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.