Profile: First Bancorp (FBNC.OQ)
First Bancorp, incorporated on December 8, 1983, is the bank holding company for First Bank (the Bank). The Company's principal activity is the ownership and operation of First Bank. The Bank engages in a range of banking activities, including the acceptance of deposits and the making of loans. The Bank offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers. In addition, the Bank offers Internet banking, mobile banking, cash management and bank-by-phone capabilities to its customers. It also offers a mobile check deposit feature for its mobile banking customers to deposit checks through their smartphone. The Bank offers remote deposit capture for its business customers.
As of December 31, 2016, the Bank conducted business from 88 branches covering a geographical area from Florence, South Carolina to the south, to Wilmington, North Carolina to the east, to Kill Devil Hills, North Carolina to the northeast, to Mayodan, North Carolina to the north, and to Asheville, North Carolina to the west. It also has loan production offices in Greenville, North Carolina and Charlotte, North Carolina. The Bank's subsidiaries include First Bank Insurance Services, Inc. (First Bank Insurance) and First Troy SPE, LLC. First Bank Insurance's primary business activity is the placement of property and casualty insurance coverage. First Troy SPE, LLC is a holding entity for certain foreclosed properties.
The Company provides loans for a range of consumer and commercial purposes, including loans for business, agriculture, real estate, personal uses, home improvement and automobiles. The Company's loan portfolio consists of commercial, financial and agricultural loans; real estate-construction, land development and other land loans; real estate-mortgage-residential (one- to four-family) first mortgages; real estate-mortgage-home equity loans or lines of credit; real estate-mortgage-commercial and other loans, and installment loans to individuals. As of December 31, 2016, the Company's total loans amounted to $2.7 billion.
The Company's securities available-for-sale include government-sponsored enterprise securities, mortgage-backed securities, corporate bonds and equity securities. The Company's total available-for-sale securities amount to approximately $165.61 million. The Company's securities held-to-maturity include mortgage-backed securities and state and local government securities. As of December 31, 2016, the Company's total securities amounted to $329 million.
Sources of Funds
The Company offers deposit products, such as checking, savings and money market accounts, as well as time deposits, including various types of certificates of deposits (CDs) and individual retirement accounts (IRAs). As of December 31, 2016, the Company's deposits outstanding amounted to $2.94 billion.
341 N Main St
PO Box 508
TROY NC 27371-0508