First Bancorp Reports Third Quarter Results
Key Highlights
- ➤Net income $51.3M, or $1.24 diluted EPS, versus $50.5M and $1.22 sequentially
- ➤Net interest margin expanded to 3.75%, up 29 basis points year over year
- ➤Loans reached $9.1B, increasing 5.1% annualized from the prior quarter
- ➤Efficiency ratio improved to 49.09% from 66.92% year over year
- ➤Carolina Bank acquisition remains scheduled to close in early 2027
Expert Statements
Richard H. Moore, Chairman and CEO of First Bancorp
“First Bancorp delivered another strong quarter, reflecting disciplined balance sheet management, strong credit quality, loan growth and continued operating efficiency. Our performance through the first nine months of 2026 demonstrates the strength of our franchise, while liquidity and capital remain solid. We are pleased with our year-to-date results and remain confident in our ability to finish the year on a strong note. We also look forward to welcoming the Carolina Bank team and the enhancements to our South Carolina franchise.”
(Dollars in 000s, except per share data)Q3-2026Q2-2026Q3-2025 Summary Income Statement Total interest income$ 153,979$ 148,315$ 144,233 Total interest expense39,18237,04941,711 Net interest income114,797111,266102,522 Provision for credit losses1,3001,1693,442 Noninterest income15,11716,034(12,952) Noninterest expenses63,99162,76160,171 Income tax expense13,34712,8515,594 Net income$ 51,276$ 50,519$ 20,363 Key Metrics Diluted EPS$ 1.24$ 1.22$ 0.49 Adjusted diluted EPS (1)1.241.221.01 Book value per share41.3841.4938.67 Tangible book value per share29.7729.8426.98 ROA1.55 %1.56 %0.64 % Adjusted ROA (1)1.56 %1.56 %1.31 % ROCE11.71 %11.89 %5.14 % Adjusted ROCE (1)11.79 %11.89 %10.55 % ROTCE16.48 %16.88 %7.83 % Adjusted ROTCE (1)16.59 %16.88 %15.66 % NIM3.75 %3.71 %3.46 % NIM- T/E3.76 %3.73 %3.47 % Efficiency ratio49.09 %49.12 %66.92 % Quarterly NCO ratio0.09 %0.04 %0.14 % ACL ratio1.36 %1.39 %1.44 % Capital Ratios (2) Tangible common equity to tangible assets9.73 %9.83 %9.12 % Common equity tier I capital ratio14.26 %14.09 %14.35 % Total risk-based capital ratio16.22 %16.06 %16.58 %
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