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First Bancorp (FBNC)

First Bank is the banking subsidiary of First Bancorp and is headquartered in Southern Pines, North Carolina, with total assets of approximately $7.1 billion. As a state-chartered community bank, First Bank operates 101 bank branches in North Carolina and South Carolina. Since 1935, First Bank has taken a tailored approach to banking, combining best-in-class financial solutions, helpful local expertise, and technology to manage a home or business.

Company profile

Ticker
FBNC, FBP
Exchange
CEO
Richard Hancock Moore
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
First Troy SPE, LLC • SBA Complete, Inc. • Magnolia Financial, Inc. ...
IRS number
561421916

FBNC stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
$42.50
Low target
$42.00
High target
$43.00
DA Davidson
Downgraded
Neutral
$42.00
1 Aug 22
Raymond James
Maintains
Outperform
$43.00
1 Aug 22

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

5 Aug 22
12 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 434.1M 434.1M 434.1M 434.1M 434.1M 434.1M
Cash burn (monthly) 43.89M 3.43M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 62.96M 4.92M n/a n/a n/a n/a
Cash remaining 371.14M 429.19M n/a n/a n/a n/a
Runway (months of cash) 8.5 125.2 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
22 Jul 22 Moore Richard H Common Stock Payment of exercise Dispose F No No 34.9 4,899 170.98K 133,475.659
22 Jul 22 Mayer Michael Goodwin Common Stock Payment of exercise Dispose F No No 34.9 3,344 116.71K 78,359
22 Jul 22 Gregory A Currie Common Stock Payment of exercise Dispose F No No 34.9 530 18.5K 13,515
22 Jul 22 Elizabeth B Bostian Common Stock Payment of exercise Dispose F No No 34.9 307 10.71K 5,619
30 Jun 22 Mayer Michael Goodwin Common Stock Grant Acquire A No No 34.9 17,657 616.23K 81,703
69.1% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 193 184 +4.9%
Opened positions 21 29 -27.6%
Closed positions 12 16 -25.0%
Increased positions 65 82 -20.7%
Reduced positions 60 34 +76.5%
13F shares Current Prev Q Change
Total value 1.03B 1.11B -7.4%
Total shares 24.67M 24.34M +1.3%
Total puts 0 0
Total calls 0 17.1K EXIT
Total put/call ratio
Largest owners Shares Value Change
BLK Blackrock 5.25M $219.34M +1.3%
Vanguard 2.33M $97.2M +0.7%
STT State Street 1.55M $64.91M +0.1%
Dimensional Fund Advisors 1.41M $59.03M +2.2%
MCQEF Macquarie 1.19M $49.9M +2.4%
Jennison Associates 978.4K $40.87M +2.8%
BK Bank Of New York Mellon 817.32K $34.14M -0.8%
William Blair Investment Management 766.83K $32.03M -1.3%
Geode Capital Management 663.35K $27.71M +2.6%
AMP Ameriprise Financial 586.01K $24.48M +1.9%
Largest transactions Shares Bought/sold Change
Millennium Management 355.04K +318.4K +869.1%
TROW T. Rowe Price 402.78K -177.2K -30.6%
HoldCo Asset Management 249.19K -124.09K -33.2%
Wellington Management 479.9K -95.41K -16.6%
BLK Blackrock 5.25M +67.46K +1.3%
HBCYF HSBC 24.94K -59.9K -70.6%
Nordea Investment Management Ab 59.36K +59.36K NEW
Carlson Capital L P 58.7K +58.7K NEW
Brown Advisory 516.1K +55.54K +12.1%
Ubs Global Asset Management Americas 375.68K -54.6K -12.7%

Financial report summary

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Competition
Albemarle
Risks
  • The COVID-19 (including variants of the virus) pandemic has impacted the local economies in the communities we serve and our business.
  • 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 credit losses may not be adequate to cover actual losses; under CECL 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 BSA and other AML 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.
  • 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, 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 be adversely impacted by the transition from LIBOR as a reference rate.
  • We are subject to federal and state fair lending laws, and failure to comply with these laws could lead to material penalties.
  • Focus on commercial loans may increase the risk of substantial credit losses.
  • The Company's focus on lending to small- to mid-sized community-based businesses may increase its credit risk.
  • We could experience losses due to competition with other financial institutions and non-banks.
  • 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.
  • 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.
  • We may make future acquisitions, which could dilute current shareholders’ stock ownership and expose us to additional risks.
  • Risks associated with acquisitions and the resulting integrations may affect costs, revenues, and market value.
  • Attractive acquisition or expansion opportunities may not be available to us in the future.
Management Discussion
  • Net interest income is our largest source of revenue and is the difference between the interest earned on interest-earning assets (generally loans and investment securities) and the interest expense incurred in connection with interest-bearing liabilities (generally deposits and borrowed funds). Changes in the net interest income are the result of changes in volume and the net interest spread which affects NIM. Volume refers to the average dollar levels of interest-earning assets and interest-bearing liabilities. Net interest spread refers to the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities. NIM refers to net interest income divided by average interest-earning assets and is influenced by the level and relative mix of interest-earning assets and interest-bearing liabilities. Net interest income is also influenced by external factors such as local economic conditions, competition for loans and deposits, and market interest rates.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
New words: Bancorporation, driver, geopolitical, GrandSouth, inverted, ramped, recalibration, rnrealized, shopping
Removed: utilization