Question 1

What is First Bancorp's rabbi trust obligation?

Accepted Answer

First Bancorp (FBNC) reported rabbi trust obligation of $534K in Q2 2026.

Question 2

How has First Bancorp's rabbi trust obligation changed year-over-year?

Accepted Answer

First Bancorp's rabbi trust obligation decreased by 38.6% year-over-year, from $869K to $534K.

Question 3

What is the long-term trend for First Bancorp's rabbi trust obligation?

Accepted Answer

Over 5 years (2020 to 2025), First Bancorp's rabbi trust obligation has grown at a -17.0% compound annual growth rate (CAGR), from $2.24M to $885K.

Question 4

What does rabbi trust obligation mean?

Accepted Answer

This represents the liability associated with assets held in a rabbi trust, which are set aside to fund non-qualified deferred compensation plans for executives or employees. Because these assets remain subject to the claims of the bank's general creditors, the corresponding obligation is recognized on the balance sheet. It provides transparency into the bank's long-term compensation liabilities and the associated funding arrangements.

($ in thousands - unaudited)	June 30,2026	December 31,2025
Common stock, no par value per share. Authorized: 60,000,000 shares
Issued & outstanding: 41,374,221 shares and 41,466,227 shares, respectively	966,777	973,884
Retained earnings	906,976	829,659
Stock in rabbi trust assumed in acquisition	(534)	(885)
Rabbi trust obligation	534	885
Accumulated other comprehensive income (loss)	(157,293)	(149,375)
Total shareholders’ equity	1,716,460	1,654,168
Total liabilities and shareholders’ equity	$13,041,615	$12,668,339

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First Bancorp FBNC Rabbi trust obligation