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)

1,098

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

Executive Vice President

Senior Vice President, Builder Finance-Wake County

Senior Vice President Business Development Officer

Vice President Branch Manager

Vice President & Branch Manager

Board of Directors

Former Chairman & Chief Executive Officer at B.C. Moore & Sons, Inc.

President & Director at First Bancorp - North Carolina

Chief Executive Officer, Treasurer & Director at First Bancorp - North Carolina

Partner at Holden, Thomasson & Longfellow P.C.

Senator from the 14th District at North Carolina State Senate

Partner at Nelson Mullins Riley & Scarborough LLP

Former Director-Administration & Marketing at Capel, Inc.

Professional at Phillips Ford

Treasurer & Director at Mission Health System, Inc.

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First Bancorp - North Carolina
Owners & Shareholders
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VNIM provides both equity and fixed income management. For equity, their philosophy is to identify temporary information and liquidity inefficiencies in the respective market capitalization universes that provide opportunities to invest in companies at valuations that they believe are materially below their long-term intrinsic value. They primarily employ a fundamental, bottom-up investment process. The firm utilizes a disciplined valuation methodology combined with fundamental research to take advantage of the inefficiencies in the universes. While the investment process is not driven by macro issues, the portfolio managers constantly monitor the macro environment to consider any impact it may have on stock selection and portfolio construction. For fixed income, VNIM believes active, risk controlled management, founded on research-driven analyses, can uncover relative values that, over the long-term, produces returns with less risk. Their fixed income investments are driven by two factors: (1) client guidelines on allowable investments and (2) the client's relative benchmark.

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Mendon Capital Advisors Corp.'s investment strategies focus on the financial services sector. The firm believes that abnormal absolute returns can be earned in the financial services sector due to ongoing industry consolidation, which they believe can be expected to continue for many years. In addition, Mendon believes that the financial services sector provides investment opportunities in almost all types of interest rate, credit quality and other macroeconomic environments. The firm generally focuses more on smaller-cap companies in which it is possible to gain an information advantage through research, and experience.Mendon's general philosophy is to identify companies that meet either long bullish or short bearish criteria. This strategy provides advisory clients with adequate flexibility to take advantage of opportunities identified during both rising and declining markets. The firm may purchase or sell put options or call options for their advisory clients to protect the underlying investments and to generate income or for speculative purposes.

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Investment Counselors of Maryland (ICM) offers clients value investment solutions across the market-cap spectrum. In doing so, the firm utilizes two distinct investment processes. 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. These two strategies include: Small Cap, SMID Cap & Mid-Cap Value and Large Cap Value.In selecting investments for their Small Cap, SMID Cap & Mid-Cap Value strategies, ICM seeks to invest in companies that they estimate to be undervalued that also possess leading market share positions, shareholder-oriented management teams, and strong balance sheets and cash flow ratios. Usually, the shares of the companies they buy are selling at a price-to-earnings ratio below the average price-to-earnings ratio of the stocks in the broad capitalization-specific indices (i.e. Russell 2000 , Russell 2500 and Russell Midcap). The companies usually have higher return-on-equity and return-on-capital than the average company in those same indices. Using screening parameters such as price-to-earnings, relative return-on-equity and other financial ratios, ICM screens the universe of investments to identify potentially undervalued securities. They further narrow the list of potential investments through traditional fundamental security analysis.For their Large Cap Value strategy, ICM seeks to identify companies that are well-capitalized with sustainable competitive advantages and strong management teams. Using various screening parameters, they seek to identify potentially undervalued securities. ICM further narrows the list of potential investments through traditional fundamental security analysis. Investment are chosen once ICM is convinced the securities are undervalued and after they have attempted to discover a positive inflection point in the company's business momentum. ICM's primary focus is to confirm the competitive position of the company and that it is sufficiently undervalued based on historical valuation parameters, given their projected estimates for earnings and free-cash-flow.

Recent Transactions
Details Hidden

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

Transaction Advisors
Legal Advisor

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

Investment Advisor

Advised onFirst Bancorp - North Carolina purchases Hobbs Insurance & Realty Co.

Accountant

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

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
Legal Advisor

Partner at Davis Polk & Wardwell LLP

Consultant

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

Key Stats and Financials As of 2018
Market Capitalization
$1.11B
Total Enterprise Value
$1.32B
Earnings Per Share
$3.01
Revenue
$293M
Net Profit
$89.3M
Total Debt
$407M
Total Equity
$764M
Enterprise Value Sales
4.51x
TEVNet Income
14.79x
Debt TEV
0.31x
Three Year Compounded Annual Growth Rate Of Revenue
23.8%
Five Year Compounded Annual Growth Rate Of Revenue
10.51%
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 a wide range of 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. The company was founded by Amadeo Peter Giannini in 1904 is headquartered in Charlotte, NC.

Wells Fargo & Co. Retail & Commercial Banking - SAN FRANCISCO, CA

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. The 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. engages in the provision of diversified financial services. The company's financial services include: retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-backed lending; wealth management and asset management. It operates through the following segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment provides deposit, lending, brokerage, trust, investment management, and cash management services to consumer and small business customers within its primary geographic markets. The Corporate & Institutional segment provides lending, treasury management, and capital markets-related products and services to mid-sized corporations, government and not-for-profit entities, and selectively to large corporations. 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 broad range of investment, risk management and technology services to institutional and retail clients worldwide. The company was founded in 1983 and is headquartered in Pittsburgh, PA.

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