FBNC Research | Milton Maxwell

FBNC

First Bancorp

53.55

+0.08+0.15%

Dec 16, 4:00:02 PM EST

Upcoming Earnings

Report date

≈ -/-

Earnings Call Transcripts

This Quarter (Q1 '26)

No earnings call transcript available yet

Last Quarter (Q4 '25)

No earnings call transcript available

Key Stats

Market Cap

2.22B

P/E (TTM)

22.50

Basic EPS (TTM)

2.38

Dividend Yield

0.02%

Recent Filings

8-K

FBNC hikes dividend to $0.24

3/13/26Mar 13, 2026

First Bancorp declared a $0.24 per share cash dividend on March 13, 2026, payable April 27 to shareholders of record March 31. This signals confidence from strong Q4 performance, solid capital, liquidity, and stable credit quality. Dividends up. CEO eyes ongoing capital returns amid growth.

8-K

Mayer retires as CEO

3/2/26Mar 2, 2026

First Bancorp announced Michael G. Mayer's retirement as President of the Company and CEO of First Bank, effective February 28, 2026, as part of its succession plan. He remains on both boards. Smooth transition preserves leadership continuity.

10-K

FY2025 results

2/25/26Feb 25, 2026

First Bancorp closed FY2025 with $12.7B assets, up 4.3% y/y, as loans hit $8.7B (+7.8% y/y) fueling net interest income to $398M (+19.9% y/y) and NIM to 3.40% (+51bps), while Q4 benefited from deposit repricing amid FOMC cuts. Net income reached $111M ($2.68 diluted EPS), rebounding from $76M in 2024 despite $72M securities losses from loss-earnback swaps that boosted yields. Credit stayed solid—NPAs at 0.30% of assets—with provision at $12M after Hurricane Helene normalization. Repurchased 25K shares; CET1 dipped to 14.10% on loan growth. CRE volatility threatens quarterly momentum.

8-K

Director retires, buyback, dividend up

1/27/26Jan 27, 2026

First Bancorp announced director Mary Clara Capel's retirement effective January 27, 2026, after 21 years of service with no disagreements. The board authorized a $40 million stock repurchase plan through January 27, 2027, and hiked the quarterly dividend to $0.24 per share, payable April 24 to March 31 record holders. Signals confidence. Repurchases hinge on market conditions.

8-K

Q4 earnings with securities loss

1/21/26Jan 21, 2026

First Bancorp reported Q4 net income of $15.7M ($0.38 diluted EPS), hit by $43.7M securities loss from a loss-earnback swap of $342M low-yield bonds for $228M higher-yield ones at 4.36%; adjusted EPS hit $1.19. Loans surged $303M to $8.7B (14.3% annualized), NIM widened to 3.58%, yet deposits dipped $133M. Capital dipped on growth, but stayed robust.

About

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. First Bancorp was founded in 1934 and is headquartered in Southern Pines, North Carolina.

CEO

Mr. Richard Hancock Moore

IPO

4/30/1987

Website

https://localfirstbank.com

Employees

1,352

Sector

Financial Services

Industry

Banks - Regional