Profile: First Bancorp (FBNC.OQ)
6 Dec 2013
First Bancorp, incorporated on December 8, 1983, is a bank holding company. The Company’s principal activity is the ownership and operation of First Bank (the Bank), a state-chartered bank. As of December 31, 2010, the Bank had two wholly owned subsidiaries, First Bank Insurance Services, Inc. (First Bank Insurance) and First Troy SPE, LLC. The Company engages in a range of banking activities, with the acceptance of deposits and the making of loans. For business customers, it offers repurchase agreements (also called securities sold under agreement to repurchase), which are similar to interest-bearing deposits. The Company offers credit cards, debit cards, letters of credit, safe deposit box rentals, bank money orders and electronic funds transfer services, including wire transfers. In addition, the Company offers Internet banking, mobile banking, cash management and bank-by-phone capabilities to its customers, and are affiliated with automated teller machine (ATM) networks that gives its customers access to 61,000 ATMs, with no surcharge fee. In August 2012, the Company announced the completion of the acquisition of the deposits of the Gateway Bank & Trust Co. branch located at 901 Military Cutoff Road, Wilmington, North Carolina.
In February 2010, First Bank Insurance acquired The Insurance Center, Inc., a Troy-based property and casualty insurance agency with approximately 500 customers. Until April 2010, the Company owned and operated another subsidiary, Montgomery Data Services, Inc., which provided electronic data processing services for the Bank and to other area financial institutions. In April 2010, the Bank discontinued servicing third parties and merged the operations of Montgomery Data Services, Inc. into the Bank. On January 21, 2011, the Company’s subsidiary, First Bank, acquired The Bank of Asheville.
The Company’s loan portfolio includes commercial loans, real estate mortgage loans, real estate construction loans and consumer loans. It also provides loans for business, agriculture, personal uses, home improvement and automobiles. Except for real estate construction, land development and other land loans, the majority of its real estate loans are personal and commercial loans.
The Company may invest in federal, state and municipal obligations, federal agency obligations, public housing authority bonds, industrial development revenue bonds, Federal Home Loan Bank bonds, Federal National Mortgage Association (Fannie Mae) bonds, Government National Mortgage Association bonds, Federal Home Loan Mortgage Corporation (Freddie Mac) bonds, Small Business Administration bonds, and, to a limited extent, corporate bonds. Total securities amounted to $235.2 million at December 31, 2010. The majority of its government-sponsored enterprise securities are issued by the Federal Home Loan Bank. As of December 31, 2010, the Company had no private label mortgage-backed securities.
Sources of Funds
The Company offers deposit products, such as checking, savings, negotiable order of withdrawal (NOW) and money market accounts, as well as time deposits, including various types of certificates of deposits (CDs) and individual retirement accounts (IRAs). At December 31, 2010, deposits outstanding amounted to $2.653 billion. As of December 31, 2010, the Company held approximately $763 million in time deposits of $100,000 or more. The Company had borrowings outstanding of $196.9 million at December 31, 2010.
341 NORTH MAIN ST,
PO Box 508
TROY NC 27371-0508