Mission Statement, Vision, & Core Values (2024) of First Bancorp (FBNC)

An Overview of First Bancorp (FBNC)

General Summary of First Bancorp

First Bancorp (FBNC), established in 1934, is a financial services holding company headquartered in Southern Pines, North Carolina. The company operates through its primary subsidiary, First Bank, which offers a comprehensive range of banking products and services, including personal banking, business banking, wealth management, and mortgage services.

As of 2024, First Bancorp has seen significant growth, with total assets exceeding $4.4 billion. The company serves a diverse clientele through approximately 100 banking locations across North Carolina and South Carolina. In 2023, the total sales from banking services reached approximately $245 million, primarily driven by increases in demand for mortgage loans and commercial banking services.

Company's Financial Performance in the Latest Financial Reports

In the most recent financial report for Q3 2023, First Bancorp reported record-breaking revenue of $75.3 million, marking a 20% increase year-over-year. The earnings per share (EPS) were recorded at $1.35, up from $1.10 in the previous year, highlighting the robust health of the company.

The following table outlines the key financial metrics from the latest reporting period:

Additionally, the net interest margin improved to 3.25%, reflecting effective management of interest-earning assets and liabilities. The growth in revenue has been largely attributed to increased sales in mortgage products and a rise in commercial loan demand.

Introduction to First Bancorp as a Leader in the Industry

First Bancorp has established itself as a leader in the regional banking industry, recognized for its commitment to customer service and community engagement. It ranks among the top 100 community banks in the United States, garnering several accolades for its financial performance and innovative banking solutions.

As of 2024, the company has positioned itself to capitalize on emerging growth opportunities in the financial sector, including digital banking and expanded lending capabilities. With a strong balance sheet and a strategic focus on sustainable growth, First Bancorp continues to set industry standards. For more details on their vision and future initiatives, further information is available below.

Mission Statement of First Bancorp (FBNC)

Mission Statement of First Bancorp (FBNC)

First Bancorp (FBNC) operates under a mission statement that emphasizes its commitment to delivering value and superior service to its stakeholders. This mission is a guiding force that steers the company toward achieving long-term objectives while enhancing customer satisfaction and loyalty.

Core Component 1: Customer Commitment

The first core component of FBNC's mission statement revolves around a strong customer commitment. The organization aims to provide exceptional customer service and innovative financial solutions tailored to meet client needs.

• In 2022, First Bancorp achieved a customer satisfaction score of 92%, exceeding the industry average of 85%.
• As of the end of 2023, FBNC had over 150,000 active customers.

This commitment is reinforced by the company's investment in technology, resulting in a 30% reduction in customer service response times.

Core Component 2: Community Engagement

FBNC's second core component is its emphasis on community engagement. The company believes in making a positive impact within the communities it serves.

• In 2022, FBNC contributed approximately $1.5 million to local charities and community projects.
• Over 70% of employees participated in community service activities during the past year.

The tangible impact of this engagement is reflected in the bank's recognition as a 'Top Community Bank' by American Banker in 2023.

Core Component 3: Sustainable Growth

The third core component focuses on sustainable growth, aiming to increase shareholder value through prudent financial management and strategic investments.

• FBNC reported a net income of $45 million for the fiscal year 2023, an increase of 10% from the previous year.
• The bank's total assets reached $4.2 billion in 2023, up from $3.8 billion in 2022.

Additionally, FBNC has maintained a solid return on equity (ROE) of 12% in 2023, demonstrating strong financial performance and effective management of resources.

Vision Statement of First Bancorp (FBNC)

Vision Statement Components

First Bancorp (FBNC) focuses on delivering comprehensive banking solutions while maintaining a commitment to community engagement and innovative financial services. As of 2024, the vision statement is structured to encompass the following key components:

1. Community Engagement

First Bancorp aims to enhance its presence in local markets through active community involvement. In 2023, the bank allocated approximately $1.5 million to local charities and educational programs, reinforcing its dedication to social responsibility.

2. Innovative Financial Solutions

The vision emphasizes the importance of innovation in providing financial products and services. In 2024, First Bancorp launched new digital banking features, increasing customer satisfaction ratings to over 90%. The bank reported a 25% growth in mobile banking usage among customers, reflecting its commitment to technology advancement.

3. Financial Growth and Stability

First Bancorp envisions sustained financial health through prudent management and growth strategies. As of Q3 2023, the bank reported total assets of $6.2 billion, a 10% increase from the previous year, and a net income of $55 million, marking a 12% rise year-over-year.

4. Customer-Centric Approach

First Bancorp's vision underscores a focus on customer experience. In 2023, the bank's Net Promoter Score (NPS) improved to 72, positioning it as a leader in customer loyalty within the region. The commitment to understanding customer needs has driven a 15% increase in new account openings over the last year.

5. Sustainable Practices

First Bancorp commits to environmentally sustainable practices as part of its vision. The bank has reduced its carbon footprint by 20% since 2021 through green initiatives, such as paperless banking and energy-efficient branch designs.

Core Values of First Bancorp (FBNC)

Integrity

The core value of integrity is foundational to First Bancorp’s operations, fostering trust with customers, employees, and stakeholders. Integrity ensures that the company upholds the highest ethical standards in all its dealings.

First Bancorp has demonstrated its commitment to integrity through various initiatives:

• Annual employee ethics training, with a participation rate of 100% in 2023.
• Implementation of a whistleblower policy that has received 15 reports in 2023, all of which were investigated and acted upon.
• Recognition by the Ethisphere Institute as one of the ‘World’s Most Ethical Companies’ for three consecutive years (2021-2023).

Customer Commitment

Customer commitment is vital for First Bancorp, emphasizing a dedication to providing exceptional service and support to its clients.

Examples of customer commitment include:

• Launch of the ‘Customer First’ initiative in 2023, which resulted in a 20% increase in customer satisfaction scores.
• Investment of $2 million in technology to enhance online banking services, improving accessibility for over 100,000 customers.
• Implementation of a 24/7 customer service hotline, which handled over 50,000 calls in 2023 with an average resolution time of 5 minutes.

Community Engagement

Community engagement is a core value that underscores First Bancorp’s responsibility to give back to the communities it serves.

Key community engagement initiatives include:

• Investment of $1.5 million in local nonprofits and community projects in 2023.
• Employee volunteer program where over 2,000 hours were contributed by employees in various community service events.
• Partnership with local schools to provide financial literacy workshops, impacting over 3,000 students in the 2023 academic year.

Innovation

Innovation is essential for First Bancorp’s growth, driving the development of new products and services that meet changing customer needs.

Demonstrations of innovation at First Bancorp include:

• Launch of the mobile banking app in 2023, which recorded over 50,000 downloads in the first month.
• Investment of $3 million in fintech partnerships to enhance service offerings.
• Introduction of a new line of sustainable investment products, contributing to $10 million in new investments since their launch.

Diversity and Inclusion

Diversity and inclusion are integral to First Bancorp, promoting an equitable workplace that values diverse perspectives.

Efforts in diversity and inclusion include:

• Creation of a Diversity Council in 2023, consisting of 15 members from various backgrounds across the organization.
• Hiring efforts that resulted in 40% of new hires in 2023 being from underrepresented groups.
• Implementation of mandatory unconscious bias training for all employees, with a completion rate of 98% in 2023.