First Bancorp Announces Cash Dividend

The Board of Directors of First Bancorp (NASDAQ - FBNC) has declared a cash dividend of $0.22 per share, marking a 10% increase from last year's $0.20 dividend.

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Rhea-AI Summary

The Board of Directors of First Bancorp (NASDAQ - FBNC) has declared a cash dividend of $0.22 per share, marking a 10% increase from last year's $0.20 dividend. This dividend is payable on October 25, 2022, to shareholders of record as of September 30, 2022. CEO Richard Moore emphasized that the increase reflects the commitment to enhancing shareholder value, enabled by the company's strong capital position. First Bancorp manages assets of approximately $10.6 billion and operates 108 branches across North Carolina and South Carolina.

Positive

10% increase in cash dividend per share to $0.22 enhances shareholder value.
Strong capital position supports dividend increase.

Negative

None.

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News Market Reaction – FBNC

The recorded move for FBNC in the trading session of this news was +2.25%.

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09/15/2022 - 04:15 PM EDT

SOUTHERN PINES, N.C., Sept. 15, 2022 /PRNewswire/ -- The Board of Directors of First Bancorp (NASDAQ - FBNC), the parent company of First Bank, has declared a cash dividend on its common stock of $0.22 per share payable on October 25, 2022 to shareholders of record as of September 30, 2022. The $0.22 dividend rate represents a 10% increase over the dividend rate of $0.20 paid in the comparable period of 2021.

"The increased dividend reflect the Board and management's commitment to enhancing shareholder value when the Company's capital position allows us the opportunity to do so," stated Richard Moore, Chief Executive Officer of First Bancorp.

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets of approximately $10.6 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 108 branches in North Carolina and South Carolina. First Bank also provides SBA loans to customers through its nationwide network of lenders - for more information on First Bank's SBA lending capabilities, please visit www.firstbanksba.com. First Bancorp's common stock is traded on the NASDAQ Global Select Market under the symbol "FBNC."

Please visit our website at www.LocalFirstBank.com.