Item 5. Market for Registrant’s Common Equity
Item 5. Market for the Registrant’s Common Stock, Related Shareholder Matters, and Issuer Purchases of Equity Securities
Our common stock trades on NASDAQ under the trading symbol “FBNC.” Tables have been included in Item 7 under the heading, "Selected Consolidated Financial Data," which provide historic information on the market price for the Company’s common stock. As of December 31, 2021, there were approximately 3,210 shareholders of record and another 13,358 shareholders whose stock is held in “street name.”
These tables in Item 7 also include information regarding cash dividends declared per share of common stock for the annual and quarterly periods presented. For each quarter in 2021, we declared a cash dividend of $0.20 per common share. For the foreseeable future, it is our current intention to continue to pay regular cash dividends on a quarterly basis. However, our ability to pay future cash dividends can be restricted or eliminated by regulatory authorities. See Note 15 to the Consolidated Financial Statements and "Capital Resources and Shareholders' Equity" section in Item 7 for additional discussion.
Performance Graph
The performance graph shown below compares the Company’s cumulative total return to shareholders for the five-year period commencing December 31, 2016 and ending December 31, 2021, with the cumulative total return of the Russell 2000 Index (reflecting overall stock market performance of small-capitalization companies), and the S&P Regional Banks Select Industry Index, as constructed by SNL Securities, LP (reflecting changes in banking industry stocks). The graph and table assume that $100 was invested on December 31, 2016 in each of the Company’s common stock, the Russell 2000 Index, and the S&P Regional Bank Index, and that all dividends were reinvested.
28
Table of Contents
First Bancorp Comparison of Five-Year Total Return Performances (1)
Five Years Ending December 31, 2021
Total Return Index Values (1)
December 31,
2016 2017 2018 2019 2020 2021
First Bancorp
$ 100.00 131.41 122.88 152.38 133.16 183.31
Russell 2000
100.00 114.65 102.02 128.06 153.62 176.39
S&P Regional Banks Select Industry Index 100.00 107.95 87.69 111.92 103.98 145.47
_____________
(1) Total return indices were provided from an independent source, SNL Securities LP, Charlottesville, Virginia, and assume initial investment of $100 on December 31, 2016, reinvestment of dividends, and changes in market values. Total return index numerical values used in this example are for illustrative purposes only.
29
Table of Contents
Issuer Purchases of Equity Securities
Pursuant to authorizations by the Board, the Company has from time to time repurchased shares of common stock in private transactions and in open-market purchases.
Issuer Purchases of Equity Securities
Period Total Number of Shares
Purchased Average Price
Paid Per Share Total Number of Shares
Purchased as Part of
Publicly Announced Plans
or Programs (1) Maximum Number of Shares (or Approximate Dollar Value)
That May Yet Be Purchased
Under the Plans or Programs
(1)
Month #1 (October 1, 2021 to October 31, 2021) — $ — — $ 15,964,472
Month #2 (November 1, 2021 to November 30, 2021) — — — 15,964,472
Month #3 (December 1, 2021 to December 31, 2021) — — — —
Total — $ — — $ —
___________________
(1) All shares available for repurchase are pursuant to publicly announced share repurchase authorizations. On January 27, 2021, the Company reported the authorization of a $20 million repurchase program which expired on December 31, 2021. On February 7, 2022 the Company reported the authorization of a $40 million repurchase program with an expiration date of December 31, 2022.
Also see “Additional Information Regarding the Registrant’s Equity Compensation Plans” in Item 12.
Item 6. Reserved.