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Business Journals
20 hours ago
- Business
- Business Journals
Cherry Creek's example: What Denver can learn from its most resilient office submarket — Table of Experts
Denver's office market remains in flux — with metro vacancy now at 26.8%, according to CBRE's first quarter report — but in Cherry Creek, optimism is easier to come by. New buildings are leasing up, old landmarks are coming down and top developers are betting big on continued demand. But what can this submarket's resilience teach us about the rest of the city? That was the backdrop for a recent Denver Business Journal Publisher's Dinner, held at Toro Latin Kitchen & Lounge in Cherry Creek and presented by FirstBank. A group of local commercial real estate leaders gathered for an intimate conversation about downtown recovery, the role of government and how Cherry Creek might serve as a model — or at least a contrast — to other parts of the metro area. In attendance were Ferd Belz, president, LC Fulenwider; Keith Dennis, president and publisher, DBJ; Rhys Duggan, president and CEO, Revesco; Aubrey Ebbs, president Cherry Creek market, FirstBank; Brad Farber, principal, Elevation Development Group; Dan Huml, managing partner, Magnetic Capital; Derek Longwell, market president Downtown Denver, FirstBank; Evan Makovsky, managing partner, Shames Makovsky; Jessica Ostermick, market leader, CBRE; Marc Perusse, founder and CEO, E2M Ventures; and James Roupp, managing director, JLL. One clear theme emerged: While Cherry Creek pushes ahead, the broader market faces headwinds: some cyclical, others structural. 'In Cherry Creek, we're seeing demand change now more than ever with tenants looking for north of 20,000 square feet in office space,' said Dan Huml, founder and managing partner of Magnetic Capital. 'We're also seeing diversification. It used to be just financial, professional services and real estate. Now we're seeing tech for the first time, oil and gas, educational services. The big question is: How do you get employees into the office? And that's the beauty of Cherry Creek — the neighborhood, the amenities, you can walk to your favorite restaurant. It's going to be full and active all day, and that's the kind of environment you want your employees coming into every day versus downtown that can feel unsafe and empty.' Downtown Denver, in particular, continues to lag. CBRE's data pegs the submarket's total vacancy at 35.3%, with Class B buildings reaching nearly 40% vacant. But panelists noted there's still activity. The Colorado Department of Labor and Employment recently leased 131,000 square feet at 707 17th St., and Class A assets downtown posted positive net absorption for just the second time in three quarters. Still, employees are ultimately calling the shots when it comes to the location a company calls home, JLL Managing Director Jamie Roupp said. He pointed to the 16th Street Mall's multiyear closure as well as downtown's relatively aging buildings as potential turnoffs for employees looking for vibrant, activated office neighborhoods. 'The power has shifted,' Roupp said. Projects like Cherry Lane in Cherry Creek — the redevelopment of the former Sears site led by BMC Investments, Prism Places and Invesco — are reshaping the neighborhood. That project will bring 379 apartments, 59,000 square feet of office and 133,000 square feet of retail, with developers already claiming interest from luxury tenants found on Fifth Avenue and Rodeo Drive. CBRE's first-quarter figures back up that enthusiasm. The Cherry Creek submarket has the lowest office vacancy in the city at just 8.3%, and more than 220,000 square feet of office is currently under construction. The average asking rent is $35.49 per square foot, which is below downtown's $41.57 going rate, but trending upward. Still, attendees acknowledged the Cherry Creek formula isn't easily replicated elsewhere. The submarket's density, walkability and wealth — not to mention its private business improvement district — make it an outlier. Downtown gets an unfair rap, some said, and it's up to developers to change that narrative. 'We have to work on changing that perception that downtown isn't safe,' said Brad Farber, principal at Elevation Development Group. 'Restaurants are open again, there is vibrancy. It's not going to be easy by any means, but we need to help people see the value in moving downtown.' Several experts said Denver needs to rethink its approach to housing, especially downtown. The state's construction-defects rules resurfaced, with multiple developers pointing to liability costs and insurance barriers as reasons why condos remain rare. Gov. Jared Polis just signed House Bill 25-1272, which was designed to encourage condo construction. Shames Makovsky Managing Partner Evan Makovsky described a recent visit to Austin, Texas, where he was struck by how many young families now live downtown. 'At about 6:00 in the evening, suddenly there are people with strollers, families, young couples, bicycles. You can't walk on the streets, they are so packed. They are living in condos. We don't have condos because of the current legal landscape,' Makovsky said, noting that Austin's cost of living isn't 'cheap.' 'Getting more people living downtown here in Denver, like in Austin, will be a major driver,' Makovsky said 'We have to create those opportunities. That, in and of itself, is what will drive growth in both office and retail.' 'That's the difference,' he said. 'They've built a lifestyle product that's affordable enough and attractive enough for people to actually live there.' Makovsky told a story from the 2008 financial crisis and recalled advice from the late banker, Don Sturm: 'No matter what, there will always be a tomorrow. The question is whether you're prepared for it.' His message? The business community can't sit on the sidelines — not now. It was a call not just to engage, but to lead — in Cherry Creek, in downtown and across Denver's evolving urban core.
Yahoo
13-06-2025
- Business
- Yahoo
First Bancorp Announces Cash Dividend
SOUTHERN PINES, N.C., June 13, 2025 /PRNewswire/ -- The Board of Directors of First Bancorp (NASDAQ: FBNC) (the "Company"), the parent company of First Bank, has declared a cash dividend on its common stock of $0.23 per share payable on July 25, 2025 to shareholders of record as of June 30, 2025. This represents an increase from $0.22 per share paid in the prior quarter. Richard Moore, Chief Executive Officer of First Bancorp, stated, "Our Company had a strong first quarter performance with continued momentum in net income and EPS as well as solid credit quality and adequate capital and liquidity positions. In conjunction with our commitment to return capital to our shareholders, we are pleased to increase the level of cash dividends." First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets of $12.4 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 113 branches in North Carolina and South Carolina. Since 1935, First Bank has taken a tailored approach to banking, combining best-in-class financial solutions, helpful local expertise, and technology to manage a home or business. First Bank also provides SBA loans to customers through its nationwide network of lenders. Please visit our website at for more information. First Bancorp's common stock is traded on The NASDAQ Global Select Market under the symbol "FBNC." Member FDIC, Equal Housing Lender. View original content to download multimedia: SOURCE First Bancorp Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
11-06-2025
- Business
- Yahoo
Investors in First Bank (NASDAQ:FRBA) have seen impressive returns of 126% over the past five years
The most you can lose on any stock (assuming you don't use leverage) is 100% of your money. But when you pick a company that is really flourishing, you can make more than 100%. For example, the First Bank (NASDAQ:FRBA) share price has soared 108% in the last half decade. Most would be very happy with that. In the last week the share price is up 3.6%. With that in mind, it's worth seeing if the company's underlying fundamentals have been the driver of long term performance, or if there are some discrepancies. We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price. During five years of share price growth, First Bank achieved compound earnings per share (EPS) growth of 20% per year. This EPS growth is higher than the 16% average annual increase in the share price. So one could conclude that the broader market has become more cautious towards the stock. The reasonably low P/E ratio of 9.70 also suggests market apprehension. You can see below how EPS has changed over time (discover the exact values by clicking on the image). It's probably worth noting that the CEO is paid less than the median at similar sized companies. It's always worth keeping an eye on CEO pay, but a more important question is whether the company will grow earnings throughout the years. It might be well worthwhile taking a look at our free report on First Bank's earnings, revenue and cash flow. When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. We note that for First Bank the TSR over the last 5 years was 126%, which is better than the share price return mentioned above. This is largely a result of its dividend payments! It's good to see that First Bank has rewarded shareholders with a total shareholder return of 30% in the last twelve months. That's including the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 18% per year), it would seem that the stock's performance has improved in recent times. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. Before spending more time on First Bank it might be wise to click here to see if insiders have been buying or selling shares. For those who like to find winning investments this free list of undervalued companies with recent insider purchasing, could be just the ticket. Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Indian Express
10-06-2025
- Sport
- Indian Express
Mullanpur to host 2 of women's ODI matches against Australia in September
In a first, the Maharaja Yadavindra Singh PCA International Cricket Stadium at Mullanpur will play host to the first two women's ODI matches of the three-match women's ODI series between India and Australia to be played in September later this year. While the stadium had been allocated its first International fixture earlier in April in the form of the second T20I between India and South Africa to be played on December 11 later this year, it will be the first time that the stadium will host international women's ODI matches. The opening and second women's ODI of the three-match India Australia women's ODI series will be played at the stadium on September 14 and September 17 respectively. 'Due to the revamping of the outfield and pitches at the MA Chidambaram Stadium in Chennai, the IDFC First Bank ODI Series between Team India (Senior Women) and Australia Women has been moved from Chennai. The first two ODIs will now take place at the New PCA stadium in New Chandigarh, while the third and final ODI will be held at the Arun Jaitley stadium in New Delhi,' the Board of Control for Cricket in India (BCCI) said in a statement. While there were media reports about the 38,000 capacity stadium playing host to the final of the 2025 Women's ODI World Cup earlier, it was not confirmed by BCCI. Earlier this month, BCCI had chosen five venues including Colombo in Sri Lanka to host matches in the 2025 Women's ODI World Cup to be played from September 30 to November 2 but the Mullanpur Stadium was not chosen as one of the venues. It will also be the first time that the likes of Indian women's cricket team captain Harmanpreet Bhullar, who belongs to Punjab, is expected to play an international match at Mullanpur stadium with the Indian women's team for the series yet to be announced. The 40-acre stadium, which has new facilities like herringbone drainage system, a sand field, international-grade dressing rooms, steam, sauna, and ice bath facilities, and a world-class gym apart from 49 corporate boxes, has hosted a total of 11 IPL matches since it started hosting IPL matches last year. It also includes four matches in this year's IPL apart from the two IPL play-offs matches played at the stadium this IPL.
Business Journals
02-06-2025
- Business
- Business Journals
First Bank's back-to-basics approach: How knowledgeable relationship managers turn challenges into opportunities
At First Bank, we're proud of our multi-generational, family-owned and St. Louis-based heritage. As a one-stop financial resource and strategic partner for businesses across various backgrounds and industries, we proudly help clients turn challenges into opportunities. In times of uncertainty, our counterparts will often focus on expense management, capital allocation, consolidation of business lines and management roles. The focus becomes on 'growth' markets, advisory fees and creation of industry-specialty groups with too few relationship managers covering vast geographic territories. Our team of experienced commercial lenders features expertise across various industries, including manufacturing, distribution, health care and wholesale sectors. With a commitment to understanding the unique challenges and opportunities within each vertical, our team strives to provide strategic, comprehensive services designed to foster growth and success. Offering a comprehensive, back-to-basics approach Bucking national trends, First Bank's go-to market strategy hasn't changed in 115 years. It's evolved, but at the end of the day, it's the same as it's always been. We offer 'back-to-basics banking,' build long-term relationships and help clients navigate uncertain times. With First Bank, you can expect to receive personalized, local service from a single point of contact from start to finish. With this comprehensive approach, we also have intelligence regarding our clients' vendors and customers. expand Possessing experience in unique, complex situations Complexity of the current economic environment is not unlike other challenges that we've faced and navigated throughout our history. As a stable, family-owned business, we have the experience to help you manage through it all. During times of uncertainty, it's wise to not put your entire banking relationship with only one provider. From our holistic advisory services to First Bank's Commercial Lending and Banking, we can expand your financial advisory team while not disrupting your main banking relationship. Together, we'll work to help you achieve your short and long-term goals. Below are some industry-specific scenarios, illustrating how we've supported clients in addressing their unique needs: 1. Distributor scenario During a national health and economic crisis, a First Bank client needed to make larger purchases from a primary vendor to maintain inventory allotment and improve margin opportunity. We understood this business needed to have temporary debt capital in order to move forward. First Bank stepped up to support this distributor with what they needed. After the crisis, the client normalized to a new, larger level of business maintaining enhanced margins. 2. Manufacturer scenario A First Bank client manufactures and supplies to an industry with few customers, multiple needs and evolving demands. First Bank understands the struggles of high fixed asset investment, changing volume and rising costs. There will always be the need to adjust mid-year when the forecast starts to deviate with the annual budget. 3. Family business scenario When a family business needs to work through the individual needs of each family member, a strategic partner can be an asset. When a First Bank client was expanding their manufacturing capacity, the owners needed to determine the future direction. First Bank stood by and continued to offer support as family owners determined their next steps. We continued to support family members and the business simultaneously. Serving clients across industries to achieve goals First Bank's relationship managers are industry agnostic and have a broad line of sight into multiple industries without having to go out of market to get industry expertise. Our experts are relationship-focused, know your business and support you through the ups and downs. By combining deep industry knowledge with a comprehensive suite of banking services, First Bank empowers our clients to navigate their unique challenges, pivot to overcome obstacles and achieve their business goals. Visit for more information on First Bank's Commercial Banking team and services. Member FDIC Possessing over 30 years of commercial and corporate banking experience, Skornia grew up working in a family-owned business. His expertise encompasses manufacturing, distribution, oil/chemical, commercial construction, technology and health care. He is a current member of Lutheran Senior Services Finance Committee and former board member of the Association of General Contractors. Skornia has a Bachelor of Science degree and an MBA from the University of Central Missouri. Contact him at or 314-277-4543.
