First Bancorp/NC - FBNC STOCK NEWS

First Bank has announced a $50,000 donation to the Lee County Education Foundation to support the new Durable Skills Project, aimed at enhancing life skills among 120 middle school students across three schools. This initiative focuses on teaching essential skills such as communication and goal-setting through mentorship and proven curricula. The funding is part of First Bank's Project Launch, which has distributed $375,369 of its $500,000 commitment to education initiatives as of August 2022. First Bank operates 108 branches across North Carolina and South Carolina, with assets totaling approximately $10.6 billion.

The Board of Directors of First Bancorp (NASDAQ - FBNC) has declared a cash dividend of $0.22 per share, marking a 10% increase from last year's $0.20 dividend. This dividend is payable on October 25, 2022, to shareholders of record as of September 30, 2022. CEO Richard Moore emphasized that the increase reflects the commitment to enhancing shareholder value, enabled by the company's strong capital position. First Bancorp manages assets of approximately $10.6 billion and operates 108 branches across North Carolina and South Carolina.

First Bank announced the launch of the First Bank Book Club as part of its 2022 Project Launch initiative, aiming to enhance literacy in public elementary and middle schools across North and South Carolina. The program will feature visits from renowned children's authors, providing books to students and donating additional copies to school libraries. A $10,000 donation from Quality Data Systems through Lionheart Charities supports these efforts. First Bank is committed to investing $500,000 in educational initiatives throughout the Carolinas in 2022.

First Bank, headquartered in Southern Pines, NC, launches the "Out of This World Educator Awards" as part of its 2022 Project Launch initiative. Nominations open from August 15 to September 18, 2022, recognizing educators in the Carolinas who inspire student success. Awardees will receive $5,000 and be honored at an event on October 6, 2022. The bank commits $500,000 to educational programs, with monthly winners funded through grants and social media engagement. Recent winners include educators from various backgrounds, enhancing real-world skills for students.

First Bancorp (NASDAQ: FBNC) reported net income of $36.6 million ($1.03 per diluted share) for Q2 2022, up from $34.0 million in Q1 2022 and flat compared to Q2 2021. For the first half of 2022, net income totaled $70.6 million ($1.98 per share), a decrease from $57.5 million ($2.02 per share) year-over-year. The bank's loan growth for the quarter was 11.8%, and total assets reached $10.6 billion, a 28.8% increase year-on-year. The planned acquisition of GrandSouth Bancorporation is expected to enhance expansion in South Carolina.

First Bancorp (FBNC) has announced a definitive merger agreement to acquire GrandSouth Bancorporation in an all-stock transaction valued at $181.1 million. The transaction, which was unanimously approved by both companies' boards, will see GrandSouth shareholders receive 0.910 shares of First Bancorp for each share held. The merger aims to strengthen First Bancorp's market presence in South Carolina, with the combined entity projected to have over $12 billion in assets and $10 billion in deposits upon closure, expected in late 2022 or early 2023.

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.

First Bank has announced the continuation of its Project Launch contest, distributing $89,550 in educational grants through May 2022. This year-long initiative aims to encourage innovation in education, committing a total of $500,000. Recent winners in May include educators from Elizabeth City, Asheville, and Durham, receiving funds for projects promoting mental health, outdoor play, and specialized reading instruction. The bank is dedicated to supporting local educators and communities, with additional initiatives planned such as the "Out of this World Educator" awards in the fall.

First Bank, headquartered in Southern Pines, North Carolina, has appointed Terrence Thomas as its new Chief Information Officer as of May 9, 2022. Thomas, formerly with Goldman Sachs, will oversee the bank's technology and innovation strategies, enhancing service delivery and security for customers. His extensive background in engineering and technology management positions him to contribute significantly to First Bank's ongoing growth and development.