Profile: First Bancorp (FBNC.OQ)
28 Sep 2016
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.
The Bank conducts business from approximately 90 branches covering a geographical area from Florence, South Carolina to the southeast; to Wilmington, North Carolina to the east; to Kill Devil Hills, North Carolina to the northeast, to Salem; Virginia to the north, to Abingdon; Virginia to the northwest, and to Asheville, North Carolina to the west. It also has loan production offices in Greenville, North Carolina and Charlotte, North Carolina. Of the Bank's over 90 branches, approximately 70 branches are in North Carolina, over six branches are in South Carolina and approximately seven branches are in Virginia (where it operates under the name First Bank of Virginia). 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 provides lending services in over 30 county market area, which is located in western, central and eastern North Carolina, approximately four counties in southern Virginia and over three counties in northeastern South Carolina. 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. The Company's net loans total approximately $2,490.34 million.
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. The Company's held-to-maturity securities total over $154.61 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). The Company's deposits total approximately $2,811.28 million.
341 N Main St
PO Box 508
TROY NC 27371-0508