First Bancorp (NASDAQ: FBNC) filings document the bank holding company's ownership and operation of First Bank, its North Carolina incorporation, common-stock reporting and regulated banking disclosures. Recent 8-K reports record quarterly operating results, earnings presentations, capital and liquidity commentary, dividend declarations, stock repurchase authorization, and governance changes.
The company's proxy and meeting filings cover director elections, committee service, non-employee director compensation arrangements, auditor ratification, say-on-pay voting and shareholder vote results. The disclosures also address bank-specific performance measures such as net interest income, provision for credit losses, credit quality, capital ratios and tangible common equity.
First Bancorp (FBNC) reported third-quarter 2026 net income of $51.3 million and diluted earnings per share of $1.24, compared with $50.5 million and $1.22 in the prior quarter. Net interest income was $114.8 million, and net interest margin was 3.75%, up 4 basis points from the prior quarter. Adjusted net income was $51.6 million, versus $41.8 million for the third quarter of 2025; reported net income in that year-ago quarter included a $27.9 million securities loss.
At September 30, 2026, loans totaled $9.1 billion, up $116.2 million from June 30, and deposits were $11.1 billion, up $41.4 million. Nonperforming assets were $45.0 million, or 0.34% of assets; the allowance for credit losses was $124.2 million, or 1.36% of loans. First Bancorp has a pending agreement to acquire First Carolina in a stock-and-cash transaction valued at $166 million. The merger is expected to close early in the first quarter of 2027, subject to customary closing conditions, including First Carolina shareholder approval and regulatory approval.
First Bancorp estimates that a maximum of 1,967,017 shares of its common stock would be issuable as merger consideration if its proposed merger with First Carolina Bancshares Corporation is completed. Each eligible First Carolina common share would convert into 14.5340 First Bancorp shares and $294.94 cash, less applicable withholding; the cash amount is subject to adjustments. Carolina Bank & Trust would then merge into First Bank.
At First Bancorp’s October 6, 2026 closing price of $59.74, the stated implied value was $1,163.20 per First Carolina share. Cash consideration decreases if closing tangible common equity is below $110.0 million and increases above $125.0 million only if closing occurs on or before January 1, 2027; First Carolina’s tangible common equity capital was $113.3 million as of June 30, 2026. If certain Carolina Bank employees do not enter contemplated First Bank employment agreements, cash consideration is reduced by $1.5 million divided by First Carolina shares outstanding immediately before the effective time. First Carolina shareholders vote November 17, 2026; approval requires two-thirds of outstanding shares. The parties currently expect closing in the first quarter of 2027, subject to shareholder approval, regulatory approvals and other conditions.
First Bancorp (FBNC) and First Carolina Bancshares Corporation propose a merger in which First Carolina would merge into First Bancorp, followed immediately by Carolina Bank & Trust Co. merging into First Bank; First Bancorp and First Bank would survive. If completed, each eligible First Carolina share would convert into 14.5340 First Bancorp common shares plus $294.94 in cash, subject to certain adjustments prior to closing based on First Carolina’s financial condition and other factors at closing. The maximum number of First Bancorp shares estimated to be issuable is 1,967,017, based on First Carolina shares outstanding as of October 1, 2026.
The cash consideration would be reduced if First Carolina’s tangible common equity capital at closing is below $110.0 million; it would increase if capital exceeds $125.0 million and closing occurs on or before January 1, 2027. It could also be reduced by $1.5 million divided by First Carolina shares outstanding immediately before the effective time if certain Carolina Bank employees do not enter employment agreements with First Bank on merger-agreement terms. The combined bank is described as having over $13.8 billion in assets and 127 branches, including 27 in South Carolina.
First Carolina’s special meeting is scheduled for November 17, 2026. The parties expect to complete the merger in the first quarter of 2027, subject to shareholder approval, required regulatory approvals and other closing conditions.
First Bancorp (FBNC) Chief Executive Officer Richard H. Moore reported two direct sales: 16,000 common shares on September 28, 2026, at $63.167 per share and 7,343 shares on September 29, 2026, at $62.168 per share, for 23,343 shares total. Separate direct-holding entries dated September 28 list 18,986 shares of Common Stock in a 401K Plan and 42,151 shares of Restricted Stock.
FIRST BANCORP has agreed to merge with First Carolina Bancshares Corporation, with First Bancorp surviving; immediately afterward, Carolina Bank & Trust Co. will merge into First Bank. If completed, each eligible First Carolina common share will convert into 14.5340 First Bancorp shares and $294.94 in cash, less applicable withholding. Cash for fractional shares will be based on $62.75 per First Bancorp share, rounded to the nearest cent.
The cash consideration may be reduced if First Carolina’s tangible common equity capital at closing is below $110.0 million, or increased if it exceeds $125.0 million and closing occurs on or before January 1, 2027. It may also be reduced by $1.5 million divided by First Carolina shares outstanding if certain Carolina Bank employees do not enter specified employment agreements. Tangible common equity capital was $113.3 million as of June 30, 2026. The exchange ratio is fixed, but the stock consideration’s market value will fluctuate with First Bancorp’s share price.
Completion requires approval by at least two-thirds of First Carolina’s outstanding shares and required regulatory approvals, among other conditions. First Carolina’s board unanimously recommends voting for the merger proposal.
FIRST BANCORP (FBNC) director Katharine Caldwell Nevin purchased common stock in the company. On September 11, 2026, she bought 231 shares of First Bancorp common stock in an open-market or private transaction at $64.23 per share, bringing her directly held position to 1,094 shares. No Rule 10b5-1 trading plan is reported.
First Bancorp (FBNC) announced that its board of directors has declared a cash dividend of $0.24 per share on its common stock. The dividend is payable on October 23, 2026 to shareholders of record as of September 30, 2026.
The company highlighted continued solid financial performance, stable credit quality, and strong capital and liquidity positions in the second quarter of 2026. First Bancorp, a bank holding company headquartered in Southern Pines, North Carolina, reported total assets of $13.0 billion and operates 113 branches in North Carolina and South Carolina.
First Bancorp (FBNC) reported stronger profitability for Q2 2026 and year-to-date. Second-quarter net income was $50.5 million, or $1.22 diluted EPS, up from $38.6 million, or $0.93, in the like quarter of 2025. Net income for the first six months reached $97.2 million, or $2.35 diluted EPS, compared with $75.0 million, or $1.81, a year earlier.
Net interest income rose to $111.3 million for Q2 and $218.4 million year-to-date, aided by higher yields on earning assets and a lower cost of funds. Net interest margin improved to 3.71% in Q2 and 3.69% for the six-month period. Total assets were $13.0 billion at June 30, 2026, with loans of $9.0 billion and deposits of $11.1 billion. The company remained well-capitalized, with a common equity Tier 1 ratio of 14.09%.
Credit quality was stable, with nonperforming assets of $44.9 million and an allowance for credit losses on loans of $124.9 million, or 1.39% of total loans. The company also highlighted a pending acquisition of First Carolina Bancshares Corporation for approximately $166 million in stock and cash, expected to close by the first quarter of 2027.
First Bancorp reported unaudited second-quarter 2026 net income of $50.5 million, or $1.22 diluted EPS, up from $46.7 million and $1.13 in the prior quarter and $38.6 million and $0.93 a year earlier. Net interest income rose to $111.3 million and net interest margin expanded to 3.71%. Loan yield increased to 5.67%, while total assets reached $13.0 billion and loans reached $9.0 billion at June 30, 2026.
Asset quality remained solid with annualized net charge-offs of 0.04%, an Allowance for Credit Losses of $124.9 million, or 1.39% of loans, and nonperforming assets of $44.9 million, or 0.34% of total assets. Deposits totaled $11.1 billion, with noninterest-bearing accounts representing 32% and total cost of deposits at 1.31%. Capital ratios were strong, including a tangible common equity to tangible assets ratio of 9.83% and an estimated common equity tier 1 ratio of 14.09%. The company also agreed to acquire First Carolina Bancshares Corporation and its Carolina Bank subsidiary in a $166 million deal, 75% stock and 25% cash, expected to close in late 2026 or early 2027, adding 14 branches and approximately $831 million in assets.