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First Bancorp Q4 net income decreases

First Bancorp reported a decrease in earnings per share of 25%

First Bancorp has reported a fourth quarter 2008 net income of $5 million, or $0.30 per diluted share, compared to $5.76 million, or $0.40 per diluted share, for the fourth quarter of 2007, a decrease in earnings per share of 25%.

Net income for the year ended December 31, 2008 was $22.01 million, or $1.37 per diluted share, compared to $21.81 million, or $1.51 per diluted share, for 2007, a decrease of 9.3% in earnings per share.

Net interest income for the fourth quarter of 2008 amounted to $22.5 million, a 9.5% increase over $20.56 million for the fourth quarter of 2007. Net interest income for the year ended December 31, 2008 amounted to $86.6 million, a 9.2% increase as compared to $79.28 million from 2007.

Total assets at December 31, 2008 amounted to $2.8 billion, 18.7% higher than $2.32 billion at December 31, 2007. Total loans at December 31, 2008 amounted to $2.2 billion, a 16.7% increase from $1.89 billion at December 31, 2007, and total deposits amounted to $2.1 billion at December 31, 2008, a 12.9% increase from $1.84 billion at December 31, 2007.