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.
First Bank, headquartered in Southern Pines, North Carolina, has appointed Terrence Thomas as its new Chief Information Officer as of May 9, 2022. Thomas, formerly with Goldman Sachs, will oversee the bank's technology and innovation strategies, enhancing service delivery and security for customers. His extensive background in engineering and technology management positions him to contribute significantly to First Bank's ongoing growth and development.
First Bancorp (NASDAQ: FBNC) reported a net income of $34.0 million, or $0.95 per diluted share, for Q1 2022, up from $28.2 million in Q1 2021. The results were positively influenced by the acquisition of Select Bancorp, contributing $1.3 billion in loans. The bank achieved a 1.30% annualized return on average assets and a tax-equivalent net interest margin of 3.21%. Total assets grew to $10.7 billion, a 37.7% increase year-over-year. However, noninterest income fell 6.9% to $19.3 million, mainly due to fewer mortgage-related fees.
On March 21, 2022, First Bank successfully completed its acquisition of Select Bank & Trust, enhancing its network with 11 new locations across North Carolina and South Carolina. This acquisition boosts First Bank's total assets to $10.6 billion, with $6.0 billion in loans and $9.3 billion in deposits. CEO Mike Mayer emphasized their commitment to a smooth transition for new customers. Additionally, the bank launched Project Launch, dedicating up to $500,000 to educational innovations, funding $22,800 in its first month alone.
First Bank announced the winners of its Project Launch contest, aimed at funding innovative educational projects in the Carolinas. February winners collectively received $22,800 to support various initiatives, including a bilingual library, a music recording studio, and a Black Business Accelerator program. Over 100 entries were submitted, showcasing strong community engagement. The bank plans to continue partnerships with winners, providing mentorship and support. First Bank operates 121 branches in NC and SC, with total assets of $10.6 billion.
First Bancorp (FBNC) has declared a cash dividend of $0.22 per share, a 10% increase from the previous $0.20 rate, payable on April 25, 2022. This increase reflects the company's commitment to enhancing shareholder value. Additionally, a new $40 million share repurchase program has been authorized, replacing the prior program. This initiative aims to further bolster shareholder confidence but does not obligate the company to repurchase shares. The initial expiration for this program is set for December 31, 2022.
First Bancorp (NASDAQ: FBNC) reported a net income of $10.5 million, or $0.30 per diluted share, for Q4 2021, a significant decline of 63.9% year-over-year. For the full year, net income rose 13.5% to $95.6 million, or $3.19 per share. The decline in Q4 earnings was largely due to $16.2 million in merger expenses from the acquisition of Select Bancorp and a $14.1 million loan loss provision for Select Bank loans. Total assets increased 44.2% to $10.5 billion, bolstered by the acquisition. A dividend of $0.20 per share was announced, reflecting an 11.1% increase from the prior year.
First Bank has announced Project Launch, a new initiative aimed at enhancing educational opportunities in the Carolinas with a $500,000 fund. Starting February 1, 2022, the program will include a year-long contest encouraging community members to propose educational improvement ideas, with monthly winners receiving funding and mentorship. The initiative also introduces the Learning Lab, offering online financial education courses for teens. Additional awards for educators and partnerships with nonprofits will be part of the project throughout the year.
The Board of Directors of First Bancorp (NASDAQ - FBNC) declared a cash dividend of $0.20 per share, which is an 11.1% increase from the $0.18 paid in the same period last year. The dividend is payable on January 25, 2022, to shareholders of record by December 31, 2021. First Bancorp, based in Southern Pines, North Carolina, has total assets of approximately $10.3 billion and operates 122 branches in NC and SC. Shareholders can expect a reliable income boost from this increased dividend, reflecting the company's growth and stability.
First Bancorp (NASDAQ: FBNC) reported a net income of $27.6 million, or $0.97 per diluted share for Q3 2021, reflecting a 19.8% increase year-over-year. For the nine months ending September 30, 2021, net income reached $85.1 million, or $2.99 per share, up 50.3% from 2020. Total loans grew by $176 million (14.6% annualized), and deposits rose by $261 million (14.5% annualized). The recent acquisition of Select Bancorp will impact Q4 results, adding $1.8 billion in assets. However, net interest margin decreased to 3.03%, down 45 basis points from the previous year.
First Bancorp (NASDAQ: FBNC) has successfully completed its acquisition of Select Bancorp, Inc. (NASDAQ: SLCT) as of October 15, 2021. This merger enhances First Bank's position as North Carolina's leading community bank, now holding over $10 billion in assets and operating more than 120 branches. Select Bancorp shareholders will receive 0.408 shares of First Bancorp for each Select Bancorp share, with fractional shares compensated at $44.12. Select Bank will continue to operate under its name until a systems conversion in March 2022.