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First Bancorp Reports Fourth Quarter and Annual Results

First Bancorp (FBNC) 
Last first bancorp earnings: 4/28 04:01 pm Check Earnings Report
Company Research Source: PR Newswire
SOUTHERN PINES, N.C., Jan. 22, 2020 /PRNewswire/ -- First Bancorp (NASDAQ - FBNC), the parent company of First Bank, announced today net income of $20.9 million, or $0.71 per diluted common share, for the three months ended December 31, 2019, a decrease of 11.3% in earnings per share from the $23.9 million, or $0.80 per diluted common share, recorded in the fourth quarter of 2018.  The decrease was primarily due to an increase in the provision for loan losses recorded for the current period.For the year ended December 31, 2019, the Company recorded net income of $92.0 million, or $3.10 per diluted common share, an increase of 3.0% in earnings per share from the $89.3 million, or $3.01 per diluted common share, for 2018.  The increase was primarily related to higher net interest income associated with the Company's growth.Net Interest Income and Net Interest MarginNet interest income for the fourth quarter of 2019 was $54.7 million, a 1.5% increase from the $53.8 million recorded in th Show less Read more
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