First Bancorp N C Stock Price, News & Analysis

First Bancorp (NASDAQ: FBNC) has announced the promotion of G. Adam Currie from President to Chief Executive Officer of First Bank. Currie will succeed Michael G. Mayer, who will remain as President of First Bancorp until early 2026. This transition is part of a long-planned succession strategy.

Currie, who has served as President since November 2023, previously held positions as Chief Banking Officer and Regional President. His experience includes roles at PNC Capital Markets and RBC Bank. The company, headquartered in Southern Pines, North Carolina, operates 113 branches across North and South Carolina, with total assets of approximately $12.2 billion.

As part of the transition, First Bancorp has entered into an Amended and Restated Employment Agreement with Mayer and a new Employment Agreement with Christian Wilson as Chief Operating Officer, both effective February 7, 2025.

First Bancorp (NASDAQ:FBNC) reported Q4 2024 net income of $3.6 million ($0.08 EPS), down from $18.7 million ($0.45 EPS) in Q3 2024 and $29.7 million ($0.72 EPS) in Q4 2023. The results include impacts from Hurricane Helene ($13.4 million) and a strategic securities loss-earnback transaction ($36.8 million).

Key Q4 2024 highlights include: tax-equivalent net interest margin increased to 3.07%, average deposits grew to $10.6 billion, and loan growth accelerated with total loans reaching $8.1 billion. The company executed a securities portfolio restructuring, selling $280 million of securities yielding 1.56% and investing $495 million at 5.27%.

Adjusted net income for Q4 2024 was $31.7 million ($0.76 adjusted EPS), compared to $29.0 million ($0.70 adjusted EPS) in Q3 2024. Credit quality remained strong with nonperforming assets at 0.39% of total assets.

First Bank has announced a new partnership with the Carolina Hurricanes Foundation, launching 'The Power of Good Goals' initiative. Under this program, First Bank will donate $100 to the Foundation for every goal scored by the Hurricanes, supporting youth hockey programs, education, and health initiatives across the Carolinas.

The partnership includes exclusive branding and visibility for First Bank during Hurricanes' home games, special events, televised games, and community outreach programs. This collaboration extends First Bank's Power of Good corporate citizenship program, which in 2024 encompassed grants to local nonprofits, the First Bank Book Club, financial education programs, affordable housing initiatives, and employee volunteer programs.

First Bank (NASDAQ: FBNC) has completed its 2nd annual companywide food drive, collecting 21,750 pounds of food distributed to over 90 organizations across the Carolinas through 110+ locations. The initiative, honoring late employee Sharon Shaw Adams, demonstrates the bank's community commitment.

The bank has awarded $319,229 in Power of Good Grants to local nonprofits and schools in 2024, with total philanthropic giving exceeding $640,000. In Q4 alone, 40 nonprofits received grants totaling $90,000. First Bank, with approximately $12.1 billion in total assets, operates 113 branches across North and South Carolina, including a nationwide SBA platform.

First Bancorp (NASDAQ: FBNC) has declared a quarterly cash dividend of $0.22 per share, payable on January 25, 2025, to shareholders of record as of December 31, 2024. The company, with total assets of $12.2 billion, operates First Bank across 113 branches in North and South Carolina. CEO Richard Moore highlighted the company's strong capital position enabling profitable operations and shareholder returns through dividends. First Bank, established in 1935, provides community banking services including SBA loans through its nationwide network.

First Bancorp (NASDAQ: FBNC) reported Q3 2024 net income of $18.7 million, or $0.45 per diluted share, down from $28.7 million ($0.70/share) in Q2 2024 and $29.9 million ($0.73/share) in Q3 2023. The decrease was primarily due to a $13.4 million impact from Hurricane Helene, including a $13 million provision for potential credit losses. Excluding hurricane impacts, adjusted net income was $29.0 million ($0.70/share). Key metrics include: tax-equivalent net interest margin increased to 2.90%, total loans of $8.0 billion, strong credit quality with NPAs at 0.38% of assets, and total deposits grew by $17.1 million to $10.5 billion. The company maintains strong capital ratios with an estimated total risk-based capital ratio of 16.44%.

First Bancorp (NASDAQ: FBNC), the parent company of First Bank, has declared a cash dividend of $0.22 per share on its common stock, payable on October 25, 2024 to shareholders of record as of September 30, 2024. CEO Richard Moore cited the company's strong performance in Q2 2024, highlighting improved liquidity, solid capital growth, and continued strong credit quality. First Bancorp, headquartered in Southern Pines, North Carolina, has total assets of $12.1 billion and operates 113 branches across North and South Carolina. The company provides tailored banking services, including SBA loans, through its nationwide network of lenders.

First Bancorp (NASDAQ: FBNC) has announced the retirement of Mason Y. Garrett from its Board of Directors, effective July 26, 2024. Garrett, with over 50 years of banking experience, was the Founder and Chairman of GrandSouth Bank and CEO of GrandSouth Bancorporation until its merger with First Bancorp in 2023. He served on First Bank's Executive & Loan Committee.

First Bancorp, headquartered in Southern Pines, North Carolina, is a bank holding company with total assets of $12.1 billion. Its primary activity is operating First Bank, a state-chartered community bank with 113 branches across North and South Carolina. First Bank offers tailored banking solutions, local expertise, and technology for home and business management since 1935.

First Bancorp (NASDAQ: FBNC) announced net income of $28.7 million, or $0.70 per diluted share, for Q2 2024, up from $25.3 million, or $0.61 per share, in Q1 2024, but down from $29.4 million, or $0.71 per share, in Q2 2023.

For the first half of 2024, net income was $54.0 million, or $1.31 per share, compared to $44.6 million, or $1.08 per share, for the same period in 2023.

Key Highlights:

• Net interest margin (NIM) increased to 2.87%, up from 2.80% in Q1 2024 but down from 3.08% in Q2 2023.
• Total deposits grew by $184.5 million to $10.5 billion.
• Loan yield increased to 5.50%.
• Nonperforming assets ratio improved to 0.37% from 0.39% in Q1 2024.
• Total risk-based capital ratio rose to 16.23%.

CEO Richard H. Moore emphasized strong performance, improved liquidity, and credit quality.