Regional Bank Stock Up 33% as $3.7 Million Exit Tells a Different Story
Key Points
Old North State Trust sold all of its 72,921 shares of First Bancorp in the fourth quarter; the estimated transaction value was $3.70 million based on quarterly average prices.
Meanwhile, the quarter-end position value decreased by $3.86 million, reflecting the sale and stock price movement.
The position previously represented 2.3% of the fund’s AUM as of the prior quarter.
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Old North State Trust reported selling out of First Bancorp (NASDAQ:FBNC) in a March 24, 2026, SEC filing, with the estimated trade value at $3.70 million based on quarterly average pricing.
What happened
According to an SEC filing dated March 24, 2026, Old North State Trust reported selling its entire holding of 72,921 shares in First Bancorp (NASDAQ:FBNC). The estimated value of the shares sold during the quarter was $3.70 million, calculated using the mean unadjusted closing price over the period. The fund’s quarter-end position in First Bancorp is now zero, down from 2.3% of AUM in the prior quarter.
What else to know
- Top holdings after the filing:
- NASDAQ: AAPL: $14.87 million (8.8% of AUM)
- NYSEMKT: SPY: $11.33 million (6.7% of AUM)
- NASDAQ: NVDA: $9.20 million (5.4% of AUM)
- NYSE: LLY: $7.97 million (4.7% of AUM)
- NASDAQ: MSFT: $6.72 million (4.0% of AUM)
- As of March 23, 2026, First Bancorp shares were priced at $54.18, up 33.1% over the past year, outperforming the S&P 500 by 20.25 percentage points.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $543.12 million |
| Net Income (TTM) | $111.05 million |
| Dividend Yield | 1.68% |
| Price (as of market close 2026-03-23) | $54.18 |
Company snapshot
- First Bancorp offers a comprehensive range of banking products, including deposit accounts, commercial and consumer loans, mortgages, investment and insurance solutions, and digital banking services.
- The firm generates revenue primarily through interest income on loans, fees from banking and financial services, and commissions from investment and insurance products.
- It serves individuals, small and medium-sized businesses, and professionals, with a geographic focus on North Carolina and northeastern South Carolina.
First Bancorp is a regional financial services provider operating through an extensive branch network in the Carolinas. The company offers a diversified product suite that includes deposit accounts, various loan types, investment and insurance products, and digital banking services. Its focus on community banking and the provision of digital capabilities and tailored financial solutions is supported by its diverse banking, investment, and insurance offerings in the Carolinas.
What this transaction means for investors
First Bancorp has been flying under the radar as a solid performer, gaining more than 30% over the past year, significantly outpacing the general market. However, the situation is a bit more complex than it appears. Recent results indicate that the bank is still reaping the benefits of higher interest rates, with net interest income hitting around $106 million in the fourth quarter and margins improving to 3.58%. Loan growth is also looking good, with balances increasing to about $8.7 billion.
That said, the earnings picture isn't as straightforward as it might seem. A significant securities loss impacted reported profits, bringing quarterly net income down to $15.7 million, despite adjusted figures looking better.
If we look at this move within the context of the broader investment landscape, it starts to feel less like a specific bet on First Bancorp and more like a shift in strategy. The fund’s largest holdings lean toward larger growth companies and diversified investments, stepping away from smaller regional banks that are more vulnerable to interest rate fluctuations and increasing deposit costs.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple, Microsoft, and Nvidia and is short shares of Apple. The Motley Fool has a disclosure policy.
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