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First Bancorp earnings down The Business Journal of the Greater

First Bancorp reported net income of $5.3 million in the second quarter, down 2.6 percent from a year earlier.

For the year to date, the Troy-based parent company of First Bank said its net income is 4.9 percent ahead of 2007 at $10.8 million.

The results in 2008 reflected the acquisition of Great Pee Dee Bancorp in April, the bank said.

While First said it saw increases in net interest income and noninterest income, it also saw deterioration in credit quality. The ratio of nonperforming assets to total assets was 0.78 percent on June 30, compared to 0.51 percent on March 31 and 0.38 percent last June.

In its earnings release, the bank described that trend as "consistent with current economic conditions."

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United Title of TX goes out of business

That's because one of the state's largest title companies has gone out of business.

United Title of Texas abruptly shut its doors yesterday and put hundreds of closings in jeopardy.

So, what happens now, and what about the title company's employees?

A realtor out of Clear Lake, Priscilla Ennis is used to shakeups in the market, but this shakeup will likely mean some of her clients won't be selling their homes anytime soon.

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RMR Funds Names Ryan Johnson Vice President of Sales and Marketing

Prior to that, Mr. Johnson was Senior Vice President/Director of Sales & Marketing for Hartford Life Insurance Company and earlier was Senior Vice President, Equity Marketing & Sales/National Sales Director for Guardian Investor Services Corporation.

RMR Funds is focused on investing in real estate securities, including real estate investment trusts (REITs), and other high dividend paying securities. RMR Funds is an affiliate of Reit Management & Research LLC (RMR). As of March 31, 2008, RMR funds and RMR in combination managed approximately $15 billion in assets.

SOURCE: RMR Advisors, Inc.

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