FIRST BANCORP /NC/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FIRST BANCORP /NC/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue						25.3	17.4	32.8	70.1	67.6
Interest expense	7.61	12.7	23.8	33.9	19.6	9.52	16.1	142
Pre-tax income	42.1	67.7	113	116	103	120	185	132	98.1	140
Income tax	14.6	21.8	24.2	24.2	21.7	24.7	38.3	27.8	21.9	28.5
Net income	27.5	46	89.3	92	81.5	95.6	147	104	76.2	111
EPS, basic	1.37	1.82	3.02	3.10	2.81	3.19	4.12	2.54	1.85	2.68
EPS, diluted	1.33	1.82	3.01	3.10	2.81	3.19	4.12	2.53	1.84	2.68
Shares, basic (weighted)	20	25.2	29.6	29.5	28.8	29.9	35.5	40.7	41	41.2
Shares, diluted (weighted)	20.7	25.3	29.7	29.7	29	30	35.7	41.2	41.3	41.5
Dividend per share	0.32	0.32	0.40	0.54	0.72	0.80	0.88	0.88	0.88	0.91

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	306	489	463	231	367	461	270	238	508	310
Property, plant and equipment	75.4	116	119	115	121	136	134	151	143	139
Lease right-of-use assets				19.7	17.5	20.7	18.7	17.1	13.8	13.4
Goodwill	75	233	234	234	239	364	364	479	479	479
Intangible assets	4.43	24.4	21.1	17.2	15.4	17.8	12.7	29.5	22.9	17.2
Total assets	3,615	5,547	5,864	6,144	7,290	10,509	10,625	12,115	12,148	12,668
Short-term debt			253	253	0	0	221	529	0	0
Lease liabilities				19.9	17.9
Total liabilities	3,247	4,854	5,100	5,291	6,396	9,278	9,593	10,743	10,702	11,014
Total debt		411	407	301	61.8	67.4	288	630	91.9	74.6
Retained earnings	226	264	342	418	478	533	648	716	756	830
Other comprehensive income	-5.11	-4.15	-12	5.12	14.4	-25	-342	-308	-282	-149
Shareholders' equity	368	693	764	852	893	1,231	1,032	1,372	1,446	1,654
Total equity	368	693	764	852	893	1,231	1,032	1,372	1,446	1,654
Total liabilities and equity	3,615	5,547	5,864	6,144	7,290	10,509	10,625	12,115	12,148	12,668
Shares outstanding	20.8	29.6	29.7	29.6	28.6	35.6	35.7	41.1	41.3	41.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	27.5	46	89.3	92	81.5	95.6	147	104	76.2	111
Depreciation and amortization	4.6	5.49	6.08	5.84	5.84	6.19	6.86	7.75	7.76	6.79
Stock-based compensation	0.71	1.1	1.57	2.27	2.54	2.27	2.98	5.13	4.92	3.76
Deferred income tax				1.59	-10	-4.8	-1.81	-0.78
Cash from operations	41.3	26.8	46.4	51.2	58.3	142	231	131	175	203
Capital expenditures	-8.69	-4.66	-10.7	-3.53	-12.4	-9.4	-5.29	-4.42	-2.66	-4.25
Acquisitions	-53.6	72.5	0	0	-9.56	209	0	22.6	0	0
Purchases of investments		-191	-231	-499	-1,060	-1,572	-355	-1.17	-495	-585
Sales and maturities of investments	76.9	38	60.9	159	224	358	251	165	243	216
Cash from investing	-240	-129	-313	-425	-962	-1,274	-713	-191	170	-562
Debt issued		110	50	0	150	0	0
Debt repaid		-106	-101	-51.1	-202	-5.73	-0.13
Stock issued	0.38	0.29	0.32	0.13	0	0	0	4.52	4.09	1.49
Share buybacks		0	0	-10	-31.9	-4.04	0	0	0	-0.99
Dividends paid	-6.4	-7.6	-11.3	-13.7	-20.9	-22.2	-30.7	-34.9	-36.2	-37.3
Cash from financing	238	285	240	142	1,039	1,225	292	27.5	-74.8	161
Net change in cash	38.7	183	-26.6	-232	136	93.9	-191	-32.5	270	-198
Free cash flow	32.6	22.2	35.7	47.7	46	133	225	127	172	199
Interest paid	7.65	12.2	23	33.7	20.8	10.2	14.3	136	187	159
Income taxes paid	11.8	19.5	21.2	24.3	29.6	32.5	39.7	29.7	33.5	11

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $63.50 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	19.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.0%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-3.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	57.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	45.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-8.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	6.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	45.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-13.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-0.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	16.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-4.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	28.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	15.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-4.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	34.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	3.4%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	1.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	4.8%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	14.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	17.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	13.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	5.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	7.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.04x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.6%	Total debt / total assets.
Liabilities / assets	86.8%	Total liabilities / total assets.
Net debt	-$475.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	3.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.22B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
FCF conversion	170.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.22	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share	$5.49	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.62	Cash from operations / diluted weighted shares.
Book value per share	$41.49	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$29.56	Tangible book value / shares outstanding.
Cash per share	$13.30	(Cash + short-term investments) / shares outstanding.
Payout ratio	28.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	17.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	3.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.63B	Share price x shares outstanding.
Enterprise value	$2.15B	Market cap + total debt - cash - short-term investments.
P/E	19.7x	Market cap / net income. Only when net income is positive.
P/B	1.53x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.15x	Market cap / tangible book value, when positive.
P/FCF	11.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.3x	Market cap / cash from operations, when positive.
EV/FCF	9.48x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.6%	Free cash flow / market cap.
Earnings yield	5.1%	Net income / market cap (the inverse of P/E).
Dividend yield	1.5%	Dividends paid over the period / market cap.
Shareholder yield	1.7%	(Dividends paid + share buybacks) / market cap.

What was FIRST BANCORP /NC/'s revenue in fiscal 2025?

FIRST BANCORP /NC/ reported revenue of $67.6M for fiscal 2025, 3.6% lower than the year before.

Was FIRST BANCORP /NC/ profitable in fiscal 2025?

Yes. Net income was $111.0M, a net margin of 164.2%.

How much free cash flow did FIRST BANCORP /NC/ generate in fiscal 2025?

Cash from operations of $203.1M minus capital expenditures of $4.2M left free cash flow of $198.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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