FIRST BANCORP /NC/ 8-K

What Happened

• On January 27, 2026, First Bancorp (FBNC) announced that its Board of Directors authorized management to implement a stock repurchase plan for up to $40.0 million of the Company’s outstanding common stock.
• Repurchases may be made in the open market, in privately negotiated transactions or otherwise, and open‑market purchases will be made in accordance with Rule 10b‑18 under the Securities Exchange Act. The plan does not obligate the Company to buy any specific amount and is valid through January 27, 2027 (and may be extended, modified, suspended or discontinued).
• The 8‑K also lists Item 5.02 (departure/election of directors or certain officers) but the provided excerpt does not include additional details about any individual departures or appointments.

Key Details

• Board authorization amount: $40.0 million maximum repurchases.
• Repurchase methods: open market, privately negotiated, or other methods permitted by the plan.
• Compliance: open‑market buys to follow Rule 10b‑18 requirements.
• Plan term: effective January 27, 2026 through January 27, 2027; company may modify or end the plan at any time.

Why It Matters

• A share repurchase program can reduce outstanding shares if executed, which can increase earnings per share (EPS) and potentially support the stock price over time.
• The authorization signals the Board’s willingness to use capital to buy back stock, but the filing does not commit the Company to any specific purchases and does not specify funding sources or timing.
• Investors should watch future disclosures (including any trade details or Item 5.02 follow‑ups) for specifics on actual repurchase activity, timing, and potential impacts on capital and liquidity.