First Bancorp Inc., the parent company of First Bank, reported fourth quarter earnings Monday that missed analysts expectation despite two acquisitions in the last year.

The bank’s net income for the quarter was reported at $14.2 million, or 48 cents per share, with analyst’s predictions at 53 cents per share.

In the fourth quarter of 2016, First Bancorp saw a 20 percent increase in earnings to $8.4 million or 40 cents per share.

The rise in income can be attributed to its acquisitions of Asheville Savings Bank and the Carolina Bank of Greensboro. As of the acquisition date, Asheville Savings Bank reported total assets of approximately $798 million, including $606 million in loans and $679 million in deposits, while Carolina Bank had total assets of $682 million, including $497 million in loans and $585 million in deposits.

“We are pleased to report a year of significant growth, outstanding earnings and the accomplishment of several significant strategic initiatives,” said Chief Executive Officer of First Bancorp Richard Moore. “In 2018, we will remain focused on providing the best possible community banking experience to our customers.”

Net interest income for the fourth quarter of 2017 was $48.9 million, a 56.1 percent increase from the $31.3 million recorded in the fourth quarter of 2016.

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets of approximately $5.5 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 104 branches in North Carolina and South Carolina.

First Bancorp’s stock was trading at $36.37 Monday afternoon, up 0.39 percent.