First Bancorp reports Q3 EPS 97c, consensus 94c » 16:0410/2610/26/21
Reports Q3 negative…
Reports Q3 negative provision for loan losses of $1.4M for both the three and nine months ended September 30, 2021 compared to provisions for loan losses of $6.1M and $31.0M in the comparable periods of 2020, respectively. The high provisions in 2020 were primarily related to estimated incurred losses associated with the pandemic that was emerging at the time. Under the CECL methodology for providing for loan losses, the Company reversed $1.4M in provision for loan losses during the Q3 due to improving asset quality and improving economic forecasts. Annualized net loan charge-offs to average loans amounted to 0.00% for the Q3 compared to annualized net recoveries to average loans of 0.06% in the Q3 of FY20.
|Over a week ago|
Fly Intel: Top five analyst downgrades » 09:5410/1210/12/21
LITE, CTXS, TREX, ADM, FBNC
Catch up on today's…
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Lumentum (LITE) downgraded to Outperform from Strong Buy at Raymond James with analyst Simon Leopold saying Lumentum remains his favorite play on optical components but that its December quarter outlook carries risk. 2. Citrix (CTXS) downgraded to Market Perform from Outperform at William Blair with analyst Jason Ader saying recent discussions with the company's key technology partners "speak to a dire and deteriorating situation at Citrix." 3. Trex Company (TREX) downgraded to Neutral from Outperform at Baird with analyst Timothy Wojs saying decking channel checks suggest sell-through demand will be slower in Q3 and Q4, driven by a combination of material and labor constraints, tougher compares, inflation and seasonality. 4. Archer Daniels (ADM) downgraded to Equal Weight from Overweight at Stephens with analyst Ben Bienvenu saying while he thinks fundamentals remain strong for Archer Daniels, he views the current risk/reward as "more subdued than we've seen" and believes that for the stock to move materially higher, fundamentals will "need to inflect significantly given the stock's current valuation." 5. First Bancorp (FBNC) downgraded to Neutral from Overweight at Piper Sandler with analyst Stephen Scouten saying the shares appear near full value following the recent outperformance. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
First Bancorp downgraded to Neutral from Overweight at Piper Sandler » 06:0510/1210/12/21
Piper Sandler analyst…
Piper Sandler analyst Stephen Scouten downgraded First Bancorp to Neutral from Overweight with a price target of $52, up from $49. The analyst says the shares appear near full value following the recent outperformance. The shares have now outperformed the SPDR S&P Regional Banking ETF by over 12% since the June 1 deal announcement, pricing in much of the near-term upside, Scouten tells investors in a research note.
First Bancorp receives regulatory approval for Select Bancorp acquisition » 11:0310/1110/11/21
First Bancorp (FBNC)…
First Bancorp (FBNC) reports that it has received all required regulatory approvals to acquire Select Bancorp, Inc. (SLCT), the parent company of Select Bank & Trust Company. Shareholders for each company have previously approved the transaction and the merger of Select into First Bancorp is expected to be completed following the close of business Friday, October 15, 2021. Select Bank branches are expected to open as branches of First Bank, doing business as Select Bank, on Monday, October 18, 2021. Following the merger, Select Bank customers should continue to conduct their business with their current Select Bank branches until customer accounts are converted to First Bank's data systems, which is expected to occur in March 2022. Following the completion of the merger, shareholders of Select who own their shares of common stock in book entry form or hold their shares with brokers will have their shares automatically converted to shares of First Bancorp, with no action required, at the rate of 0.408 shares of First Bancorp common stock for each share of Select common stock. Shareholders who hold stock certificates of Select will be mailed instructions for converting their shares of Select to First Bancorp stock.
|Over a month ago|
First Bancorp declares 20c dividend, up 11.1% from same time period last year » 15:0509/1509/15/21
The Board of Directors of…
The Board of Directors of First Bancorp the parent company of First Bank, has declared a cash dividend on its common stock of 20c per share payable on October 25 to shareholders of record as of September 30. The 20c dividend rate represents an 11.1% increase over the dividend rate of 18c paid in the comparable period of 2020.
|Over a quarter ago|
First Bancorp reports Q2 EPS $1.03, consensus 92c » 16:0407/2707/27/21
Reports Q2 no provision…
Reports Q2 no provision for loan losses compared to $19.3M last year. Annualized net loan charge-offs to average loans amounted to 0.07% and 0.08% for the three and six months ended June 30 compared to 0.12% and 0.17% for the same periods of 2020, respectively. The company said, "In the Q2, the Company experienced significant loan and deposit growth. Loan growth for the quarter, exclusive of $86M of net PPP loan declines related to loan forgiveness, amounted to $244M, an annualized growth rate of 22.3%. Deposit growth for the quarter was $438M, an annualized growth rate of 26.0%.
Fly Intel: Top five analyst upgrades » 09:5306/1606/16/21
DISH, ENS, FBNC, BBVA, EVRG
Catch up on today's…
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Dish (DISH) upgraded to Buy from Hold at Pivotal Research with analyst Jeffrey Wlodarczak saying the new target price is "arguably conservative considering the significant upside potential" in the Dish 5G wireless opportunity and to a much lesser extent from the likely inevitable merger with AT&T's (T) DirecTV. 2. EnerSys (ENS) upgraded to Buy from Neutral at BTIG with analyst Gregory Lewis saying he walked away more constructive on the longer-term story for EnerSys. 3. First Bancorp (FBNC) upgraded to Overweight from Neutral at Piper Sandler with analyst Stephen Scouten saying the stock's underperformance following the Select Bancorp (SLCT) acquisition is overdone. 4. BBVA (BBVA) upgraded to Buy from Hold at Societe Generale with analyst Carlos Cobo saying the company's turnaround in Mexican earnings could surprise the consensus. 5. Evergy (EVRG) upgraded to Buy from Neutral at Goldman Sachs with analyst Michael Lapides citing an "attractive" valuation, upside potential to consensus estimates, and "positive changes to regulatory frameworks" in both Kansas and Missouri for the upgrade. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
First Bancorp upgraded to Overweight from Neutral at Piper Sandler » 05:4206/1606/16/21
Piper Sandler analyst…
Piper Sandler analyst Stephen Scouten upgraded First Bancorp (FBNC) to Overweight from Neutral with a price target of $51, up from $46. The stock's underperformance following the Select Bancorp (SLCT) acquisition is overdone, Scouten tells investors in a research note. The analyst views the deal as "massive win," with 10%-plus earnings accretion "conservatively obtainable." He views current First Bancorp share levels as an attractive entry point.
First Bancorp to acquire Select Bancorp for $18.10 per share » 17:1706/0106/01/21
First Bancorp (FBNC) and…
First Bancorp (FBNC) and Select Bancorp (SLCT) announced the signing of a definitive merger agreement under which First Bancorp will acquire Select in an all-stock transaction with a total current value of approximately $314.3M, or $18.10 per share, based on First Bancorp's stock price as of May 28. The merger agreement has been unanimously approved by the boards of directors of each company. The transaction is expected to close in Q4 of 2021 and is subject to customary conditions, including shareholder and regulatory approval.
First Bancorp reports Q1 EPS 99c, consensus 84c » 16:1304/2704/27/21
The company's net…
The company's net interest margin for the first quarter of 2021 was 3.27%, which was 69 basis points lower than the 3.96% realized in the first quarter of 2020. The decline was primarily due to the impact of lower interest rates and the lower incremental reinvestment rates realized from funds provided by the high deposit growth.