First Bancorp N C Stock Price, News & Analysis

First Bancorp (NASDAQ - FBNC) reported a net income of $29.3 million for Q2 2021, reflecting an 83.9% increase per share from Q2 2020, driven by lower credit costs. For the first half of 2021, net income reached $57.5 million, a 71.2% increase year-over-year. Q2 loan growth (excluding PPP loans) was $244 million (22.3% annualized), while deposits grew by $438 million (26.0% annualized). However, net interest margin decreased to 3.22%, down from 3.49% a year earlier. The company also announced plans to acquire Select Bancorp, subject to approvals.

Dexter V. Perry has joined the boards of First Bancorp and First Bank, North Carolina's largest community bank, as of July 9, 2021. With a background as a Certified Financial Planner and extensive banking experience, Perry aims to leverage his skills in the finance industry. First Bank was recently named the Best-In-State Bank in North Carolina by Forbes and is set to acquire Select Bank, potentially growing its total assets to over $9 billion. First Bancorp's common stock trades under the symbol FBNC.

The Board of Directors of First Bancorp (NASDAQ - FBNC) declared a cash dividend of $0.20 per share, marking an 11.1% increase from the previous $0.18 paid in 2020. This dividend is payable on July 25, 2021, to shareholders of record as of June 30, 2021. First Bancorp, headquartered in Southern Pines, North Carolina, has total assets of approximately $7.7 billion and operates 101 branches in North Carolina and South Carolina. The company primarily manages First Bank and offers SBA loans nationwide.

First Bancorp (Nasdaq: FBNC) has announced a definitive merger agreement to acquire Select Bancorp, Inc. (Nasdaq: SLCT) for approximately $314.3 million, or $18.10 per share. The merger, unanimously approved by both boards, is expected to close in Q4 2021, pending shareholder and regulatory approvals. Select Bank operates 22 locations across North Carolina, South Carolina, and Virginia, with reported assets of $1.8 billion. The acquisition aims to enhance First Bank's market presence, bringing total assets to over $9 billion.

First Bancorp (NASDAQ - FBNC) announced a net income of $28.2 million, or $0.99 per diluted share, for Q1 2021, marking a 59.7% increase year-over-year. This growth resulted from lower credit costs and increased noninterest income, with total assets rising to $7.7 billion, a 24.8% annualized increase. Net interest income was $55.2 million, with a net interest margin of 3.27%, down from 3.96% in the prior year. Total noninterest income surged by 50.8% to $20.7 million, driven by higher mortgage origination volumes.

The Board of Directors of First Bancorp (NASDAQ - FBNC) has declared a cash dividend of $0.20 per share, an increase of 11.1% from the previous rate of $0.18. This dividend will be payable on April 25, 2021, to shareholders of record as of March 31, 2021. First Bancorp, based in Southern Pines, North Carolina, has total assets of approximately $7.3 billion and operates 101 branches in North and South Carolina.

First Bank, North Carolina's largest community bank, introduces a new corporate social responsibility program named The Power of Good, launching on March 19, 2021. This initiative features two main components: a Good Deeds week where employees receive $20 to perform acts of kindness for strangers, and a quarterly employee donation matching program, starting in April, focusing on food assistance. In total, First Bank has $7.1 billion in assets and operates 101 branches. The program aims to engage employees and enhance community impact.

First Bancorp (NASDAQ - FBNC) reported a net income of $23.6 million ($0.83 per diluted share) for Q4 2020, up from $20.9 million ($0.71) in Q4 2019. For the full year, net income was $81.5 million ($2.81 per share), down from $92.0 million ($3.10) in 2019. A significant increase in provisions for loan losses due to COVID-19 was noted, rising to $35.0 million in 2020 from $2.3 million in 2019. Total assets grew by 18.7% to $7.3 billion, driven by a 27.2% increase in deposits. However, the net interest margin fell to 3.56% from 4.00% in 2019.