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Stock impact report

First Bancorp Reports First Quarter 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., April 28, 2020 /PRNewswire/ -- First Bancorp (NASDAQ - FBNC), the parent company of First Bank, announced today net income of $18.2 million, or $0.62 per diluted common share, for the three months ended March 31, 2020, a decrease of 17.3% in earnings per share from the $22.3 million, or $0.75 per diluted common share, recorded in the first quarter of 2019.The decrease in earnings was primarily due an increase in the provision for loan losses, which amounted to $5.6 million for the three months ended March 31, 2020 compared to $0.5 million in the first quarter of 2019.  The 2020 amount reflects approximately $4.3 million in provision related to COVID-19.  As permitted by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Company elected to defer the implementation of the Current Expected Credit Loss (CECL) methodology.  Accordingly, the Company's provision for loan losses for the first quarter of 2020 is based on the limited information available Show less Read more
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