First Bancorp N C Stock Price, News & Analysis

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.

The Board of Directors of First Bancorp (NASDAQ: FBNC) has declared a cash dividend of $0.22 per share, payable on July 25, 2024, to shareholders of record as of June 30, 2024. CEO Richard Moore highlighted the company's strong liquidity, capital, and credit quality during the first quarter of 2024, enabling consistent dividend distribution. First Bancorp, headquartered in Southern Pines, NC, has $12.1 billion in assets and operates 113 branches across North and South Carolina. The company emphasizes a personalized approach to banking and offers SBA loans nationwide through its network of lenders. First Bancorp's stock trades on NASDAQ under the symbol 'FBNC'.

First Bancorp (NASDAQ: FBNC) announced key executive leadership changes effective May 13, 2024. Christian Wilson has been appointed Executive Vice President and Chief Operating Officer, bringing a decade of experience from Fiserv and a background in the Secret Service. Donna Ward steps into the role of Chief Transformation Officer, leveraging her 27-year tenure at First Bank. Brent Hicks joins as Executive Vice President and Chief Accounting Officer, with extensive expertise from BB&T/Truist. Blaise Buczkowski transitions to Executive Vice President of Corporate Finance, focusing on strategic financial planning. These changes aim to bolster First Bancorp's strategic plan and support continued growth. The Bank’s recent accolades include recognition as a Best Employer by Business NC Magazine and a Top 10 Best Performing Bank by S&P Global.

First Bank launched its Power of Good Grants program by awarding over $130,000 to 20 local organizations in the Carolinas. The grants are part of the corporate citizenship initiative focusing on affordable housing, food insecurity, education, and health. The bank received nearly 200 applications, with funds going to various organizations. First Bank emphasizes community wellness and has donated $1.5 million since 2022. The grants coincide with recent accolades for the bank, including Best Bank by Cary Magazine and Best Employer in the Triad area. Round 2 winners are being considered, with Round 3 applications open. Overall, First Bank's philanthropic efforts are a significant investment in local communities.