First Bancorp’s 33.3% return over the past six months has outpaced the S&P 500 by 6.8%, and its stock price has climbed to $49.08 per share. This run-up might have investors contemplating their next move.
Is it too late to buy FBNC? Find out in our full research report, it’s free for active Edge members.
Why Does First Bancorp Spark Debate?
Founded during the Great Depression in 1934 and originally known as Montgomery Bancorp, First Bancorp (NASDAQ: FBNC) is a community-oriented commercial bank providing a wide range of financial services to businesses and individuals in North and South Carolina.
Two Things to Like:
1. Net Interest Income Skyrockets, Fueling Growth Opportunities
Our experience and research show the market cares primarily about a bank’s net interest income growth as one-time fees are considered a lower-quality and non-recurring revenue source.
First Bancorp’s net interest income has grown at a 12% annualized rate over the last five years, better than the broader banking industry and faster than its total revenue.
2. Projected TBVPS Growth Is Remarkable
A bank’s tangible book value per share (TBVPS) increases when it generates higher net interest margins and keeps credit losses low, allowing it to compound shareholder value over time.
Over the next 12 months, Consensus estimates call for First Bancorp’s TBVPS to grow by 14.4% to $29.17, top-notch growth rate.
One Reason to be Careful:
Revenue Tumbling Downwards
Long-term growth is the most important, but within financials, a stretched historical view may miss recent interest rate changes and market returns. First Bancorp’s recent performance marks a sharp pivot from its five-year trend as its revenue has shown annualized declines of 3.7% over the last two years. 
Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
Final Judgment
First Bancorp’s merits more than compensate for its flaws, and with its shares beating the market recently, the stock trades at 1.3× forward P/B (or $49.08 per share). Is now the right time to buy? See for yourself in our in-depth research report, it’s free for active Edge members.
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