Stock fact sheet · data as of
First Bancorp (FBNC): fair value, margin of safety and Wheel Score
Financial Services · Banks - Regional · United States · Blend
Is FBNC undervalued?
First Bancorp (FBNC) closed at 60.33 on 16 Oct 2026, 15% above the GLS average fair value of 52.51. Only 3 of the 9 models that produced a number value the shares above the current price. The margin of safety is negative, so the stock fails the "below fair value" rule of the Sunday Scan; a premium of this size is common for companies whose growth the models are conservative about.
There is a wide gap between GLS Growth (1.62) and 10 Cap (126.07). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
The nightly engine files FBNC under Blend.
Nine valuation models for FBNC
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 30.23 | -50% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 54.86 | -9% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 87.41 | +45% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 31.00 | -49% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 1.62 | -97% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 126.07 | +109% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 91.57 | +52% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 13.98 | -77% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 35.81 | -41% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -212.20 | -452% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 68.00 | +13% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
First Bancorp scores 6 of 9 on the Piotroski F-score: a middling result that passes the Sunday Scan's "6 or more" rule. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. On durability FBNC scores 5.1/10 on the GLS Moat - a middle reading; the Scorecard on the Quote page's Financials tab shows which ten-year lines are steady and which are not.
Returns on capital are moderate - ROIC 6.4%, ROE 6.7%, ROA 0.9% - with debt at 0.05 times equity and a free-cash-flow yield of 9.1%.
The dividend yield is 1.57% at a payout ratio of 29%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold.
Institutional ownership scores 10/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales; the last recorded insider buy was on 11 Sep 2026.
| Piotroski F-score | 6 / 9 | ROIC | 6.4% |
|---|---|---|---|
| GLS Moat | 5.1 / 10 | ROE | 6.7% |
| Debt / equity | 0.05 | ROA | 0.9% |
| Free-cash-flow yield | 9.1% | Payout ratio | 29% |
| Institutions | 10 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 59: Fair
A Wheel Score of 59 puts First Bancorp in the Fair band - below the 70 the Sunday Scan requires. Value 6/25, Health 13/20, Moat 8/15, Premium 20/20 and Stability 12/20; the weakest part is Value (6/25).
Implied volatility is 36% on the near-the-money contracts 20-60 days out - inside the 35-60% range the Wheel Score pays full marks for: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is thin - 62 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 213k shares a day on a market cap of $2.5B, with a beta of 0.85; the Stability part of the Wheel Score gives that 12 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 6 / 25 | -15% margin of safety | |
| Health | 13 / 20 | Piotroski 6/9 | |
| Moat | 8 / 15 | moat 5.1/10 | |
| Premium | 20 / 20 | implied volatility 36% | |
| Stability | 12 / 20 | 213k shares/day, $2.5B cap, beta 0.85 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
First Bancorp reports earnings on 28 Oct 2026 (after the close) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Banks - Regional
The 12 companies below are the closest to First Bancorp by market cap within the Banks - Regional industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| CUBI Customers Bancorp, Inc. | 74.35 | 205.44 | +64% | 78Good | $2.5B |
| FRME First Merchants Corporation | 39.48 | 71.94 | +45% | 79Good | $2.5B |
| FRMEP First Merchants Corporation | 25.22 | 59.08 | +57% | 39No options | $2.5B |
| BANR Banner Corporation | 67.34 | 94.59 | +29% | 80Prime | $2.5B |
| TRMK Trustmark Corporation | 44.13 | 74.55 | +41% | 87Prime | $2.6B |
| FBK FB Financial Corporation | 51.48 | 58.33 | +12% | 73Good | $2.6B |
| CLBK Columbia Financial, Inc. | 10.82 | 4.99 | -117% | 64Fair | $2.4B |
| BUSE First Busey Corporation | 29.26 | 36.15 | +19% | 74Good | $2.4B |
| NBTB NBT Bancorp Inc. | 50.71 | 70.30 | +28% | 84Prime | $2.6B |
| BBAR Banco BBVA Argentina S.A. | 12.94 | 110,792.88 | +100% | 84Prime | $2.6B |
| BOH Bank of Hawaii Corporation | 67.19 | 91.69 | +27% | 84Prime | $2.7B |
| SYBT Stock Yards Bancorp, Inc. | 75.27 | 75.81 | +1% | 63Fair | $2.3B |
⚖ Compare FBNC with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about FBNC
Is FBNC undervalued right now?
No: at 60.33 the stock trades 15% above the GLS average fair value of 52.51 (data as of 16 Oct 2026). The margin of safety is negative.
What is the Wheel Score of FBNC and what does it mean?
FBNC scores 59 out of 100 (Fair). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for FBNC?
52.51 per share as of 16 Oct 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does First Bancorp report earnings next?
The next earnings report is due on 28 Oct 2026 (after the close), 12 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does FBNC have listed options, and how liquid are they?
Yes. The nightly snapshot found 128 listed contracts with 62 open interest across all expiries and implied volatility of 36% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.