Welcome to our dedicated page for First Bancorp N C news (Ticker: FBNC), a resource for investors and traders seeking the latest updates and insights on First Bancorp N C stock.
First Bancorp (NASDAQ: FBNC) operates as the North Carolina bank holding company for First Bank, a state-chartered community bank serving North Carolina and South Carolina. Company news centers on bank earnings, net interest income, credit quality, capital and liquidity commentary, cash dividends, and capital-return actions tied to its common stock.
Recurring updates also cover First Bank's commercial and consumer banking activity, SBA lending, specialty businesses such as CarBucks, Bankcard, Syndications and Asset Based Lending, and regional leadership changes. Governance news includes board appointments, director retirements, executive succession and community-banking leadership developments.
First Bancorp (NASDAQ: FBNC) will be added to the S&P SmallCap 600 Index effective November 13, 2020. This inclusion signals a recognition of its financial viability and liquidity, as the index comprises 600 small-cap stocks with market capitalizations between $600 million and $2.4 billion. CEO Richard Moore expressed optimism about the addition, anticipating increased liquidity for shareholders. First Bancorp, headquartered in Southern Pines, NC, manages approximately $7.1 billion in total assets and operates First Bank, which has 101 branches in North and South Carolina.
First Bancorp (NASDAQ: FBNC) reported a net income of $23.3 million, or $0.81 per diluted share, for Q3 2020, a decline from $25.0 million, or $0.84 per diluted share, in Q3 2019. Year-to-date net income was $57.8 million, down from $71.2 million in 2019. The company recorded a provision for loan losses of $6.1 million in Q3 2020, compared to a negative provision of $1.1 million in Q3 2019. Total assets rose to $7.1 billion, reflecting a 16.4% year-over-year increase, while deposits surged by $229 million, marking a 15.7% quarterly growth.
First Bancorp (NASDAQ - FBNC) has declared a quarterly cash dividend of $0.18 per share, payable on October 23, 2020, to shareholders on record as of September 30, 2020. This dividend remains unchanged from the previous quarter but signifies a 50% increase from the $0.12 per share paid in the same quarter of 2019. First Bancorp, located in Southern Pines, NC, controls total assets of around $6.9 billion and operates 101 branches across North and South Carolina.
First Bancorp (NASDAQ: FBNC) reported a net income of $16.4 million, or $0.56 per diluted share, for Q2 2020, down from $23.9 million, or $0.80 per share in 2019. For the first half of 2020, net income was $34.5 million, compared to $46.1 million in 2019. The decline was attributed to heightened loan loss provisions of $19.3 million, largely due to COVID-19 impacts. However, robust loan and deposit growth was noted, with loans increasing by $217 million and deposits by $786 million during the quarter. The net interest margin declined to 3.49% as interest rates fell.
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