Printer Friendly

FIRST BANCORP ANNOUNCEMENT OF EARNINGS FOR THE PERIODS ENDED DECEMBER 31, 1991

 FIRST BANCORP ANNOUNCEMENT OF EARNINGS
 FOR THE PERIODS ENDED DECEMBER 31, 1991
 TROY, N.C., Jan. 22 /PRNewswire/ -- First Bancorp (NASDAQ: FNBC) announced today that consolidated net income for the quarter ended Dec. 31, 1991 increased by $424,000 to $539,000, or 36 cents per share, from $115,000, or 8 cents per share, for the fourth quarter of 1990. Net income for the year ended Dec. 31, 1991 increased 29 percent to $2,003,000, or $1.33 per share, from $1,556,000, or $1.03 per share. Earnings per share for 1990 have been restated to reflect the 10 percent stock dividend paid in January 1991.
 Net income in 1990 included charges of additional provisions for possible loan losses in anticipation of the recessionary economy. Net loan charge-offs increased by 50 percent in 1991 compared to 1990, and management believes that maintaining the current levels of loan loss reserves to total loans remains prudent in light of the current economic conditions that affect credit risk levels in the loan portfolio. Other expenses increased by $519,000, or 6 percent, in 1991 compared to 1990 primarily because of a $421,000 increase in other operating expenses that was primarily attributable to $102,000 in market write-downs of foreclosed and repossessed properties and a $191,000 increase in FDIC insurance assessments.
 First Bancorp is a bank holding company based in Troy, N.C. Its principal activity is the ownership and operation of First Bank, a state-chartered bank that operates 26 branch offices in an eight county market area centered in Troy.
 FIRST BANCORP FINANCIAL SUMMARY
 Years Ended Dec. 31, 1991 1990 1989 1988 1987
 Income Statement Data ($ in thousands except per share data)
 Interest income $20,419 $21,080 $19,826 $16,077 $13,481
 Interest expense 10,400 11,222 10,708 8,091 6,540
 Net interest income 10,019 9,858 9,118 7,986 6,941
 Provision for possible
 loan losses 565 1,248 1,031 463 534
 Net interest income
 after provision for
 possible loan losses 9,454 8,610 8,087 7,523 6,407
 Other income 2,718 2,532 2,372 2,093 1,831
 Other expenses 9,489 8,970 7,912 7,039 6,208
 Income before income
 taxes 2,683 2,172 2,547 2,577 2,030
 Income taxes 680 616 638 676 582
 Net income $2,003 $1,556 $1,909 $1,901 $1,448
 Per Share Data(A)
 Net income $ 1.33 $ 1.03 $ 1.27 $ 1.26 $ 1.10
 Cash dividends
 declared 0.31 0.25 0.18 0.15 0.16
 Year-end book value 15.82 14.81 14.03 12.94 11.83
 Average shares
 outstanding 1,504,185 1,504,185 1,504,185 1,504,185 1,320,831
 (A) Per share data for 1987-1990 have been restated to reflect the
 10 percent stock dividends paid in January 1991, 1990 and 1989.
 Balance Sheet Data
 (at year end)
 Investment
 securities $59,912 $54,645 $55,073 $47,683 $44,666
 Net loans 145,606 141,336 128,077 114,630 96,326
 Allowance for
 possible loan
 losses 2,484 2,379 1,437 1,158 973
 Total assets 232,553 219,943 205,023 190,613 163,309
 Deposits 206,033 194,543 181,071 168,841 143,367
 Borrowed funds 105 175 117 140 -
 Total liabilities 208,752 197,671 183,920 171,144 145,508
 Total shareholders'
 equity 23,801 22,272 21,103 19,469 17,801
 Ratios (Pct.)
 Net income to average
 shareholders equity 8.70 7.08 9.39 10.25 10.06
 Net income to average
 total assets 0.89 0.73 0.97 1.09 0.96
 Net interest income
 (taxable-equivalent
 basis) to average
 earning assets 5.08 5.24 5.28 5.36 5.55
 Average loans to
 average deposits 73.37 74.13 68.12 69.18 65.17
 Net loans charged off
 during year to
 average loans 0.23 0.22 0.63 0.26 0.51
 -0- 1/22/92
 /CONTACT: John C. Wallace, President, First Bancorp, 919-576-6171/
 (FNBC) CO: First Bancorp ST: North Carolina IN: FIN SU: ERN


CM -- CH009 -- 2414 01/22/92 15:05 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 22, 1992
Words:710
Previous Article:DE HAVILLAND SOLD TO BOMBARDIER, PROVINCE OF ONTARIO
Next Article:ALAMO RENT A CAR INTRODUCES 24 HOUR 'SATISFACTION GUARANTEE'; BECOMES FIRST MAJOR CAR RENTAL FIRM TO BACK THE SALE OF ANY OPTIONAL PURCHASE WITH A...
Topics:


Related Articles
GUARDIAN BANCORP REPORTS NET EARNINGS FOR THREE MONTHS ENDED SEPT. 30, 1991
PROVIDENT BANCORP ANNOUNCES 1991 EARNINGS
COMMERCIAL BANCORP REPORTS RECORD FOURTH-QUARTER EARNINGS
FF BANCORP, INC. REPORTS INCREASED EARNINGS
1992 EARNINGS UP 220 PERCENT AT CITIZENS FIRST
CHESTER VALLEY BANCORP ANNOUNCES RECORD EARNINGS FOR SECOND QUARTER
FF BANCORP, INC. REPORTS 190 PERCENT INCREASE IN EARNINGS FOR 1992
FF BANCORP, INC. REPORTS EARNINGS
First Savings Bancorp, Inc., Holding Company Of First Savings Bank Of Moore County, Inc., SSB, Announces Second Quarter Earnings
Frankfort First Bancorp, Inc. Releases Earnings

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters