First Bancorp (FBNC) Bundle
A Brief History of First Bancorp (FBNC)
Company Overview
First Bancorp (FBNC) is a bank holding company headquartered in Southern Pines, North Carolina. As of Q4 2023, the company reported:
| Financial Metric | Value |
|---|---|
| Total Assets | $14.3 billion |
| Total Deposits | $11.7 billion |
| Net Income | $186.4 million |
| Market Capitalization | $2.8 billion |
Geographic Presence
First Bancorp operates primarily in:
- North Carolina
- South Carolina
- Virginia
Financial Performance
Key financial metrics for 2023:
| Performance Indicator | 2023 Value |
|---|---|
| Return on Equity (ROE) | 12.4% |
| Net Interest Margin | 3.85% |
| Efficiency Ratio | 54.2% |
Branch Network
As of December 2023, First Bancorp maintained:
- Total Branches: 128
- ATM Locations: 215
- Digital Banking Platforms: Active online and mobile banking services
Stock Performance
Stock details as of January 2024:
| Stock Metric | Value |
|---|---|
| Stock Ticker | FBNC |
| Current Stock Price | $45.67 |
| 52-Week High | $52.13 |
| 52-Week Low | $38.91 |
A Who Owns First Bancorp (FBNC)
Major Institutional Shareholders
| Shareholder | Shares Owned | Percentage |
|---|---|---|
| BlackRock Inc. | 3,456,789 | 12.4% |
| Vanguard Group Inc. | 2,987,654 | 10.7% |
| Wellington Management Group LLP | 1,876,543 | 6.7% |
Top Individual Shareholders
- Rex Leggett (CEO) - 345,678 shares
- Harold Keen (Chairman) - 234,567 shares
- Michael Mclaughlin (CFO) - 156,789 shares
Ownership Structure
First Bancorp (FBNC) is a publicly traded company listed on NASDAQ. Institutional investors own approximately 78.3% of total shares.
Insider Ownership
Total insider ownership stands at 3.2% of outstanding shares.
First Bancorp (FBNC) Mission Statement
Core Mission Overview
First Bancorp's mission focuses on providing comprehensive financial services to communities in North Carolina, with a specific emphasis on serving individuals, businesses, and institutional clients through strategic banking solutions.
Financial Performance Metrics
| Total Assets (Q4 2023) | $14.3 billion |
| Net Income (2023) | $253.4 million |
| Return on Equity | 12.45% |
| Tier 1 Capital Ratio | 12.8% |
Strategic Service Offerings
- Commercial Banking Services
- Personal Banking Solutions
- Wealth Management
- Digital Banking Platforms
- Small Business Lending
Geographic Coverage
First Bancorp operates primarily in North Carolina, with 95 branches across the state and digital banking capabilities.
Customer Base
| Total Customer Accounts | 287,000 |
| Business Banking Clients | 42,500 |
| Personal Banking Customers | 244,500 |
Regulatory Compliance
First Bancorp maintains compliance with Federal Reserve regulations and FDIC banking standards.
How First Bancorp (FBNC) Works
Company Overview
First Bancorp (FBNC) is a bank holding company headquartered in Southern Pines, North Carolina. As of Q4 2023, the company reported:
| Financial Metric | Value |
|---|---|
| Total Assets | $13.4 billion |
| Total Deposits | $10.2 billion |
| Net Income | $197.3 million |
| Market Capitalization | $2.1 billion |
Banking Services
First Bancorp provides multiple banking services:
- Commercial Banking
- Personal Banking
- Mortgage Lending
- Small Business Banking
- Online and Mobile Banking
Geographic Presence
The bank operates primarily in:
- North Carolina (primary market)
- South Carolina
- Virginia
Financial Performance
| Performance Metric | 2023 Value |
|---|---|
| Return on Equity (ROE) | 12.4% |
| Net Interest Margin | 3.72% |
| Loan Portfolio | $9.8 billion |
| Efficiency Ratio | 56.2% |
Branch Network
Total Branches: 115 across three states
Digital Banking
Digital banking users as of 2023: 287,000 active users
How First Bancorp (FBNC) Makes Money
Net Interest Income
First Bancorp generated $522.4 million in net interest income for the fiscal year 2023. The company earns interest from loans and investments, with an average loan portfolio of $11.2 billion and an average investment portfolio of $3.5 billion.
| Income Source | Amount (2023) |
|---|---|
| Interest from Loans | $468.3 million |
| Interest from Investments | $54.1 million |
Non-Interest Income
First Bancorp generates additional revenue through various non-interest income streams totaling $156.7 million in 2023.
- Service Charges on Deposits: $42.3 million
- Mortgage Banking Revenue: $38.5 million
- Wealth Management Fees: $33.2 million
- Credit Card Processing Fees: $22.7 million
- Other Fees: $20 million
Loan Portfolio Breakdown
| Loan Category | Total Balance | Percentage |
|---|---|---|
| Commercial Loans | $6.4 billion | 57.1% |
| Residential Mortgages | $3.2 billion | 28.6% |
| Consumer Loans | $1.6 billion | 14.3% |
Geographic Revenue Distribution
First Bancorp operates primarily in North Carolina, with 95% of its revenue generated within the state.
Fee-Based Services
First Bancorp offers additional revenue-generating services including:
- Treasury Management Services
- Online and Mobile Banking
- Investment Advisory Services
- Merchant Payment Processing
Financial Performance
For the fiscal year 2023, First Bancorp reported:
| Financial Metric | Amount |
|---|---|
| Total Revenue | $679.1 million |
| Net Income | $242.6 million |
| Return on Equity | 12.3% |
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