First Bancorp/NC - FBNC STOCK NEWS

On March 21, 2022, First Bank successfully completed its acquisition of Select Bank & Trust, enhancing its network with 11 new locations across North Carolina and South Carolina. This acquisition boosts First Bank's total assets to $10.6 billion, with $6.0 billion in loans and $9.3 billion in deposits. CEO Mike Mayer emphasized their commitment to a smooth transition for new customers. Additionally, the bank launched Project Launch, dedicating up to $500,000 to educational innovations, funding $22,800 in its first month alone.

First Bank announced the winners of its Project Launch contest, aimed at funding innovative educational projects in the Carolinas. February winners collectively received $22,800 to support various initiatives, including a bilingual library, a music recording studio, and a Black Business Accelerator program. Over 100 entries were submitted, showcasing strong community engagement. The bank plans to continue partnerships with winners, providing mentorship and support. First Bank operates 121 branches in NC and SC, with total assets of $10.6 billion.

First Bancorp (FBNC) has declared a cash dividend of $0.22 per share, a 10% increase from the previous $0.20 rate, payable on April 25, 2022. This increase reflects the company's commitment to enhancing shareholder value. Additionally, a new $40 million share repurchase program has been authorized, replacing the prior program. This initiative aims to further bolster shareholder confidence but does not obligate the company to repurchase shares. The initial expiration for this program is set for December 31, 2022.

First Bancorp (NASDAQ: FBNC) reported a net income of $10.5 million, or $0.30 per diluted share, for Q4 2021, a significant decline of 63.9% year-over-year. For the full year, net income rose 13.5% to $95.6 million, or $3.19 per share. The decline in Q4 earnings was largely due to $16.2 million in merger expenses from the acquisition of Select Bancorp and a $14.1 million loan loss provision for Select Bank loans. Total assets increased 44.2% to $10.5 billion, bolstered by the acquisition. A dividend of $0.20 per share was announced, reflecting an 11.1% increase from the prior year.

First Bank has announced Project Launch, a new initiative aimed at enhancing educational opportunities in the Carolinas with a $500,000 fund. Starting February 1, 2022, the program will include a year-long contest encouraging community members to propose educational improvement ideas, with monthly winners receiving funding and mentorship. The initiative also introduces the Learning Lab, offering online financial education courses for teens. Additional awards for educators and partnerships with nonprofits will be part of the project throughout the year.

The Board of Directors of First Bancorp (NASDAQ - FBNC) declared a cash dividend of $0.20 per share, which is an 11.1% increase from the $0.18 paid in the same period last year. The dividend is payable on January 25, 2022, to shareholders of record by December 31, 2021. First Bancorp, based in Southern Pines, North Carolina, has total assets of approximately $10.3 billion and operates 122 branches in NC and SC. Shareholders can expect a reliable income boost from this increased dividend, reflecting the company's growth and stability.

First Bancorp (NASDAQ: FBNC) reported a net income of $27.6 million, or $0.97 per diluted share for Q3 2021, reflecting a 19.8% increase year-over-year. For the nine months ending September 30, 2021, net income reached $85.1 million, or $2.99 per share, up 50.3% from 2020. Total loans grew by $176 million (14.6% annualized), and deposits rose by $261 million (14.5% annualized). The recent acquisition of Select Bancorp will impact Q4 results, adding $1.8 billion in assets. However, net interest margin decreased to 3.03%, down 45 basis points from the previous year.

First Bancorp (NASDAQ: FBNC) has successfully completed its acquisition of Select Bancorp, Inc. (NASDAQ: SLCT) as of October 15, 2021. This merger enhances First Bank's position as North Carolina's leading community bank, now holding over $10 billion in assets and operating more than 120 branches. Select Bancorp shareholders will receive 0.408 shares of First Bancorp for each Select Bancorp share, with fractional shares compensated at $44.12. Select Bank will continue to operate under its name until a systems conversion in March 2022.

First Bancorp (NASDAQ: FBNC) has received all necessary regulatory approvals to acquire Select Bancorp, Inc. The merger will take effect after the close of business on October 15, 2021, with Select Bank branches transitioning to First Bank on October 18, 2021. Shareholders of Select will automatically convert their shares at a ratio of 0.408 shares of First Bancorp for each Select share. First Bancorp, headquartered in Southern Pines, NC, has total assets of approximately $8.2 billion and operates 100 branches across North and South Carolina.