Several North Carolina-based banks with branches in the Wilmington market reported trends for the second quarter of 2014. Here’s a snapshot:
First South Bank
First South Bank reported that for the second quarter, net income increased 16.7 percent to $1.29 million from net income of $1.1 million in the first quarter. The improvement, officials said, reflects increases in net interest income and non-interest income, a decline in non-interest expense, and is partially offset by a higher loan loss provision.
The bank’s pre-tax, pre-provision operating earnings, which exclude net gains on the sale of securities and other real estate owned, were $2.24 million for the second quarter, compared with $1.72 million for the quarter ended March 31, reflecting a $527,000 or nearly 31 percent increase, the bank reported.
NewBridge Bank
With its merger completed with CapStone Bank, NewBridge’s assets expanded 19 percent, compared to March 31. Assets are now $2.4 billion. Its net income totaled $1.2 million, after $5.3 million of merger and severance expenses. The bank’s net interest income, loan balances, deposits and wealth management revenue all increased substantially.
Park Sterling Bank
Park Sterling Bank, which completed a merger with Provident Community Bancshares Inc. on May 1, reported increases for the quarter in net income available to common shareholders, organic loans, discretionary assets under management and mortgage originations. The bank also decreased the percentage of its nonperforming assets.
First Bank
Troy-based First Bancorp, the parent company of First Bank, announced that its net income available to common shareholders of $6.4 million was nearly 20 percent higher than for the second quarter of 2013. It reported an even greater increase for net income – 44.5 percent – for the first six months of 2014, compared to the same period of the previous year. The higher earnings were primarily the result of lower provisions for loan losses, First Bancorp stated.
BB&T
BB&T Corp. went against the trend, reporting lower net income.
Its second quarter net income available to common shareholders was $425 million, a drop from the $547 million earned in the same period the previous year. The results, according to the bank, were reduced by mortgage and tax-related reserve adjustments with an after-tax impact that totaled $88 million.
“While BB&T’s results for the second quarter were negatively affected by mortgage and tax-related charges, our core results were strong, including 7 percent annualized growth in average loans and 12 percent annualized growth in average deposits during the quarter. In addition, revenue grew 3 percent annualized compared to last quarter, and credit quality continued to improve,” BB&T’s chairman and CEO Kelly King said in a release.
Second quarter reports for VantageSouth Bank, North State Bank and First Citizens Bank were not available by press time. Live Oak Bank is privately held and therefore is not required to make public its financial reports.