First Bancorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Net Charge-Offs to Average for the Fourth Quarter of 2013; Announces Preferred Stock Dividend
January 30, 2014 at 04:00 pm
Share
First Bancorp reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported total interest income of USD 37.590 million compared to USD 39.445 million a year ago. Net interest income was USD 35.276 million compared to USD 35.685 million a year ago. Income before income taxes was USD 8.731 million compared to loss before income taxes of USD 43.220 million a year ago. Net income was USD 5.678 million compared to net loss of USD 25.937 million a year ago. Net income available to common shareholders was USD 5.461 million compared to net loss available to common shareholders of USD 26.469 million a year ago. Diluted earnings per share were USD 0.27 compared to diluted loss per share of USD 1.53 a year ago. Return on average assets was 0.68% compared to 3.18% negative a year ago. Return on average common equity was 7.31% compared to 36.95% negative a year ago. Book value per share was USD 15.30 compared to USD 14.51 a year ago. Tangible book value per share was USD 11.81 compared to USD 11.00 a year ago.
For the full year, the company reported total interest income of USD 147.511 million compared to USD 152.520 million a year ago. Net interest income was USD 136.526 million compared to USD 135.200 million a year ago. Income before income taxes was USD 32.780 million compared to loss before income taxes of USD 40.358 million a year ago. Net income was USD 20.699 million compared to net loss of USD 23.406 million a year ago. Net income available to common shareholders was USD 19.804 million compared to net loss available to common shareholders of USD 26.215 million a year ago. Diluted earnings per share were USD 0.98 compared to diluted loss per share of USD 1.54 a year ago. Return on average assets was 0.62% compared to 0.79% negative a year ago. Return on average common equity was 6.78% compared to 9.29% negative a year ago. Book value per share was USD 15.30 compared to USD 14.51 a year ago. Tangible book value per share was USD 11.81 compared to USD 11.00 a year ago.
Net charge-offs to average loans non-covered were 0.74% for the fourth quarter of 2013 compared to 8.09% a year ago.
The company announced preferred stock dividends amounted to USD 0.2 million for the fourth quarter of 2013 compared to USD 0.5 million for the fourth quarter of 2012. Preferred stock dividends amounted to USD 0.9 million for 2013 compared to USD 2.8 million for 2012. The decreases in 2013 are a result of a favorable dividend rate change related to the preferred stock that was issued in September 2011 to the US Treasury as part of the Company's participation in the Treasury's Small Business Lending Fund.
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 Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Net Charge-Offs to Average for the Fourth Quarter of 2013; Announces Preferred Stock Dividend