FIRST BANCORP /NC/ (FBNC) Form 10-Q — Aug 6, 2026

$FBNCForm 10-QFiled Aug 6, 2026, 4:41 PM ET0000811589-26-000153Original filing

First Bancorp reported Q2 2026 net income of $50.5 million, or $1.22 diluted EPS, up from $38.6 million, or $0.93, in the year-ago quarter. Net interest income rose 15.1% to $111.3 million and net interest margin expanded 39 basis points to 3.71% on higher loan yields, loan growth, and lower deposit costs. The balance sheet grew across the board: total assets reached $13.0 billion, loans rose 3.1% from year-end to $9.0 billion, and deposits grew 3.1% to $11.1 billion. The company remained well capitalized with a 14.09% CET1 ratio, while nonperforming assets stayed low at 0.34% of total assets despite a modest uptick from 0.30% at year-end.

Key figures

Eps: Q2 2026 diluted EPS $1.22 (Q2 2025: $0.93); 6M 2026: $2.35 (6M 2025: $1.81)
Revenue: Net interest income $111.3M for Q2 2026; $218.4M for 6M 2026
Net Income: $50.5M Q2 2026; $97.2M 6M 2026
Total Debt: $74.7M in borrowings
Revenue Yoy: +15.1% Q2 YoY; +15.2% 6M YoY (net interest income)
Total Assets: $13.04B
Cash Position: $550.3M at June 30, 2026 (up $240.7M from Dec 31, 2025)
Shares Outstanding: 41374221
Acl: $124.9M (1.39% of loans)
Npas: $44.9M (0.34% of total assets, up from 0.30% at year-end)
Tce ratio: 9.83%
Cet1 ratio: 14.09%
Nim q2 2026: 3.71% (+39 bps YoY)
Total loans: $9.0B (+3.1% from Dec 31, 2025)
Total deposits: $11.1B (+3.1% from Dec 31, 2025)
Acquisition value: ~$166M
Q2 buyback shares: 36298
Unrealized afs loss: $204.5M
Q2 buyback avg price: $58.47
Acquisition structure: 1,967,017 First Bancorp shares + $40M cash (approx. 75% stock / 25% cash)
Effective tax rate q2: 20.3%
First carolina assets: $831M (as of March 31, 2026)
Noninterest income q2: $16.0M (+12.2% YoY)
Noninterest expense q2: $62.8M (+6.5% YoY)
Tier1 risk based ratio: 14.81%
First carolina deposits: $714M
First carolina gross loans: $596M
Provision credit losses q2: $1.2M
Quarterly dividend declared: $0.24 per share
Total risk based capital ratio: 16.06%
Remaining buyback authorization: $32.8M

Price after filing

1 day: +0.7%7 days: +2.4%30 days: +1.3%

Close on the filing date to close N calendar days later (from $64.20). Historical, not a forecast.

AI analysis

Red flags5 · Pro

The rest of the AI analysis, red flags and sentiment are part of Signal8 Pro.

Upgrade to Pro · $49/mo billed annually

AI-generated analysis of a public disclosure. Not investment advice; verify against the original document.