First Bancorp N C - FBNC STOCK NEWS

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.

First Bancorp (NASDAQ: FBNC) reported a net income of $34.0 million, or $0.95 per diluted share, for Q1 2022, up from $28.2 million in Q1 2021. The results were positively influenced by the acquisition of Select Bancorp, contributing $1.3 billion in loans. The bank achieved a 1.30% annualized return on average assets and a tax-equivalent net interest margin of 3.21%. Total assets grew to $10.7 billion, a 37.7% increase year-over-year. However, noninterest income fell 6.9% to $19.3 million, mainly due to fewer mortgage-related fees.

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.