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.
Overview
First Bancorp N C (FBNC) is a well-established bank holding company with deep-rooted community values. Since its inception, the institution has built a reputation for providing a comprehensive range of financial solutions with a focus on personal, customer-centric service. Recognized for excellence in small business lending and innovative banking services, the company continues to distinguish itself through its commitment to local communities and tailored banking solutions. As a trusted member of the community banking sector, FBNC delivers robust commercial and consumer banking services, mortgage lending, SBA financing, accounts receivable financing, and investment advisory offerings.
Business Services and Operations
At its core, First Bancorp operates through its subsidiary, First Bank, which is a state-chartered community bank with a long history dating back to 1935. The company leverages its local expertise and personalized service approach to offer a breadth of banking services similar to those provided by larger financial institutions, yet with the added benefit of local insight and individual attention. The business model is built on diversified revenue streams including traditional loan and deposit activities, supplemented by specialized sectors such as mortgage lending and SBA lending. This multi-dimensional approach enables FBNC to adapt to varying market conditions while maintaining a balanced and risk-conscious portfolio.
Community Focus and Customer-Centric Approach
One of the defining attributes of First Bancorp is its commitment to community stewardship. With branches across North Carolina, South Carolina, and Virginia, the company has cultivated a strong presence in local markets by actively engaging with community initiatives, including organizing philanthropic efforts and local food drives. The bank’s emphasis on personalized banking is evident in its ability to combine state-of-the-art financial products with expert advice tailored to the unique needs of small businesses and individual customers. This dual focus on community support and high-quality banking solutions reinforces its reputation as a vital local partner for financial wellbeing.
Market Position and Industry Dynamics
First Bancorp stands out in the competitive landscape as a community-focused institution that provides comprehensive financial services to a diverse clientele. It operates in an industry characterized by rapidly evolving technology, stringent regulatory environments, and shifting consumer preferences. The company’s dedication to maintaining strong asset quality, managing credit risks, and achieving competitive net interest margins reflects its adherence to prudent financial practices. By strategically managing its deposit mix and optimizing its loan portfolio, FBNC has positioned itself to deliver consistent performance while mitigating potential risks common in the financial sector.
Operational Excellence and Financial Stability
The operational strategy of First Bancorp emphasizes continuous process improvements, effective risk management, and sound capital allocation to bolster financial resilience. The company’s diverse offerings—from commercial loans to specialized SBA financing—serve as the foundation for its stable revenue generation. By consistently monitoring asset quality and maintaining elevated levels of liquidity and capital adequacy, FBNC reinforces its ability to navigate an ever-changing financial environment while delivering dependable banking services. Its disciplined approach to noninterest expense management and careful monitoring of net loan charge-offs further underlines the commitment to operational excellence and long-term financial stability.
Technological Integration and Local Expertise
In addition to its traditional banking strengths, First Bancorp integrates modern technological solutions with time-tested local expertise. This integration of technology supports efficient customer service and modern financial processes while preserving the human touch that has characterized the bank’s service approach for decades. Customers benefit from access to online banking platforms and streamlined digital services that complement the company’s branch network, ensuring that both tech-savvy and traditional customers receive the same level of attentive service.
Customer and Community Impact
The extensive network and customer-centric culture of First Bancorp have made it a trusted partner for individuals and businesses alike. From providing specialized financial advice to supporting local community initiatives, the company remains focused on nurturing deep relationships with its customers. The combination of innovative financial products, robust community programs, and personalized advice ensures that the bank’s impact extends well beyond routine transactions, strengthening its standing as an integral part of the communities it serves.
Conclusion
Overall, First Bancorp N C (FBNC) encapsulates the unique strengths of a community bank that marries advanced financial solutions with localized service excellence. Its diversified product suite, commitment to community engagement, and adherence to sound financial practices position it as a significant presence among community-focused financial institutions. Investors and stakeholders looking for a comprehensive understanding of a stable, community-oriented bank will find that First Bancorp provides a model of balanced growth and financial stewardship, built on decades of experience and a deep commitment to the people it serves. This detailed overview reflects the institution's unwavering focus on secure, customer-centric banking and its enduring role in the regional economic landscape.
Member FDIC | Equal Housing Lender
First Bancorp (NASDAQ: FBNC) has declared a quarterly cash dividend of $0.22 per share, payable on April 25, 2025, to shareholders of record as of March 31, 2025. The announcement follows a strong fourth quarter performance with improvements in adjusted net income and EPS, while maintaining robust capital, liquidity, and credit quality metrics.
The company, headquartered in Southern Pines, North Carolina, operates as a bank holding company with total assets of $12.1 billion. Its main subsidiary, First Bank, manages 113 branches across North Carolina and South Carolina, offering tailored banking solutions, local expertise, and technology for home and business management since 1935. The bank also provides SBA loans through its nationwide lending network.
First Bancorp (NASDAQ: FBNC) has announced the promotion of G. Adam Currie from President to Chief Executive Officer of First Bank. Currie will succeed Michael G. Mayer, who will remain as President of First Bancorp until early 2026. This transition is part of a long-planned succession strategy.
Currie, who has served as President since November 2023, previously held positions as Chief Banking Officer and Regional President. His experience includes roles at PNC Capital Markets and RBC Bank. The company, headquartered in Southern Pines, North Carolina, operates 113 branches across North and South Carolina, with total assets of approximately $12.2 billion.
As part of the transition, First Bancorp has entered into an Amended and Restated Employment Agreement with Mayer and a new Employment Agreement with Christian Wilson as Chief Operating Officer, both effective February 7, 2025.
First Bancorp (NASDAQ:FBNC) reported Q4 2024 net income of $3.6 million ($0.08 EPS), down from $18.7 million ($0.45 EPS) in Q3 2024 and $29.7 million ($0.72 EPS) in Q4 2023. The results include impacts from Hurricane Helene ($13.4 million) and a strategic securities loss-earnback transaction ($36.8 million).
Key Q4 2024 highlights include: tax-equivalent net interest margin increased to 3.07%, average deposits grew to $10.6 billion, and loan growth accelerated with total loans reaching $8.1 billion. The company executed a securities portfolio restructuring, selling $280 million of securities yielding 1.56% and investing $495 million at 5.27%.
Adjusted net income for Q4 2024 was $31.7 million ($0.76 adjusted EPS), compared to $29.0 million ($0.70 adjusted EPS) in Q3 2024. Credit quality remained strong with nonperforming assets at 0.39% of total assets.
First Bank has announced a new partnership with the Carolina Hurricanes Foundation, launching 'The Power of Good Goals' initiative. Under this program, First Bank will donate $100 to the Foundation for every goal scored by the Hurricanes, supporting youth hockey programs, education, and health initiatives across the Carolinas.
The partnership includes exclusive branding and visibility for First Bank during Hurricanes' home games, special events, televised games, and community outreach programs. This collaboration extends First Bank's Power of Good corporate citizenship program, which in 2024 encompassed grants to local nonprofits, the First Bank Book Club, financial education programs, affordable housing initiatives, and employee volunteer programs.
First Bank (NASDAQ: FBNC) has completed its 2nd annual companywide food drive, collecting 21,750 pounds of food distributed to over 90 organizations across the Carolinas through 110+ locations. The initiative, honoring late employee Sharon Shaw Adams, demonstrates the bank's community commitment.
The bank has awarded $319,229 in Power of Good Grants to local nonprofits and schools in 2024, with total philanthropic giving exceeding $640,000. In Q4 alone, 40 nonprofits received grants totaling $90,000. First Bank, with approximately $12.1 billion in total assets, operates 113 branches across North and South Carolina, including a nationwide SBA platform.
First Bancorp (NASDAQ: FBNC) has declared a quarterly cash dividend of $0.22 per share, payable on January 25, 2025, to shareholders of record as of December 31, 2024. The company, with total assets of $12.2 billion, operates First Bank across 113 branches in North and South Carolina. CEO Richard Moore highlighted the company's strong capital position enabling profitable operations and shareholder returns through dividends. First Bank, established in 1935, provides community banking services including SBA loans through its nationwide network.
First Bancorp (NASDAQ: FBNC) reported Q3 2024 net income of $18.7 million, or $0.45 per diluted share, down from $28.7 million ($0.70/share) in Q2 2024 and $29.9 million ($0.73/share) in Q3 2023. The decrease was primarily due to a $13.4 million impact from Hurricane Helene, including a $13 million provision for potential credit losses. Excluding hurricane impacts, adjusted net income was $29.0 million ($0.70/share). Key metrics include: tax-equivalent net interest margin increased to 2.90%, total loans of $8.0 billion, strong credit quality with NPAs at 0.38% of assets, and total deposits grew by $17.1 million to $10.5 billion. The company maintains strong capital ratios with an estimated total risk-based capital ratio of 16.44%.
First Bancorp (NASDAQ: FBNC), the parent company of First Bank, has declared a cash dividend of $0.22 per share on its common stock, payable on October 25, 2024 to shareholders of record as of September 30, 2024. CEO Richard Moore cited the company's strong performance in Q2 2024, highlighting improved liquidity, solid capital growth, and continued strong credit quality. First Bancorp, headquartered in Southern Pines, North Carolina, has total assets of $12.1 billion and operates 113 branches across North and South Carolina. The company provides tailored banking services, including SBA loans, through its nationwide network of lenders.
First Bancorp (NASDAQ: FBNC) has announced the retirement of Mason Y. Garrett from its Board of Directors, effective July 26, 2024. Garrett, with over 50 years of banking experience, was the Founder and Chairman of GrandSouth Bank and CEO of GrandSouth Bancorporation until its merger with First Bancorp in 2023. He served on First Bank's Executive & Loan Committee.
First Bancorp, headquartered in Southern Pines, North Carolina, is a bank holding company with total assets of $12.1 billion. Its primary activity is operating First Bank, a state-chartered community bank with 113 branches across North and South Carolina. First Bank offers tailored banking solutions, local expertise, and technology for home and business management since 1935.
First Bancorp (NASDAQ: FBNC) announced net income of $28.7 million, or $0.70 per diluted share, for Q2 2024, up from $25.3 million, or $0.61 per share, in Q1 2024, but down from $29.4 million, or $0.71 per share, in Q2 2023.
For the first half of 2024, net income was $54.0 million, or $1.31 per share, compared to $44.6 million, or $1.08 per share, for the same period in 2023.
Key Highlights:
- Net interest margin (NIM) increased to 2.87%, up from 2.80% in Q1 2024 but down from 3.08% in Q2 2023.
- Total deposits grew by $184.5 million to $10.5 billion.
- Loan yield increased to 5.50%.
- Nonperforming assets ratio improved to 0.37% from 0.39% in Q1 2024.
- Total risk-based capital ratio rose to 16.23%.
CEO Richard H. Moore emphasized strong performance, improved liquidity, and credit quality.
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