First Bancorp (FBNC) has reported a 33.22 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $4.68 million, or $0.23 a share in the quarter, compared with $7 million, or $0.34 a share for the same period last year.
Revenue during the quarter went up marginally by 0.58 percent to $35.51 million from $35.31 million in the previous year period. Non-interest income for the quarter rose 47.09 percent over the last year period to $5.16 million.
Richard H. Moore, President and CEO of First Bancorp, commented on today’s report, "Significant achievements that should benefit the future growth and profitability of our company were accomplished this quarter. The completion of the branch exchange increased our presence in larger North Carolina markets and complements the branches we expect to assume in the pending Carolina Bank Holdings merger. Although the termination of the FDIC loss share resulted in a charge against earnings this quarter, we anticipate a positive impact on future earnings."
Liabilities outpace assets growth
Total assets stood at $3,537.25 million as on Sep. 30, 2016, up 8.08 percent compared with $3,272.84 million on Sep. 30, 2015. On the other hand, total liabilities stood at $3,172.30 million as on Sep. 30, 2016, up 9.33 percent from $2,901.67 million on Sep. 30, 2015.
Net loans stood at $2,626.88 million as on Sep. 30, 2016. Deposits stood at $2,910.84 million as on Sep. 30, 2016, up 7.50 percent compared with $2,707.75 million on Sep. 30, 2015.
Noninterest-bearing deposit liabilities were $749.26 million or 25.74 percent of total deposits on Sep. 30, 2016, compared with $635.29 million or 23.46 percent of total deposits on Sep. 30, 2015.
Investments stood at $334.96 million as on Sep. 30, 2016, down 1.14 percent or $3.85 million from year-ago. Shareholders equity stood at $364.95 million as on Sep. 30, 2016, down 1.68 percent or $6.23 million from year-ago.
Return on average assets moved down 31 basis points to 0.53 percent in the quarter from 0.84 percent in the last year period. At the same time, return on average equity decreased 310 basis points to 5.13 percent in the quarter from 8.23 percent in the last year period.
Nonperforming assets moved down 23.45 percent or $21.50 million to $70.17 million on Sep. 30, 2016 from $91.67 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 1.98 percent in the quarter, down from 2.80 percent in the last year period.
Tier-1 leverage ratio stood at 10.22 percent for the quarter, down from 11.31 percent for the previous year quarter. Book value per share was $17.78 for the quarter, up 5.83 percent or $0.98 compared to $16.80 for the same period last year.
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