FBNC First Bancorp

First Bancorp operates as a bank holding company, which engages banking activities, with the acceptance of deposits and the making of loans. It provides range of deposit products such as checking, savings, NOW and money market accounts, as well as time deposits, including various types of certificates of deposits CDs and individual retirement accounts. The company's offerings include credit cards, debit cards, letters of credit; safe deposit box rentals, bank money orders and electronic funds transfer services, including wire transfers. It provides loans for a range of consumer and commercial purposes, including loans for business, agriculture, real estate, personal uses, home improvement and automobiles. The company was founded on December 8, 1983 and is headquartered in Southern Pines, NC.
Company profile
Ticker
FBNC, FBPRL, FBP
Exchange
Website
CEO
Richard Hancock Moore
Employees
Incorporated
Location
Fiscal year end
Sector
Industry (SIC)
SEC CIK
Corporate docs
IRS number
561421916
FBNC stock data
()
Investment data
Securities sold
Number of investors
Calendar
26 Feb 21
13 Apr 21
31 Dec 21
Financial summary
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Financial data from company earnings reports.
Cash burn rate (estimated) | Burn method: Change in cash | Burn method: Operating income/loss | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 367.29M | 367.29M | 367.29M | 367.29M | 367.29M | 367.29M |
Cash burn (monthly) | 9.97M | (positive/no burn) | (positive/no burn) | (positive/no burn) | (positive/no burn) | (positive/no burn) |
Cash used (since last report) | 34.44M | n/a | n/a | n/a | n/a | n/a |
Cash remaining | 332.85M | n/a | n/a | n/a | n/a | n/a |
Runway (months of cash) | 33.4 | n/a | n/a | n/a | n/a | n/a |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
23 Mar 21 | Mayer Michael Goodwin | Common Stock | Sell | Dispose S | Yes | No | 35.74 | 0.816 | 29.16 | 1,017 |
12 Mar 21 | Mayer Michael Goodwin | Common Stock | Sell | Dispose S | Yes | No | 48.49 | 700 | 33.94K | 1,017.82 |
11 Feb 21 | Moore Richard H | Common Stock | Sell | Dispose S | No | No | 37.53 | 8,000 | 300.24K | 103,100.659 |
2 Feb 21 | Moore Richard H | Common Stock | Grant | Aquire A | No | No | 34.78 | 4,078 | 141.83K | 111,100.659 |
2 Feb 21 | Mayer Michael Goodwin | Common Stock | Grant | Aquire A | No | No | 34.78 | 4,557 | 158.49K | 52,748 |
Institutional ownership Q4 2020
Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.
72.5% owned by funds/institutions
13F holders |
Current |
---|---|
Total holders | 164 |
Opened positions | 42 |
Closed positions | 27 |
Increased positions | 50 |
Reduced positions | 44 |
13F shares |
Current |
---|---|
Total value | 699.47M |
Total shares | 20.65M |
Total puts | 90K |
Total calls | 6.9K |
Total put/call ratio | 13.0 |
Largest owners |
Shares | Value |
---|---|---|
BLK Blackrock | 4.22M | $142.84M |
Vanguard | 1.77M | $59.87M |
Dimensional Fund Advisors | 1.38M | $46.74M |
MCQEF Macquarie | 1.19M | $40.22M |
STT State Street | 979.5K | $33.31M |
BK Bank Of New York Mellon | 790.8K | $26.75M |
Investment Counselors Of Maryland | 764.74K | $25.87M |
Jennison Associates | 755.07K | $25.54M |
TROW T. Rowe Price | 644.99K | $21.82M |
NTRS Northern Trust | 541.77K | $18.33M |
Financial report summary
?Risks
- The COVID-19 pandemic has impacted the local economies in the communities we serve and our business, and the extent and severity of the impact on our business and our financial results will depend on future developments, which are highly uncertain and cannot be predicted.
- Unfavorable economic conditions could adversely affect our business.
- Cybersecurity incidents could disrupt business operations, result in the loss of critical and confidential information, and adversely impact our reputation and results of operations.
- Our allowance for loan losses may not be adequate to cover actual losses; under CECL we may need to materially increase our allowance for loan losses and our provisions for credit losses may increase significantly and the provisions for credit losses may be more volatile than in the past.
- We are subject to extensive regulation, which could have an adverse effect on our operations.
- We face a risk of noncompliance with the Bank Secrecy Act and other anti-money laundering statutes and regulations and related enforcement actions.
- Consumers may decide not to use banks to complete their financial transactions.
- Negative public opinion regarding our Company and the financial services industry in general, could damage our reputation and adversely impact our earnings.
- We may make future acquisitions, which could dilute current shareholders’ stock ownership and expose us to additional risks.
- The soundness of other financial institutions could adversely affect us.
- We are subject to interest rate risk, which could negatively impact earnings.
- In the normal course of business, we process large volumes of transactions involving millions of dollars. If our internal controls fail to work as expected, if our systems are used in an unauthorized manner, or if our employees subvert our internal controls, we could experience significant losses.
- Liquidity risk could impair our ability to fund operations and jeopardize our financial condition.
- If our goodwill becomes impaired, we may be required to record a significant charge to earnings.
- We might be required to raise additional capital in the future, but that capital may not be available or may not be available on terms acceptable to us when it is needed.
- We may issue additional shares of stock or equity derivative securities that will dilute the percentage ownership interest of existing shareholders and may dilute the book value per share of our common stock and adversely affect the terms on which we may obtain additional capital.
- We may be adversely impacted by the transition from LIBOR as a reference rate.
- Future acquisitions may be delayed, impeded, or prohibited due to regulatory issues.
- We may be exposed to difficulties in combining the operations of acquired businesses into our own operations, which may prevent us from achieving the expected benefits from our acquisition activities.
- We are subject to federal and state fair lending laws, and failure to comply with these laws could lead to material penalties.
- We could experience losses due to competition with other financial institutions.
- Failure to keep pace with technological change could adversely affect our business.
- New lines of business or new products and services may subject us to additional risk.
- Our reported financial results are impacted by management’s selection of accounting methods and certain assumptions and estimates.
- Changes in accounting standards could materially impact our financial statements.
- Our business continuity plans or data security systems could prove to be inadequate, resulting in a material interruption in, or disruption to, our business and a negative impact on our results of operations.
- We rely on certain external vendors.
- We are subject to losses due to errors, omissions or fraudulent behavior by our employees, clients, counterparties or other third parties.
- Future sales of our stock by our shareholders or the perception that those sales could occur may cause our stock price to decline.
- Our stock price can be volatile.
- An investment in the Company’s common stock is not an insured deposit.
Management Discussion
- We reported net income per diluted common share of $2.81 in 2020, a 9.4% decrease compared to 2019. Our outstanding loan balances increased by 6.2% and our total deposits increased 27.2%.
- For the year ended December 31, 2020, the Company recorded net income of $81.5 million, or $2.81 per diluted common share compared to $92.0 million, or $3.10 per diluted common share, for 2019. Earnings for 2020 were impacted by a higher provision for loan losses related to estimated losses arising from the economic impact of COVID-19. The impact of the higher provisions for loan losses were partially offset by higher noninterest income realized in 2020.
- Net interest income for the year ended December 31, 2020 amounted to $218.1 million, a 0.9% increase from the $216.2 million recorded in 2019. The increase in net interest income in 2020 was primarily due to growth in average interest-earning assets, which increased by approximately 13.1% during the year as a result of funds received from our high deposit growth, and which offset a lower net interest margin. Also, see the section entitled "Net Interest Income" for additional information.
Content analysis
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New words:
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Removed:
aforementioned, AMT, Appraised, arrived, attributed, CEO, CFO, codify, complement, complemented, constituted, controlling, deduction, designation, disclosing, distribution, exchanged, failing, forma, function, Hillsborough, managing, match, modeling, partner, payout, pillar, pledging, prime, pro, PV, reducing, release, Reorganization, retrospective, revalued, shorten, solid, study, tied, unaudited, version, Volcker
Financial reports
10-K
2020 FY
Annual report
26 Feb 21
10-Q
2020 Q3
Quarterly report
9 Nov 20
10-Q
2020 Q2
Quarterly report
10 Aug 20
10-Q
2020 Q1
Quarterly report
8 May 20
10-K
2019 FY
Annual report
28 Feb 20
10-Q
2019 Q3
Quarterly report
8 Nov 19
10-Q
2019 Q2
Quarterly report
9 Aug 19
10-Q
2019 Q1
Quarterly report
10 May 19
10-K
2018 FY
Annual report
1 Mar 19
10-Q
2018 Q3
Quarterly report
9 Nov 18
Current reports
8-K
Other Events
15 Mar 21
8-K
First Bancorp Reports Fourth Quarter and Annual Results
27 Jan 21
8-K
Other Events
15 Dec 20
8-K
Other Events
6 Nov 20
8-K
First Bancorp Reports Third Quarter Results
26 Oct 20
8-K
Other Events
15 Sep 20
8-K
First Bancorp Reports Second Quarter Results
23 Jul 20
8-K
Regulation FD Disclosure
17 Jun 20
8-K
Other Events
12 Jun 20
8-K
Submission of Matters to a Vote of Security Holders
7 May 20
Registration and prospectus
S-3ASR
Automatic shelf registration
28 Feb 20
S-8 POS
Registration of securities for employees (post-effective amendment)
26 Feb 20
15-12G
Securities registration termination
25 Jun 19
425
Business combination disclosure
18 Sep 17
425
Business combination disclosure
13 Aug 17
424B3
Prospectus supplement
2 Aug 17
S-4/A
Registration of securities issued in business combination transactions (amended)
27 Jul 17
425
Business combination disclosure
24 Jul 17
S-4
Registration of securities issued in business combination transactions
27 Jun 17
425
Business combination disclosure
30 Apr 17
Proxies
DEFA14A
Additional proxy soliciting materials
26 Mar 21
DEF 14A
Definitive proxy
23 Mar 21
DEF 14A
Definitive proxy
20 Mar 20
DEF 14A
Definitive proxy
21 Mar 19
DEF 14A
Definitive proxy
19 Mar 18
DEF 14A
Definitive proxy
26 Mar 17
DEF 14A
Definitive proxy
3 Apr 16
DEF 14A
Definitive proxy
31 Mar 15
DEF 14A
Definitive proxy
3 Apr 14
DEF 14A
Definitive proxy
1 Apr 13
Other
CORRESP
Correspondence with SEC
27 Jul 17
EFFECT
Notice of effectiveness
27 Jul 17
UPLOAD
Letter from SEC
5 Jul 17
EFFECT
Notice of effectiveness
26 Feb 17
CORRESP
Correspondence with SEC
23 Feb 17
UPLOAD
Letter from SEC
20 Feb 17
EFFECT
Notice of effectiveness
25 Oct 16
CORRESP
Correspondence with SEC
23 Oct 16
CORRESP
Correspondence with SEC
28 Sep 16
UPLOAD
Letter from SEC
21 Sep 16
Ownership
4
FIRST BANCORP / Michael Goodwin Mayer ownership change
24 Mar 21
4
FIRST BANCORP / Michael Goodwin Mayer ownership change
12 Mar 21
SC 13G/A
FIRST BANCORP / DIMENSIONAL FUND ADVISORS ownership change
12 Feb 21
SC 13G/A
FIRST BANCORP / DIMENSIONAL FUND ADVISORS ownership change
12 Feb 21
4
FIRST BANCORP / RICHARD H MOORE ownership change
11 Feb 21
SC 13G/A
FIRST BANCORP / VANGUARD ownership change
10 Feb 21
5
FIRST BANCORP / JAMES C CRAWFORD III ownership change
8 Feb 21
5
FIRST BANCORP / Michael Goodwin Mayer ownership change
4 Feb 21
4
FIRST BANCORP / ERIC P CREDLE ownership change
3 Feb 21
4
FIRST BANCORP / Michael Goodwin Mayer ownership change
3 Feb 21
Reddit threads
Daily Discussion Thread - March 30th, 2021
30 Mar 21
Daily Discussion Thread - March 29th, 2021
29 Mar 21
Daily Discussion Thread - January 25th, 2021
25 Jan 21
Daily Discussion Thread - December 30th, 2020
30 Dec 20
Daily Discussion Thread - December 29th, 2020
29 Dec 20
Daily Discussion Thread - December 28th, 2020
28 Dec 20
Daily Discussion Thread - October 28th, 2020
28 Oct 20