SOUTHERN PINES, N.C. (AP) _ First Bancorp (FBNC) on Thursday reported second-quarter net income of $16.4 million.
The Southern Pines, North Carolina-based bank said it had earnings of 56 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 18 cents per share.
The bank holding company for First Bank posted revenue of $83.8 million in the period. Its revenue net of interest expense was $78.8 million, also beating Street forecasts. Four analysts surveyed by Zacks expected $67.3 million.
First Bancorp shares have decreased 43% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $22.56, a drop of 35% in the last 12 months.