SOUTHERN PINES, N.C. (AP) — SOUTHERN PINES, N.C. (AP) — First Bancorp (FBNC) on Wednesday reported net income of $15.7 million in its fourth quarter.

The bank, based in Southern Pines, North Carolina, said it had earnings of 38 cents per share. Earnings, adjusted for non-recurring costs, were $1.19 per share.

The bank holding company for First Bank posted revenue of $121.3 million in the period. Its revenue net of interest expense was $83.9 million, which did not meet Street forecasts.

For the year, the company reported profit of $111 million, or $2.68 per share. Revenue was reported as $390.3 million.

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