SOUTHERN PINES, N.C. - First Bancorp (NASDAQ:FBNC), the parent company of First Bank (NASDAQ:FRBA), announced a cash dividend of $0.22 per share, scheduled for payment on January 25, 2025, to shareholders on record as of December 31, 2024. The dividend represents a 1.86% yield, marking the company's 38th consecutive year of dividend payments, according to InvestingPro data.
This declaration reflects the company's ongoing profitability and its commitment to providing shareholder value. Richard Moore, CEO of First Bancorp, commented on the company's robust capital position, which he said enables profitable operations and the ability to distribute dividends to shareholders. The bank's strong performance is reflected in its impressive 56.86% stock price gain over the past six months, with InvestingPro analysis indicating the stock is currently trading near its Fair Value.
First Bancorp, with assets totaling $12.2 billion, is based in Southern Pines, North Carolina. It chiefly manages First Bank, a state-chartered community bank that has been serving customers since 1935 through 113 branches across North Carolina and South Carolina. First Bank prides itself on a personalized banking experience, offering a blend of traditional financial services, local expertise, and modern technology for managing personal and business finances. The bank also extends its services to offer SBA (LON:SBA) loans nationally through its network of lenders.
The company's stock is listed on The NASDAQ Global Select Market under the ticker symbol "FBNC." This announcement is based on a press release statement from First Bancorp.
In other recent news, First Bancorp has made significant strides in its financial performance. The company has announced a cash dividend of $0.22 per share, reflecting its robust financial health and commitment to providing a consistent return to its investors. The dividend is scheduled for distribution on October 25, 2024, to shareholders of record as of September 30, 2024.
In addition to this, the company has initiated a stock repurchase program authorizing the buyback of up to $40 million of its outstanding common stock, further illustrating its confidence in its financial stability. CEO Richard Moore highlighted the strong second quarter performance in 2024, noting improved liquidity and sustained strong credit quality as key contributors to the company's ability to maintain its dividend payout.
In leadership changes, First Bancorp announced the retirement of Mason Y. Garrett from its Board of Directors, and the appointments of Christian Wilson as Executive Vice President and Chief Operating Officer, 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 and strong leadership.
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