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) is the parent company of First Bank, a state-chartered community-focused bank headquartered in Southern Pines, North Carolina. Through First Bank, the company operates 113 branches across North Carolina and South Carolina and engages in commercial and consumer banking, mortgage lending, SBA lending, accounts receivable financing, and investment advisory services. This news page brings together company-reported developments and market-facing announcements related to FBNC.
Investors and followers of First Bancorp can use this page to review earnings releases, dividend declarations, and governance updates that the company discloses through news and SEC filings. Recent communications have covered quarterly financial results, including net interest income, net interest margin, loan growth, deposit trends, noninterest income, expense management, and asset quality metrics. The company also issues news releases when its board of directors declares cash dividends on its common stock.
Beyond financial performance, First Bancorp and First Bank share updates on leadership appointments and risk management roles, such as changes in senior executives and board membership. These items provide context on how the organization structures its leadership and oversight as it grows and navigates the regulatory environment for commercial banking.
First Bank also highlights community and sponsorship initiatives in its news, including partnerships with organizations like the Carolina Hurricanes Foundation and sponsorship of cultural events in the Carolinas. These stories illustrate the bank’s stated focus on community involvement and support for regional economic and social initiatives.
By reviewing the news items linked on this page, users can follow how First Bancorp communicates about its financial results, capital and liquidity position, credit quality, dividends, leadership changes, and community engagement over time.
Summary not available.
Summary not available.
Summary not available.
First Bancorp (FBNC) reported a net income of $15.2 million, or $0.37 per diluted share, for Q1 2023, down from $38.4 million in Q4 2022 and $34.0 million in Q1 2022. The decline was attributed to $12.2 million in merger expenses related to the acquisition of GrandSouth Bancorporation, which contributed $1.02 billion in loans and $1.05 billion in deposits. Despite these charges, First Bancorp experienced organic loan growth of $113.7 million, and total deposits grew $95.2 million. The company maintained a strong liquidity ratio of 26.2% and an impressive capital ratio of 14.33%. Nonperforming assets decreased to 0.25% of total assets, reflecting ongoing credit quality improvements.
On March 15, 2023, First Bancorp (NASDAQ: FBNC) declared a cash dividend of $0.22 per share, payable on April 25, 2023, to shareholders of record by March 31, 2023. CEO Richard Moore emphasized the company’s strong capital position, allowing continuation of this dividend to enhance shareholder value. First Bancorp, headquartered in Southern Pines, NC, has total assets of approximately $12 billion and operates 118 branches across North Carolina and South Carolina. The company is involved in SBA lending through its nationwide network.
First Bank has successfully completed its acquisition of GrandSouth Bank, enhancing its presence in South Carolina with 8 additional locations, including major cities like Greenville and Charleston. Following the systems conversion, the bank's total assets rise to approximately $12 billion, with $10.1 billion in deposits and $7.7 billion in loans. A notable aspect of this transition is the 94% retention rate of GrandSouth employees, showcasing a smooth integration. Mike Mayer, President and CEO, emphasizes long-term growth in the Carolinas, while former GrandSouth CEO, J.B. Schwiers, remains engaged in leadership, indicating confidence in future prospects.
First Bancorp (NASDAQ - FBNC) reported a net income of $38.4 million, or $1.08 per diluted share, for Q4 2022, marking growth from $37.9 million in Q3 2022 and $10.5 million in Q4 2021. For the full year, net income reached $146.9 million, or $4.12 per share, up from $95.6 million in 2021. The acquisition of GrandSouth Bancorporation, completed on January 1, 2023, added $1.2 billion in assets. The company reported strong loan growth and improved credit quality with nonperforming assets at 0.36%. However, net interest income decreased slightly from the linked quarter due to increased interest expenses.
First Bancorp (NASDAQ: FBNC) has successfully completed its acquisition of GrandSouth Bancorporation, effective January 1, 2023. This merger enhances First Bank's standing in the Carolinas, now boasting total assets of approximately $12 billion and 118 branches. GrandSouth shareholders will receive 0.91 shares of First Bancorp stock for each share held, with fractional shares being compensated in cash at $38.98 per share. First Bank will operate GrandSouth Bank branches under the existing name until a systems conversion scheduled for March 2023.
First Bancorp (NASDAQ: FBNC) has declared a cash dividend of $0.22 per share, representing a 10% increase from the previous year's $0.20. This dividend is payable on January 25, 2023, to shareholders on record as of December 31, 2022. CEO Richard Moore emphasized the Board's commitment to enhancing shareholder value aligned with the company's strong capital position. First Bancorp boasts total assets of approximately $10.5 billion and operates 108 branches primarily in North and South Carolina.
First Bancorp (NASDAQ: FBNC) reported net income of $37.9 million, or $1.06 per diluted share, for Q3 2022, an increase from $36.6 million and $27.6 million in previous quarters. For the first nine months, net income reached $108.5 million, up from $85.1 million year-over-year. The company anticipates closing its acquisition of GrandSouth Bancorporation in January 2023, bolstering its assets to $1.3 billion. With a 22 basis points increase in net interest margin to 3.40%, loan growth was at 17.9% annualized, highlighting robust performance.