First Bancorp
First Bancorp /NC/ is the bank holding company for First Bank, a North Carolina state-chartered community commercial bank headquartered in Southern Pines. It provides traditional banking, mortgage and SBA lending, deposit gathering, and fee-based financial services across North Carolina and South Carolina, with a branch network centered in small-to-medium communities and select metro markets.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueDeposit accounts, lending, treasury-related banking, and other traditional community bank services.
Residential mortgage and consumer loan products used by households and local borrowers.
SBA lending plus Magnolia Financial's receivables financing, factoring, inventory financing, and purchase order financing.
Financial planning, mutual funds, annuities, and retirement plan services offered through FB Wealth Management Services.
Property and casualty insurance placement and other non-FDIC insured insurance products.
Customers
The company serves retail households, small businesses, and middle-market commercial borrowers in its branch footprint, with most lending concentrated in North Carolina and South Carolina. It also serves customers seeking fee-based financial planning, insurance, and retirement products, typically as an extension of primary banking relationships.
Individuals and families who use checking, savings, mortgage, and consumer loan products for everyday banking and home financing.
Local businesses that borrow for working capital, equipment, real estate, and operating needs, often through relationship banking.
Commercial clients using C&I and CRE loans for expansion, property financing, and business operations.
Businesses and borrowers using SBA lending or Magnolia Financial products such as factoring and inventory financing.
Existing banking clients who buy financial planning, annuities, life insurance, and retirement plan services.
Strategy
The company is focused on growing its relationship banking franchise in the Carolinas while improving net interest income through deposit growth, lower funding costs, and disciplined loan pricing. It also broadens fee income through wealth management, insurance, SBA lending, and Magnolia Financial's specialty finance products, which helps diversify earnings beyond spread income.
Lower-cost deposits support net interest margin and reduce reliance on borrowings in a competitive rate environment.
Commercial, CRE, mortgage, and SBA lending deepen customer ties and support organic balance-sheet growth.
Wealth management, insurance, and specialty finance reduce dependence on net interest income.
Geography
2025First Bancorp's business is concentrated in North Carolina and South Carolina, where it operates 113 branches and derives most of its loans from those market areas. Its footprint spans both smaller communities and larger metros such as Charlotte, Raleigh, Greensboro/Winston-Salem/High Point, Asheville, Wilmington, Greenville, Columbia, and Charleston, which diversifies local economic exposure but keeps the franchise regionally focused.
Share of the revenue the company reports by geography.
Risks
The main risks are credit losses, deposit competition, and interest-rate sensitivity, all of which are typical for a regional commercial bank with a loan-heavy balance sheet. The company also faces geographic concentration in the Carolinas, exposure to small-business borrowers, and execution risk as it adds new products and services or integrates acquisitions.
- Credit risk in commercial and CRE lendingImpact: HighLikelihood: High
Most commercial and CRE loans are to small business or middle-market borrowers with less financial flexibility.
Exposure - Deposit competition and funding pressureImpact: HighLikelihood: Medium
Banks and non-banks compete aggressively for deposits, forcing higher rates and potentially reducing margins.
Exposure: Core deposit franchise and brokered deposits
- Interest-rate riskImpact: HighLikelihood: Medium
Net interest income and economic value of equity are sensitive to changes in rates and funding costs.
Exposure: Loan and securities portfolios versus deposit costs
- Regional economic concentrationImpact: MediumLikelihood: Medium
The company is concentrated in North Carolina and South Carolina, so local downturns can affect borrowers and deposits.
Exposure: Carolinas branch and loan footprint
- Execution risk from new products and acquisitionsImpact: MediumLikelihood: Low
Expanding into new lines of business can create control, compliance, and profitability challenges.
Exposure
Accounting
Judgemental itemsManagement estimates expected losses using economic and borrower assumptions, which directly affects provision expense and capital.
Impact: Can materially change earnings and reserve levels
Off-balance-sheet lending commitments require reserve estimates that move with credit outlook and utilization.
Impact: Affects noninterest expense and reserve adequacy
The company carries substantial goodwill from acquisitions and must test it for impairment annually or when triggers arise.
Impact: Could create a large noncash charge if valuations weaken
Securities loss transactions and market value changes can create volatility in reported results.
Impact: Can affect noninterest income and capital ratios
State tax apportionment and North Carolina tax-rate changes affect deferred taxes and effective tax rate.
Impact: Can shift net income and tax expense year to year
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Last updated: 24/09/2026