First Bancorp combines a powerful low-cost Carolinas deposit franchise, disciplined execution, and expanding margins—but its premium valuation depends on avoiding CRE stress and preserving funding advantages.
Overview
First Bancorp is a high-quality Carolinas regional bank with $12.95 billion in assets, $8.79 billion in loans, $11.01 billion in deposits, and 113 branches. Its community-commercial banking model blends local relationships with regional-bank capabilities, serving small and middle-market businesses, real estate borrowers, families, and commercial clients. Strong capital, low-cost deposits, disciplined lending, and diversified fee income support a durable franchise, though its earnings remain tied to interest rates and regional credit conditions.