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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 |
| Pretax Income | - | 185.22 | 131.96 | 98.12 | 139.50 |
| Tax Provision | - | 38.28 | 27.82 | 21.90 | 28.45 |
| Net Income | - | 146.94 | 104.13 | 76.22 | 111.05 |
| Net Income Common Stockholders | - | 146.16 | 103.45 | 75.82 | 110.43 |
| Interest Expense | - | 16.10 | 142.10 | 186.97 | 158.99 |
| Interest Income | - | 341.12 | 488.94 | 519.24 | 557.24 |
| Selling General And Administration | - | 125.64 | 153.51 | 152.59 | 156.20 |
| Normalized Income | - | 150.66 | 114.82 | 76.02 | 111.26 |
| Market Cap | 2,413.41 | 2,413.41 | 2,413.41 | 2,413.41 | 2,413.41 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| First Bancorpthis co. | FBNC | - | 21.73↑ premium | 1.46 | 6.7% | - |
| Seacoast Banking Corporation of Florida | SBCF | $2.8B | 21.13 | 1.13 | 5.3% | - |
| Merchants Bancorp | MBIN | $2.8B | 10.29 | 1.30 | 12.6% | - |
| Artisan Partners Asset Management Inc. | APAM | $2.7B | 9.24 | 6.11 | 66.2% | 5.40 |
| The Bancorp, Inc. | TBBK | $2.6B |
| - |
| - |
| - |
| - |
| 10.71 |
| 3.54 |
| 33.1% |
| - |
| Acadian Asset Management Inc. | AAMI | $2.5B | 30.27 | 39.96 | 132.0% | 14.22 |
| WisdomTree, Inc. | WT | $2.3B | 21.24 | 5.60 | 26.4% | 16.65 |
| Hilltop Holdings Inc. | HTH | $2.3B | 12.95 | 0.99 | 7.6% | - |
| Stewart Information Services Corporation | STC | $2.0B | 18.87 | 1.33 | 7.0% | - |
| Peer Median | - | 15.91 | 2.44 | 19.5% | 14.22 | |