#United States #financial results #Southern Pines #First Bancorp #First Carolina Bancshares

First Bancorp Reports Second Quarter 2026 Results

First Bancorp, the parent company of First Bank, has announced impressive earnings for the second quarter of 2026, reporting a net income of $50.5 million or $1.22 per diluted share. This marks a notable increase compared to $46.7 million or $1.13 per diluted share from the previous quarter and $38.6 million or $0.93 from the same quarter last year.

Financial Highlights

Summary Income Statement

For the quarter ending June 30, 2026, First Bancorp reported total interest income of $148.3 million, experiencing a steady growth trajectory from $142.4 million in Q1 2026 and $136.7 million in the same quarter last year. The total interest expense stood at $37 million, leading to a net interest income of $111.3 million—an increase from $107.1 million in the previous quarter and $96.7 million in Q2 2025.

The company also reported a provision for credit losses of $1.2 million, which represents a decrease from the $3 million recorded in the previous quarter. Noninterest income increased consistently to reach $16 million, reflecting the company's effective financial strategies.

Key Performance Metrics

• - Diluted Earnings per Share (EPS): Increased to $1.22 from $1.13 quarter-over-quarter.
• - Net Interest Margin (NIM): Expanded to 3.71%, reflecting sound asset management and loan yield improvements.
• - Total Assets: For the first time, the company's total assets surpassed $13 billion, indicating strong growth.
• - Loan Growth: Total loans climbed to $9 billion, marking an annualized growth of 8.9%.
• - Customer Deposits: Increased to $11.1 billion, supported by robust customer confidence, with 32% comprising noninterest-bearing deposits, highlighting a stable funding source.

Upcoming Acquisition

In addition to these positive results, First Bancorp announced the pending acquisition of First Carolina Bancshares Corporation. This acquisition, valued at 75% stock and 25% cash, is set to bolster the company's presence in South Carolina and is estimated to close in late 2026 or early 2027, contingent upon regulatory approvals.

Richard H. Moore, the company’s Chairman and CEO, remarked, "Our strong financial results in Q2 reinforce our commitment to navigating economic changes while exploring opportunities for expansion. We are excited to welcome First Carolina into our family, which will undoubtedly enhance our position in the market."

Future Outlook

First Bancorp's consistent performance in the first half of 2026 signals a steady focus on margin expansion and careful balance sheet management. As the company prepares for the acquisition of First Carolina Bancshares, it aims to deliver continued success and growth, ensuring that they maintain their strength in credit quality and capital levels, traits that have served them well during a period of economic variability.

In summary, First Bancorp has demonstrated resilience and capacity for growth through proactive management of their financial health and strategic acquisitions. As they move forward into the second half of 2026, stakeholders can anticipate further development and enhancement in their product offerings, expansions, and overall market presence.

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Stay tuned to our continued coverage on First Bancorp for updates surrounding their operations and market developments as we approach the concluding half of the fiscal year.