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Shares of Southern Pines-based First Bancorp gained more than 13% early Thursday after the parent of First Bank reported strong earnings.
The company had a second-quarter profit of $28.7 million, or 70 cents per share, versus $29.4 million a year earlier. For the first half of the year, First Bancorp earned $54 million, versus $44.6 million, in the same period last year.
Shares have gained about 30% in the past year, including Thursday’s gain, and are trading at their highest level since December 2022. The stock traded at about $44.60 this morning, after trading as low as $26 in the past year.
Expanded net interest margin, increased capital and improved liquidity reflects the bank’s strong performance, CEO Richard Moore said in a release. “Our credit quality remains strong with historically low levels of nonperforming assets, and we continue to have no significant exposure to office or hospitality commercial real estate,” he said.
The bank’s net interest margin was 2.87%, compared with 3.08% a year earlier. That is the spread between interest received on loans and paid on deposits. About a third of First Bancorp’s $10.5 billion in deposits are noninterest bearing accounts.
The company charged off $1.5 million during the quarter and had nonperforming assets of $44.7 million as of June 30.
Total assets were $12.1 billion at the bank, which has 113 offices in the Carolinas. The market cap is about $1.8 billion.
In May, First Bancorp named Christian Wilson as chief operating officer, reporting to First Bank President Adam Currie. Wilson previously worked at Fiserv, overseeing its credit, fraud and risk operations.
