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First Bancorp (NASDAQ:FBNC), a North Carolina-based commercial bank with a market capitalization of $1.7 billion, announced the results of its annual shareholder meeting held on April 29, 2025. The meeting led to the election of 11 directors, the ratification of the company’s independent auditors, and approval of executive compensation. According to InvestingPro data, the bank maintains a solid financial health score and has consistently paid dividends for 39 consecutive years.
During the meeting, shareholders elected each of the 11 nominees to serve on the Board of Directors until the 2026 annual meeting. Additionally, the appointment of Crowe, LLP as the independent auditors for the year 2025 was ratified. Shareholders also approved, on a non-binding advisory basis, the compensation paid to the company’s named executive officers, commonly referred to as "Say-on-Pay." The bank currently trades at a P/E ratio of 19.36 and offers a dividend yield of 2.17%, reflecting its commitment to shareholder returns.
In another advisory vote, shareholders expressed their preference for the frequency of future "Say-on-Pay" votes to be held every year.
The detailed voting results for each proposal were as follows:
- Proposal 1, concerning the election of directors, saw a majority of votes cast in favor of all 11 nominees, with Mary Clara Capel receiving 30,346,998 votes for, James C. Crawford III with 28,547,790 votes for, and Suzanne S. DeFerie receiving 21,305,801 votes for, among others.
- Proposal 2, to ratify the company’s independent auditors, received 35,539,821 votes for, 33,858 against, and 57,449 abstentions.
- Proposal 3, the advisory vote on executive compensation, resulted in 29,235,792 votes for, 2,013,234 against, 52,152 abstentions, and 4,329,950 broker non-votes.
- Proposal 4, on the frequency of "Say-on-Pay" votes, saw shareholders favor an annual vote with 28,955,004 votes for "One Year," 34,866 for "Two Years," 2,267,303 for "Three Years," and 44,005 abstentions.
First Bancorp has confirmed that all matters presented for vote have been duly approved as set forth in the meeting agenda. The company’s executive team remains focused on executing its strategic plans and delivering value to its shareholders. InvestingPro analysts have recently revised their earnings estimates upward for the upcoming period, suggesting positive momentum. This report is based on the information provided in the company’s SEC filing and enhanced with InvestingPro data. Subscribers can access additional insights and 5 more exclusive ProTips about First Bancorp’s financial outlook.
In other recent news, First Bancorp reported strong financial performance, surpassing expectations with a core pre-provision net revenue (PPNR) of $48.3 million. This exceeded Wall Street’s estimates by 6%, driven by higher-than-anticipated net interest income. Stephens analyst Russell Gunther raised the price target for First Bancorp to $50, maintaining an Overweight rating, while Keefe, Bruyette & Woods adjusted their target to the same amount, reaffirming an Outperform rating. Additionally, First Bancorp announced a cash dividend of $0.22 per share, reflecting their robust earnings and commitment to shareholder returns. In a significant leadership change, G. Adam Currie was appointed as the new CEO of First Bank (NASDAQ:FRBA), succeeding Michael G. Mayer. Currie, who has been with the bank since 2015, was previously the President and played a key role in the bank’s expansion. The company also highlighted a strong net interest margin and expressed optimism about future loan growth. These developments were disclosed through recent press releases and analyst reports.
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