First Bancorp Reports Earnings That Beat Estimates

10/24/17

First Bancorp, which owns First Bank, reported Thursday a 130 percent increase in its third-quarter income due to more interest income, beating Wall Street expectations.

The Southern Pines-based company reported net income of $13.1 million, or 53 cents per share, up from $4.6 million during the third quarter of 2016, or 23 per share.

Analysts were expecting earnings of 49 cents per share, according to Yahoo Finance.

Net interest income for the third quarter was $41.6 million, a 37.2 percent increase from the $30.4 million recorded in the third quarter of 2016.

“I am pleased to report another quarter of strong earnings and growth,” said CEO Richard Moore in a statement. “We continue to see good results from our strategic initiatives.”

The company did not provide earnings guidance for the rest of the year. Wall Street estimates 50 cents per diluted share for the fourth quarter of 2017.

First Bancorp acquired ASB Bancorp Inc., the parent company of Asheville Savings Bank, on Oct. 1, 2017.

The company operates 99 banks, 93 in North Carolina and six in South Carolina.

Its stock closed at $35.08, down 19 cents, or 0.54 percent Monday.

The filing can be found here.

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