First Bancorp Q2 Net Income Jumps 31% to $50.5M, Dividend Raised
FBNC sits 39% above its 52-week low of $45.04.
Summary
First Bancorp reported Q2 net income of $50.5 million, up 31% year-over-year, driven by a 15% increase in net interest income from margin expansion and lower funding costs. Non-interest income also grew, supported by wealth management and debit card revenue, while the efficiency ratio improved. The board raised the quarterly dividend to $0.38 per share, signaling confidence in sustained earnings power. This follows the $166 million acquisition of First Carolina Bancshares announced earlier in July, which will further scale the franchise. With strong local deposit inflows expected through year-end and credit costs normalizing, the bank appears well positioned for continued growth.
At the time of this announcement, 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 news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.