First Bancorp 8-K, filed Feb 7, 2022
First Bancorp (FBNC)
8-K
2022-02-07
For: 2022-02-07
View Original
Added on
April 09, 2026
About this 8-K
First Bancorp filed this 8-K on February 7, 2022.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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First Bancorp
INDEX
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| Item 8.01 – Other Events | 3 | ||||
| Item 9.01 – Financial Statements and Exhibits | 3 | ||||
| Signatures | 4 | ||||
| 5 | |||||
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Item 8.01 – Other Events
On February 7, 2022, the Registrant issued a news release to announce a cash dividend and a share repurchase program.
The Registrant reported that its board of directors had declared a cash dividend of $0.22 per share on its common stock payable on April 25, 2022 to shareholders of record as of March 31, 2022. The $0.22 dividend rate represents a 10% increase over the prior dividend rate of $0.20.
The news release also stated that the Registrant’s Board of Directors authorized a share repurchase program (the “Share Repurchase Program”), pursuant to which the Company may, from time to time, purchase shares of its common stock for an aggregate repurchase price not to exceed $40 million. Share repurchases may be executed through various means, including, without limitation, open market transactions, privately negotiated transactions or otherwise. The initial expiration of the Share Repurchase Program is set for December 31, 2022. The Share Repurchase Program does not obligate the Company to purchase any shares. The authorization for the Share Repurchase Program may be terminated by the Company’s Board of Directors at any time. The Share Repurchase Program replaces the repurchase authorization that had been in place in 2021.
Item 9.01 – Financial Statements and Exhibits
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| FIRST BANCORP | ||||||||||||||||||||
| February 7, 2022 | By: | /s/ Richard H. Moore | ||||||||||||||||||
| Richard H. Moore | ||||||||||||||||||||
| Chief Executive Officer | ||||||||||||||||||||
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News Release
For Immediate Release: | For More Information, | |||||||||||||
February 7, 2022 | Contact: Elaine Pozaryck | |||||||||||||
919-834-3090 | ||||||||||||||
First Bancorp Announces Cash Dividend Increase and
Share Repurchase Authorization
The Board of Directors of First Bancorp (NASDAQ - FBNC), the parent company of First Bank, has declared a cash dividend on its common stock of $0.22 per share payable on April 25, 2022 to shareholders of record as of March 31, 2022. The $0.22 dividend rate represents a 10% increase over the previous dividend rate of $0.20.
Additionally, the Board of Directors has authorized a share repurchase program (the “Share Repurchase Program”), pursuant to which the Company may purchase shares of its common stock for an aggregate repurchase price not to exceed $40 million. The initial expiration of the Share Repurchase Program is set for December 31, 2022 and replaces and supersedes the prior share repurchase program put in place in 2021. The Share Repurchase Program does not obligate the Company to purchase any shares. The authorization for the Share Repurchase Program may be terminated by the Company’s Board of Directors at any time.
“The increased dividend and share repurchase authorization reflect the Board and management’s commitment to enhancing shareholder value when the Company’s capital position allows us the opportunity to do so,” stated Richard Moore, Chief Executive Officer of First Bancorp.
First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets of approximately $10.5 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 121 branches in North Carolina and South Carolina. First Bank also provides SBA loans to customers through its nationwide network of lenders - for more information on First Bank’s SBA lending capabilities, please visit www.firstbanksba.com. First Bancorp’s common stock is traded on the NASDAQ Global Select Market under the symbol “FBNC.”
Please visit our website at www.LocalFirstBank.com.