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First Bancorp operates as the bank holding company for First Bank that provides banking products and services for individuals and businesses. The company accepts deposit products, such as checking, savings, and money market accounts; and time deposits, including certificate of deposits and individual retirement accounts. It also offers commercial business loans, commercial and residential real estate construction and mortgage loans, revolving lines of credit, and letters of credit, as well as loans for personal uses, home improvement, and automobiles; and accounts receivable financing and factoring, inventory financing, and purchase order financing services. In addition, the company provides credit and debit cards, safe deposit box rental services, and electronic funds transfer services consisting of wire transfers; and internet and mobile banking, mobile check deposit, cash management, bank-by-phone services, and remote deposit capture services. Further, it offers investment and insurance products, such as mutual funds, annuities, long-term care insurance, life insurance, and company retirement plans; property and casualty insurance products; and financial planning services. The company was founded in 1934 and is headquartered in Southern Pines, North Carolina.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $384M | - | $111M | $199M | 6.7% | 11.7% | 45.7% |
| 2024 | $344M | - | $76M | $172M | 5.3% | -13.8% | -26.8% |
| 2023 | $399M | - | $104M | $127M | 7.6% | 1.9% | -29.1% |
| 2022 | $392M | - | $147M | $225M | 14.2% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 391.56 | 399.01 | 343.84 | 384.04 |
| Operating Revenue | - | 391.56 | 399.01 | 343.84 | 384.04 |
| Selling General And Administration | - | 125.64 | 153.51 | 152.59 | 156.20 |
| Interest Income | - | 341.12 | 488.94 | 519.24 | 557.24 |
| Interest Expense | - | 16.10 | 142.10 | 186.97 | 158.99 |
| Net Interest Income | - | 325.02 | 346.84 | 332.27 | 398.25 |
| Pretax Income | - | 185.22 | 131.96 | 98.12 | 139.50 |
| Tax Provision | - | 38.28 | 27.82 | 21.90 | 28.45 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.97 | -2.86 | 0.05 | -0.05 |
| Net Income Continuous Operations | - | 146.94 | 104.13 | 76.22 | 111.05 |
| Net Income From Continuing And Discontinued Operation | - | 146.94 | 104.13 | 76.22 | 111.05 |
| Net Income From Continuing Operation Net Minority Interest | - | 146.94 | 104.13 | 76.22 | 111.05 |
| Net Income | - | 146.94 | 104.13 | 76.22 | 111.05 |
| Net Income Common Stockholders | - | 146.16 | 103.45 | 75.82 | 110.43 |
| Net Income Including Noncontrolling Interests | - | 146.94 | 104.13 | 76.22 | 111.05 |
| Normalized Income | - | 150.66 | 114.82 | 76.02 | 111.26 |
| Diluted NI Availto Com Stockholders | - | 146.16 | 103.45 | 75.82 | 110.43 |
| Basic Average Shares | - | 35.70 | 41.11 | 41.20 | 41.44 |
| Diluted Average Shares | - | 35.70 | 41.16 | 41.42 | 41.44 |
| Reconciled Depreciation | - | 15.33 | 19.21 | 17.88 | 14.93 |
| Total Unusual Items | - | -4.70 | -13.54 | 0.24 | -0.26 |
| Total Unusual Items Excluding Goodwill | - | -4.70 | -13.54 | 0.24 | -0.26 |
| Special Income Charges | - | -5.07 | -13.70 | 0 | 0 |
| Restructuring And Mergern Acquisition | - | 5.07 | 13.70 | 0 | 0 |
| Gain On Sale Of Security | - | 0 | 0 | -37.98 | -71.63 |
| Depreciation Amortization Depletion Income Statement | - | 3.68 | 8 | 6.60 | 5.67 |
| Depreciation And Amortization In Income Statement | - | 3.68 | 8 | 6.60 | 5.67 |
| General And Administrative Expense | - | 122.61 | 149.11 | 148.88 | 152.82 |
| Salaries And Wages | - | 117.72 | 139.85 | 140.02 | 144.18 |
| Insurance And Claims | - | 4.89 | 9.26 | 8.86 | 8.64 |
| Selling And Marketing Expense | - | 3.03 | 4.40 | 3.70 | 3.38 |
| Otherunder Preferred Stock Dividend | - | 0.78 | 0.68 | 0.39 | 0.62 |
| Amortization | - | 3.68 | 8 | 6.60 | 5.67 |
| Amortization Of Intangibles Income Statement | - | 3.68 | 8 | 6.60 | 5.67 |
| Occupancy And Equipment | - | 18.60 | 21.55 | 20.54 | 20.43 |
| Professional Expense And Contract Services Expense | - | 4.35 | 5.41 | 6.21 | 5.58 |
| Other Non Interest Expense | - | 36.59 | 47.07 | 43.35 | 45.16 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| First Bancorpthis co. | FBNC | $2.5B | 22.27↑ premium | 1.49 | 6.7% | - |
| Artisan Partners Asset Management Inc. | APAM | $2.7B | 9.16 | 6.06 | 66.2% | 5.35 |
| WaFd, Inc. | WAFD | $2.6B | 11.63 | 0.96 | 8.3% | - |
| Trustmark Corporation | TRMK | $2.6B | 11.51 | 1.22 | 10.6% | - |
| Customers Bancorp, Inc. | CUBI | $2.5B | 11.31 |
| - |
| - |
| - |
| - |
| 1.20 |
| 10.6% |
| - |
| SiriusPoint Ltd. | SPNT | $2.5B | 5.38 | 1.09 | 20.2% | - |
| NBT Bancorp Inc. | NBTB | $2.4B | 14.27 | 1.27 | 8.9% | - |
| The Western Union Company | WU | $2.4B | 4.82 | 2.52 | 52.2% | 4.15 |
| Beacon Financial Corporation | BBT | $2.4B | 26.55 | 0.96 | 3.6% | - |
| Peer Median | - | 11.41 | 1.21 | 10.6% | 4.75 | |