First Bancorp N C Stock Price, News & Analysis

First Bank (FBNC) has donated $26,600 to the Carolina Hurricanes Foundation following their 2024-2025 season partnership. The donation was generated through the bank's pledge to contribute $100 for each goal scored by the Hurricanes during the season. The check presentation took place during a playoff game at Lenovo Center.

The partnership included fan engagement activities like First Bank tee shirt tosses at home games. The Carolina Hurricanes Foundation focuses on supporting youth hockey programs, educational opportunities, and assisting families in need across North Carolina. The initiative, called 'Power of Good Goals,' successfully combined sports engagement with community support.

First Bancorp (FBNC) reported strong Q1 2025 financial results with net income of $36.4 million, or $0.88 diluted earnings per share, compared to $3.6 million in Q4 2024 and $25.3 million in Q1 2024. Net interest income increased to $92.9 million, with tax-equivalent net interest margin expanding to 3.27%.

Key highlights include reduced noninterest expenses to $57.9 million, strong credit quality with nonperforming assets ratio of 0.27%, and maintained excess capital with common equity tier 1 ratio at 14.53%. The company saw customer deposit growth of $214.1 million and loan growth of $8.4 million during Q1 2025.

The results include a $2.0 million reduction in allowance for credit losses related to Hurricane Helene impacts. The company maintains strong liquidity with a total liquidity ratio of 36.4% and continues to focus on expense management, reducing full-time equivalent employees from 1,371 to 1,353.

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%.