First Bancorp, the parent company of First Bank, has announced second quarter net income available to common shareholders of $35 million compared with $5.3 million reported in the second quarter of 2008. Earnings per diluted common share were $2.10 in the second quarter of 2009 compared with $0.32 for the same period a year ago.
On June 19, First Bancorp realized a $53.8 million gain as a result of the acquisition of Cooperative Bank in Wilmington, N.C. The after-tax impact of this gain was $32.8 million, or $1.97 per diluted common share. Cooperative Bank operated 24 branches in the coastal region of North Carolina and South Carolina and had $958 million in total assets.
First Bancorp is a bank holding company headquartered in Troy, N.C. with total assets of about $3.5 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank with branches Cheraw, Dillon, Florence, Latta, Jefferson, Myrtle Beach and Little River. First Bank also has a loan production office in Blacksburg, Va. Its Web site is www.FirstBancorp.com.
Email
Facebook
Google
Twitter
Favorites
More
Advertisement