First Bancorp (NASDAQ:FBNC) stock identified change of 30.26% away from 52-week low price and recently located move of -45.43% off 52-week high price. It has market worth of $673.87M and dividend yield of 3.19%. FBNC stock has been recorded -5.38% away from 50 day moving average and -27.08% away from 200 day moving average. Moving closer, we can see that shares have been trading -0.80% off 20-day moving average.
On July 23, 2020, First Bancorp (NASDAQ:FBNC) the parent company of First Bank, released net income of $16.4 million, or $0.56 per diluted common share, for the three months ended June 30, 2020 compared to $23.9 million, or $0.80 per diluted common share, recorded in the second quarter of 2019.
For the six months ended June 30, 2020, the Company recorded net income of $34.5 million, or $1.18 per diluted common share compared to $46.1 million, or $1.55 per diluted common share, for the six months ended June 30, 2019.
The decrease in earnings for both periods in 2020 was primarily due to increases in the provisions for loan losses recorded, which were largely related to estimated losses arising from the economic impact of COVID-19. For the three months ended June 30, 2020, the Company recorded a provision for loan losses of $19.3 million compared to a negative provision of $0.3 million in the second quarter of 2019. For the six months ended June 30, 2020, the Company recorded a provision for loan losses of $24.9 million compared to $0.2 million for the first six months of 2019. The impact of the higher provisions for loan losses were partially offset by strong mortgage loan fees, higher SBA consulting fees and significant gains realized from the sales of securities, as described further below.
The Company experienced high balance sheet growth during the second quarter of 2020, with loans growing by $217 million, driven by $245 million in loans originated in the SBA’s Paycheck Protection Program (PPP), and deposits increasing by $786 million. Loan growth for the twelve months ended June 30, 2020 was 9.9%, while deposit balances increased 20.4% over that same period.
The Financial sector company, First Bancorp noticed change of 1.08% to $22.56 along volume of 198959 shares in recent session compared to an average volume of 107.65K. The stock observed return of -3.26% in 5 days trading activity. The stock was at -5.41% over one month performance. FBNC’s shares are at -0.57% for the quarter and driving a -36.61% return over the course of the past year and is now at -43.47% since this point in 2018.
The average volatility for the week at 3.57% and for month was at 5.08%. There are 29.23M shares outstanding and 28.37M shares are floated in market. Right now the stock beta is 1.26.