Old North State Trust Fully Exits First Bancorp Position
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 24 2026
0mins
Source: Fool
- Holding Change: Old North State Trust reported in an SEC filing dated March 24, 2026, that it has completely sold its 72,921 shares of First Bancorp, with an estimated trade value of $3.70 million, indicating a potential decline in confidence in the bank's future prospects.
- Portfolio Adjustment: This transaction reduced Old North State Trust's position in First Bancorp from 2.3% of AUM in the previous quarter to zero, suggesting a strategic shift towards larger growth companies to mitigate risks associated with smaller regional banks.
- Company Performance: As of March 23, 2026, First Bancorp shares were priced at $54.18, reflecting a 33.1% increase over the past year, significantly outperforming the S&P 500 by 20.25 percentage points, highlighting its strong market performance.
- Earnings Complexity: Despite First Bancorp's net interest income reaching approximately $106 million in Q4 and loan balances increasing to about $8.7 billion, a significant securities loss led to a quarterly net income drop to $15.7 million, illustrating the complexities in its earnings picture.
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Analyst Views on FBNC
Wall Street analysts forecast FBNC stock price to rise
3 Analyst Rating
3 Buy
0 Hold
0 Sell
Strong Buy
Current: 60.290
Low
58.00
Averages
60.67
High
62.00
Current: 60.290
Low
58.00
Averages
60.67
High
62.00
About FBNC
First Bancorp is a bank holding company. The principal activity of the Company is the ownership and operation of the First Bank (the Bank), a state-chartered bank with its main office in Southern Pines, North Carolina. Through its subsidiaries, the Bank provides full-service commercial and consumer banking services, mortgage banking services, automobile financing, insurance agency services, and other financial products and services. The Bank maintains a diversified loan portfolio by providing a broad range of commercial and retail lending services to business entities and individuals. The Bank provides commercial business loans, commercial and residential real estate construction and mortgage loans, revolving lines of credit, letters of credit, and loans for personal uses, such as home improvement, and automobiles. The Bank offers a full range of deposit accounts and services to both retail and commercial customers. The Bank operates over 113 branches.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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See More
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