First Bancorp (North Carolina)

Chart & Performance

D1W1MN

P/E

17.65

P/S

3.36

EPS

2.52

Div Yield, %

1.90%

Shrs. gr., 5y

6.74%

Rev. gr., 5y

15.20%

Revenues

546m

+39.05%

Net income

104m

-29.13%

CFO

131m

-43.03%

Dividend

Sep 30, 20240.22 USD/sh

Earnings

Jan 22, 2025

Profile

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.

URL

https://localfirstbank.com/

IPO date

Apr 30, 1987

Employees

1,244

Domiciled in

Incorporated in

Valuation

Order:

Title USD in thousands, except ratios and share amounts	FY	FY	FY	FY	FY	FY	FY	FY	FY	FY
Title USD in thousands, except ratios and share amounts	2023‑12	2022‑12	2021‑12	2020‑12	2019‑12	2018‑12	2017‑12	2016‑12	2015‑12	2014‑12
Income
Revenues	546,249 39.05%	392,839 22.76%	320,006 6.86%
Cost of revenue	153,163	120,750	105,829
Unusual Expense (Income)
NOPBT	393,086	272,089	214,177
NOPBT Margin	71.96%	69.26%	66.93%
Operating Taxes	27,825	38,283	24,675
Tax Rate	7.08%	14.07%	11.52%
NOPAT	365,261	233,806	189,502
Net income	104,131 -29.13%	146,936 53.63%	95,644 17.39%
Dividends	(34,940)	(30,660)	(22,228)
Dividend yield	2.29%	2.01%	1.62%
Proceeds from repurchase of equity	(743)		1,254,157
BB yield	0.05%		-91.35%
Debt
Debt current		52,446	2,517
Long-term debt	588,500	326,289	109,770
Deferred revenue		287,720	69,167
Other long-term liabilities	10,171,895	(306,898)	(88,578)
Net debt	128,914	(2,747,776)	(6,123,528)
Cash flow
Cash from operating activities	131,396	230,654	138,901
CAPEX	(4,421)	(5,287)	(9,402)
Cash from investing activities	(191,365)	(713,359)	(1,270,443)
Cash from financing activities	27,506	291,861	1,225,414
FCF	154,373	186,085	165,643
Balance
Cash	237,855	270,318	3,091,576
Long term investments	221,731	2,856,193	3,144,239
Excess cash	432,274	3,106,869	6,219,815
Stockholders' equity	1,372,380	1,031,596	1,230,575
Invested Capital	11,682,668	9,623,980	9,260,825
ROIC	3.43%	2.48%	2.42%
ROCE	3.24%	2.55%	2.04%
EV
Common stock shares outstanding	41,165	35,675	30,028
Price	37.01 -13.61%	42.84 -6.30%	45.72 35.15%
Market cap	1,523,511 -0.31%	1,528,305 11.32%	1,372,870 40.03%
EV	1,652,425	(1,219,471)	(4,750,658)
EBITDA	412,299	287,418	228,104
EV/EBITDA	4.01
Interest	142,101	16,103	9,523
Interest/NOPBT	36.15%	5.92%	4.45%