#United States #Southern Pines #Earnings #First Bancorp #Q1 2026

First Bancorp Reports First Quarter Results

First Bancorp, the parent company of First Bank, has recently disclosed its unaudited financial results for the first quarter of 2026, revealing a remarkable increase in earnings and a steady performance in its operational metrics. The results indicate continued strength in the organization’s financial health and promises for the remainder of the fiscal year.

Financial Highlights

According to the statements released on April 22, 2026, First Bancorp reported a net income of $46.7 million, translating to $1.13 diluted earnings per share (D-EPS). This marks a significant rise compared to $15.7 million (or $0.38 D-EPS) for the prior quarter and $36.4 million (or $0.88 D-EPS) in the same quarter last year.

The company’s total interest income amounted to $142.4 million, a slight decrease from $143.6 million in the previous quarter but an increase from $132.6 million in Q1 2025. The net interest income saw growth, reaching $107.1 million, which indicates effective management and an expansion in interest margin, now pegged at 3.67%.

Operational Efficiency

First Bancorp has illustrated its commitment to efficiency, resulting in a quarterly efficiency ratio of 49.05%, a notable decrease from 73.75% in the last quarter and 54.51% in the same period last year. The drop in this ratio suggests improved cost management and operational efficiency within the organization.

The company has effectively controlled its non-interest expenses, totaling $60.2 million, down from $62.0 million in the previous quarter, indicating robust expense management strategies. This careful stewardship of operational costs continues to bolster First Bancorp’s bottom line.

Loans and Deposits Growth

A significant driver of First Bancorp's net income has been the robust loan portfolio, which stood at $8.8 billion as of March 31, 2026. This reflects a quarter-over-quarter increase of $71.4 million, demonstrating a commitment to growth in lending activities and customer deposits.

The bank reported total deposits at $11.0 billion, showcasing a 10% annualized growth rate since the preceding quarter, which contributes positively to the funding available for further loan growth and ongoing banking operations.

Despite varying market conditions, First Bancorp manages a diversified and stable deposit structure, with noninterest-bearing deposits representing 33% of total deposits.

Management’s Outlook

Richard H. Moore, Chairman and CEO, expressed his satisfaction with the impressive financial performance, emphasizing the advantages of balanced management initiatives and effective planning. Moore remarked, "Our financial performance underscores the benefit of our balance sheet management activities, continued margin expansion, and prudent expense control".

Looking ahead, First Bancorp appears optimistic about sustaining its momentum and driving further success throughout 2026, positioning themselves strongly in the competitive banking sector.

In reviewing the first quarter of 2026 results, it’s clear that First Bancorp is charting a promising path forward, buoyed by solid financial results, effective management practices, and strategic investments in both the lending and deposit sectors.