First Bancorp in N.C. sold underperforming securities in fourth quarter
First Bancorp in Southern Pines, N.C., said its quarterly profit took a hit after it cleaned up its securities portfolio.
The company said in a press release that it earned $15.7 million in the fourth quarter. The results included a $43.7 million pretax securities loss.
The company sold $342 million of securities, using the proceeds to buy $228.4 million of higher-yielding securities.
First Bancorp has done this before, selling $280 million of securities in November 2024 at a $36.8 million loss. The company then bought higher-yielding securities.