First Bancorp (FBNC) Q3 2026 earnings summary

Executive summary

• Q3 net income was $51.3M and diluted EPS was $1.24, versus $50.5M and $1.22 in Q2; the prior-year quarter included a $27.9M securities loss.

• NIM expanded 4 bps QoQ and 29 bps YoY to 3.75%, supported by higher asset yields and loan growth.

Financial highlights

• Net interest income rose 3.2% QoQ and 12.0% YoY to $114.8M; net interest income after provision was $113.5M versus $99.1M.

• Adjusted net income was $51.6M, excluding $0.3M after-tax merger costs; adjusted Q3 2025 net income was $41.8M, excluding the securities loss.

• Nine-month net income was $148.5M versus $95.3M, and net interest income was $333.2M versus $292.0M.

• Noninterest income was $15.1M and noninterest expense was $64.0M; the efficiency ratio was 49.09%, or 48.74% adjusted.

Outlook and guidance

• Management expressed confidence in strong 2026 results, citing year-to-date performance, liquidity and capital.

• The pending Carolina Bank acquisition is expected to close in early Q1 2027, subject to customary conditions and shareholder and regulatory approvals.

• Acquisition projections include low-single-digit EPS accretion, ~1% tangible book value dilution with less than two-year earnback, and 20%+ IRR; pro forma 2027 estimates include 1.6% ROA and 15% ROTCE.