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Core Viewpoint - First Bancorp (FBNC) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on the consensus measure of EPS estimates from sell-side analysts, reflecting the company's changing earnings picture [1][2]. - A strong correlation exists between earnings estimate revisions and near-term stock price movements, making the Zacks rating system valuable for investors [4][6]. Institutional Investor Influence - Institutional investors utilize earnings estimates to determine the fair value of stocks, leading to significant price movements based on their buying or selling actions [4]. First Bancorp's Earnings Outlook - First Bancorp is projected to earn $2.72 per share for the fiscal year ending December 2024, representing a year-over-year increase of 7.5% [8]. - Over the past three months, the Zacks Consensus Estimate for First Bancorp has risen by 1.5%, indicating a positive trend in earnings estimates [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - The upgrade of First Bancorp to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting potential for higher stock movement in the near term [11].

Financial Performance - Net income for the three months ended September 30, 2024, was $18,680 thousand, compared to $29,893 thousand in 2023, reflecting a decline of 37.36%[10] - Basic earnings per common share decreased to $0.45 in 2024 from $0.73 in 2023, a drop of 38.36%[10] - The company reported a net income of $72,664,000 for the nine months ended September 30, 2024, compared to $74,457,000 for the same period in 2023, reflecting a decrease of 2.4%[15] - Net income for the nine months ended September 30, 2024, was $72,664,000, a decrease of 2.7% from $74,457,000 in the same period of 2023[17] - The company recorded a net income of $72,193 thousand for the nine months ended September 30, 2024, compared to $73,918 thousand in the same period of 2023[113] Asset and Loan Management - Total assets increased to $12,153,430 thousand in 2024 from $12,114,942 thousand in 2023, representing a growth of 0.32%[9] - Net loans decreased to $7,890,820 thousand in 2024 from $8,040,249 thousand in 2023, a decline of 1.86%[9] - Total loans as of September 30, 2024, amounted to $8,012,741,000, a decrease from $8,013,538,000 in the previous year[57] - Total loans decreased by $136.6 million, or 1.7%, to $8.0 billion as of September 30, 2024, from December 31, 2023[183] - The total amount of guaranteed portions of SBA loans was $36.13 million as of September 30, 2024, compared to $35.46 million on December 31, 2023[38] Deposits and Funding - Total deposits rose to $10,504,929 thousand in 2024, up from $10,031,599 thousand in 2023, marking an increase of 4.70%[9] - Total deposits were $10.5 billion at September 30, 2024, an increase of $473.3 million, or 4.72%, from December 31, 2023[136] - The mix of customer deposits remained stable, with significant growth in money market accounts contributing to organic growth of $476.4 million[189] Noninterest Income and Expenses - Total noninterest income for the nine months ended September 30, 2024, was $41,076 thousand, slightly down from $42,948 thousand in 2023, a decrease of 4.36%[10] - Noninterest income for the three months ended September 30, 2024, totaled $13.6 million, a decrease of $1.6 million, or 10.5%, from the comparable period in 2023[125] - Total noninterest expenses decreased to $59,850 thousand for the three months ended September 30, 2024, from $62,224 thousand in 2023, a reduction of 3.88%[10] Credit Losses and Allowances - The allowance for credit losses on loans increased to $122,718 thousand in 2024 from $109,853 thousand in 2023, an increase of 11.00%[9] - The provision for credit losses was $14.2 million for the three months ended September 30, 2024, compared to zero for the same period in 2023[170] - The allowance for credit losses rose to $122.7 million at September 30, 2024, compared to $109.9 million at December 31, 2023, reflecting a provision of $13.0 million related to Hurricane Helene[194] Securities and Investments - The total available for sale securities amounted to $2,238.996 million with a fair value of $1,907.458 million, reflecting unrealized losses of $331.577 million[27] - The unrealized loss on available for sale securities totaled $331.5 million as of September 30, 2024[187] - The fair value of mortgage-backed securities was $1.828 billion as of September 30, 2024, down from $1.938 billion as of December 31, 2023, a decrease of approximately 5.7%[92][93] Capital and Ratios - Total shareholders' equity rose to $1,477,525 thousand in 2024, up from $1,372,380 thousand in 2023, an increase of 7.66%[9] - Capital ratios improved, with a total common equity Tier 1 ratio of 14.37%, Tier 1 risk-based capital ratio of 15.19%, and total risk-based capital ratio of 16.65% at September 30, 2024[137] Economic and Market Conditions - The company identified borrowers with approximately $755 million of loans outstanding in areas impacted by Hurricane Helene, with an increased allowance for credit losses (ACL) of $13 million due to potential exposure from the storm[70] - The company experienced a decrease in net interest income due to compression in net interest margin (NIM) despite a shift to higher-yielding assets[148] Miscellaneous - The company completed the acquisition of GrandSouth Bancorporation on January 1, 2023, integrating its operations into First Bank[26] - The company modified loans for borrowers experiencing financial difficulty, offering various types of concessions such as principal forgiveness and term extensions[59]

Company Performance - First Bancorp reported quarterly earnings of $0.70 per share, exceeding the Zacks Consensus Estimate of $0.69 per share, but down from $0.73 per share a year ago, indicating a 4.1% year-over-year decline [1] - The company achieved an earnings surprise of 1.45% for the quarter and had a significant surprise of 18.64% in the previous quarter [1] - Revenues for the quarter were $96.62 million, missing the Zacks Consensus Estimate by 0.39% and down from $99.88 million year-over-year [1] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.71 on revenues of $100 million, while the estimate for the current fiscal year is $2.72 on revenues of $387 million [4] - The estimate revisions trend for First Bancorp is mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market [4] Industry Context - The Banks - Southeast industry, to which First Bancorp belongs, is currently in the bottom 33% of over 250 Zacks industries, indicating potential challenges for stock performance [5] - First National Corp. (FXNC), another company in the same industry, is expected to report quarterly earnings of $0.49 per share, reflecting a year-over-year decline of 2% [5]

ATLANTA, Oct. 21, 2024 (GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) today announced the results of the 2024 director election. The Bank conducted an election to fill the member directorships for North Carolina and Virginia, an independent directorship and a public interest independent directorship. Each director-elect will serve a four-year term commencing on January 1, 2025, and ending December 31, 2028. Suzanne DeFerie was elected to fill the member directorship representing the ...

SOUTHERN PINES, N.C., July 30, 2024 /PRNewswire/ -- The Board of Directors of First Bancorp (NASDAQ: FBNC) (the "Company") announces the retirement of Mason Y. Garrett from the First Bancorp and First Bank Board of Directors (the "Board of Directors") effective July 26, 2024. Mr. Garrett was the Founder and Chairman of the Board of Directors of GrandSouth Bank and CEO of GrandSouth Bancorporation from 1998 until its merger with the Company in 2023, at which time he joined the Company's Board of Directors. H ...

FIRST BANCORP For Immediate Release: For More Information, Contact: July 24, 2024 Hillary Kestler 704-644-4137 SOUTHERN PINES, N.C. - First Bancorp (the "Company") (NASDAQ - FBNC), the parent company of First Bank, announced today net income of $28.7 million, or $0.70 per diluted common share, for the three months ended June 30, 2024 compared to $25.3 million, or $0.61 per diluted common share, for the three months ended March 31, 2024 ("linked quarter") and $29.4 million, or $0.71 per diluted common share, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 Commission File Number 0-15572 FIRST BANCORP (Exact Name of Registrant as Specified in its Charter) Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) du ...

First Bancorp (FBNC) reported $92.17 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 13.1%. EPS of $0.61 for the same period compares to $0.37 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $96.12 million, representing a surprise of -4.11%. The company delivered an EPS surprise of -4.69%, with the consensus EPS estimate being $0.64.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and ...

First Bancorp (FBNC) came out with quarterly earnings of $0.61 per share, missing the Zacks Consensus Estimate of $0.64 per share. This compares to earnings of $0.37 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -4.69%. A quarter ago, it was expected that this bank holding company for First Bank would post earnings of $0.66 per share when it actually produced earnings of $0.72, delivering a surprise of 9.09%.Over the last fo ...