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First Bancorp Reports Operating Results (10-K)

March 16, 2011 | About:
10qk

10qk

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First Bancorp (FBNC) filed Annual Report for the period ended 2010-12-31.

First Bancorp has a market cap of $214.2 million; its shares were traded at around $12.75 with a P/E ratio of 36.4 and P/S ratio of 1.2. The dividend yield of First Bancorp stocks is 2.5%. First Bancorp had an annual average earning growth of 8.4% over the past 10 years.

Highlight of Business Operations:

On June 19, 2009, we acquired substantially all of the assets and liabilities of Cooperative Bank, which had been closed earlier that day by regulatory authorities. Cooperative Bank operated through twenty-four branches located primarily in the coastal region of North Carolina. In connection with the acquisition, we assumed assets with a book value of $959 million, including $829 million in loans and $706 million in deposits. The loans and

On January 21, 2011, we entered into a purchase and assumption agreement with the FDIC to purchase substantially all of the assets and liabilities of The Bank of Asheville in Asheville, North Carolina. The Bank of Asheville had five branches with approximately $193 million in total assets, including $154 million in loans, and $196 million in liabilities, including $192 million in deposits. Substantially all of the loans and foreclosed real-estate are covered by loss share agreements with the FDIC.

Until April 2010, the Company owned and operated another subsidiary, Montgomery Data Services, Inc. Montgomery Data provided electronic data processing services for the Bank and to other area financial institutions for a fee. In January 2010, Montgomery Data s last external customer terminated its service agreement. Due to the demands of providing service to the Bank, we decided to discontinue servicing third parties and merged the operations of Montgomery Data into the Bank in April 2010. For the years ended December 31, 2010, 2009 and 2008, external customers provided gross revenues of $32,000, $139,000 and $167,000, respectively.

First Bancorp Capital Trust II and First Bancorp Capital Trust III were organized in December 2003 for the purpose of issuing $20.6 million in debt securities ($10.3 million was issued from each trust). These borrowings are due on January 23, 2034 and are also structured as trust preferred capital securities in order to qualify as regulatory capital. These debt securities are callable by the Company at par on any quarterly interest payment date beginning on January 23, 2009. The interest rate on these debt securities adjusts on a quarterly basis at a weighted average rate of three-month LIBOR plus 2.70%.

Read the The complete Report

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