First Bancorp FBNC

Competitive advantage analysis · financial-services

Bank Specialized
Overall moat score
56/100
Moderate

Ranked against 399 peers in Banks - Regional

About First Bancorp

First Bancorp operates as the bank holding company for First Bank that provides banking products and services for individuals and businesses. The company accepts deposit products, such as checking, savings, and money market accounts; and time deposits, including certificate of deposits and individual retirement accounts. It also offers commercial business loans, commercial and residential real estate construction and mortgage loans, … Full FBNC analysis →

Key strengths

  • Disciplined Risk Management Risk management appears disciplined (asset quality score 0.60).

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Deposit Franchise

Moderate
57
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Signals, strengths and risks for Deposit Franchise

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Signals, strengths and risks for Lending Advantage

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Signals, strengths and risks for Capital Strength

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Signals, strengths and risks for Cost Discipline

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Signals, strengths and risks for Revenue Diversification

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Signals, strengths and risks for Risk Management

Where FBNC ranks in Banks - Regional

First Bancorp ranks #160 of 393 scored companies in Banks - Regional by moat score — the top 41%. The widest moat in the group is 1st Source Corporation (SRCE) at 86/100.

# Company Moat score Rating
156 Business First Bancshares, Inc. BFST 56/100 Moderate
157 BOK Financial Corporation BOKF 56/100 Moderate
158 John Marshall Bancorp, Inc. JMSB 56/100 Moderate
159 Norwood Financial Corp. NWFL 56/100 Moderate
160 First Bancorp FBNC 56/100 Moderate
161 Arrow Financial Corporation AROW 56/100 Moderate
162 Hingham Institution for Savings HIFS 56/100 Moderate
163 First Bank FRBA 55/100 Moderate
164 Shinhan Financial Group Co Ltd SHG 54/100 Moderate

See every Banks & Lenders company ranked by moat score →

How FBNC scores on the Bank Specialized defenses

Deposit Franchise

Score 57 · 22% of the moat score

A deposit franchise is the cheapest and most valuable thing a bank can own.

Lending Advantage

Score 64 · 18% of the moat score

Lending advantage is the ability to originate loans at attractive spreads without buying that volume with looser credit standards.

Capital Strength

Not measurable · 20% of the moat score

Capital is the buffer between loan losses and insolvency, and it is what regulators judge a bank on first.

Cost Discipline

Score 60 · 16% of the moat score

Banking carries high fixed costs in branches, compliance and technology, so what it costs to run the bank relative to what the bank earns is a genuine competitive variable.

Revenue Diversification

Score 36 · 14% of the moat score

A bank earning everything from net interest income is a leveraged bet on the rate cycle.

Risk Management

Score 61 · 10% of the moat score

Risk management is the defense that only reveals itself late.

How each Bank Specialized defense is measured, in full →

Understanding FBNC's moat

What is First Bancorp's moat score?

First Bancorp (FBNC) scores 56 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #160 of 393 scored companies in Banks - Regional, the top 41%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 399 companies in Banks - Regional. Its strongest defense is Lending Advantage (64/100) and its weakest is Revenue Diversification (36/100).

How does First Bancorp compare with other Banks - Regional companies?

First Bancorp ranks #160 of 393 scored companies in Banks - Regional by moat score. The widest moat in Banks - Regional is 1st Source Corporation (SRCE) at 86/100. The companies ranked closest are Norwood Financial Corp. (NWFL) at 56 just above it and Arrow Financial Corporation (AROW) at 56 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — Bank Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 399 companies in Banks - Regional. The defenses are then weighted to produce the overall score out of 100.

Why is First Bancorp scored with the Bank Specialized template?

A bank does not sell a product at a margin. It funds itself, lends at a spread, and books profits that remain an estimate until the loans are actually repaid. That makes the usual margin-and-return questions misleading, so the Bank template scores what really determines a bank's durability: where its funding comes from, what it lends against, how much capital stands behind it, and whether it has been pricing risk honestly.

Which competitive defenses are measured for First Bancorp?

The Bank Specialized template measures 6 defenses, and FBNC scores: Deposit Franchise (57), Lending Advantage (64), Capital Strength (not measurable), Cost Discipline (60), Revenue Diversification (36), Risk Management (61). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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