First Bancorp Q2 2026 Earnings Release

First Bancorp reported strong second quarter 2026 financial results, with net income of $50.5 million, or $1.22 diluted EPS, representing an increase from both the linked and prior year quarters. The company saw net interest income rise to $111.3 million and expanded its net interest margin to 3.71%. Total assets surpassed $13 billion, and loans grew by 8.9% annualized. Noninterest expenses were managed effectively, with an efficiency ratio of 49.12%. The company also announced a pending acquisition of First Carolina Bancshares Corporation, expected to close in late 2026 or early 2027. Capital ratios remain strong, with a tangible common equity to tangible assets ratio of 9.83%.