Welcome to our dedicated page for First Bancorp/NC news (Ticker: FBNC), a resource for investors and traders seeking the latest updates and insights on First Bancorp/NC stock.
First Bancorp (NASDAQ: FBNC) is a distinguished bank holding company headquartered in Southern Pines, North Carolina. Since its inception in 1935, First Bancorp has steadfastly provided customer- and community-centric financial services, earning accolades such as being named one of the best small business lending banks by Entrepreneur and recognized for its small business checking account by WalletHub. First Bancorp's operational arm, First Bank, operates 118 branches across North Carolina and South Carolina, offering a wide range of services including commercial and consumer banking, mortgage lending, SBA lending, accounts receivable financing, and investment advisory services.
In recent strategic moves, First Bancorp acquired GrandSouth Bancorporation on January 1, 2023, adding $1.02 billion in loans and $1.05 billion in deposits to its portfolio. This acquisition contributed significantly to the company's growth, complementing its organic loan growth of $341.8 million year-to-date as of September 30, 2023. In its latest financial results for the quarter ending March 31, 2024, the company reported net income of $25.3 million, or $0.61 per diluted share, showcasing consistent performance in a competitive market.
First Bancorp continues to maintain a robust financial position with total assets amounting to $12.1 billion as of March 31, 2024. The company's commitment to maintaining strong credit quality and a diversified deposit base is evident, with non-interest-bearing deposits comprising 33% of total deposits. Asset quality remains solid, evidenced by low levels of nonperforming assets and annualized net loan charge-offs of just 0.08%.
The company has demonstrated resilience in adapting to market conditions, focusing on optimizing its balance sheet by enhancing liquidity and capital. As of the first quarter of 2024, First Bancorp reported a total liquidity ratio of 31.4% and an estimated total risk-based capital ratio of 15.85%, reflecting its strong financial health and strategic management of resources.
First Bancorp's community involvement is exemplified by initiatives such as the
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.
The Board of Directors of First Bancorp (NASDAQ: FBNC) has declared a cash dividend of $0.22 per share, payable on July 25, 2024, to shareholders of record as of June 30, 2024. CEO Richard Moore highlighted the company's strong liquidity, capital, and credit quality during the first quarter of 2024, enabling consistent dividend distribution. First Bancorp, headquartered in Southern Pines, NC, has $12.1 billion in assets and operates 113 branches across North and South Carolina. The company emphasizes a personalized approach to banking and offers SBA loans nationwide through its network of lenders. First Bancorp's stock trades on NASDAQ under the symbol 'FBNC'.
First Bancorp (NASDAQ: FBNC) announced key executive leadership changes effective May 13, 2024. Christian Wilson has been appointed Executive Vice President and Chief Operating Officer, bringing a decade of experience from Fiserv and a background in the Secret Service. Donna Ward steps into the role of Chief Transformation Officer, leveraging her 27-year tenure at First Bank. Brent Hicks joins as Executive Vice President and Chief Accounting Officer, with extensive expertise from BB&T/Truist. Blaise Buczkowski transitions to Executive Vice President of Corporate Finance, focusing on strategic financial planning. These changes aim to bolster First Bancorp's strategic plan and support continued growth. The Bank’s recent accolades include recognition as a Best Employer by Business NC Magazine and a Top 10 Best Performing Bank by S&P Global.
First Bank launched its Power of Good Grants program by awarding over $130,000 to 20 local organizations in the Carolinas. The grants are part of the corporate citizenship initiative focusing on affordable housing, food insecurity, education, and health. The bank received nearly 200 applications, with funds going to various organizations. First Bank emphasizes community wellness and has donated $1.5 million since 2022. The grants coincide with recent accolades for the bank, including Best Bank by Cary Magazine and Best Employer in the Triad area. Round 2 winners are being considered, with Round 3 applications open. Overall, First Bank's philanthropic efforts are a significant investment in local communities.
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