First Bancorp (FBNC) Q2 2026 earnings summary

Executive summary

• Q2 net income was $50.5M and diluted EPS was $1.22, up from $46.7M and $1.13 QoQ and $38.6M and $0.93 YoY.

• Results reflected margin expansion, loan growth and higher loan yields; assets reached $13.04B at June 30, 2026.

Financial highlights

• Net interest income was $111.3M, up 3.9% QoQ and 15.1% YoY; H1 net interest income was $218.4M, up 15.2%.

• Q2 noninterest income was $16.0M, up 12.2% YoY; noninterest expense was $62.8M, up 6.5% YoY, primarily reflecting personnel expense growth.

• Loans reached $8.99B, up $763.1M or 9.3% YoY; deposits were $11.1B, up $336.4M or 3.1% from year-end.

• H1 net income was $97.2M versus $75.0M, and diluted EPS was $2.35 versus $1.81.

Outlook and guidance

• First Carolina acquisition is expected to close in late Q4 2026 or early Q1 2027, subject to regulatory and shareholder approvals.

• Pro forma 2027 estimates include ROA of 1.6%, ROTCE of 15% and an efficiency ratio of 47%.

• Acquisition projections call for low-single-digit EPS accretion, ~1% tangible book value dilution with less than two-year earnback, and 20%+ IRR.