SOUTHERN PINES, N.C., Feb. 7, 2022 /PRNewswire/ -- 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.

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SOURCE First Bancorp