First Bancorp Reports Fourth Quarter and Annual Results
News provided by
Share this article
Share this article
SOUTHERN PINES, N.C., Jan. 27, 2021 /PRNewswire/ First Bancorp (NASDAQ - FBNC), the parent company of First Bank, announced today net income of $23.6 million, or $0.83 per diluted common share, for the three months ended December 31, 2020 compared to $20.9 million, or $0.71 per diluted common share, recorded in the fourth quarter of 2019. For the year ended December 31, 2020, the Company recorded net income of $81.5 million, or $2.81 per diluted common share compared to $92.0 million, or $3.10 per diluted common share, for 2019.
Earnings for 2020 were impacted by provisions for loan losses related to estimated losses arising from the economic impact of COVID-19. For the three months ended December 31, 2020, the Company recorded a provision for loan losses of $4.0 million compared to $3.2 million in the fourth quarter of 2019. For the year ended December 31, 20