First Bancorp (NASDAQ: FBNC) unveils $40M buyback, dividend hike

Rhea-AI Filing Summary

First Bancorp announced several board and capital actions. Longtime director Mary Clara Capel retired from the boards of both First Bancorp and First Bank effective January 27, 2026, and the company stated her retirement was not due to any disagreement over operations, policies or practices.

The board authorized management to implement a stock repurchase plan for up to $40.0 million of outstanding common stock, valid through January 27, 2027 and subject to market conditions and Rule 10b-18 requirements. The board also approved a higher cash dividend of $0.24 per share, payable on April 24, 2026 to shareholders of record on March 31, 2026, up from the prior dividend of $0.23 per share.

Positive

• Capital return strengthened: Board authorized up to $40.0 million in stock repurchases and raised the quarterly dividend from $0.23 to $0.24 per share.

Negative

• None.

Insights

Bank Equity Analyst

First Bancorp pairs a $40M buyback with a dividend increase, signaling continued capital return to shareholders.

First Bancorp’s board authorized a stock repurchase plan for up to $40.0 million of outstanding common stock, with purchases allowed in the open market, privately negotiated transactions or otherwise, and open market activity aligned with Rule 10b-18. The plan is valid through January 27, 2027 and can be extended, modified, suspended or discontinued, so actual repurchases will depend on market conditions and management decisions.

The company also raised its quarterly cash dividend from $0.23 to $0.24 per share, payable on April 24, 2026 to shareholders of record on March 31, 2026, indicating a modest increase in regular cash returns. In parallel, director Mary Clara Capel’s retirement, explicitly noted as not stemming from any disagreement, suggests routine board refreshment rather than a governance dispute.

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 27, 2026

First Bancorp

(Exact Name of Registrant as Specified in its Charter)

North Carolina

0-15572

56-1421916

(State or Other Jurisdiction

(Commission

(I.R.S. Employer

of Incorporation)

File Number)

Identification Number)

300 SW Broad Street,

Southern Pines,

NC

28387

(Address of Principal Executive Offices)

(Zip Code)

(910) 246-2500

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading symbol			Name of each exchange on which registered:
Common Stock, No Par Value			FBNC			The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

1

First Bancorp

INDEX

 

			Page
Item 5.02 - Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers			3
Item 8.01. Other Events			3
Item 8.01. Other Events			3
Item 9.01 – Financial Statements and Exhibits			3
Signatures			4
Exhibit 99.1 News Release dated January 27, 2026			5

2

ITEM 5.02. DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS

On January 27, 2026, First Bancorp (the “Company”), the parent company of First Bank announced that Mary Clara Capel has retired as a director of the Board of Directors of the Company, and as a director of the Board of Directors of First Bank effective January 27, 2026. Ms. Capel’s retirement was not the result of any disagreement between the Company and Ms. Capel concerning any matters relating to the Company’s operations, policies or practices.

A copy of First Bancorp’s Press Release making this announcement is attached as Exhibit 99.1 and is incorporated herein by reference.

ITEM 8.01 – OTHER EVENTS

On January 27, 2026, the Company announced that the Board of Directors of the Company has authorized the Company’s management to implement a stock repurchase plan for up to $40.0 million of the Company’s outstanding Common Stock. Repurchases under the plan may be made in the open market, in privately negotiated transactions or otherwise, subject to the terms of the plan, market conditions and other factors. Open market purchases will be made within the pricing, volume and other requirements of Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended.

The plan does not obligate the Company to acquire any particular amount of its Common Stock. The plan is valid through January 27, 2027 and may be extended, modified, suspended or discontinued at any time.

ITEM 8.01 – OTHER EVENTS

On January 27, 2026, the Company reported that its board of directors had approved a cash dividend on its common stock of $0.24 per share payable on April 24, 2026 to shareholders of record as of March 31, 2026. This represents an increase over the prior dividend amount of $0.23 per share.

ITEM 9.01 – FINANCIAL STATEMENTS AND EXHIBITS

Exhibit 99.1 – News Release dated January 27, 2026

3

SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

FIRST BANCORP

January 27, 2026

By:

/s/ Richard H. Moore

Richard H. Moore

Chief Executive Officer

4

FAQ

What did First Bancorp (FBNC) announce about its board of directors?

On January 27, 2026, Mary Clara Capel retired as a director from the boards of both First Bancorp and First Bank, and the company stated her retirement was not due to any disagreement over operations, policies or practices.

How large is First Bancorps new stock repurchase plan?

First Bancorps board authorized management to implement a stock repurchase plan for up to $40.0 million of the companys outstanding common stock, with purchases permitted in the open market, in privately negotiated transactions or otherwise.

How long will First Bancorps $40 million stock repurchase plan be in effect?

The stock repurchase plan is valid through January 27, 2027 and may be extended, modified, suspended or discontinued at any time, giving the board flexibility over its duration.

What dividend did First Bancorp (FBNC) declare and when will it be paid?

First Bancorp approved a cash dividend of $0.24 per share on its common stock, payable on April 24, 2026 to shareholders of record as of March 31, 2026.

How does First Bancorps new dividend compare to its prior dividend?

The newly approved dividend of $0.24 per share represents an increase over the prior dividend amount of $0.23 per share on First Bancorps common stock.

Under what conditions will First Bancorp conduct stock repurchases?

Repurchases may be made in the open market, in privately negotiated transactions or otherwise, subject to the terms of the plan, market conditions and other factors, and open market purchases will follow the pricing, volume and other requirements of Rule 10b-18.