SOUTHERN PINES, N.C. - First Bancorp (NASDAQ:FBNC), the holding company for First Bank (NASDAQ:FRBA), has announced a forthcoming cash dividend of $0.22 per share, scheduled for payment on July 25, 2024, to shareholders on record as of June 30, 2024.
The company's CEO, Richard Moore, commented on the bank's performance, noting, "Your company continued to perform well during the first quarter of 2024 with increases in our liquidity and capital along with strong credit quality." Moore expressed satisfaction with the financial results and the bank's ability to maintain its dividend payout, underscoring the commitment to providing shareholder value.
First Bancorp, based in Southern Pines, North Carolina, boasts total assets of $12.1 billion and oversees First Bank's operations. First Bank, established in 1935, provides a range of financial services through its 113 branches across North Carolina and South Carolina, including state-of-the-art technology and local expertise for personal and business banking needs. The bank also extends SBA loans nationally through its network of lenders.
This announcement is based on a press release statement from First Bancorp.
In other recent news, First Bancorp has made significant adjustments to its executive leadership team. Christian Wilson has been appointed as the Executive Vice President and Chief Operating Officer of First Bank, bringing with him a wealth of knowledge in cyber operations, regulatory review, and risk management.
Donna Ward steps into the role of Chief Transformation Officer, focusing on change leadership and project management. Brent Hicks joins as Executive Vice President and Chief Accounting Officer, reporting to Elizabeth Bostian, the CFO, with Blaise Buczkowski transitioning to Executive Vice President of Corporate Finance.
Furthermore, First Bancorp has announced a cash dividend of $0.22 per share, set to be paid to shareholders on record. CEO Richard Moore acknowledged the challenging times for the banking industry but highlighted First Bancorp's robust capital and liquidity position.
InvestingPro Insights
First Bancorp's (NASDAQ:FBNC) dedication to shareholder returns is evident not just in words but also in its impressive track record. An InvestingPro Tip highlights that the company has maintained dividend payments for an incredible 38 consecutive years, a testament to its stability and reliability for income-focused investors. Moreover, analysts remain optimistic about First Bancorp's profitability, predicting the company will continue to be profitable this year.
Delving into the financial metrics, First Bancorp presents a compelling picture with a market capitalization of $1.26 billion and a P/E ratio standing at 10.98, reflecting investor confidence in its earnings capacity. The company's revenue for the last twelve months as of Q1 2024 reached $383.79 million, with a modest growth rate of 2.59%. Furthermore, the bank's operating income margin during the same period was a robust 40.0%, showcasing its efficiency in generating profits from its operations.
Investors considering First Bancorp will find additional insights with InvestingPro Tips, which include an analysis of the company's shareholder yield and gross profit margins. These tips, among others, can be found on InvestingPro's dedicated page for FBNC, where a total of 5 tips are listed to help investors make a more informed decision. To enhance your investment analysis, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
The company's commitment to shareholder value, combined with its solid financials, positions First Bancorp as a potentially attractive investment, especially for those seeking steady dividend income. With the next earnings date set for July 24, 2024, investors will be keen to see if the company's performance aligns with its positive forecast.
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