Stock fact sheet · data as of
First Bancorp (FBNC): fair value, margin of safety and Wheel Score
Ticker symbol FBNC · Financial Services · Banks - Regional · United States · Value
Is FBNC undervalued?
First Bancorp (FBNC) closed at 66.00 on 5 Nov 2026, close to the GLS average fair value of 60.49 (9.1% above fair value). 3 of the 9 models that produced a number sit above the price, 6 below - the market and our models roughly agree. With little margin of safety either way, the case for or against the stock rests on the quality numbers and the option premium rather than on price.
There is a wide gap between GLS Growth (1.09) and 10 Cap (156.21). 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.
Ranked against every other company we cover, FBNC is clearly cheaper than it is fast-growing, so the nightly engine files it under Value (value score 45, growth score 16, out of 100).
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 | 32.25 | -51% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 60.77 | -8% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 93.15 | +41% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 30.78 | -53% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 1.09 | -98% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 156.21 | +137% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 112.10 | +70% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 13.98 | -79% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 44.07 | -33% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -212.07 | -421% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 68.00 | +3% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
First Bancorp scores 7 of 9 on the Piotroski F-score, the nine yes/no tests of profitability, leverage and efficiency on the latest annual accounts - a strong reading that passes the "Piotroski 6 or more" Wheel Trade Filter with room to spare. On durability FBNC scores 6.4/10 on the GLS Moat - a middle reading; the Moat Score tab on the Quote page's Financials view shows which of the four parts hold it back.
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 10.4%.
The dividend yield is 1.44% with a payout ratio of 18% - a small yield that leaves most of the earnings in the business.
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 | 7 / 9 | ROIC | 6.4% |
|---|---|---|---|
| GLS Moat | 6.4 / 10 | ROE | 6.7% |
| Debt / equity | 0.05 | ROA | 0.9% |
| Free-cash-flow yield | 10.4% | Payout ratio | 18% |
| Institutions | 10 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 37: Weak
With a Wheel Score of 37 First Bancorp sits in the Weak band. It fails filter 1, options that actually trade - options too quiet (49 open interest, 43 a day); and filter 3, below fair value - trades 9% above our fair value; Value (weak) is its weakest part.
Implied volatility is 33% on the near-the-money contracts 20-60 days out: enough to pass the 25-80% Wheel Trade Filter, but under the 35-60% sweet spot the score rewards most. Chain open interest is thin - 49 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 247k shares a day on a market cap of $2.7B, with a beta of 0.81; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | options too quiet (49 open interest, 43 a day) |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Fails | trades 9% above our fair value |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 9% above fair value | |
| Premium | Strong | implied volatility 33% | |
| Moat | Good | moat 6.4/10 | |
| Health | Good | Piotroski 7/9 | |
| Red Flags | Strong | Red Flags score 95/100 | |
| Option trading | Weak | 43 contracts a day, 49 open interest | |
| Stability | Fair | beta 0.81, $2.7B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 20 Jan 2027, 76 days away - outside the window of a 30-45-day put sold today.
Analysts downgraded FBNC 1 time in the last 30 days with no upgrades; the latest action was a downgrade by Raymond James on 6 Oct 2026.
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 |
|---|---|---|---|---|---|
| FBK FB Financial Corporation | 55.71 | 45.35 | -23% | 37Weak | $2.8B |
| BOH Bank of Hawaii Corporation | 71.20 | 97.50 | +27% | 80Good | $2.8B |
| NBTB NBT Bancorp Inc. | 54.00 | 68.58 | +21% | 41Weak | $2.8B |
| TRMK Trustmark Corporation | 45.63 | 76.39 | +40% | 48Weak | $2.6B |
| BANR Banner Corporation | 71.91 | 59.98 | -20% | 30Weak | $2.6B |
| BBT Beacon Financial Corp. | 31.34 | 50.55 | +38% | 72Good | $2.6B |
| FRME First Merchants Corporation | 41.89 | 71.06 | +41% | 50Fair | $2.6B |
| BANC Banc of California, Inc. | 18.56 | 17.36 | -7% | 33Weak | $2.9B |
| CUBI Customers Bancorp, Inc. | 87.17 | 201.43 | +57% | 48Weak | $2.9B |
| SYBT Stock Yards Bancorp, Inc. | 81.53 | 84.45 | +3% | 38Weak | $2.5B |
| FRMEP First Merchants Corporation | 24.92 | 57.11 | +56% | 35No options | $2.5B |
| CLBK Columbia Financial, Inc. | 11.16 | 4.37 | -156% | 20Weak | $2.5B |
⚖ 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?
Not meaningfully: at 66.00 the stock trades within a few percent of the GLS average fair value of 60.49 (9.1% above fair value, data as of 5 Nov 2026).
What is the Wheel Score of FBNC and what does it mean?
FBNC scores 37 out of 100 (Weak) - it fails Wheel Trade Filters 1, 3. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for FBNC?
60.49 per share as of 5 Nov 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 20 Jan 2027, 76 days from the data date of 5 Nov 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 40 listed contracts with 49 open interest across all expiries and implied volatility of 33% 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.