First Bancorp currently trades at $57.53 per share and has shown little upside over the past six months, posting a middling return of 3.9%.

Is there a buying opportunity in First Bancorp, or does it present a risk to your portfolio? Get the full breakdown from our expert analysts, it’s free.

Why Is First Bancorp Not Exciting?

We're swiping left on First Bancorp for now. Here are three reasons there are better opportunities than FBNC and a stock we'd rather own.

1. Long-Term Revenue Growth Disappoints

Net interest income and and fee-based revenue are the two pillars supporting bank earnings. The former captures profit from the gap between lending rates and deposit costs, while the latter encompasses charges for banking services, credit products, wealth management, and trading activities.

Over the last five years, First Bancorp grew its revenue at a mediocre 8.2% compounded annual growth rate. This fell short of our benchmark for the banking sector.

2. Low Net Interest Margin Reveals Weak Loan Book Profitability

Net interest margin (NIM) serves as a critical gauge of a bank's fundamental profitability by showing the spread between interest income and interest expenses. It's essential for understanding whether a firm can sustainably generate returns from its lending operations.

Over the past two years, we can see that First Bancorp’s net interest margin averaged a subpar 3.1%, reflecting its high servicing and capital costs.

3. EPS Barely Growing

We track the long-term change in earnings per share (EPS) because it highlights whether a company’s growth is profitable.

First Bancorp’s unimpressive 6.5% annual EPS growth over the last five years aligns with its revenue performance. This tells us it maintained its per-share profitability as it expanded.

Final Judgment

First Bancorp isn’t a terrible business, but it doesn’t pass our quality test. That said, the stock currently trades at 1.5× forward P/B (or $57.53 per share). Investors with a higher risk tolerance might like the company, but we think the potential downside is too great. We're pretty confident there are more exciting stocks to buy at the moment. Let us point you toward a dominant Aerospace business that has perfected its M&A strategy.

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