First Bancorp (FBNC) has reported a 22.92 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $8.36 million, or $0.40 a share in the quarter, compared with $6.80 million, or $0.33 a share for the same period last year.
Revenue during the quarter grew 13.80 percent to $40.77 million from $35.82 million in the previous year period. Net interest income for the quarter rose 4.13 percent over the prior year period to $31.29 million. Non-interest income for the quarter rose 65.47 percent over the last year period to $9.47 million.
Net interest margin contracted 11 basis points to 3.94 percent in the quarter from 4.05 percent in the last year period.
Richard H. Moore, chief executive officer of First Bancorp, commented on today's report, "We are pleased with our results for 2016. We experienced solid loan and deposit growth and our fourth quarter earnings were especially strong. We also completed several initiatives that we believe will benefit our shareholders for years to come, and we look forward to completing our pending acquisition of Carolina Bank."
Assets outpace liabilities growth
Total assets stood at $3,614.86 million as on Dec. 31, 2016, up 7.52 percent compared with $3,362.06 million on Dec. 31, 2015. On the other hand, total liabilities stood at $3,246.76 million as on Dec. 31, 2016, up 7.51 percent from $3,019.88 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $2,686.93 million as on Dec. 31, 2016. Deposits stood at $2,947.35 million as on Dec. 31, 2016, up 4.84 percent compared with $2,811.28 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $756 million or 25.65 percent of total deposits on Dec. 31, 2016, compared with $659.04 million or 23.44 percent of total deposits on Dec. 31, 2015.
Investments stood at $329.04 million as on Dec. 31, 2016, up 2.75 percent or $8.82 million from year-ago. Shareholders equity stood at $368.10 million as on Dec. 31, 2016, up 7.57 percent or $25.91 million from year-ago.
Return on average assets moved up 12 basis points to 0.94 percent in the quarter from 0.82 percent in the last year period. At the same time, return on average equity increased 121 basis points to 9.17 percent in the quarter from 7.96 percent in the last year period.
Nonperforming assets moved down 33.77 percent or $30.16 million to $59.14 million on Dec. 31, 2016 from $89.29 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 1.64 percent in the quarter, down from 2.66 percent in the last year period.
Tier-1 leverage ratio stood at 10.09 percent for the quarter, down from 10.38 percent for the previous year quarter. Book value per share was $17.66 for the quarter, up 4.13 percent or $0.70 compared to $16.96 for the same period last year.
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