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Section 1: 8-K (8-K)

Document
false0000811589 0000811589 2019-11-19 2019-11-19


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):
 
November 19, 2019
 
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))
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.
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

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First Bancorp
INDEX
 
 
Page
 
 
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 November 19, 2019, the Registrant issued a news release to announce that it had increased its dividend rate and a share repurchase program.
The Registrant reported that its Board of Directors had declared a cash dividend of $0.18 per share on its common stock payable on January 24, 2020 to shareholders of record as of December 31, 2019. The $0.18 dividend rate represents a 50% increase over the prior dividend rate of $0.12.
The news release also stated that the Registrant’s Board of Directors has authorized an updated 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, 2020. 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 a similar program announced on February 5, 2019 that provided up to $25 million of repurchase authorization. The Company repurchased shares with a total price of $10 million under that program.

Item 9.01 – Financial Statements and Exhibits
Exhibit 99(a) – News Release dated November 19, 2019


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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 thereunto duly authorized.
 
 
 
 
 
 
 
 
 
 
 
 
 
First Bancorp
 
 
 
 
 
 
 
 
 
 
November 19, 2019
 
 
By:
 
 
/s/ Richard H. Moore
 
 
 
 
 
 
Richard H. Moore
 
 
 
 
 
 
Chief Executive Officer


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Section 2: EX-99.A (EXHIBIT 99.A)

Exhibit







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News Release

For Immediate Release:                        For More Information,
November 19, 2019                        Contact: Elaine Pozarycki
919-834-3090
        
    
First Bancorp Announces 50% Cash Dividend Increase
& New Share Repurchase Authorization


Southern Pines, N.C. - 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 $0.18 per share payable on January 24, 2020 to shareholders of record as of December 31, 2019. The $0.18 dividend rate represents a 50% increase over the prior dividend rate of $0.12.

Additionally, the Board of Directors has authorized an updated 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, 2020. 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 a similar program announced on February 5, 2019 that provided up to $25 million of repurchase authorization. The Company repurchased shares with a total price of $10 million under that program.
  
“We are pleased to report these shareholder-friendly initiatives,” stated Richard Moore, Chief Executive Officer of First Bancorp. “As a result of high levels of earnings, the Company’s capital position has increased significantly and provided us the opportunity to increase the dividend rate and to consider share repurchases if they are believed to be beneficial to shareholders.”



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First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets of approximately $6.1 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 101 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.



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