First Bancorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
January 29, 2015 at 04:28 pm
Share
First Bancorp reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total interest income of USD 32,827,000 compared to USD 37,590,000 a year ago. Net interest income was USD 30,923,000 compared to USD 35,276,000 a year ago. Income before income taxes was USD 10,950,000 against USD 8,731,000 a year ago. Net income available to common shareholders was USD 6,878,000 or USD 0.34 per share against USD 5,461,000 or USD 0.27 per diluted share a year ago. Return on average assets was 0.85% against 0.68% a year ago. Return on average common equity was 8.56% against 7.31% a year ago.
For the year, the company reported total interest income of USD 139,832,000 compared to USD 147,511,000 a year ago. Net interest income was USD 131,609,000 compared to USD 136,526,000 a year ago. Income before income taxes was USD 38,531,000 against USD 32,780,000 a year ago. Net income available to common shareholders was USD 24,128,000 or USD 1.19 per share against USD 19,804,000 or USD 0.98 per diluted share a year ago. Return on average assets was 0.75% against 0.62% a year ago. Return on average common equity was 7.73% against 6.78% a year ago. Common tangible book value as at December 31, 2014 was USD 12.63 per share against USD 11.81 a year ago. The higher earnings in both periods were primarily the result of lower provisions for loan losses. Book value per share as at December 31, 2014 was USD 12.63 against USD 11.81 a year ago.
First Bancorp is a bank holding company. The Company's principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates approximately 118 branches in North Carolina and South Carolina. It maintains a diversified loan portfolio by providing a range of commercial and retail lending services to business entities and individuals. It provides commercial business loans, commercial and residential real estate construction and mortgage loans, revolving lines of credit, letters of credit, and loans for personal uses, home improvement, and automobiles. The Company originates residential mortgages through its mortgage banking division, some of which it sells in the secondary market. Through Magnolia Financial, the Company provides accounts receivable financing and factoring, inventory financing, and purchase order financing. The Company also offers United States Small Business Administration (SBA) loans to small business owners across the nation.
FIRST BANCORP 
