# First Bancorp (FBNC)

> Source: Nexqual · https://nexqual.com/FBNC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, First Bancorp (FBNC), nexqual.com/FBNC" · informational, not investment advice.

**Price:** USD 63.92 (+4.72% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 61.04 · day 61.31–64.32 · 52w 47.53–66.78 · market cap $2.65B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $423M, net income $133M (31.5% margin) (SEC filings).
- Valuation: P/E 19.9x (avg 19.1x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $4.1M; 2 not under a Rule 10b5-1 plan ($4.1M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $15K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (5 analysts), mean target USD 69.2 (range 66–72).
- Total return with dividends: 1Y +36.3% vs S&P 500 +14.9%; 5Y +49.8% vs S&P 500 +80.3%.
- Next earnings: 2027-01-20, EPS estimate USD 1.22, revenue estimate $132M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $320M | $393M | $404M | $350M | $390M | $423M |
| Net income | $95.6M | $147M | $104M | $76.2M | $111M | $133M |
| EPS (diluted) | $3.19 | $4.12 | $2.53 | $1.84 | $2.68 | — |
| Free cash flow | $133M | $225M | $127M | $172M | $199M | $227M |
| Net margin | 29.9% | 37.4% | 25.8% | 21.8% | 28.5% | 31.5% |
| Revenue growth | +6.9% | +22.8% | +2.9% | -13.4% | +11.5% | — |
| Cash + short-term investments | $461M | $270M | $238M | $508M | $310M | — |
| Total debt | $67.4M | $508M | $1.16B | $91.9M | $74.6M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 19.9x · P/S 6.3x · P/FCF 11.7x · P/B 1.5x · FCF yield 8.58% · Earnings yield 5.04% · Dividend yield (paid, TTM) 1.46% · Buyback yield (TTM) 0.27%
P/E at fiscal year-ends: Dec 2025 19.0x, Dec 2024 23.8x, Dec 2023 14.6x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-28…2026-09-29 | Moore Richard H | Chief Executive Officer | 23,343 | $1.5M | 22% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-05-20 | Mayer Michael Goodwin | Director | 44,324 | $2.6M | 51% | No | Too little history (no open-market trades in 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $15K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-11 | Nevin Katharine Caldwell | Director | 231 | $15K | 64.23 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 5 analysts; mean target USD 69.2 (low 66, high 72).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Piper Sandler | Target raised | Neutral | $65 → $66 |
| 2026-10-06 | Raymond James | Downgrade | Strong Buy → Outperform | $72 → $71 |
| 2026-08-04 | Keefe, Bruyette & Woods | Target raised | Outperform | $67 → $70 |
| 2026-07-29 | Piper Sandler | Target raised | Neutral | $64 → $65 |
| 2026-07-16 | Raymond James | Target raised | Strong Buy | $68 → $75 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +36.3% | +49.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +36.5% | +8.4% |
| Volatility (annualized) | 25.6% | 30.0% |
| Max drawdown | -15.3% (Feb 2026→Mar 2026) | -44.0% (Nov 2021→May 2023) |

## Peers (Banks - Regional)
BBD (Banco Bradesco Sa) USD 3.95 -2.47% · FITB (Fifth Third Bancorp) USD 53.23 +0.80% · DB (Deutsche Bank AG) USD 31.48 -2.39% · TFC (Truist Financial Corporation) USD 48.42 +1.45% · NWG (NatWest Group plc) USD 16.99 -2.30% · NU (Nu Holdings Ltd.) USD 14.73 -2.13%

## More
Full page: https://nexqual.com/FBNC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $1.22 | $1.19 | +2.3% | $132.5M | 4 |
| Next quarter (ends 2027-03-31) | $1.20 | $1.21 | -0.4% | $139.0M | 4 |
| Current fiscal year (ends 2026-12-31) | $4.79 | $4.68 | +2.3% | $513.7M | 4 |
| Next fiscal year (ends 2027-12-31) | $5.06 | $5.00 | +1.3% | $577.6M | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-03-19 (includes earnings 2027-01-20): ±12.8%; last 8 reports averaged ±3.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-12-18 | 56 | 27.3% | ±8.8% |
| 2027-03-19 | 147 | 25.1% | ±12.8% |
| 2027-06-17 | 237 | 25.9% | ±16.6% |