TROY ó First Bancorp, parent company of First Bank, which has offices in Rowan and surrounding counties, reported a 12 percent increase in net income for the fourth quarter of 2007.
For the last three months of 2007, the company reported net income of $5,762,000, compared to $5,144,000 in the fourth quarter of 2006.
In a press release, Jerry L. Ocheltree, president and chief executive officer of First Bancorp, said: “Although we are not immune to market conditions, I believe that the combination of having experienced regional executives along with our conservative lending and investing culture will help to insulate us from the types and extents of losses occurring in the industry.”
Diluted earnings per share for the fourth quarter of 2007 amounted to 40 cents, an 11.1 percent increase over the 36 cents reported for the fourth quarter of 2006.
Net income for 2007 came to $21,810,000 ó or $1.51 per diluted share ó compared to net income of $19,302,000, or $1.34 per diluted share, reported for 2006.
The banking company noted that 2006’s results were hurt by a $1.9 million write-off, a business customer’s debt.
Key performance ratios for the fourth quarter of 2007 include:
– Annualized return on average assets of 1.04 percent.
– Annualized return on average equity of 13.01 percent.
– Annualized net charge-offs to average loans of 0.17 percent.
– Nonperforming assets to total assets at quarter end of 0.47 percent.
Total assets as of Dec. 31 had grown to $2.32 billion, 8.5 percent higher than a year earlier.
Total loans at Dec. 31 amounted to $1.89 billion, an increase of $154 million, or 8.8 percent, from a year earlier.
More information is available at the company’s Web site, www.FirstBancorp.com.