LA JOLLA, Calif. (AP) _ Palomar Holdings Inc. (PLMR) on Wednesday reported first-quarter net income of $16.6 million.

The La Jolla, California-based company said it had net income of 63 cents per share. Earnings, adjusted for non-recurring costs, came to 73 cents per share.

The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 51 cents per share.

The insurance holding company posted revenue of $49.2 million in the period. Its adjusted revenue was $50 million, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $51.1 million.

Palomar shares have fallen 27% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $64.55, a rise of 12% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PLMR at https://www.zacks.com/ap/PLMR