First Bancorp raises quarterly dividend to $0.23 per share

SOUTHERN PINES, N.C. - First Bancorp (NASDAQ:FBNC) announced today it will increase its quarterly cash dividend to $0.23 per share, up from $0.22 in the previous quarter. The bank has maintained dividend payments for 39 consecutive years, with a current dividend yield of 2.12%, according to InvestingPro data.

The dividend will be payable on July 25, 2025, to shareholders of record as of June 30, 2025, according to a press release issued by the company.

Richard Moore, Chief Executive Officer of First Bancorp, attributed the dividend increase to the company’s "strong first quarter performance with continued momentum in net income and EPS as well as solid credit quality."

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets of $12.4 billion. The company operates First Bank, a state-chartered community bank with 113 branches across North Carolina and South Carolina.

The bank, established in 1935, provides banking services including SBA loans through its nationwide network of lenders.

First Bancorp’s common stock trades on the NASDAQ Global Select Market.

In other recent news, First Bancorp reported financial results that exceeded expectations, with core pre-provision net revenue reaching $48.3 million, surpassing Wall Street’s estimates by approximately 6%. The company’s net interest income was higher than anticipated, while expenses were lower than forecasts, contributing to the positive outcome. Analysts from Stephens responded by raising the price target for First Bancorp to $50 and maintaining an Overweight rating, citing the bank’s expanding net interest margin and strong reserve levels. Additionally, Keefe, Bruyette & Woods adjusted their price target for First Bancorp to $50, reaffirming an Outperform rating due to the company’s strong quarterly performance and optimistic loan pipeline.

In corporate governance, First Bancorp held its annual shareholder meeting, resulting in the election of 11 directors and the ratification of Crowe, LLP as the independent auditors for 2025. Shareholders also approved executive compensation on an advisory basis, with a preference for annual "Say-on-Pay" votes. Furthermore, First Bank, a subsidiary of First Bancorp, appointed Larry Jackson as Chief Credit Officer. Jackson, with extensive experience in credit risk management, is expected to contribute significantly to the bank’s growth strategy.

Piper Sandler initiated coverage on First Bancorp with a Neutral rating and a price target of $48, highlighting the bank’s ability to expand net interest margin and potential for growth. However, the Neutral rating was influenced by the stock’s current premium valuation compared to its peers. These developments reflect First Bancorp’s ongoing efforts to enhance its financial performance and strategic positioning in the market.

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