First Bancorp - North Carolina

First Bancorp - North Carolina

First Bancorp - North Carolina

Overview
Date Founded

1983

Headquarters

300 SW Broad Street, Southern Pines, NC, 28387, USA

Type of Company

Public

Employees (Worldwide)

1,111

Industries

Retail & Commercial Banking
Holding Companies

Company Description

First Bancorp is a bank holding company headquartered in Troy, North Carolina, with total assets of approximately $3.3 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates a total of 97 branches, with 81 branches operating in North Carolina, nine branches in South Carolina, and seven branches plus one loan production office in Virginia, where First Bank does business as First Bank of Virginia. First Bancorp's common stock is traded on the NASDAQ Global Select Market under the symbol "FBNC."

Contact Data
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Executives & Employees

Chief Executive Officer, Treasurer & Director

President & Director

Executive Vice President, Chief Financial & Accounting Officer

Executive Vice President & Controller

Director, Executive Vice President

Vice Chairman

Director

Senior Vice President Business Development Officer

Senior Vice President, Builder Finance-Wake County

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First Bancorp - North Carolina
Owners & Shareholders
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ICM offers value investment solutions across the US equity market capitalization spectrum. In doing so, the firm utilizes two distinct investment processes – Small-Cap, SMID-Cap & Mid-Cap Value and Large-Cap/All-Cap Value. Both approaches employ a value-oriented investment method with a focus on fundamental analysis. ICM attempts to measure the value of a security by looking at economic and financial factors including the overall economy, industry conditions, and the financial condition and management of the company itself, to determine if the company is underpriced or overpriced.

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JAM provides investment advisory services to JAM Partners LP, a hedge fund. The fund's objective is to achieve capital appreciation over a multi-year time horizon primarily through investments in equity securities that JAM believes are undervalued. They invest mainly in US publicly-traded securities of finance companies including banks, thrifts, brokers, asset managers, insurance, mortgage, specialty finance, REITs, homebuilders, financial technology, and other financial intermediaries. The investment approach of the fund is research intensive and may be contrarian in nature. The fund intends to focus on small and medium capitalization companies where we perceive that the stock market either misunderstands a company's prospects or is largely ignoring the company.

Recent Transactions
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First Bancorp - North Carolina purchases ASB Bancorp, Inc.

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First Bancorp - North Carolina, First Bank Insurance Services, Inc. purchase Bear Insurance Service, Inc.

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First BanCorp. - Puerto Rico issued USD Common Stock

Transaction Clients
Auditor

Advised on First BanCorp. - Puerto Rico issued USD Common Stock

Insider Transactions
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Transaction Advisors
Legal Advisor

Advised onFirst Bancorp - North Carolina purchases Great Pee Dee Bancorp, Inc.

Accountant

Advised onFirst Bancorp - North Carolina purchases Carolina Community Bancshares, Inc.

Accountant

Advised onFirst Bancorp - North Carolina purchases First Savings Bancorp, Inc. (North Carolina)

Legal Advisor

Advised onFirst Bancorp - North Carolina purchases Carolina Bank Holdings, Inc.

Legal Advisor

Advised onFirst Bancorp - North Carolina purchases ASB Bancorp, Inc.

Advisors & Consultants
Consultant

Former Executive Vice President & Chief Operating Officer at First Bancorp - North Carolina

Legal Advisor

Partner at Davis Polk & Wardwell LLP

Key Stats and Financials As of 2019
Market Capitalization
$961M
Total Enterprise Value
$1.44B
Earnings Per Share
$3.1
Revenue
$309M
Net Profit
$92M
Total Debt
$321M
Total Equity
$858M
Enterprise Value / Sales
4.67x
TEVNet Income
15.67x
Debt TEV
0.22x
Three Year Compounded Annual Growth Rate Of Revenue
23%
Suppliers
Berkshire Hills Bancorp, Inc. Holding Companies | Pittsfield, MA

Berkshire Hills Bancorp, Inc. operates as a bank holding company for Berkshire Bank and Berkshire Insurance Group, Inc. The firm offers deposit, lending, insurance, and wealth management products to retail and commercial customers in its market areas. It aims to expand and deepen market share and wallet share through organic growth and acquisition strategies. The company was founded in June 2000 and is headquartered in Pittsfield, MA.

Competitors
Bank of America Corp. Retail & Commercial Banking - Charlotte, NC

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses. The Global Wealth and Investment Management provides client experience through a network of financial advisors focused on to meet their needs through a full set of investment management, brokerage, banking, and retirement products. The Global Banking segment deals with lending-related products and services, integrated working capital management and treasury solutions to clients, and underwriting and advisory services. The Global Markets segment includes sales and trading services, as well as research, to institutional clients across fixed-income, credit, currency, commodity, and equity businesses. The All Other segment consists of asset and liability management activities, equity investments, non-core mortgage loans and servicing activities, the net impact of periodic revisions to the mortgage servicing rights (MSR) valuation model for both core and non-core MSRs, other liquidating businesses, residual expense allocations and other.

Wells Fargo & Co. Retail & Commercial Banking - Minneapolis, MN

Wells Fargo & Co. is a diversified, community-based financial services company. It is engaged in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance. It firm operates through the following segments: Community Banking, Wholesale Banking, Wealth & Investment Management, and Other. The Community Banking segment offers complete line of diversified financial products and services for consumers and small businesses including checking and savings accounts, credit and debit cards, and automobile, student, and small business lending. The Wholesale Banking segment provides financial solutions to businesses across the United States and globally. The Wealth and Investment Management segment includes personalized wealth management, investment and retirement products and services to clients across U.S. based businesses. The Other segment refers to the products of WIM customers served through community banking distribution channels. The company was founded by Henry Wells and William G. Fargo on March 18, 1852 and is headquartered in San Francisco, CA.

The PNC Financial Services Group, Inc. Retail & Commercial Banking - Pittsburgh, Pennsylvania

PNC Financial Services Group, Inc. is a holding company, which engages in the provision of financial services. It operates through the following segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, investment management, and cash management products and services to consumer and small business customers. The Corporate & Institutional segment covers the lending, treasury management, and capital markets-related products and services to mid-sized and large corporations, government, and not-for-profit entities. The Asset Management Group segment includes personal wealth management for high net worth and ultra high net worth clients and institutional asset management. The BlackRock segment operates as a publicly-traded investment management firm providing a range of investment, risk management and technology services to institutional and retail clients. The company was founded in 1983 and is headquartered in Pittsburgh, PA.

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