Canlı Haberler • May 25
First Bancorp Surpasses Q3 Revenue Forecasts With Strong Net Interest Income Growth First Bancorp reported Q3 revenue that was 3.6% above analyst expectations.
Revenue for the quarter was 21.1% higher year-on-year, driven by stronger net interest income.
The company outperformed many regional bank peers and the stock moved higher following the earnings release.
The key takeaway is that First Bancorp’s Q3 results reflect solid operational momentum relative to analyst expectations and to a regional banking sector facing pressure from fintech competition and rising regulatory costs.
You may want to monitor how sustainable the current level of net interest income is, particularly if funding costs, regulation, or competitive pressure from fintechs change from here. Recent Insider Transactions • May 22
Director recently sold US$2.6m worth of stock On the 20th of May, Michael Mayer sold around 44k shares on-market at roughly US$58.58 per share. This transaction amounted to 51% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$3.6m more than they bought in the last 12 months. Recent Insider Transactions Derivative • May 22
Director notifies of intention to sell stock Michael Mayer intends to sell 8k shares in the next 90 days after lodging an Intent To Sell Form on the 20th of May. If the sale is conducted around the recent share price of US$59.09, it would amount to US$474k. Since June 2025, Michael's direct individual holding has decreased from 104.85k shares to 86.83k. Company insiders have collectively sold US$1.0m more than they bought, via options and on-market transactions in the last 12 months. Duyuru • Apr 29
First Bancorp Announces Board Appointments First Bancorp announced the appointment of Kate Nevin and Peter Hans to its Board of Directors, effective immediately. Kate Nevin, CAIA, is President of TSWII Capital Advisors and Portfolio Manager for TSWII LP and TSWS LP, bringing more than 20 years of experience in alternative investment strategies. She is a leading advocate for values–aligned investing and expanding access to capital for women–led and diverse firms, and she serves on numerous limited partner advisory committees and nonprofit boards. Ms. Nevin holds a Bachelor of Arts degree from the University of North Carolina at Chapel Hill; completed the Executive Program at the University of Virginia Darden School of Business; and selected as a Diversity Leadership Fellow at the Riley Institute at Furman University. Peter Hans has served as President of the University of North Carolina System since 2020, leading a statewide public university system with a focus on low tuition, reduced student debt, and higher graduation rates. Previously having served as President of the North Carolina Community College System and as a senior policy advisor at both state and federal levels, President Hans earned degrees from University of North Carolina at Chapel Hill and a Master of Liberal Arts from Harvard University. Duyuru • Apr 23
First Bancorp Reports Charge Offs for the First Quarter Ended March 31, 2026 First Bancorp reported charge offs for the first quarter ended March 31, 2026. For the quarter, the company reported net charge-offs of $1.4 million. Duyuru • Mar 20
First Bancorp, Annual General Meeting, Apr 28, 2026 First Bancorp, Annual General Meeting, Apr 28, 2026. Location: 3620 six forks road, raleigh, north carolina 27609, United States Declared Dividend • Mar 16
Fourth quarter dividend of US$0.24 announced Shareholders will receive a dividend of US$0.24. Ex-date: 31st March 2026 Payment date: 27th April 2026 Dividend yield will be 1.7%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (34% payout ratio) and is expected to be well covered in 3 years' time (20% forecast payout ratio). The dividend has increased by an average of 12% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 64% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Mar 13
First Bancorp Announces Cash Dividend. Payable on April 27, 2026 First Bancorp declared a cash dividend on its common stock of $0.24 per share payable on April 27, 2026 to shareholders of record as of March 31, 2026. Recent Insider Transactions • Feb 04
Insider recently sold US$297k worth of stock On the 3rd of February, Mary Capel sold around 5k shares on-market at roughly US$59.31 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$664k more than they bought in the last 12 months. Price Target Changed • Feb 01
Price target increased by 7.1% to US$64.50 Up from US$60.20, the current price target is an average from 4 analysts. New target price is 11% above last closing price of US$57.93. Stock is up 31% over the past year. The company is forecast to post earnings per share of US$4.58 for next year compared to US$2.68 last year. Duyuru • Jan 22
First Bancorp Reports Net Loan Charge-Offs for the Fourth Quarter of 2025 First Bancorp reported net loan charge-offs for the fourth quarter of 2025. The provision for the fourth quarter of 2025 was driven by net charge-offs of $1.1 million and reserves related to $303.2 million of loan growth, partially offset by the $1.6 million reduction in reserves for potential credit exposure from Hurricane Helene. Declared Dividend • Dec 15
Third quarter dividend of US$0.23 announced Shareholders will receive a dividend of US$0.23. Ex-date: 31st December 2025 Payment date: 25th January 2026 Dividend yield will be 1.7%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (38% payout ratio) and is expected to be well covered in 3 years' time (21% forecast payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 64% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Dec 12
First Bancorp Announces Cash Dividend, Payable on January 25, 2026 The Board of Directors of First Bancorp has declared a cash dividend on its common stock of $0.23 per share payable on January 25, 2026 to shareholders of record as of December 31, 2025. Duyuru • Oct 30
First Bancorp and First Bank Appoints G. Adam Currie to Board, Effective October 30, 2025 First Bancorp and First Bank announced that G. Adam Currie, Chief Executive Officer of First Bank, has been appointed to the Boards of Directors of both First Bank and First Bancorp, effective immediately. Currie was named CEO of First Bank in February 2025, following a tenure as President, Chief Banking Officer, and Regional President. Since joining First Bank in 2015, Currie has been instrumental in expanding the Bank's presence across North and South Carolina, driving innovation and strengthening relationships with customers and communities. Currie demonstrates a steadfast commitment to delivering value for shareholders and strong financial performance for the company. Prior to First Bank, Currie held senior leadership roles at PNC Capital Markets and RBC Bank and began his career at Bank of America. He holds a Bachelor of Arts in Economics from the University of North Carolina at Chapel Hill and is a graduate of the Graduate School of Banking at Louisiana State University. Buy Or Sell Opportunity • Oct 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.9% to US$47.66. The fair value is estimated to be US$60.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 19%. Revenue is forecast to grow by 45% in 2 years. Earnings are forecast to grow by 97% in the next 2 years. Declared Dividend • Sep 15
Second quarter dividend of US$0.23 announced Shareholders will receive a dividend of US$0.23. Ex-date: 29th September 2025 Payment date: 25th October 2025 Dividend yield will be 1.7%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 30% over the next year, which should provide support to the dividend and adequate earnings cover. Duyuru • Sep 12
First Bancorp Announces Cash Dividend, Payable on October 25, 2025 The Board of Directors of First Bancorp has declared a cash dividend on its common stock of $0.23 per share payable on October 25, 2025 to shareholders of record as of September 30, 2025. Price Target Changed • Jul 29
Price target increased by 7.8% to US$53.00 Up from US$49.19, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of US$51.04. Stock is up 22% over the past year. The company is forecast to post earnings per share of US$3.66 for next year compared to US$1.85 last year. Reported Earnings • Jul 24
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.93 (up from US$0.70 in 2Q 2024). Revenue: US$108.8m (up 14% from 2Q 2024). Net income: US$38.6m (up 35% from 2Q 2024). Profit margin: 35% (up from 30% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 7.1%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Declared Dividend • Jun 18
First quarter dividend increased to US$0.23 Dividend of US$0.23 is 4.5% higher than last year. Ex-date: 30th June 2025 Payment date: 25th July 2025 Dividend yield will be 2.2%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 29% over the next year, which should provide support to the dividend and adequate earnings cover. Duyuru • Jun 13
First Bancorp Declares Cash Dividend, Payable on July 25, 2025 The Board of Directors of First Bancorp has declared a cash dividend on its common stock of $0.23 per share payable on July 25, 2025 to shareholders of record as of June 30, 2025. This represents an increase from $0.22 per share paid in the prior quarter. Recent Insider Transactions • May 25
Independent Director recently bought US$239k worth of stock On the 22nd of May, Frederick Taylor bought around 6k shares on-market at roughly US$41.26 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold US$3.3m more in shares than they bought in the last 12 months. Reported Earnings • Apr 25
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: US$0.88 (up from US$0.61 in 1Q 2024). Revenue: US$104.7m (up 15% from 1Q 2024). Net income: US$36.4m (up 45% from 1Q 2024). Profit margin: 35% (up from 28% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 13%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Duyuru • Mar 21
First Bancorp, Annual General Meeting, Apr 29, 2025 First Bancorp, Annual General Meeting, Apr 29, 2025. Location: 300 sw broad street, southern pines north carolina 28387, United States Declared Dividend • Mar 17
Fourth quarter dividend of US$0.22 announced Dividend of US$0.22 is the same as last year. Ex-date: 31st March 2025 Payment date: 25th April 2025 Dividend yield will be 2.2%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (48% payout ratio) and is expected to be well covered in 3 years' time (27% forecast payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 67% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Mar 14
First Bancorp Declares Cash Dividend, Payable on April 25, 2025 The Board of Directors of First Bancorp declared a cash dividend on its common stock of $0.22 per share payable on April 25, 2025 to shareholders of record as of March 31, 2025. Reported Earnings • Feb 28
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: US$1.85 (down from US$2.54 in FY 2023). Revenue: US$333.7m (down 14% from FY 2023). Net income: US$75.8m (down 27% from FY 2023). Profit margin: 23% (down from 27% in FY 2023). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 2.91% (down from 3.06% in FY 2023). Non-performing loans: 0.52% (down from 0.54% in FY 2023). Revenue missed analyst estimates by 9.2%. Earnings per share (EPS) also missed analyst estimates by 27%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Jan 30
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: US$1.85 (down from US$2.54 in FY 2023). Revenue: US$333.7m (down 14% from FY 2023). Net income: US$76.2m (down 26% from FY 2023). Profit margin: 23% (down from 27% in FY 2023). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 2.91% (down from 3.06% in FY 2023). Non-performing loans: 0.52% (down from 0.54% in FY 2023). Revenue missed analyst estimates by 9.2%. Earnings per share (EPS) also missed analyst estimates by 27%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Duyuru • Jan 30
First Bancorp Announces Net Charge Offs for the Fourth Quarter Ended December 31, 2024 First Bancorp announced net charge offs for the fourth quarter ended December 31, 2024. For the quarter, Company recorded net charge offs of $0.9 million, an annualized 0.04% of average loans. Declared Dividend • Dec 19
Third quarter dividend of US$0.22 announced Dividend of US$0.22 is the same as last year. Ex-date: 31st December 2024 Payment date: 25th January 2025 Dividend yield will be 2.0%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (35% payout ratio) and is expected to be well covered in 3 years' time (28% forecast payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 31% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Dec 13
First Bancorp Declares Cash Dividend on Its Common Stock, Payable on January 25, 2025 The Board of Directors of First Bancorp has declared a cash dividend on its common stock of $0.22 per share payable on January 25, 2025 to shareholders of record as of December 31, 2024. Price Target Changed • Dec 04
Price target increased by 8.4% to US$51.63 Up from US$47.63, the current price target is an average from 2 analysts. New target price is 8.4% above last closing price of US$47.64. Stock is up 44% over the past year. The company is forecast to post earnings per share of US$2.51 for next year compared to US$2.54 last year. Recent Insider Transactions • Nov 29
Lead Independent Director recently sold US$274k worth of stock On the 26th of November, James Crawford sold around 6k shares on-market at roughly US$49.22 per share. This transaction amounted to 6.3% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$869k. Insiders have been net sellers, collectively disposing of US$3.5m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Nov 27
Lead Independent Director notifies of intention to sell stock James Crawford intends to sell 6k shares in the next 90 days after lodging an Intent To Sell Form on the 26th of November. If the sale is conducted around the recent share price of US$49.22, it would amount to US$274k. Since March 2024, James' direct individual holding has increased from 87.06k shares to 88.25k. Company insiders have collectively sold US$3.2m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Oct 24
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: EPS: US$0.45 (down from US$0.73 in 3Q 2023). Revenue: US$82.4m (down 17% from 3Q 2023). Net income: US$18.7m (down 37% from 3Q 2023). Profit margin: 23% (down from 30% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 36%. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Price Target Changed • Oct 02
Price target increased by 9.5% to US$47.63 Up from US$43.50, the current price target is an average from 2 analysts. New target price is 17% above last closing price of US$40.62. Stock is up 47% over the past year. The company is forecast to post earnings per share of US$2.72 for next year compared to US$2.54 last year. Price Target Changed • Sep 25
Price target increased by 13% to US$46.13 Up from US$41.00, the current price target is an average from 2 analysts. New target price is 11% above last closing price of US$41.41. Stock is up 48% over the past year. The company is forecast to post earnings per share of US$2.71 for next year compared to US$2.54 last year. Recent Insider Transactions • Sep 25
Independent Director recently sold US$869k worth of stock On the 23rd of September, Suzanne DeFerie sold around 20k shares on-market at roughly US$43.94 per share. This transaction amounted to 23% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$2.3m. Insiders have been net sellers, collectively disposing of US$3.2m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Sep 23
Independent Director notifies of intention to sell stock Suzanne DeFerie intends to sell 18k shares in the next 90 days after lodging an Intent To Sell Form on the 20th of September. If the sale is conducted around the recent share price of US$43.96, it would amount to US$780k. Since March 2024, Suzanne's direct individual holding has increased from 86.08k shares to 87.27k. Company insiders have collectively sold US$2.3m more than they bought, via options and on-market transactions in the last 12 months. Declared Dividend • Sep 16
Second quarter dividend of US$0.22 announced Dividend of US$0.22 is the same as last year. Ex-date: 30th September 2024 Payment date: 25th October 2024 Dividend yield will be 2.1%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 2.9% over the next year, which should provide support to the dividend and adequate earnings cover. Duyuru • Sep 13
First Bancorp Declares Cash Dividend on Its Common Stock, Payable on October 25, 2024 First Bancorp has declared a cash dividend on its common stock of $0.22 per share payable on October 25, 2024 to shareholders of record as of September 30, 2024. Major Estimate Revision • Jul 31
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from US$379.0m to US$387.1m. EPS estimate increased from US$2.42 to US$2.72 per share. Net income forecast to grow 3.2% next year vs 8.5% growth forecast for Banks industry in the US. Consensus price target up from US$41.00 to US$43.50. Share price rose 6.4% to US$41.84 over the past week. Duyuru • Jul 31
First Bancorp Announces Retirement of Mason Y. Garrett as Board of Directors The Board of Directors of First Bancorp announced the retirement of Mason Y. Garrett from the First Bancorp and First Bank Board of Directors effective July 26, 2024. Mr. Garrett was the Founder and Chairman of the Board of Directors of GrandSouth Bank and CEO of GrandSouth Bancorporation from 1998 until its merger with the Company in 2023, at which time he joined the Company's Board of Directors. He was a member of the Executive & Loan Committeeof First Bank. Mr. Garrett has over 50 years of banking experience, including roles as President and Chief Executive Officer and Chairman of the Board of several Upstate South Carolina banks. He co-founded First United Bancorporation an Anderson, SC bank, in 1984 and served as its Chief Executive Officer until its sale to Regions Financial Corporation in March 1998, prior to co-founding GrandSouth Bank and GrandSouth Bancorporation. Reported Earnings • Jul 25
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: US$0.70 (down from US$0.72 in 2Q 2023). Revenue: US$95.2m (down 3.4% from 2Q 2023). Net income: US$28.7m (down 1.7% from 2Q 2023). Profit margin: 30% (in line with 2Q 2023). Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to US$37.90, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 12x in the Banks industry in the US. Total returns to shareholders of 5.4% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$52.54 per share. Declared Dividend • Jun 17
First quarter dividend of US$0.22 announced Dividend of US$0.22 is the same as last year. Ex-date: 28th June 2024 Payment date: 25th July 2024 Dividend yield will be 2.9%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 1.5% over the next year, which should provide support to the dividend and adequate earnings cover. Duyuru • Jun 15
First Bancorp Declares Cash Dividend on Its Common Stock, Payable on July 25, 2024 The Board of Directors of First Bancorp has declared a cash dividend on its common stock of $0.22 per share payable on July 25, 2024 to shareholders of record as of June 30, 2024. Duyuru • May 15
First Bancorp Announces Executive Changes First Bancorp announced the expansion of its executive leadership team in order to enhance the execution of its long-term strategic plan. Effective May 13, 2024, Christian Wilson was named Executive Vice President and Chief Operating Officer of the Bank, reporting to Adam Currie, President of First Bank. Wilson has most recently spent 10 years with Fiserv in New York City overseeing Credit, Fraud and Risk, both on a national and global scale. Prior to his time at Fiserv, he served as a team leader of the Secret Service Electronic Crimes Task Force. Christian has expert knowledge in operations and strategy across cyber, controls, regulatory review, credit management and fraud functions within financial services. He is a Guilford County, N.C. native and was a Park Scholar at N.C. State University and will office in Greensboro. Donna Ward has assumed the new position of Chief Transformation Officer of First Bank as of May 13, 2024. Donna will be focused specifically on change leadership and project management preparing the Bank and associates for enterprise-wide organizational changes that will accompany continued growth. Having been with First Bank over 27 years, Donna has witnessed significant change and has already earned a strong reputation as a change leader and advocate through acquisitions and systems integrations and conversions. In addition, on May 13, 2024, Brent Hicks joined the Bank as Executive Vice President and Chief Accounting Officer(“CAO”), reporting to Elizabeth Bostian, Chief Financial Officer. Brent’s expertise as an audit and risk expert in Finance at BB&T/Truist, as well as in the Chief Accounting Officer role at a $26 billion bank will align directly with the expertise needed as the Bank expands. Effective with Brent’s joining the Bank, Blaise Buczkowski will shift from CAO responsibilities to the role of Executive Vice President of Corporate Finance, leading the financial analysis, forecasting, integration and planning functions for the Bank. While Blaise has been performing many of these functions since joining the Bank in 2017, she will now be focused on building a comprehensive financial view of the company that will leverage financial data for strategic planning and informed decision-making. Brent also will office in Greensboro. Reported Earnings • Apr 25
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: US$0.61 (up from US$0.37 in 1Q 2023). Revenue: US$91.0m (down 2.5% from 1Q 2023). Net income: US$25.3m (up 68% from 1Q 2023). Profit margin: 28% (up from 16% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) also missed analyst estimates by 3.2%. Revenue is forecast to grow 4.6% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 10% per year. Duyuru • Mar 21
First Bancorp, Annual General Meeting, May 02, 2024 First Bancorp, Annual General Meeting, May 02, 2024, at 13:30 US Eastern Standard Time. Location: Main Office of First Bank, located at 300 SW Broad Street, Southern Pines, North Carolina 28387 South Carolina United States Agenda: To elect 15 nominees to the Board of Directors to serve until the 2025 annual meeting of shareholders or until their successors are elected and qualified; To ratify the appointment of BDO USA, LLP as the independent auditors of the Company for 2024; To approve, on a non-binding advisory basis, the compensation paid to the Company’s named executive officers, as disclosed in the accompanying Proxy Statement; To approve the First Bancorp 2024 Equity Plan. Upcoming Dividend • Mar 20
Upcoming dividend of US$0.22 per share Eligible shareholders must have bought the stock before 27 March 2024. Payment date: 25 April 2024. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of American dividend payers (4.8%). Lower than average of industry peers (3.0%). Declared Dividend • Mar 18
Fourth quarter dividend of US$0.22 announced Dividend of US$0.22 is the same as last year. Ex-date: 27th March 2024 Payment date: 25th April 2024 Dividend yield will be 2.6%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (35% payout ratio) and is expected to be well covered in 3 years' time (31% forecast payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 16% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Mar 15
First Bancorp Declares Cash Dividend, Payable on April 25, 2024 The Board of Directors of First Bancorp declared a cash dividend on its common stock of $0.22 per share payable on April 25, 2024 to shareholders of record as of March 31, 2024. Reported Earnings • Mar 03
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: US$2.54 (down from US$4.12 in FY 2022). Revenue: US$386.3m (up 3.5% from FY 2022). Net income: US$103.4m (down 29% from FY 2022). Profit margin: 27% (down from 39% in FY 2022). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 3.06% (down from 3.28% in FY 2022). Non-performing loans: 0.54% (down from 0.56% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.2%. Revenue is forecast to grow 4.6% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 7% per year. New Risk • Jan 26
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 27% Last year net profit margin: 39% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (27% net profit margin). Shareholders have been diluted in the past year (15% increase in shares outstanding). Reported Earnings • Jan 26
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: US$2.53 (down from US$4.12 in FY 2022). Revenue: US$386.3m (up 3.5% from FY 2022). Net income: US$104.1m (down 29% from FY 2022). Profit margin: 27% (down from 39% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.2%. Revenue is forecast to grow 4.4% p.a. on average during the next 2 years, compared to a 5.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has remained flat. Price Target Changed • Dec 24
Price target increased by 7.6% to US$37.13 Up from US$34.50, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of US$37.49. Stock is down 14% over the past year. The company is forecast to post earnings per share of US$2.57 for next year compared to US$4.12 last year. Upcoming Dividend • Dec 21
Upcoming dividend of US$0.22 per share at 2.4% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 25 January 2024. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of American dividend payers (4.6%). Lower than average of industry peers (3.2%). Duyuru • Dec 15
First Bancorp Declares Cash Dividend, Payable on January 25, 2024 The Board of Directors of First Bancorp has declared a cash dividend on its common stock of $0.22 per share payable on January 25, 2024 to shareholders of record as of December 31, 2023. Reported Earnings • Oct 26
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: US$0.73 (down from US$1.06 in 3Q 2022). Revenue: US$99.9m (up 6.1% from 3Q 2022). Net income: US$29.9m (down 21% from 3Q 2022). Profit margin: 30% (down from 40% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 7.7%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 6% per year. Upcoming Dividend • Sep 21
Upcoming dividend of US$0.22 per share at 3.2% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 25 October 2023. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of American dividend payers (5.0%). Lower than average of industry peers (3.7%). Duyuru • Sep 16
First Bancorp Declares Cash Dividend on Its Common Stock, Payable on October 25, 2023 The Board of Directors of First Bancorp has declared a cash dividend on its common stock of $0.22 per share payable on October 25, 2023 to shareholders of record as of September 30, 2023. Recent Insider Transactions • Aug 31
Insider recently sold US$1.8m worth of stock On the 29th of August, Mason Garrett sold around 61k shares on-market at roughly US$29.88 per share. This transaction amounted to 7.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$1.7m more than they bought in the last 12 months. New Risk • Aug 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (15% increase in shares outstanding). Reported Earnings • Jul 28
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: US$0.71 (down from US$1.03 in 2Q 2022). Revenue: US$98.9m (up 5.2% from 2Q 2022). Net income: US$29.4m (down 19% from 2Q 2022). Profit margin: 30% (down from 39% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.8%. Earnings per share (EPS) also missed analyst estimates by 4.1%. Revenue is forecast to grow 9.0% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jul 17
Price target decreased by 8.4% to US$36.65 Down from US$40.00, the current price target is an average from 5 analysts. New target price is 15% above last closing price of US$31.97. Stock is down 8.4% over the past year. The company is forecast to post earnings per share of US$2.59 for next year compared to US$4.12 last year. Upcoming Dividend • Jun 22
Upcoming dividend of US$0.22 per share at 2.7% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 25 July 2023. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of American dividend payers (4.9%). Lower than average of industry peers (3.6%). Duyuru • Jun 16
First Bancorp Declares Cash Dividend, Payable on July 25, 2023 The Board of Directors of First Bancorp declared a cash dividend on its common stock of $0.22 per share payable on July 25, 2023 to shareholders of record as of June 30, 2023. Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$35.24, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 8x in the Banks industry in the US. Total returns to shareholders of 42% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$60.21 per share. Major Estimate Revision • May 03
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$452.7m to US$434.0m. EPS estimate also fell from US$3.36 per share to US$2.79 per share. Net income forecast to shrink 3.6% next year vs 5.7% decline forecast for Banks industry in the US. Consensus price target down from US$44.75 to US$40.55. Share price fell 9.4% to US$28.47 over the past week. Price Target Changed • May 03
Price target decreased by 9.4% to US$40.55 Down from US$44.75, the current price target is an average from 5 analysts. New target price is 40% above last closing price of US$28.90. Stock is down 23% over the past year. The company is forecast to post earnings per share of US$2.79 for next year compared to US$4.12 last year. Reported Earnings • Apr 29
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: US$0.37 (down from US$0.95 in 1Q 2022). Revenue: US$93.5m (up 1.1% from 1Q 2022). Net income: US$15.2m (down 55% from 1Q 2022). Profit margin: 16% (down from 37% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) also missed analyst estimates by 40%. Revenue is forecast to grow 8.3% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 7% per year. Upcoming Dividend • Mar 23
Upcoming dividend of US$0.22 per share at 2.5% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 25 April 2023. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of American dividend payers (4.6%). Lower than average of industry peers (3.6%). Reported Earnings • Mar 06
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: US$4.12 (up from US$3.19 in FY 2021). Revenue: US$373.1m (up 22% from FY 2021). Net income: US$146.2m (up 54% from FY 2021). Profit margin: 39% (up from 31% in FY 2021). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.28% (up from 3.16% in FY 2021). Non-performing loans: 0.56% (down from 0.81% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jan 26
Full year 2022 earnings: Revenues in line with analyst expectations Full year 2022 results: Revenue: US$380.4m (up 25% from FY 2021). Net income: US$146.9m (up 54% from FY 2021). Profit margin: 39% (up from 31% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Banks industry in the US. Upcoming Dividend • Dec 22
Upcoming dividend of US$0.22 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 25 January 2023. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of American dividend payers (4.5%). Lower than average of industry peers (3.2%). Duyuru • Dec 16
First Bancorp Announces Cash Dividend, Payable on January 25, 2023 The Board of Directors of First Bancorp has declared a cash dividend on its common stock of $0.22 per share payable on January 25, 2023 to shareholders of record as of December 31, 2022. Price Target Changed • Nov 16
Price target increased to US$50.00 Up from US$46.70, the current price target is an average from 5 analysts. New target price is 7.9% above last closing price of US$46.34. Stock is down 5.0% over the past year. The company is forecast to post earnings per share of US$4.06 for next year compared to US$3.19 last year. Price Target Changed • Nov 03
Price target increased to US$50.00 Up from US$46.70, the current price target is an average from 5 analysts. New target price is 14% above last closing price of US$43.88. Stock is down 9.3% over the past year. The company is forecast to post earnings per share of US$4.06 for next year compared to US$3.19 last year. Reported Earnings • Oct 27
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: US$1.06 (up from US$0.97 in 3Q 2021). Revenue: US$94.1m (up 25% from 3Q 2021). Net income: US$37.9m (up 38% from 3Q 2021). Profit margin: 40% (up from 37% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.0%. Earnings per share (EPS) also surpassed analyst estimates by 8.7%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 4% per year. Upcoming Dividend • Sep 22
Upcoming dividend of US$0.22 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 25 October 2022. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (3.2%). Duyuru • Sep 16
First Bancorp Declares Cash Dividend, Payable on October 25, 2022 The Board of Directors of First Bancorp has declared a cash dividend on its common stock of $0.22 per share payable on October 25, 2022 to shareholders of record as of September 30, 2022. The $0.22 dividend rate represents a 10% increase over the dividend rate of $0.20 paid in the comparable period of 2021. Reported Earnings • Jul 28
Second quarter 2022 earnings: EPS exceeds analyst expectations Second quarter 2022 results: EPS: US$1.03. Revenue: US$95.5m (up 22% from 2Q 2021). Net income: US$36.6m (up 26% from 2Q 2021). Profit margin: 38% (up from 37% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 10%. Over the next year, revenue is forecast to grow 28%, compared to a 15% growth forecast for the industry in the US.