First Bancorp Q2 Earnings: Net Income Climbs 31% to $50.5M, NIM Reaches 3.71%
FBNC sits 39% above its 52-week low of $45.04.
Summary
First Bancorp reported Q2 2026 net income of $50.5 million ($1.22/share), up 31% year-over-year, with net interest margin expanding to 3.71% and total assets surpassing $13 billion. The pending acquisition of First Carolina Bancshares adds a growth catalyst.
Key Events · Earnings and Guidance · FBNC
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Q2 Earnings Beat
Net income reached $50.5 million, or $1.22 diluted EPS, a 31% jump from $38.6 million ($0.93) a year ago. ROA came in at 1.56% and ROTCE hit 16.88%.
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Net Interest Margin Expansion
Driven by a 10 bps increase in loan yields to 5.67% and controlled deposit costs—total cost of deposits rose only 3 bps to 1.31%—the NIM expanded 4 basis points sequentially to 3.71%.
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Balance Sheet Growth
Total assets exceeded $13 billion for the first time. Loans grew $194.9 million (8.9% annualized) to $9.0 billion, while deposits increased $72.4 million to $11.1 billion.
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Pending Acquisition Update
The previously announced $166 million acquisition of First Carolina Bancshares, which brings 14 branches and $831 million in assets, is expected to close in late 2026 or early 2027, adding scale in South Carolina.
Analysis · FBNC · Finance
A standout second quarter saw net income surge 31% year-over-year to $50.5 million, or $1.22 per share, underscoring the bank's strengthening earnings power. The net interest margin widened to 3.71%, fueled by higher loan yields and disciplined deposit pricing. For the first time, total assets crossed the $13 billion mark, while loan growth accelerated to an 8.9% annualized pace. Tight cost control kept the efficiency ratio near 49%. Adding a strategic growth catalyst, the pending acquisition of First Carolina Bancshares—announced earlier this month—positions the bank for further expansion in South Carolina. These results reinforce positive momentum and provide a solid foundation heading into the second half of 2026.
At the time of this filing, FBNC was trading at $62.61 on NASDAQ in the Finance sector, with a market capitalization of approximately $2.6B. The 52-week trading range was $45.04 to $66.54. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.