Welcome to our dedicated page for First Bancorp/NC news (Ticker: FBNC), a resource for investors and traders seeking the latest updates and insights on First Bancorp/NC 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 (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.
Dexter V. Perry has joined the boards of First Bancorp and First Bank, North Carolina's largest community bank, as of July 9, 2021. With a background as a Certified Financial Planner and extensive banking experience, Perry aims to leverage his skills in the finance industry. First Bank was recently named the Best-In-State Bank in North Carolina by Forbes and is set to acquire Select Bank, potentially growing its total assets to over $9 billion. First Bancorp's common stock trades under the symbol FBNC.
The Board of Directors of First Bancorp (NASDAQ - FBNC) declared a cash dividend of $0.20 per share, marking an 11.1% increase from the previous $0.18 paid in 2020. This dividend is payable on July 25, 2021, to shareholders of record as of June 30, 2021. First Bancorp, headquartered in Southern Pines, North Carolina, has total assets of approximately $7.7 billion and operates 101 branches in North Carolina and South Carolina. The company primarily manages First Bank and offers SBA loans nationwide.
First Bancorp (Nasdaq: FBNC) has announced a definitive merger agreement to acquire Select Bancorp, Inc. (Nasdaq: SLCT) for approximately $314.3 million, or $18.10 per share. The merger, unanimously approved by both boards, is expected to close in Q4 2021, pending shareholder and regulatory approvals. Select Bank operates 22 locations across North Carolina, South Carolina, and Virginia, with reported assets of $1.8 billion. The acquisition aims to enhance First Bank's market presence, bringing total assets to over $9 billion.
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