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.
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.
First Bancorp (NASDAQ: FBNC) has received all necessary regulatory approvals to acquire Select Bancorp, Inc. The merger will take effect after the close of business on October 15, 2021, with Select Bank branches transitioning to First Bank on October 18, 2021. Shareholders of Select will automatically convert their shares at a ratio of 0.408 shares of First Bancorp for each Select share. First Bancorp, headquartered in Southern Pines, NC, has total assets of approximately $8.2 billion and operates 100 branches across North and South Carolina.
On October 8, 2021, First Bancorp (NASDAQ – FBNC) announced management changes, including Adam Currie's promotion to Chief Banking Officer and Elizabeth B. Bostian as General Counsel and Chief Financial Officer. Blaise Buczkowski continues as Chief Administrative Officer and becomes Chief Accounting Officer. The Bank will now operate under three lines: Commercial, Community, and Retail Banking, with new executives leading each division. The changes aim to enhance growth opportunities and community support. Eric Credle will retire on November 12, 2021, after 24 years as CFO, transitioning to a consultant role.
First Bancorp (NASDAQ: FBNC) has declared a cash dividend of $0.20 per share, marking an 11.1% increase from the $0.18 dividend paid in the same period of 2020. This dividend is payable on October 25, 2021 to shareholders on record as of September 30, 2021. Headquartered in Southern Pines, North Carolina, First Bancorp operates First Bank with approximately $8.2 billion in total assets and 100 branches across North and South Carolina. The company also provides SBA loans nationwide.
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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.