Detailed financial statements for First Bancorp (FBNC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
First Bancorp (FBNC) functions as the parent company of First Bank, offering a diverse array of financial solutions to individuals and small to medium-sized businesses. Its operational focus is primarily within North Carolina and the northeastern region of South Carolina.
Analysis Summary
First Bancorp reported revenue of $384.1M in the most recent fiscal year, growing at a 5-year CAGR of 5.1%. Net income reached $111.0M, with a 6.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 67.0%, operating margin 18.4%, net margin 35.0%. Free cash flow grew at 34.0% CAGR over 5 years.
At $65.14 (closing price, November 2, 2026), FBNC trades at a P/E of 16.41 and an ROE of 9.70%. Market capitalisation stands at $2.7B.
Balance sheet quality for FBNC: debt-to-equity ratio of 0.04, current ratio of 0.27 over the last 12 months, net cash position of $2.12B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $198.9M represents 179% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $159.2M | $213.4M | $265.8M | $274.8M | $298.9M | $315.4M | $391.6M | $399.0M | $343.8M | $384.1M |
| Cost of Revenue | $7.6M | $723,000 | $20.2M | $2.3M | $35.0M | $15.0M | $12.4M | $17.8M | $16.4M | $3.3M |
| Gross Profit | $159.2M | $212.7M | $269.4M | $272.5M | $263.9M | $300.3M | $379.2M | $381.2M | $327.4M | $380.8M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $62.8M | $82.1M | $92.0M | $96.0M | $101.0M | $109.8M | $125.6M | $153.2M | $152.3M | $156.3M |
| Operating Expenses | $117.1M | $144.9M | $155.9M | $156.3M | $160.8M | $180.0M | $193.9M | $249.2M | $229.3M | $236.6M |
| Operating Income | $42.1M | $67.7M | $113.5M | $116.3M | $103.1M | $120.3M | $185.2M | $132.0M | $98.1M | $144.2M |
| EBITDA | $47.9M | $77.5M | $126.3M | $130.2M | $116.7M | $134.2M | $200.5M | $151.2M | $116.0M | $159.2M |
| Interest Expense | $7.6M | $12.7M | $23.8M | $33.9M | $19.6M | $9.5M | $16.1M | $142.1M | $187.0M | $159.0M |
| Pre-tax Income | $42.1M | $67.7M | $113.5M | $116.3M | $103.1M | $120.3M | $185.2M | $132.0M | $98.1M | $139.5M |
| Income Tax | $14.6M | $21.8M | $24.2M | $24.2M | $21.7M | $24.7M | $38.3M | $27.8M | $21.9M | $28.5M |
| Net Income | $27.5M | $46.0M | $89.3M | $92.0M | $81.5M | $95.6M | $146.9M | $104.1M | $76.2M | $111.0M |
| EPS | $1.37 | $1.82 | $3.02 | $3.12 | $2.85 | $2.68 | $4.12 | $2.54 | $1.85 | $2.68 |
| EPS (Diluted) | $1.33 | $1.82 | $3.01 | $3.10 | $2.81 | $2.68 | $4.12 | $2.51 | $1.84 | $2.68 |
| Shares Outstanding (Diluted) | 20.7 M | 25.3 M | 29.7 M | 29.7 M | 29.0 M | 35.6 M | 35.7 M | 41.2 M | 41.3 M | 41.4 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $83.9M | $122.3M | $21.2M | $129.9M |
| Gross Profit | $83.9M | $119.2M | -$17.1M | $128.6M |
| Operating Income | $21.7M | $59.0M | -$59.0M | $64.6M |
| EBITDA | $25.2M | $62.4M | -$56.7M | $64.6M |
| Net Income | $15.7M | $46.7M | $50.5M | $51.3M |
| EPS | $0.38 | $1.13 | $1.22 | $1.24 |
| EPS (Diluted) | $0.38 | $1.13 | $1.22 | $1.24 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $306.0M | $489.5M | $462.9M | $231.3M | $367.3M | $461.2M | $270.3M | $237.9M | $507.5M | $146.8M |
| Short-term Investments | $199.3M | $343.3M | $501.4M | $821.9M | $1.45B | $2.63B | $2.31B | $2.19B | $1.90B | $2.05B |
| Receivables | $9.3M | $14.1M | $16.0M | $16.6M | $20.3M | $25.9M | $29.7M | $37.4M | $36.3M | $39.2M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $514.6M | $846.9M | $980.3M | $1.07B | $1.84B | $3.12B | $2.61B | $2.46B | $2.44B | $2.23B |
| Property, Plant & Equipment | $75.4M | $116.2M | $119.0M | $134.5M | $138.0M | $156.8M | $152.9M | $151.0M | $143.5M | $139.1M |
| Goodwill | $75.0M | $233.1M | $234.4M | $234.4M | $239.3M | $364.3M | $364.3M | $478.8M | $478.8M | $478.8M |
| Intangible Assets | $4.4M | $24.4M | $21.1M | $17.2M | $15.4M | $17.8M | $12.7M | $29.5M | $22.9M | $17.2M |
| Total Assets | $3.61B | $5.55B | $5.86B | $6.14B | $7.29B | $10.51B | $10.63B | $12.11B | $12.15B | $12.67B |
| Accounts Payable | $539,000 | $1.2M | $2.0M | $2.2M | $904,000 | $607,000 | $2.7M | $5.7M | $4.6M | 0 |
| Short-term Debt | 0 | $343.0M | $343.0M | $238.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $2.95B | $4.75B | $5.00B | $5.17B | $6.27B | $9.13B | $9.23B | $10.04B | $10.54B | $9.42B |
| Long-term Debt | $271.4M | $350.8M | $349.9M | $244.0M | $5.1M | -$1.7M | $218.4M | $303.8M | $14.6M | $74.6M |
| Total Liabilities | $3.25B | $4.85B | $5.10B | $5.29B | $6.40B | $9.28B | $9.59B | $10.74B | $10.70B | $11.01B |
| Retained Earnings | $225.9M | $264.3M | $341.7M | $417.8M | $478.5M | $532.9M | $648.4M | $716.4M | $756.3M | $829.7M |
| Total Equity | $368.1M | $693.0M | $764.2M | $852.4M | $893.4M | $1.23B | $1.03B | $1.37B | $1.45B | $1.65B |
| Total Debt | $271.4M | $693.8M | $692.9M | $501.8M | $23.0M | $19.5M | $237.8M | $321.7M | $14.6M | $74.6M |
| Net Debt | -$233.9M | -$138.9M | -$271.3M | -$551.4M | -$1.80B | -$3.07B | -$2.35B | -$2.11B | -$2.39B | -$2.12B |
| Working Capital | -$2.43B | -$3.90B | -$4.02B | -$4.10B | -$4.43B | -$6.01B | -$6.62B | -$7.57B | -$8.09B | -$7.19B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $146.8M | $135.2M | $128.4M | $451.7M |
| Total Assets | $12.67B | $12.95B | $13.04B | $13.15B |
| Total Liabilities | $11.01B | $11.26B | $11.33B | $11.44B |
| Total Equity | $1.65B | $1.68B | $1.72B | $1.71B |
| Total Debt | $74.6M | $89.2M | $74.7M | $74.8M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $27.5M | $46.0M | $89.3M | $92.0M | $81.5M | $95.6M | $146.9M | $104.1M | $76.2M | $111.0M |
| Depreciation & Amortization | $5.8M | $9.7M | $12.8M | $13.9M | $13.6M | $13.9M | $15.3M | $19.2M | $17.9M | $14.9M |
| Stock-based Compensation | $714,000 | $1.1M | $1.6M | $2.3M | $2.5M | $2.3M | $3.0M | $5.1M | $4.9M | $3.8M |
| Change in Working Capital | $2.0M | -$4.7M | -$1.7M | -$4.0M | $5.2M | $16.4M | $1.7M | $12.2M | $193,000 | -$30.6M |
| Operating Cash Flow | $41.3M | $26.8M | $46.4M | $51.2M | $58.3M | $142.3M | $230.7M | $131.4M | $174.8M | $203.1M |
| Capital Expenditure | -$8.7M | -$4.7M | -$10.7M | -$3.5M | -$12.4M | -$9.4M | -$5.3M | -$4.4M | -$2.7M | -$4.2M |
| Acquisitions | -$27.4M | $72.5M | 0 | 0 | -$9.6M | $209.0M | 0 | $22.6M | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | -$10.0M | -$31.9M | -$4.0M | 0 | 0 | 0 | -$991,000 |
| Dividends Paid | -$6.6M | -$7.6M | -$11.3M | -$13.7M | -$20.9M | -$22.2M | -$30.7M | -$34.9M | -$36.2M | -$37.3M |
| Free Cash Flow | $32.6M | $22.2M | $35.7M | $47.7M | $46.0M | $132.9M | $225.4M | $127.0M | $172.1M | $198.9M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $55.2M | $61.2M | $66.5M | 0 |
| Capital Expenditure | -$1.2M | -$1.9M | -$1.0M | 0 |
| Free Cash Flow | $54.0M | $59.3M | $65.5M | 0 |
| Dividends Paid | -$9.5M | -$9.5M | -$9.9M | 0 |
| Stock-based Compensation | $865,000 | $949,000 | $1.1M | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +34.1% | +24.6% | +3.4% | +8.8% | +5.5% | +24.2% | +1.9% | -13.8% | +11.7% | |
| Net Income Growth (YoY) | +67.1% | +94.2% | +3.1% | -11.5% | +17.4% | +53.6% | -29.1% | -26.8% | +45.7% | |
| EPS Growth (YoY) | +32.8% | +65.9% | +3.3% | -8.7% | -6.0% | +53.7% | -38.3% | -27.2% | +44.9% | |
| Shares Change (YoY) | +22.0% | +17.5% | +0.0% | -2.5% | +22.9% | +0.1% | +15.4% | +0.4% | +0.1% | |
| FCF Growth (YoY) | -31.9% | +60.9% | +33.7% | -3.6% | +189.2% | +69.5% | -43.7% | +35.6% | +15.5% | |
| Gross Margin | 100.0% | 99.7% | 101.4% | 99.2% | 88.3% | 95.2% | 96.8% | 95.5% | 95.2% | 99.1% |
| Operating Margin | 26.5% | 31.7% | 42.7% | 42.3% | 34.5% | 38.2% | 47.3% | 33.1% | 28.5% | 37.5% |
| EBITDA Margin | 30.1% | 36.3% | 47.5% | 47.4% | 39.1% | 42.6% | 51.2% | 37.9% | 33.7% | 41.4% |
| Net Margin | 17.3% | 21.5% | 33.6% | 33.5% | 27.3% | 30.3% | 37.5% | 26.1% | 22.2% | 28.9% |
| FCF Margin | 20.5% | 10.4% | 13.4% | 17.4% | 15.4% | 42.2% | 57.6% | 31.8% | 50.1% | 51.8% |
| Effective Tax Rate | 34.7% | 32.1% | 21.3% | 20.8% | 21.0% | 20.5% | 20.7% | 21.1% | 22.3% | 20.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.57 | $0.88 | $1.20 | $1.61 | $1.59 | $3.73 | $6.32 | $3.08 | $4.16 | $4.81 |
| Dividends Per Share | $0.32 | $0.30 | $0.38 | $0.46 | $0.72 | $0.62 | $0.86 | $0.85 | $0.88 | $0.90 |
| Shares Outstanding (Basic) | 20.0 M | 25.2 M | 29.6 M | 29.5 M | 28.8 M | 35.6 M | 35.5 M | 40.7 M | 41.0 M | 41.4 M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. Regulatory Tier 1 is not in our data.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 9.70% |
| Return on Invested Capital | 3.44% |
| Return on Assets | 1.25% |
| Gross Margin | 67.04% |
| Operating Margin | 18.39% |
| Net Margin | 34.99% |
Financial Health
| Debt / Equity | 0.04 |
| Current Ratio | 0.27 |
| Piotroski F-Score | 7 |
| Altman Z-Score | -0.39 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 19.81 | 19.40 | 10.81 | 12.79 | 11.87 | 17.06 | 10.40 | 14.64 | 23.77 | 18.95 |
| P/B | 1.47 | 1.28 | 1.26 | 1.38 | 1.09 | 1.32 | 1.47 | 1.10 | 1.25 | 1.27 |
| P/S | 3.40 | 4.17 | 3.63 | 4.29 | 3.26 | 5.17 | 3.88 | 3.80 | 5.25 | 5.47 |
| Gross Margin | 95.5% | 94.1% | 93.0% | 88.3% | 82.9% | 92.4% | 93.0% | 70.4% | 61.7% | 70.1% |
| Operating Margin | 26.5% | 31.7% | 42.7% | 42.3% | 34.5% | 38.2% | 47.3% | 33.1% | 28.5% | 37.5% |
| Net Margin | 17.3% | 21.5% | 33.6% | 33.5% | 27.3% | 30.3% | 37.5% | 26.1% | 22.2% | 28.9% |
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