8-K

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

Date of Report (Date of earliest event reported): February 7, 2022

First Bancorp

(Exact Name of Registrant as Specified in its Charter)

North Carolina	0-15572	56-1421916
(State or Other Jurisdiction	(Commission	(I.R.S. Employer
of Incorporation)	File Number)	Identification Number)

300 SW Broad Street,
Southern Pines,	NC	28387
(Address of Principal Executive Offices)		(Zip Code)

(910) 246-2500

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol	Name of each exchange on which registered:
Common Stock, No Par Value	FBNC	The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

1

First Bancorp

INDEX

 

	Page
Item 8.01 – Other Events	3
Item 9.01 – Financial Statements and Exhibits	3
Signatures	4
Exhibit 99(a) – News Release dated February 7, 2022	5

2

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

Exhibit 99(a) – News Release dated February 7, 2022

3

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

4

EX-99.1

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.

XML

Cover Page	Feb. 07, 2022
Cover [Abstract]
Document Type	8-K
Document Period End Date	Feb. 07, 2022
Entity Registrant Name	First Bancorp
Entity Incorporation, State or Country Code	NC
Entity File Number	0-15572
Entity Tax Identification Number	56-1421916
Entity Address, Address Line One	300 SW Broad Street,
Entity Address, City or Town	Southern Pines,
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28387
City Area Code	(910)
Local Phone Number	246-2500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, No Par Value
Trading Symbol	FBNC
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000811589