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.
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 (FBNC) reported a net income of $15.2 million, or $0.37 per diluted share, for Q1 2023, down from $38.4 million in Q4 2022 and $34.0 million in Q1 2022. The decline was attributed to $12.2 million in merger expenses related to the acquisition of GrandSouth Bancorporation, which contributed $1.02 billion in loans and $1.05 billion in deposits. Despite these charges, First Bancorp experienced organic loan growth of $113.7 million, and total deposits grew $95.2 million. The company maintained a strong liquidity ratio of 26.2% and an impressive capital ratio of 14.33%. Nonperforming assets decreased to 0.25% of total assets, reflecting ongoing credit quality improvements.
On March 15, 2023, First Bancorp (NASDAQ: FBNC) declared a cash dividend of $0.22 per share, payable on April 25, 2023, to shareholders of record by March 31, 2023. CEO Richard Moore emphasized the company’s strong capital position, allowing continuation of this dividend to enhance shareholder value. First Bancorp, headquartered in Southern Pines, NC, has total assets of approximately $12 billion and operates 118 branches across North Carolina and South Carolina. The company is involved in SBA lending through its nationwide network.
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