FBNCNasdaqState Commercial BanksUS GAAP · USD

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.

Revenue67.6m USD
−3.6 %y/y
Net income111m USD
+45.7 %y/y
Free cash flow199m USD
+15.5 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

020406080m USD20202021: 25 m USD20212022: 17 m USD20222023: 33 m USD20232024: 70 m USD20242025: 68 m USD202568
RevenueOperating profit (EBIT)

Business

Share of revenue
Core banking70 %

Deposit accounts, lending, treasury-related banking, and other traditional community bank services.

Mortgage and consumer lending12 %

Residential mortgage and consumer loan products used by households and local borrowers.

Commercial specialty finance10 %

SBA lending plus Magnolia Financial's receivables financing, factoring, inventory financing, and purchase order financing.

Wealth management and investment services5 %

Financial planning, mutual funds, annuities, and retirement plan services offered through FB Wealth Management Services.

Insurance and ancillary fee services3 %

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.

Retail and household banking customers

Individuals and families who use checking, savings, mortgage, and consumer loan products for everyday banking and home financing.

Small business borrowers

Local businesses that borrow for working capital, equipment, real estate, and operating needs, often through relationship banking.

Commercial and middle-market borrowers

Commercial clients using C&I and CRE loans for expansion, property financing, and business operations.

SBA and specialty finance clients

Businesses and borrowers using SBA lending or Magnolia Financial products such as factoring and inventory financing.

Wealth and insurance customers

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.

Improve funding mix and deposit retentionShort term

Lower-cost deposits support net interest margin and reduce reliance on borrowings in a competitive rate environment.

Expand relationship-based lendingMedium term

Commercial, CRE, mortgage, and SBA lending deepen customer ties and support organic balance-sheet growth.

Diversify revenue with fee businessesMedium term

Wealth management, insurance, and specialty finance reduce dependence on net interest income.

Geography

2025

First 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.

Puerto Rico84 %
United States13 %
VI3.3 %

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.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Credit risk in commercial and CRE lending1Deposit competition and funding pressure2Interest-rate risk3Regional economic concentration4Execution risk from new products and acquisitions5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. 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.

    ExposureCommercialCREConsumer loan portfolio
  2. 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

  3. 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

  4. 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

  5. Execution risk from new products and acquisitionsImpact: MediumLikelihood: Low

    Expanding into new lines of business can create control, compliance, and profitability challenges.

    ExposureSpecialty financeWealthInsuranceM&A

Accounting

Judgemental items
Allowance for credit losses

Management estimates expected losses using economic and borrower assumptions, which directly affects provision expense and capital.

Impact: Can materially change earnings and reserve levels

Allowance for unfunded commitments

Off-balance-sheet lending commitments require reserve estimates that move with credit outlook and utilization.

Impact: Affects noninterest expense and reserve adequacy

Goodwill impairment

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

Fair value measurements and securities transactions

Securities loss transactions and market value changes can create volatility in reported results.

Impact: Can affect noninterest income and capital ratios

Income tax estimates

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

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

First Bancorp (FBNC) Revenue, Earnings & Financials 2025 – Clarifo