FIRST BANCORP /NC/ DEF 14A Filing

TL;DR

<b>FIRST BANCORP /NC/ files DEF 14A on 2024-03-20</b>.

AI Summary

FIRST BANCORP /NC/ (FBNC) filed a Proxy Statement (DEF 14A) with the SEC on March 20, 2024. Filing type is DEF 14A, filed on 2024-03-20. Reporting period is from 2023-01-01 to 2023-12-31. Company name is FIRST BANCORP /NC/. Incorporated in North Carolina (NC). Fiscal year ends on December 31st.

Why It Matters

For investors and stakeholders tracking FIRST BANCORP /NC/, this filing contains several important signals. This DEF 14A filing provides details on executive compensation and corporate governance for the fiscal year ending December 31, 2023. The filing indicates the company's fiscal year end and its state of incorporation, which are key details for understanding its regulatory and operational context.

Risk Assessment

Risk Level: low — FIRST BANCORP /NC/ shows low risk based on this filing. The filing is a routine DEF 14A, which typically contains standard disclosures and does not present immediate financial or operational risks.

Analyst Insight

Review the executive compensation details and any proposed shareholder actions outlined in the DEF 14A filing to understand management incentives and corporate governance.

Key Numbers

• 2024-03-20 — Filing Date (Date the DEF 14A was filed.)
• 2024-05-02 — Period of Report (Conformed period of report.)
• 2023-12-31 — Fiscal Year End (The company's fiscal year ends on this date.)

Key Players & Entities

• FIRST BANCORP /NC/ (company) — Filer name
• NC (company) — State of incorporation

FAQ

Industry Context

FIRST BANCORP /NC/ operates within the commercial banking sector.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring specific disclosures for public companies.

What Investors Should Do

1. Analyze the proxy statement for shareholder proposals and voting recommendations.
2. Review executive compensation packages and any changes from the previous year.
3. Examine the board of directors' composition and independence.

Key Dates

• 2024-03-20: Filing Date — The date the DEF 14A filing was submitted to the SEC.
• 2024-05-02: Period of Report — The period for which the filing is reported.

Year-Over-Year Comparison

This is a DEF 14A filing, which is a proxy statement. Specific comparative data from a previous filing is not directly available in this excerpt.

Filing Documents

• fbnc-20240320.htm (DEF 14A) — 816KB
• fbnc-20240320_g1.jpg (GRAPHIC) — 3KB
• fbnc-20240320_g2.jpg (GRAPHIC) — 139KB
• fbnc-20240320_g3.jpg (GRAPHIC) — 117KB
• fbnc-20240320_g4.jpg (GRAPHIC) — 119KB
• fbnc-20240320_g5.jpg (GRAPHIC) — 143KB
• fbnc-20240320_g6.jpg (GRAPHIC) — 109KB
• fbnc-20240320_g7.jpg (GRAPHIC) — 149KB
• fbnc-20240320_g8.jpg (GRAPHIC) — 116KB
• 0000811589-24-000020.txt (&nbsp;) — 3667KB
• fbnc-20240320.xsd (EX-101.SCH) — 5KB
• fbnc-20240320_def.xml (EX-101.DEF) — 7KB
• fbnc-20240320_lab.xml (EX-101.LAB) — 13KB
• fbnc-20240320_pre.xml (EX-101.PRE) — 7KB
• fbnc-20240320_htm.xml (XML) — 145KB

From the Filing

fbnc-20240320 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of The Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant x Filed by a Party other than the Registrant o Check the appropriate box: o Preliminary Proxy Statement o Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) x Definitive Proxy Statement o Definitive Additional Materials o Soliciting Material Pursuant to 240.14a-12 First Bancorp (Name of Registrant as Specified in Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): x No fee required. o Fee paid previously with preliminary materials. o Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. Broad Street Southern Pines, North Carolina 28387 Telephone (910) 246-2500 NOTICE OF ANNUAL MEETING OF SHAREHOLDERS TO BE HELD THURSDAY, MAY 2, 2024 To Our Shareholders: The annual meeting of shareholders (the "Annual Meeting") of First Bancorp (the "Company") will be held at 1:30 p.m. ET on Thursday, May 2, 2024 at the Main Office of First Bank, located at 300 SW Broad Street, Southern Pines, North Carolina 28387, for the purpose of considering and acting on the following matters: 1. To elect 15 nominees to the Board of Directors to serve until the 2025 annual meeting of shareholders or until their successors are elected and qualified. 2. To ratify the appointment of BDO USA, LLP as the independent auditors of the Company for 2024. 3. To approve, on a non-binding advisory basis, the compensation paid to the Company's named executive officers, as disclosed in the accompanying Proxy Statement ("Say on Pay"). 4. To approve the First Bancorp 2024 Equity Plan. 5. Such other business as may properly come before the Annual Meeting and any adjournment thereof. Only shareholders of record as of the close of business on March 8, 2024 are entitled to notice of and to vote at the Annual Meeting and any adjournment thereof. We first mailed the Notice of Internet Availability of Proxy Materials to our shareholders on or about March 22, 2024. Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Shareholders to be Held on May 2, 2024: This Notice, the Proxy Statement and the Company's 2023 Annual Report on Form 10-K are available on the Internet at www.proxyvote.com. The Proxy Statement accompanying this Notice sets forth further information concerning the proposals to be considered at the Annual Meeting. You are urged to study this information carefully. The 2023 Annual Report on Form 10-K includes the Company's financial statements and other required disclosures, but does not constitute proxy solicitation material. By Order of the Board of Directors Elizabeth B. Bostian Executive Vice President Chief Financial Officer March 20, 2024 300 SW Broad Street Southern Pines, North Carolina 28387 Telephone (910) 246-2500 PROXY STATEMENT Introduction. This Proxy Statement is furnished to the shareholders ("shareholders," "you," or "your") of First Bancorp (the "Company," "us," "we," or "our") by our Board of Directors (hereinafter sometimes referred to as the "Board") in connection with its solicitation of proxies for use at the annual meeting of shareholders of the Company (the "Annual Meeting") to be held on Thursday, May 2, 2024, at 1:30 p.m. ET, at the Main Office of First Bank, 300 SW Broad Street, Southern Pines, North Carolina 28387, and at any adjournment thereof. Action will be taken at the Annual Meeting on the items described in the Notice of Annual Meeting and on any other business that properly comes before the Annual Meeting. The Company will bear the entire cost of preparing this Proxy Statement and of soliciting proxies. Proxies may be solicited by employees of the Company, either personally, by mail or by telephone. Employees will not receive additional compensation for the solicitation of proxies. The Company also will request brokers and others to send solicitation material to beneficial owners of stock and will reimburse their related costs. Internet Availability of Proxy Materials. We are providing proxy materials to our shareholders primarily via the Internet, instead of mailing printed copies of those materials to each shareholder. By doing so, we save costs and reduce the environmental impact of our Annual Meeting. On or about March 22, 2024, we mailed a Notice of Internet Availability of Proxy Materials ("Internet Notice") to certain of our shareholders. The Internet Notice contains instructions about how to access our proxy materials and vote online or by telephone. If you would like to receive a paper copy of our proxy materials, please follow the instructions included in the Internet Notice. If you previously chose to receive our proxy materia

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View this DEF 14A filing on SEC EDGAR