SOUTHERN PINES — First Bancorp, the parent company of First Bank, announced net income available to common shareholders of $13.1 million, or $0.53 per diluted common share, for the three months ended Sept. 30, an increase of 130 percent in earnings per share from the $4.6 million, or $0.23 per diluted common share, recorded in the third quarter of 2016.

For the nine months ended Sept. 30, the company recorded net income available to common shareholders of $31.8 million, or $1.33 per diluted common share, an increase of 43 percent in earnings per share from the $19.0 million, or $0.93 per diluted common share, for the nine months ended Sept. 30, 2016.

The third quarter of 2016 results were impacted by two non-recurring items that impacted diluted earnings per share negatively by a net of $0.17:

• The company’s termination of its loss share agreements with the FDIC, which resulted in the company recording additional indemnification asset expense of $5.7 million during the three months, ended Sept. 30, 2016.
• An exchange of branches with another community bank that resulted in a gain of $1.4 million.

 

Comparisons for the financial periods presented are significantly impacted by the company’s March 3, acquisition of Carolina Bank Holdings Inc., the parent company of Carolina Bank, which operated eight branches and three mortgage loan offices, primarily in the Triad region of North Carolina. As of the acquisition date, Carolina Bank had total assets of $682 million, including $497 million in loans and $585 million in deposits.

On Oct. 1, the company acquired ASB Bancorp Inc., the parent company of Asheville Savings Bank SSB, headquartered in Asheville, which operated through 13 branches in the Asheville area. As of the acquisition date, Asheville Savings Bank reported total assets of approximately $798 million, including $617 million in loans and $679 million in deposits.

Because this transaction closed in the fourth quarter, the financial position and earnings for Asheville Savings Bank are not included in the company’s results for this quarter.