First Bancorp announces second quarter net income

First Posted: 8/15/2009

TROY First Bancorp, the parent company of First Bank, recently announced second quarter net income available to common shareholders of $35 million compared with $5.3 million reported in the second quarter of 2008. Earnings per diluted common share were $2.10 in the second quarter of 2009 compared with 32 cents for the same period a year ago.
On June 19, First Bancorp realized a $53.8 million gain as a result of the acquisition of Cooperative Bank in Wilmington. The after-tax impact of this gain was $32.8 million, or $1.97 per diluted common share. Cooperative Bank operated 24 branches in the coastal region of North Carolina and South Carolina and had $958 million in total assets.
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