Procore signs multi-year strategic collaboration agreement with AWS
First Bancorp (NASDAQ:FBNC) Director Abby Jill Donnelly reported purchasing shares of common stock on July 24, 2025. The purchases, conducted in two transactions, involved a total expenditure of $2279, with prices ranging from $49.413 to $49.416. The timing is notable as the stock trades near its 52-week high of $52, having gained over 10% in the past week. InvestingPro analysis suggests the $2.1B market cap bank remains slightly undervalued despite recent gains.
Donnelly acquired 5.95 shares at $49.413 each and 40.186 shares at $49.416 each. Following these transactions, Donnelly directly owns 10567.31 shares of First Bancorp.
Donnelly also indirectly owns 5774.186 shares through a Rabbi Trust.
In other recent news, First Bancorp reported quarterly results that exceeded expectations, with core pre-provision net revenue reaching $52.3 million, surpassing consensus estimates. This performance was attributed to stronger net interest income, higher fees, and lower expenses. Following these results, Stephens raised its price target for First Bancorp to $57, maintaining an Overweight rating. Similarly, Keefe, Bruyette & Woods increased its price target to $53, citing the bank’s second-quarter operating results, which outperformed expectations due to improved net interest income and provisioning. The bank’s net interest margin also saw a slight increase, rising by 7 basis points to 3.33%. Additionally, First Bancorp announced an increase in its quarterly cash dividend to $0.23 per share, payable on July 25, 2025. In leadership news, First Bank (NASDAQ:FRBA) appointed Larry Jackson as Chief Credit Officer, bringing over two decades of experience in credit risk management to the role. Looking ahead, Keefe, Bruyette & Woods projects First Bancorp to achieve significant organic growth in the Southeast banking sector, with a forecasted growth rate of 8% in 2026.
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