SOUTHERN PINES, N.C. – First Bancorp (NASDAQ:FBNC) and its wholly owned subsidiary, First Bank (NASDAQ:FRBA), have made strategic changes to their executive leadership team, enhancing the bank's long-term strategic plan. Christian Wilson steps into the role of Executive Vice President and Chief Operating Officer of First Bank, effective May 13, 2024. Wilson, with a decade of experience at Fiserv (NYSE:FI) and a background in the Secret Service Electronic Crimes Task Force, brings a wealth of knowledge in cyber operations, regulatory review, and risk management.
Donna Ward has been appointed as Chief Transformation Officer, a new position at First Bank, focusing on change leadership and project management to support the bank's growth and organizational changes. With over 27 years at First Bank, Ward has a history of leading change through acquisitions and system integrations.
Brent Hicks also joined the leadership team as Executive Vice President and Chief Accounting Officer on May 13, 2024. Hicks, previously with BB&T/Truist and a $26 billion bank, reports to Elizabeth Bostian, the Chief Financial Officer. His expertise in audit and risk will be key as First Bank continues to expand. Concurrently, Blaise Buczkowski transitions from CAO to Executive Vice President of Corporate Finance, focusing on financial analysis and strategic planning.
Mike Mayer, President of First Bancorp and CEO of First Bank, expressed enthusiasm for the new appointments, emphasizing the alignment of talent with the bank's growth and change navigation goals. Mayer highlighted the bank's commitment to internal excellence and value delivery to customers, associates, and stakeholders.
First Bank, recognized as a Best Employer by Business NC Magazine and listed among the Top 10 Best Performing Banks by S&P Global in 2023, aims to continue its strong legacy with these leadership additions. The bank operates 113 branches in North Carolina and South Carolina, offering tailored banking solutions, local expertise, and technology for personal and business financial management.
First Bancorp (NASDAQ:FBNC), headquartered in Southern Pines, North Carolina, has total assets of $12.1 billion. The bank's common stock is traded on The NASDAQ Global Select Market. Information about these leadership changes is based on a press release statement.
InvestingPro Insights
As First Bancorp (NASDAQ:FBNC) fortifies its leadership team, investors may take interest in the company's financial health and strategic positioning. First Bancorp's market capitalization stands at $1.31 billion, reflecting the bank's significant presence in the financial sector. With a P/E ratio of 11.41 and an adjusted P/E ratio for the last twelve months as of Q1 2024 at 11.42, the company presents an intriguing valuation for those examining earnings potential relative to stock price.
One of the notable InvestingPro Tips for First Bancorp is the company's high shareholder yield, which is a strong indicator of its commitment to returning value to its investors. This is further supported by the fact that First Bancorp has maintained dividend payments for 38 consecutive years, showcasing a consistent approach to shareholder returns. The current dividend yield stands at 2.77%, with the last dividend ex-date being March 27, 2024. This long-standing history of dividend payments underscores the company's financial stability and disciplined capital allocation strategy.
Another key metric for investors is the company's revenue growth. First Bancorp reported a revenue of $383.51 million for the last twelve months as of Q1 2024, with a growth rate of 2.56%. While this indicates a positive trajectory, it is important to note that the company suffers from weak gross profit margins, as highlighted by another InvestingPro Tip. This suggests that while top-line growth is being achieved, there is room for improvement in cost management and operational efficiency.
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