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.
Overview
First Bancorp N C (FBNC) is a well-established bank holding company with deep-rooted community values. Since its inception, the institution has built a reputation for providing a comprehensive range of financial solutions with a focus on personal, customer-centric service. Recognized for excellence in small business lending and innovative banking services, the company continues to distinguish itself through its commitment to local communities and tailored banking solutions. As a trusted member of the community banking sector, FBNC delivers robust commercial and consumer banking services, mortgage lending, SBA financing, accounts receivable financing, and investment advisory offerings.
Business Services and Operations
At its core, First Bancorp operates through its subsidiary, First Bank, which is a state-chartered community bank with a long history dating back to 1935. The company leverages its local expertise and personalized service approach to offer a breadth of banking services similar to those provided by larger financial institutions, yet with the added benefit of local insight and individual attention. The business model is built on diversified revenue streams including traditional loan and deposit activities, supplemented by specialized sectors such as mortgage lending and SBA lending. This multi-dimensional approach enables FBNC to adapt to varying market conditions while maintaining a balanced and risk-conscious portfolio.
Community Focus and Customer-Centric Approach
One of the defining attributes of First Bancorp is its commitment to community stewardship. With branches across North Carolina, South Carolina, and Virginia, the company has cultivated a strong presence in local markets by actively engaging with community initiatives, including organizing philanthropic efforts and local food drives. The bank’s emphasis on personalized banking is evident in its ability to combine state-of-the-art financial products with expert advice tailored to the unique needs of small businesses and individual customers. This dual focus on community support and high-quality banking solutions reinforces its reputation as a vital local partner for financial wellbeing.
Market Position and Industry Dynamics
First Bancorp stands out in the competitive landscape as a community-focused institution that provides comprehensive financial services to a diverse clientele. It operates in an industry characterized by rapidly evolving technology, stringent regulatory environments, and shifting consumer preferences. The company’s dedication to maintaining strong asset quality, managing credit risks, and achieving competitive net interest margins reflects its adherence to prudent financial practices. By strategically managing its deposit mix and optimizing its loan portfolio, FBNC has positioned itself to deliver consistent performance while mitigating potential risks common in the financial sector.
Operational Excellence and Financial Stability
The operational strategy of First Bancorp emphasizes continuous process improvements, effective risk management, and sound capital allocation to bolster financial resilience. The company’s diverse offerings—from commercial loans to specialized SBA financing—serve as the foundation for its stable revenue generation. By consistently monitoring asset quality and maintaining elevated levels of liquidity and capital adequacy, FBNC reinforces its ability to navigate an ever-changing financial environment while delivering dependable banking services. Its disciplined approach to noninterest expense management and careful monitoring of net loan charge-offs further underlines the commitment to operational excellence and long-term financial stability.
Technological Integration and Local Expertise
In addition to its traditional banking strengths, First Bancorp integrates modern technological solutions with time-tested local expertise. This integration of technology supports efficient customer service and modern financial processes while preserving the human touch that has characterized the bank’s service approach for decades. Customers benefit from access to online banking platforms and streamlined digital services that complement the company’s branch network, ensuring that both tech-savvy and traditional customers receive the same level of attentive service.
Customer and Community Impact
The extensive network and customer-centric culture of First Bancorp have made it a trusted partner for individuals and businesses alike. From providing specialized financial advice to supporting local community initiatives, the company remains focused on nurturing deep relationships with its customers. The combination of innovative financial products, robust community programs, and personalized advice ensures that the bank’s impact extends well beyond routine transactions, strengthening its standing as an integral part of the communities it serves.
Conclusion
Overall, First Bancorp N C (FBNC) encapsulates the unique strengths of a community bank that marries advanced financial solutions with localized service excellence. Its diversified product suite, commitment to community engagement, and adherence to sound financial practices position it as a significant presence among community-focused financial institutions. Investors and stakeholders looking for a comprehensive understanding of a stable, community-oriented bank will find that First Bancorp provides a model of balanced growth and financial stewardship, built on decades of experience and a deep commitment to the people it serves. This detailed overview reflects the institution's unwavering focus on secure, customer-centric banking and its enduring role in the regional economic landscape.
Member FDIC | Equal Housing Lender
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.
On October 8, 2021, First Bancorp (NASDAQ – FBNC) announced management changes, including Adam Currie's promotion to Chief Banking Officer and Elizabeth B. Bostian as General Counsel and Chief Financial Officer. Blaise Buczkowski continues as Chief Administrative Officer and becomes Chief Accounting Officer. The Bank will now operate under three lines: Commercial, Community, and Retail Banking, with new executives leading each division. The changes aim to enhance growth opportunities and community support. Eric Credle will retire on November 12, 2021, after 24 years as CFO, transitioning to a consultant role.
First Bancorp (NASDAQ: FBNC) has declared a cash dividend of $0.20 per share, marking an 11.1% increase from the $0.18 dividend paid in the same period of 2020. This dividend is payable on October 25, 2021 to shareholders on record as of September 30, 2021. Headquartered in Southern Pines, North Carolina, First Bancorp operates First Bank with approximately $8.2 billion in total assets and 100 branches across North and South Carolina. The company also provides SBA loans nationwide.
First Bancorp (NASDAQ - FBNC) reported a net income of $29.3 million for Q2 2021, reflecting an 83.9% increase per share from Q2 2020, driven by lower credit costs. For the first half of 2021, net income reached $57.5 million, a 71.2% increase year-over-year. Q2 loan growth (excluding PPP loans) was $244 million (22.3% annualized), while deposits grew by $438 million (26.0% annualized). However, net interest margin decreased to 3.22%, down from 3.49% a year earlier. The company also announced plans to acquire Select Bancorp, subject to approvals.
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