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FBNC

First Bancorp NasdaqGS:FBNC Stock Report

Last Price

US$36.63

Market Cap

US$1.3b

7D

0.2%

1Y

-17.1%

Updated

18 May, 2022

Data

Company Financials +
FBNC fundamental analysis
Snowflake Score
Valuation4/6
Future Growth3/6
Past Performance2/6
Financial Health6/6
Dividends5/6

FBNC Stock Overview

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.

First Bancorp Competitors

Price History & Performance

Summary of all time highs, changes and price drops for First Bancorp
Historical stock prices
Current Share PriceUS$36.63
52 Week HighUS$50.92
52 Week LowUS$35.50
Beta1.18
1 Month Change-5.64%
3 Month Change-17.83%
1 Year Change-17.13%
3 Year Change0.60%
5 Year Change26.53%
Change since IPO1,243.10%

Recent News & Updates

Feb 10
First Bancorp (NASDAQ:FBNC) Is Increasing Its Dividend To US$0.22

First Bancorp (NASDAQ:FBNC) Is Increasing Its Dividend To US$0.22

The board of First Bancorp ( NASDAQ:FBNC ) has announced that it will be increasing its dividend on the 25th of April...

Shareholder Returns

FBNCUS BanksUS Market
7D0.2%1.5%2.7%
1Y-17.1%-16.6%-8.1%

Return vs Industry: FBNC exceeded the US Banks industry which returned -20.8% over the past year.

Return vs Market: FBNC underperformed the US Market which returned -10.8% over the past year.

Price Volatility

Is FBNC's price volatile compared to industry and market?
FBNC volatility
FBNC Average Weekly Movement4.7%
Banks Industry Average Movement3.9%
Market Average Movement7.8%
10% most volatile stocks in US Market16.9%
10% least volatile stocks in US Market2.9%

Stable Share Price: FBNC is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: FBNC's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19341,207Richard Moorehttps://localfirstbank.com

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. It accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificate of deposits and individual retirement accounts. The company also offers loans for a range of consumer and commercial purposes comprising loans for business, real estate, personal, home improvement, and automobiles, as well as residential mortgages and small business administration loans; and accounts receivable financing and factoring, inventory financing, and purchase order financing services.

First Bancorp Fundamentals Summary

How do First Bancorp's earnings and revenue compare to its market cap?
FBNC fundamental statistics
Market CapUS$1.33b
Earnings (TTM)US$100.92m
Revenue (TTM)US$321.54m

12.9x

P/E Ratio

1.2x

P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
FBNC income statement (TTM)
RevenueUS$321.54m
Cost of RevenueUS$0
Gross ProfitUS$321.54m
Other ExpensesUS$220.63m
EarningsUS$100.92m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)2.83
Gross Margin100.00%
Net Profit Margin31.39%
Debt/Equity Ratio6.0%

How did FBNC perform over the long term?

See historical performance and comparison

Dividends

2.4%

Current Dividend Yield

26%

Payout Ratio

Valuation

Is First Bancorp undervalued compared to its fair value and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • PE vs Industry

  • PE vs Market

  • PEG Ratio

  • PB vs Industry


>50%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: FBNC ($37.4) is trading below our estimate of fair value ($120.72)

Significantly Below Fair Value: FBNC is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: FBNC is poor value based on its PE Ratio (13.2x) compared to the US Banks industry average (9.7x).

PE vs Market: FBNC is good value based on its PE Ratio (13.2x) compared to the US market (15.5x).


Price to Earnings Growth Ratio

PEG Ratio: FBNC is good value based on its PEG Ratio (0.9x)


Price to Book Ratio

PB vs Industry: FBNC's PB Ratio (1.2x) is in line with the US Banks industry average.


Future Growth

How is First Bancorp forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

Future Growth Score

3/6

Future Growth Score 3/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


14.1%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FBNC's forecast earnings growth (14.1% per year) is above the savings rate (1.9%).

Earnings vs Market: FBNC's earnings (14.1% per year) are forecast to grow faster than the US market (12.5% per year).

High Growth Earnings: FBNC's earnings are forecast to grow, but not significantly.

Revenue vs Market: FBNC's revenue (8.4% per year) is forecast to grow faster than the US market (7.9% per year).

High Growth Revenue: FBNC's revenue (8.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: FBNC's Return on Equity is forecast to be low in 3 years time (13%).


Past Performance

How has First Bancorp performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


16.3%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: FBNC has high quality earnings.

Growing Profit Margin: FBNC's current net profit margins (31.4%) are lower than last year (32.9%).


Past Earnings Growth Analysis

Earnings Trend: FBNC's earnings have grown by 16.3% per year over the past 5 years.

Accelerating Growth: FBNC's earnings growth over the past year (10.9%) is below its 5-year average (16.3% per year).

Earnings vs Industry: FBNC earnings growth over the past year (10.9%) underperformed the Banks industry 20.9%.


Return on Equity

High ROE: FBNC's Return on Equity (9.1%) is considered low.


Financial Health

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

Financial Health Score

6/6

Financial Health Score 6/6

  • Asset Level

  • Allowance for Bad Loans

  • Low Risk Liabilities

  • Loan Level

  • Low Risk Deposits

  • Level of Bad Loans

Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: FBNC's Assets to Equity ratio (9.5x) is low.

Allowance for Bad Loans: FBNC has a sufficient allowance for bad loans (178%).

Low Risk Liabilities: 98% of FBNC's liabilities are made up of primarily low risk sources of funding.

Loan Level: FBNC has an appropriate level of Loans to Assets ratio (56%).

Low Risk Deposits: FBNC's Loans to Deposits ratio (64%) is appropriate.

Level of Bad Loans: FBNC has an appropriate level of bad loans (0.8%).


Dividend

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

Dividend Score

5/6

Dividend Score 5/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


2.40%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: FBNC's dividend (2.35%) is higher than the bottom 25% of dividend payers in the US market (1.54%).

High Dividend: FBNC's dividend (2.35%) is low compared to the top 25% of dividend payers in the US market (4.06%).


Stability and Growth of Payments

Stable Dividend: FBNC's dividends per share have been stable in the past 10 years.

Growing Dividend: FBNC's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (25.7%), FBNC's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: FBNC's dividends in 3 years are forecast to be well covered by earnings (20.8% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.4yrs

Average management tenure


CEO

Richard Moore (60 yo)

9.92yrs

Tenure

US$1,487,248

Compensation

Mr. Richard Hancock Moore has been the Chief Executive Officer of First BanCorp since June 11, 2012. Mr. Moore served as Treasurer of First Bancorp. He served as the Chief Executive Officer of First Bank s...


CEO Compensation Analysis

Compensation vs Market: Richard's total compensation ($USD1.49M) is below average for companies of similar size in the US market ($USD5.45M).

Compensation vs Earnings: Richard's compensation has increased by more than 20% in the past year.


Leadership Team

Experienced Management: FBNC's management team is considered experienced (3.4 years average tenure).


Board Members

Experienced Board: FBNC's board of directors are considered experienced (9.6 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: FBNC insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 25.1%.


Top Shareholders

Company Information

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


Key Information

  • Name: First Bancorp
  • Ticker: FBNC
  • Exchange: NasdaqGS
  • Founded: 1934
  • Industry: Regional Banks
  • Sector: Banks
  • Implied Market Cap: US$1.333b
  • Shares outstanding: 35.64m
  • Website: https://localfirstbank.com

Number of Employees


Location

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

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/05/18 00:00
End of Day Share Price2022/05/18 00:00
Earnings2022/03/31
Annual Earnings2021/12/31


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.