First Bancorp Reports Strong Third Quarter 2026 Results with Increased Net Income and Margin Expansion
First Bancorp (NASDAQ: FBNC) reported robust financial results for the third quarter of 2026, highlighted by a net income of $51.3 million and diluted earnings per share (EPS) of $1.24. This represents steady growth compared to the previous quarter's $50.5 million in net income and significant year-over-year improvement from the $20.4 million reported in Q3 2025. The company saw a net interest margin (NIM) expansion to 3.75%, up 4 basis points from the second quarter. Asset growth remained healthy with total assets reaching $13.2 billion and total loans increasing by 5.1% on an annualized basis. Efficiency remains high, with an efficiency ratio of 49.09%, demonstrating disciplined cost management despite slight increases in personnel and merger-related expenses. Looking ahead, the company is managing the integration costs associated with its pending acquisition of Carolina Bank, which is expected to close in early 2027. The bank maintains a strong capital position with a total risk-based capital ratio of 16.22%.
Topics: earnings release EPS financial results net interest margin