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Improved Loan Repayment Performance Boosts Third Quarter Profit for First Bancorp | Local

First Bancorp again benefited from a further adjustment in its allowance for loan losses by posting an 18.7% increase in third quarter net income to $ 27.6 million.

For comparison, community super-bank Southern Pines reported second quarter net income of $ 29.3 million and $ 23.3 million a year ago.

The bank, like most national, regional and super-community banks, has benefited from changes to its allowance for loan losses.

First Bancorp reported an aggregate recovery of $ 351,000 from the allowance for loan losses, up from an addition of $ 6.1 million a year ago.

The layout offers insight into how a bank expects its loan portfolio and income streams to perform as customers struggle to make monthly payments. This has an effect on the profitability of a bank.

Diluted third quarter earnings were 97 per share, down from 81 cents a year ago.

The average profit forecast was 43 cents by three analysts polled by Zacks Investment Research. Analysts generally do not include one-time gains and charges in their forecasts.

On October 18, First Bancorp completed its $ 314.3 million share purchase of Select Bancorp Inc. from Dunn.

First Bancorp earned $ 1.8 billion in total assets and 22 Select branches, including one in Burlington and two each in Mecklenburg and Wake counties.

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