9M | $489.5M | $306.0M |
| Property, plant and equipment | $139.1M | $143.5M | $151.0M | $134.2M | $136.1M | $120.5M | $114.9M | $119.0M | $116.2M | $75.4M |
| Goodwill | $478.8M | $478.8M | $478.8M | $364.3M | $364.3M | $239.3M | $234.4M | $234.4M | $233.1M | $75.0M |
| Other intangibles | $17.2M | $22.9M | $29.5M | $12.7M | $17.8M | $15.4M | $17.2M | $21.1M | $24.4M | $4.4M |
| Total assets | $12.67B | $12.15B | $12.11B | $10.63B | $10.51B | $7.29B | $6.14B | $5.86B | $5.55B | $3.61B |
| Short-term debt | $0 | $0 | $529.0M | $220.9M | $0 | $0 | $253.0M | $253.0M | — | — |
| Long-term debt | $74.6M | $91.9M | $630.2M | $287.5M | $67.4M | $61.8M | $300.7M | $406.6M | $410.7M | — |
| Total liabilities | $11.01B | $10.70B | $10.74B | $9.59B | $9.28B | $6.40B | $5.29B | $5.10B | $4.85B | $3.25B |
| Retained earnings | $829.7M | $756.3M | $716.4M | $648.4M | $532.9M | $478.5M | $417.8M | $341.7M | $264.3M | $225.9M |
| Total equity | $1.65B | $1.45B | $1.37B | $1.03B | $1.23B | $893.4M | $852.4M | $764.2M | $693.0M | $368.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $203.1M | $174.8M | $131.4M | $230.7M | $142.3M | $58.3M | $51.2M | $46.4M | $26.8M | $41.3M |
| Depreciation and amortisation | $6.8M | $7.8M | $7.8M | $6.9M | $6.2M | $5.8M | $5.8M | $6.1M | $5.5M | $4.6M |
| Stock-based compensation | $3.8M | $4.9M | $5.1M | $3.0M | $2.3M | $2.5M | $2.3M | $1.6M | $1.1M | $714.0K |
| Capital expenditure | $4.2M | $2.7M | $4.4M | $5.3M | $9.4M | $12.4M | $3.5M | $10.7M | $4.7M | $8.7M |
| Investing cash flow | -$562.1M | $169.7M | -$191.4M | -$713.4M | -$1.27B | -$961.5M | -$424.7M | -$313.3M | -$128.5M | -$240.1M |
| Financing cash flow | $161.0M | -$74.8M | $27.5M | $291.9M | $1.23B | $1.04B | $141.9M | $240.3M | $285.2M | $237.6M |
| Dividends paid | $37.3M | $36.2M | $34.9M | $30.7M | $22.2M | $20.9M | $13.7M | $11.3M | $7.6M | $6.4M |
| Buybacks | $991.0K | $0 | $0 | $0 | $4.0M | $31.9M | $10.0M | $0 | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000811589-26-000051.
Others in SIC 6022
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BNY | Bank of New York Mellon Corp | $111.84B | 22.3x | 7.8% |
| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
| FITB | FIFTH THIRD BANCORP | $49.76B | 15.5x | -5.0% |
| MTB | M&T BANK CORP | $34.64B | 14.1x | 7.5% |
| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $25.48B | 13.4x | -2.2% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |