FBNC

First Bancorp

$41.82

1.25

(3.08%)

Exchange:	NASDAQ
Market Cap:	1.732B
Shares Outstanding:	19.955M

Overview

Earnings

Financials

Valuation

Chart

About The Company

First Bancorp operates as the bank holding company for First Bank that provides banking products and services for individuals and small to medium-sized businesses primarily in North Carolina and northeastern South Carolina. It accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificate of deposits and individual retirement accounts. The company also offers loans for a range of consumer and commercial purposes comprising loans for business, real estate, personal, home improvement, and automobiles, as well as residential mortgages and small business administration loans; and accounts receivable financing and factoring, inventory financing, and purchase order financing services. In addition, it provides credit and debit cards, letter of credits, and safe deposit box rental services, as well as electronic funds transfer services consisting of wire transfers; and internet and mobile banking, cash management, bank-by-phone services, and remote deposit capture services. Further, the company offers investment and insurance products, such as mutual funds, annuities, long-term care insurance, life insurance, and company retirement plans, as well as property and casualty insurance products; and financial planning services. As of December 31, 2021, it operated 121 branches comprising 114 branch offices located in North Carolina and seven branches in South Carolina. First Bancorp was founded in 1934 and is headquartered in Southern Pines, North Carolina.

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Revenue Segmentation

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EPS

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Earnings Call

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Income Statement

Balance Sheet

Cash Flow Statement

Analyst Estimates

Income Statement

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Revenue	148,612	159,186	213,619	269,264	274,794	299,468	320,006	392,839	546,249	350,172
? Cost Of Revenue	0	0	0	0	0	0	0	0	0	-169,068
? Gross Profit	148,612	159,186	213,619	269,264	274,794	299,468	320,006	392,839	546,249	519,240
? Research And Development Expenses	0	0	0	0	0	0	0	0	0	0
? General And Administrative Expenses	56,794	62,064	81,175	91,965	95,973	100,968	103,249	117,718	149,108	140,022
? Selling And Marketing Expenses	1,674	1,999	2,549	3,065	3,120	2,297	2,580	3,032	4,055	0
? Operating Expenses	-96,050	-104,844	-127,716	-125,932	-158,518	-196,337	-199,687	-191,517	404,298	350,172
? Net Interest Income	0	0	0	0	0	0	0	0	0	332,273
? Interest Income	126,655	130,987	177,382	231,207	250,107	237,684	255,918	340,957	488,759	519,240
? Interest Expense	6,908	7,607	12,671	23,777	33,903	19,562	9,523	16,103	142,101	186,967
? Depreciation And Amortization	722	5,813	9,733	11,994	12,551	11,806	11,655	12,529	19,213	17,878
? EBITDA	46,376	47,321	77,472	126,318	131,507	116,732	134,246	200,548	0	0
? EBIT										-17,878
? Operating Income	52,562	54,342	85,903	143,332	116,276	103,131	120,319	201,322	145,651	-302,962
? Income Before Tax	41,160	42,133	67,739	113,478	116,276	103,131	120,319	185,219	131,955.999	98,117
? Income Tax Expense	14,126	14,624	21,767	24,189	24,230	21,654	24,675	38,283	27,825	21,902
? Net Income From Continuing Operations										76,215
? Net Income	27,034	27,509	45,972	89,289	92,046	81,477	95,644	146,936	104,131	76,215
? EPS (Earnings Per Share)	1.340	1.370	1.820	3.020	3.120	2.810	3.190	4.120	2.540	1.850
? EPS Diluted	1.300	1.330	1.820	3.010	3.100	2.810	3.190	4.120	2.510	1.840
? Weighted Average Shares Outstanding	19,767.470	19,964.727	25,210.606	29,566.259	29,547.851	28,839.866	29,876.151	35,485.620	40,746.772	41,021.475
? Weighted Average Shares Outstanding Diluted	20,499.727	20,732.917	25,291.382	29,707.431	29,720.499	28,981.567	30,027.785	35,674.730	41,164.834	41,327.216
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Balance Sheet

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Cash And Cash Equivalents	267,268	305,993	489,490	462,898	231,302	367,290	461,162	270,318	237,855	78,596
? Short Term Investments	165,614	199,329	343,270	501,351	821,945	1,453,132	2,630,414	2,314,493	0	2,043,062
? Cash And Short Term Investments	432,325	505,322	832,760	964,249	1,053,247	1,820,422	3,091,576	270,318	237,855	2,121,658
? Net Receivables	9,166	9,286	14,094	16,004	0	0	0	0	0	36,329
? Accounts Receivables										36,329
? Inventory	0	0	0	0	-251,823	-389,986	-490,129	-300,686	0	0
? Total Current Assets	2,900,111	3,130,994	4,711,524	4,887,048	1,069,895	1,840,694	3,117,472	300,028	513,061	2,157,987
? Property Plant Equipment Net	74,559	75,351	116,233	119,000	134,528	138,016	156,811	152,920	168,020	143,459
? Goodwill	65,835	75,042	233,070	234,368	234,368	239,272	364,263	364,263	478,750	478,750
? Intangible Assets	67,171	79,475	257,507	253,570	251,585	254,638	382,090	376,938	32,858	22,904
? Long Term Investments	320,224	329,042	461,773	602,588	889,877	1,620,683	3,144,239	2,856,193	221,731	0
? Total Non Current Assets	461,954	483,868	835,513	977,068	1,275,990	2,013,337	3,683,140	3,386,051	11,865,669	645,113
? Total Assets	3,362,065	3,614,862	5,547,037	5,863,687	6,143,639	7,289,751	10,508,901	10,625,049	12,114,942	12,147,694
? Account Payables	585	539	1,235	1,976	2,154	904	607	2,738	5,699	4,604
? Short Term Debt	0	0	343,000	0	0	0	0	0	0	0
? Deferred Revenue	0	-204,461	-301,765	-1,037,499	0	-2,470	-1,910	-49,708	0	0
? Total Current Liabilities	585	539	1,235	344,976	240,154	904	607	2,738	8,461,621	4,604
? Long Term Debt	186,394	271,394	407,543	406,609	263,822	79,697	67,386	237,822	570,667	14,552
? Deferred Revenue Non Current	0	0	-54,832	-49,227.999	282,061	60,504	69,167	287,720	0	0
? Deferred Tax Liabilities Non Current	0	0	16,447	16,053.999	18,610	19,193	19,411	19,178	0	0
? Total Non Current Liabilities	186,394	271,394	407,543	406,609	300,671	79,697	88,578	306,898	10,742,562	14,552
? Total Liabilities	3,019,875	3,246,761	4,854,058	5,099,457	5,291,238	6,396,330	9,278,326	9,593,453	10,742,562	10,702,083
? Treasury Stock										0
? Preferred Stock	7,287	0	0	0	0	0	0	0	1	0
? Common Stock	133,393	147,287	432,794	434,453	429,514	400,582	722,671	725,153	963,990	0
? Retained Earnings	205,060	225,921	264,331	341,738	417,764	478,489	532,874	648,418	716,420	756,327
? Additional Paid In Capital										0
? Total Stockholders Equity	342,190	368,101	692,979	764,230	852,401	893,421	1,230,575	1,031,596	1,372,380	1,445,611
? Total Equity	342,190	368,101	692,979	764,230	852,401	893,421	1,230,575	1,031,596	1,372,380	1,445,611
? Minority Interest	0	0	0	0	0	0	0	0	0	0
? Total Liabilities And Total Equity	3,362,065	3,614,862	5,547,037	5,863,687	6,143,639	7,289,751	10,508,901	10,625,049	12,114,942	12,147,694
? Total Investments	485,838	528,371	805,043	1,103,939	1,711,822	3,073,815	5,774,653	5,170,686	221,731	2,043,062
? Total Debt	186,394	271,394	407,543	406,609	300,671	79,697	88,578	306,898	570,667	14,552
? Net Debt	-80,874	-34,599	-81,947	-56,289	69,369	-287,593	-372,584	36,580	332,812	-78,596
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Cash Flow Statement

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Net Income	27,034	27,509	45,972	89,289	92,046	81,477	95,644	146,936	104,131	76,215
? Depreciation And Amortization	5,216	5,813	9,733	12,840	13,891	13,601	13,927	15,329	19,213	7,262
? Deferred Income Tax	2,468	-6,068	-14,384	-21,753	-13,374	3,550	-4,800	-1,810	-782	0
? Stock Based Compensation	710	714	1,095	1,569	2,270	2,540	2,268	2,982	5,125	4,920
? Change In Working Capital	-4,400	2,942	-3,710	-6,558	-5,646	-428	10,922	1,359	12,161	193
? Accounts Receivables	-246	-120	-1,072	-1,910	-644	-3,624	-773	-3,814	-1,904	0
? Inventory	0	0	0	0	0	0	0	0	0	0
? Accounts Payables	-101	-4	392	741	178	-1,250	-683	2,131	2,579	0
? Net Cash Provided By Operating Activities	37,350	47,467	26,838	46,410	51,238	57,075	138,901	230,654	131,395.999	174,781
? Investments In Property Plant And Equipment	-5,481	-8,689	-4,659	-10,723	-3,534	-12,363	-9,402	-5,287	-4,421	0
? Acquisitions Net	-136,725	-27,429	72,519	-150,219	-163,404	-9,559	208,992	-558,099	23,580	0
? Purchases Of Investments	-96,679	-114,396	-191,551	-230,794	-498,891	-1,193,665	-1,843,524	-393,769	-10,923	-501,719
? Sales Maturities Of Investments	109,441	100,315	200,939	77,054	231,178	476,569	478,385	257,814	280,674	628,154
? Net Cash Provided By Investing Activities	0	0	0	0	0	0	0	0	0	169,666
? Net Debt Issuance	0	0	0	0	0	0	0	0	0	-539,049
? Long Term Net Debt Issuance	0	0	0	0	0	0	0	0	0	-539,049
? Short Term Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Net Stock Issuance	0	0	0	0	0	0	0	0	0	0
? Net Dividends Paid	-7,105	-6,632	-7,596	-11,281	-13,662	-20,936	-22,228	-30,660	-34,940	-36,249
? Common Dividends Paid										-36,249
? Preferred Dividends Paid	0	0	0	0	0	0	0	0	0	0
? Net Cash Provided By Financing Activities	114,832	237,566	285,191	240,277	141,852	1,039,194	1,225,414	291,861	27,506	-74,795
? Effect Of Forex Changes On Cash	0	0	0	0	0	0	0	0	0	0
? Net Change In Cash	14,184	38,725	183,497	-26,592	-231,596	135,988	93,872	-190,844	-32,463	269,652
? Cash At End Of Period	267,268	305,993	489,490	462,898	231,302	367,290	461,162	270,318	237,855	507,507
? Cash At Beginning Of Period	253,084	267,268	305,993	489,490	462,898	231,302	367,290	461,162	270,318	237,855
? Operating Cash Flow	37,350	47,467	26,838	46,410	51,238	57,075	138,901	230,654	131,395.999	174,781
? Capital Expenditure	-5,481	-8,689	-4,659	-10,723	-3,534	-12,363	-9,402	-5,287	-4,421	0
? Free Cash Flow	31,869	38,778	22,179	35,687	47,704	44,712	129,499	225,367	126,975	174,781
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Analyst Estimates

(* All numbers are in thousands)

Fiscal Year	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Estimated Revenue (Low)	213,127.300	267,097.880	276,656.815	288,313.927	317,398.760	392,700.955	407,191.361	388,144.547	433,937.722	459,128.957
Estimated Revenue (High)	216,565.271	271,406.453	281,119.584	292,964.738	322,518.739	396,808.044	409,203.295	389,955.452	435,962.277	461,271.042
Estimated Revenue (Avg)	214,846.286	269,252.167	278,888.200	290,639.333	319,958.750	394,754.500	408,202.333	389,050	434,950	460,200
Estimated Ebitda (Low)	66,140.301	108,053.455	128,056.813	97,004.775	110,643.364	130,540.681	143,594.748	139,606.584	156,077.326	165,138.029
Estimated Ebitda (High)	99,210.452	162,080.182	192,085.220	145,507.164	165,965.046	195,811.022	215,392.122	140,257.925	156,805.512	165,908.487
Estimated Ebitda (Avg)	82,675.377	135,066.819	160,071.017	121,255.970	138,304.205	163,175.852	179,493.436	139,932.255	156,441.419	165,523.258
Estimated Net Income (Low)	33,720.877	64,201.052	72,387.279	58,878.356	71,463.056	87,515.155	82,756.798	102,395.468	127,635.275	135,980.622
Estimated Net Income (High)	50,581.315	96,301.578	108,580.920	88,317.535	107,194.585	131,272.734	124,135.201	103,017.057	145,805.433	155,848.007
Estimated Net Income (Avg)	42,151.096	80,251.315	90,484.100	73,597.946	89,328.821	109,393.945	103,446	102,706.263	138,000	147,566.670
Estimated SGA Expense (Low)	59,870.595	65,715.765	75,749.160	72,362.985	82,581.834	96,912.370	106,603.606	123,360.831	137,914.904	145,921.230
Estimated SGA Expense (High)	89,805.892	98,573.648	113,623.741	108,544.479	123,872.751	145,368.557	159,905.412	123,936.376	138,558.352	146,602.031
Estimated SGA Expense (Avg)	74,838.244	82,144.707	94,686.451	90,453.732	103,227.293	121,140.464	133,254.509	123,648.604	138,236.628	146,261.631
Estimated EPS (Avg)	1.840	2.940	3.170	2.760	3.410	4.090	2.460	2.500	3.330	3.550
Estimated EPS (High)	1.860	2.970	3.210	2.790	3.450	4.120	2.810	2.500	3.540	3.790
Estimated EPS (Low)	1.820	2.910	3.140	2.730	3.370	4.060	2.260	2.490	3.100	3.300
Number of Analysts (Estimated Revenue)	11	11	1	2	1	1	3	1	1	1
Number of Analysts (Estimated EPS)	10	10	3	2	2	3	4	2	2	2

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Current Key Metrics

?	Revenue (TTM) :	537.139M	?	P/S (TTM) :	3.12
?	Net Income (TTM) :	75.824M	?	P/E (TTM) :
?	Enterprise Value (TTM) :		?	EV/FCF (TTM) :
?	Dividend Yield (TTM) :		?	Payout Ratio (TTM) :
?	ROE (TTM) :		?	ROIC (TTM) :
?	Net Debt (TTM) :		?	Debt/Equity (TTM) :
?	P/B (TTM) :		?	Current Ratio (TTM) :