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.
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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.