SOUTHERN PINES, N.C. - First Bancorp (NASDAQ:FBNC), the parent company of First Bank (NASDAQ:FRBA), has announced a cash dividend of $0.22 per share, which is slated for distribution on October 25, 2024, to shareholders of record as of September 30, 2024. The declaration reflects the company's solid financial performance and its ability to provide a consistent return to its investors.
Richard Moore, the Chief Executive Officer of First Bancorp, commented on the company's recent achievements, highlighting the strong second quarter performance in 2024. Moore pointed out the improved liquidity, solid capital growth, and sustained strong credit quality as key factors contributing to the company's ability to maintain its dividend payout.
First Bancorp, with headquarters in Southern Pines, North Carolina, boasts total assets amounting to $12.1 billion. The company's principal operation is First Bank, a state-chartered community bank that has been serving customers since 1935. First Bank operates 113 branches across North Carolina and South Carolina and offers a range of financial solutions, local expertise, and technological resources to manage personal and business finances. Additionally, First Bank is involved in providing SBA loans nationally through its network of lenders.
The company's common stock is traded on The NASDAQ Global Select Market under the ticker symbol "FBNC." This press release statement serves as the source of information for the announced cash dividend.
In other recent news, First Bancorp has made several significant announcements. The company has initiated a stock repurchase program, authorizing the buyback of up to $40 million of its outstanding common stock. This move reflects First Bancorp's confidence in its financial stability and its commitment to delivering value to its shareholders.
First Bancorp also declared a forthcoming cash dividend of $0.22 per share, a decision that underscores the company's ongoing commitment to shareholder value. The company's CEO, Richard Moore, noted strong credit quality and increased liquidity and capital as enabling factors for maintaining the dividend payout.
In leadership news, the company announced the retirement of Mason Y. Garrett from its Board of Directors. Garrett, a banking veteran with over 50 years of experience, had a significant impact on the banking sector, particularly in the Carolinas, and was a key figure at First Bancorp. Additionally, the company revealed several changes to its executive team, including the appointment of Christian Wilson as Executive Vice President and Chief Operating Officer of First Bank, Donna Ward as Chief Transformation Officer, and Brent Hicks as Executive Vice President and Chief Accounting Officer.
These recent developments indicate a period of strategic adjustment for First Bancorp, with a focus on shareholder value, strong leadership, and organizational change.
InvestingPro Insights
First Bancorp (NASDAQ:FBNC) has consistently demonstrated its commitment to shareholder returns, and recent metrics from InvestingPro reinforce this narrative. With a market capitalization of approximately $1.7 billion, First Bancorp operates with a solid financial foundation. The company's Price to Earnings (P/E) ratio stands at 14.9, reflecting a valuation that is in line with industry standards. This is slightly adjusted to 15.08 when considering the last twelve months as of Q2 2024.
InvestingPro Tips suggest that despite weak gross profit margins, First Bancorp has an impressive track record of maintaining dividend payments, having done so for 38 consecutive years. This is a testament to the company's financial stability and prudent management practices. Moreover, the company has experienced a high return over the last year, with a 53.17% price total return, and a strong return over the last three months at 35.98%.
The dividend yield as of the latest data stands at 2.13%, which is an attractive figure for income-seeking investors. Additionally, analysts predict that First Bancorp will be profitable this year, a projection that is supported by the company's profitability over the last twelve months.
Investors interested in further insights will find additional InvestingPro Tips available, providing deeper analysis into First Bancorp's financial health and future prospects. For those looking to make an informed investment decision, exploring these tips on InvestingPro could be a valuable step.
To sum up, First Bancorp appears to be a robust company with a strong dividend-paying history and favorable returns, making it a potentially appealing option for investors focused on consistent income and growth.
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