First Bancorp Announces Cash Dividend

Rhea-AI Summary

The Board of Directors of First Bancorp (NASDAQ - FBNC) announced a cash dividend of $0.22 per share, which signifies a 10% increase from last year’s $0.20. This dividend will be payable on July 25, 2022, to shareholders on record as of June 30, 2022. CEO Richard Moore stated that this increase reflects the company's strong capital position and commitment to enhancing shareholder value. First Bancorp holds assets totaling approximately $10.7 billion and operates 108 branches across North Carolina and South Carolina.

Positive

• 10% increase in dividend from $0.20 to $0.22 per share
• Reflects strong commitment to enhancing shareholder value
• Demonstrates solid capital position of the company

Negative

• None.

SOUTHERN PINES, N.C., June 15, 2022 /PRNewswire/ -- The Board of Directors of First Bancorp (NASDAQ - FBNC), the parent company of First Bank, has declared a cash dividend on its common stock of $0.22 per share payable on July 25, 2022 to shareholders of record as of June 30, 2022. The $0.22 dividend rate represents a 10% increase over the dividend rate of $0.20 paid in the comparable period of 2021.

"The increased dividend and share repurchase authorization reflect the Board and management's commitment to enhancing shareholder value when the Company's capital position allows us the opportunity to do so," stated Richard Moore, Chief Executive Officer of First Bancorp. 

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets of approximately $10.7 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 108 branches in North Carolina and South Carolina. First Bank also provides SBA loans to customers through its nationwide network of lenders - for more information on First Bank's SBA lending capabilities, please visit www.firstbanksba.com. First Bancorp's common stock is traded on the NASDAQ Global Select Market under the symbol "FBNC."

Please visit our website at www.LocalFirstBank.com.

 

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SOURCE First Bancorp

FAQ

What is the dividend amount declared by First Bancorp (FBNC)?

First Bancorp has declared a cash dividend of $0.22 per share.

When will the dividend for FBNC be paid?

The dividend will be paid on July 25, 2022.

What is the record date for the FBNC dividend?

The record date for the dividend is June 30, 2022.

How much was the previous dividend paid by First Bancorp?

The previous dividend was $0.20 per share.

What does the increase in dividend indicate for First Bancorp (FBNC)?

The increase indicates the company's strong capital position and commitment to enhancing shareholder value.