First Bancorp N C Stock Price, News & Analysis

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.

First Bank celebrated the recipients of the "Out of This World Educator Awards" on October 6, 2022, recognizing 10 outstanding educators from North and South Carolina. With over 400 nominations submitted, each awardee received $5,000 in honor of their contributions to student success. Total funding under First Bank's Project Launch initiative, aimed at enhancing educational opportunities, reached $415,369 of a committed $500,000 as of August 2022.

First Bank has announced a $50,000 donation to the Lee County Education Foundation to support the new Durable Skills Project, aimed at enhancing life skills among 120 middle school students across three schools. This initiative focuses on teaching essential skills such as communication and goal-setting through mentorship and proven curricula. The funding is part of First Bank's Project Launch, which has distributed $375,369 of its $500,000 commitment to education initiatives as of August 2022. First Bank operates 108 branches across North Carolina and South Carolina, with assets totaling approximately $10.6 billion.

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.

First Bank announced the launch of the First Bank Book Club as part of its 2022 Project Launch initiative, aiming to enhance literacy in public elementary and middle schools across North and South Carolina. The program will feature visits from renowned children's authors, providing books to students and donating additional copies to school libraries. A $10,000 donation from Quality Data Systems through Lionheart Charities supports these efforts. First Bank is committed to investing $500,000 in educational initiatives throughout the Carolinas in 2022.

First Bank, headquartered in Southern Pines, NC, launches the "Out of This World Educator Awards" as part of its 2022 Project Launch initiative. Nominations open from August 15 to September 18, 2022, recognizing educators in the Carolinas who inspire student success. Awardees will receive $5,000 and be honored at an event on October 6, 2022. The bank commits $500,000 to educational programs, with monthly winners funded through grants and social media engagement. Recent winners include educators from various backgrounds, enhancing real-world skills for students.