NasdaqGS:FBNC

Stock Analysis Report

Executive Summary

First Bancorp operates as the bank holding company for First Bank that provides banking products and services for individuals and small to medium-sized businesses primarily in North Carolina and northeastern South Carolina.

Snowflake

Fundamentals

Excellent balance sheet with proven track record.


Similar Companies

Share Price & News

How has First Bancorp's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-1.2%

NasdaqGS:FBNC

-0.4%

US Banks

-0.3%

US Market


1 Year Return

-14.5%

NasdaqGS:FBNC

-5.7%

US Banks

3.9%

US Market

FBNC underperformed the Banks industry which returned -7.3% over the past year.

FBNC underperformed the Market in United States of America which returned 3.4% over the past year.


Share holder returns

FBNCIndustryMarket
7 Day-1.2%-0.4%-0.3%
30 Day-3.3%2.3%2.3%
90 Day-3.8%-0.3%2.3%
1 Year-13.5%-14.5%-3.1%-5.7%6.2%3.9%
3 Year95.5%88.8%56.9%46.2%46.4%36.7%
5 Year126.7%111.2%63.3%45.8%59.6%41.8%

Price Volatility Vs. Market

How volatile is First Bancorp's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is First Bancorp undervalued based on future cash flows and its price relative to the stock market?

11.43x

Price to Earnings (PE) ratio


Intrinsic Value Based on Future Cash Flows

First Bancorp's share price is above the future cash flow value, it's not available at a moderate discount (< 20%).

First Bancorp's share price is above the future cash flow value, it's not available at a substantial discount (< 40%).


Price Based on Earnings

First Bancorp is good value based on earnings compared to the US Banks industry average.

First Bancorp is good value based on earnings compared to the United States of America market.


Price Based on Expected Growth

First Bancorp is poor value based on expected growth next year.


Price Based on Value of Assets

First Bancorp is overvalued based on assets compared to the US Banks industry average.


Next Steps

Future Growth

How is First Bancorp expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

0.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

First Bancorp's revenue is expected to grow by 6.5% yearly, however this is not considered high growth (20% yearly).

First Bancorp's earnings are expected to grow by 0.2% yearly, however this is not considered high growth (20% yearly).

First Bancorp's revenue growth is positive but not above the United States of America market average.

First Bancorp's earnings growth is positive but not above the United States of America market average.

First Bancorp's earnings growth is positive but not above the low risk savings rate of 2.7%.


Earnings per Share Growth Estimates


Future Return on Equity

Unable to establish if First Bancorp will efficiently use shareholders’ funds in the future without estimates of Return on Equity.


Next Steps

Past Performance

How has First Bancorp performed over the past 5 years?

31.7%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

First Bancorp has delivered over 20% year on year earnings growth in the past 5 years.

First Bancorp's 1-year earnings growth exceeds its 5-year average (53.8% vs 31.7%)

First Bancorp's earnings growth has exceeded the US Banks industry average in the past year (53.8% vs 40.8%).


Return on Equity

First Bancorp has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

First Bancorp used its assets more efficiently than the US Banks industry average last year based on Return on Assets.


Return on Capital Employed

Unable to establish if First Bancorp improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.


Next Steps

Financial Health

How is First Bancorp's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

First Bancorp has an acceptable proportion of non-loan assets held.

First Bancorp has a low allowance for bad loans.

First Bancorp's liabilities are made up of primarily low risk sources of funding.

First Bancorp's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).

Loans at First Bancorp are broadly funded by customer deposits.

First Bancorp has an acceptable level of bad loans (less than 2%).


Next Steps

Dividend

What is First Bancorp's current dividend yield, its reliability and sustainability?

1.35%

Expected Dividend Yield


Dividend Yield and Payments Analysis

First Bancorp's pays a lower dividend yield than the bottom 25% of dividend payers in United States of America (1.43%).

First Bancorp's dividend is below the markets top 25% of dividend payers in United States of America (3.76%).

Dividends per share have been volatile in the past 10 years (annual drop of over 20%).

Dividends per share have fallen over the past 10 years.


Current Payout to Shareholders

Dividends paid are thoroughly covered by earnings (7.3x coverage).


Future Payout to Shareholders

Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.


Next Steps

Management

What is the CEO of First Bancorp's salary, the management and board of directors tenure and is there insider trading?

11.8yrs

Average board tenure


CEO

Richard Moore (58yo)

7.1yrs

Tenure

US$1,232,617

Compensation

Mr. Richard Hancock Moore has been the Chief Executive Officer of First BanCorp since June 11, 2012. Mr. Moore serves as the Managing Director of San Diego-based Relational Investors LLC, a Registered Inve ...


CEO Compensation Analysis

Richard's remuneration is lower than average for companies of similar size in United States of America.

Richard's compensation has been consistent with company performance over the past year, both up more than 20%.


Board Age and Tenure

11.8yrs

Average Tenure

62yo

Average Age

The average tenure for the First Bancorp board of directors is over 10 years, this suggests they are a seasoned and experienced board.


Insider Trading

First Bancorp individual insiders have only sold shares in the past 3 months.


Recent Insider Transactions

SellUS$36,30014 Jun 19
Mary Capel
EntityIndividual
Role
Member of the Board of Directors
Shares1,000
Max PriceUS$36.30
SellUS$35,50003 Jun 19
Mary Capel
EntityIndividual
Role
Member of the Board of Directors
Shares1,000
Max PriceUS$35.50
BuyUS$100,32327 Dec 18
Richard Moore
EntityIndividual
Role
CEO & Director
Member of the Board of Directors
Shares3,200
Max PriceUS$31.35
BuyUS$49,73820 Sep 18
Richard Moore
EntityIndividual
Role
CEO & Director
Member of the Board of Directors
Shares1,250
Max PriceUS$39.79
BuyUS$199,00019 Sep 18
Suzanne DeFerie
EntityIndividual
Shares5,000
Max PriceUS$39.80
SellUS$31,79121 Aug 18
Mary Capel
EntityIndividual
Role
Member of the Board of Directors
Shares750
Max PriceUS$42.39

Ownership Breakdown


Management Team

  • Eric Credle (51yo)

    President & CFO

    • Compensation: $601.61k
  • Elsie Alvarez

    Senior Vice President of First Bank

  • Mike Mayer (58yo)

    President & Director

    • Tenure: 3.4yrs
    • Compensation: $1.06m
  • Richard Moore (58yo)

    CEO & Director

    • Tenure: 7.1yrs
    • Compensation: $1.23m
  • Elizabeth Bostian

    Executive VP & Secretary


Board Members

  • Mary Capel (61yo)

    Director

    • Tenure: 14.2yrs
    • Compensation: $64.00k
  • Jim Crawford (63yo)

    Chairman of the Board

    • Tenure: 2.5yrs
    • Compensation: $81.90k
  • Tommy Phillips (74yo)

    Director

    • Tenure: 19.3yrs
    • Compensation: $64.00k
  • O. Sloan (58yo)

    Director

    • Tenure: 4.2yrs
    • Compensation: $64.00k
  • Richard Moore (58yo)

    CEO & Director

    • Tenure: 9.3yrs
    • Compensation: $1.23m
  • Daniel Blue (69yo)

    Director

    • Tenure: 9.3yrs
    • Compensation: $64.00k
  • Dennis Wicker (67yo)

    Director

    • Tenure: 18.3yrs
    • Compensation: $64.00k
  • Mike Mayer (58yo)

    President & Director

    • Tenure: 2.4yrs
    • Compensation: $1.06m
  • Virginia Thomasson (68yo)

    Director

    • Tenure: 19.3yrs
    • Compensation: $74.00k
  • Frederick Taylor (50yo)

    Director

    • Tenure: 14.2yrs
    • Compensation: $64.00k

Company Information

First Bancorp's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: First Bancorp
  • Ticker: FBNC
  • Exchange: NasdaqGS
  • Founded: 1934
  • Industry: regional banks
  • Sector: banks
  • Market Cap: US$1.045b
  • Shares outstanding: 29.75m
  • Website: Click here

Number of Employees


Location

  • First Bancorp
  • 300 SW Broad Street
  • Southern Pines
  • North Carolina
  • 28387
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FBNCNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDApr 1987

Biography

First Bancorp operates as the bank holding company for First Bank that provides banking products and services for individuals and small to medium-sized businesses primarily in North Carolina and northeaste ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/07/18 23:40
End of Day Share Price2019/07/18 00:00
Earnings2019/03/31
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.