The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

First Bancorp in N.C. says securities sales took bite out of 4Q profit

First Bancorp in Southern Pines, N.C., posted significantly lower net income after repositioning its securities portfolio.

The $12.1 billion-asset company said in a press release that its fourth-quarter profit fell by 88% from a year earlier, to $3.6 million.

First Bancorp said it sold $280 million of securities in November at a $36.8 million loss. The company then invested $495 million in higher-yielding securities.

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