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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
CEO
Richard Hancock Moore
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
IRS number
561421916

FBNC stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

26 Feb 21
13 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

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

Beta Read what these cash burn values mean

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

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 Prev Q Change
Total holders 164 149 +10.1%
Opened positions 42 25 +68.0%
Closed positions 27 24 +12.5%
Increased positions 50 47 +6.4%
Reduced positions 44 47 -6.4%
13F shares
Current Prev Q Change
Total value 699.47M 749.99M -6.7%
Total shares 20.65M 18.8M +9.9%
Total puts 90K 104.8K -14.1%
Total calls 6.9K 6.3K +9.5%
Total put/call ratio 13.0 16.6 -21.6%
Largest owners
Shares Value Change
BLK Blackrock 4.22M $142.84M +99.4%
Vanguard 1.77M $59.87M +19.0%
Dimensional Fund Advisors 1.38M $46.74M -4.8%
MCQEF Macquarie 1.19M $40.22M -9.0%
STT State Street 979.5K $33.31M +49.5%
BK Bank Of New York Mellon 790.8K $26.75M +35.1%
Investment Counselors Of Maryland 764.74K $25.87M +5.2%
Jennison Associates 755.07K $25.54M -0.9%
TROW T. Rowe Price 644.99K $21.82M -31.1%
NTRS Northern Trust 541.77K $18.33M -2.2%
Largest transactions
Shares Bought/sold Change
BLK Blackrock 4.22M +2.1M +99.4%
HoldCo Asset Management 373.28K +373.28K NEW
STT State Street 979.5K +324.11K +49.5%
Penn Capital Management 0 -304.08K EXIT
TROW T. Rowe Price 644.99K -290.56K -31.1%
Vanguard 1.77M +282.12K +19.0%
Jacobs Asset Management 0 -248K EXIT
GS Goldman Sachs 74.08K -231.56K -75.8%
Renaissance Technologies 52.96K -208.54K -79.7%
BK Bank Of New York Mellon 790.8K +205.57K +35.1%

Financial report summary

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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.
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