First Bancorp reports third quarter results

By: From local reports | SCNow
Published: November 05, 2009

First Bancorp, the parent company of First Bank, announced third quarter net income available to common shareholders of $5.4 million compared with $6.2 million reported in the third quarter of 2008.

Earnings per diluted common share were $0.32 in the third quarter of 2009 compared with $0.37 in the third quarter of 2008. For the nine months ended Sept. 30, the company reported net income available to common shareholders of $48.5 million compared with $17.0 million reported for the comparable period in 2008. Earnings per diluted common share were $2.91 for the nine months ended Sept. 30, compared with $1.07 for the same nine months in 2008.

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 that operates 93 branches, with 10 in South Carolina (Cheraw, Dillon, Florence, Latta, Jefferson, Myrtle Beach and Little River), 78 in the central piedmont and coastal regions of North Carolina and five branches in Virginia where First Bank does business as First Bank of Virginia. First Bank also has a loan production office in Blacksburg, Va.