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First Bancorp (NASDAQ: FBNC) Q1 profit jumps on wider margin

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(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

First Bancorp reported strong first quarter 2026 results, with net income of $46.659 million and diluted EPS of $1.13. Profit rose from $15.713 million in the prior quarter and $36.406 million a year earlier as net interest income increased to $107.116 million.

Net interest margin expanded to 3.67% from 3.58% in Q4 2025 and 3.25% in Q1 2025, helped by higher loan and securities yields and lower deposit costs. The efficiency ratio improved to 49.05%, reflecting tight expense control. Asset quality remained solid, with annualized net charge-offs of 0.06% and nonperforming assets at 0.32% of total assets.

Total loans reached $8.794 billion and deposits $11.012 billion at March 31, 2026, supporting total assets of $12.948 billion. Capital ratios stayed comfortably above regulatory minimums, including a common equity tier 1 capital ratio of 14.11% and a tangible common equity to tangible assets ratio of 9.63%.

Positive

  • Profitability surged: Net income rose to $46.659 million and diluted EPS to $1.13 in Q1 2026, up sharply from $15.713 million and $0.38 in Q4 2025 and $36.406 million and $0.88 in Q1 2025, supported by higher net interest income and margin expansion.

Negative

  • None.

Insights

Q1 2026 showed materially stronger profitability, wider margin and solid credit quality.

First Bancorp delivered net income of $46.659 million and diluted EPS of $1.13, sharply higher than the linked and year-ago quarters. Net interest income reached $107.116 million, while net interest margin expanded to 3.67%, reflecting better asset yields and lower funding costs.

Deposit costs declined, with total cost of deposits at 1.28% and total cost of funds at 1.31%. The efficiency ratio improved to 49.05%, supported by noninterest expenses of $60.218 million. Credit metrics remained healthy, with an allowance for credit losses of $124.734 million, or 1.42% of loans, and annualized net charge-offs of 0.06%.

Balance sheet growth was steady: loans rose to $8.794 billion, deposits to $11.012 billion, and total assets to $12.948 billion as of March 31, 2026. Capital levels stayed strong, including a common equity tier 1 ratio of 14.11% and total risk-based capital of 16.10%, giving management flexibility for future growth and risk management.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income $46.659 million For the three months ended March 31, 2026
Diluted EPS $1.13 per share For the three months ended March 31, 2026
Net interest margin 3.67% Q1 2026, up from 3.58% in Q4 2025
Total loans $8.793814 billion Outstanding at March 31, 2026
Total deposits $11.012483 billion Outstanding at March 31, 2026
Allowance for credit losses ratio 1.42% Allowance for credit losses to total loans at March 31, 2026
ROA 1.48% Return on assets, Q1 2026 annualized
Common equity tier 1 ratio 14.11% Regulatory capital ratio at March 31, 2026 (estimated)
net interest margin financial
"The Company’s NIM for the first quarter of 2026 was 3.67%"
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
efficiency ratio financial
"The efficiency ratio for the quarter ended March 31, 2026 was 49.05%"
A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.
Allowance for Credit Losses financial
"The Allowance for Credit Losses increased $1.2 million to $124.7 million, or 1.42% of loans."
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
nonperforming assets financial
"Total nonperforming assets ("NPAs") totaled $41.8 million at March 31, 2026, or 0.32% of total assets"
Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.
tangible common equity financial
"Tangible common equity to tangible assets (a non-GAAP financial measure) which was 9.63% at March 31, 2026"
Tangible common equity is the portion of a company’s net worth that belongs to ordinary shareholders after removing intangible items (like goodwill or patents) and any preferred claims; it’s often expressed on a per-share basis. Think of it as the hard, sellable value left for common owners if you removed non-physical assets and paid off debts—investors use it to judge how much real cushion a company has and whether the stock might be under- or over-valued.
Total interest income $142.390 million
Net income $46.659 million
Diluted EPS $1.13
Net interest margin 3.67%
Understanding 8-K Material Events →
false000081158900008115892026-04-222026-04-22

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 __________________
Form 8-K
__________________
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 22, 2026
 
First Bancorp
(Exact Name of Registrant as Specified in its Charter)
     
North Carolina 0-15572 56-1421916
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
     
       300 SW Broad Street,
Southern Pines, NC  28387
(Address of Principal Executive Offices)  (Zip Code)
 
(910) 246-2500
____________________
(Registrant’s telephone number, including area code)
 
Not Applicable
___________________
(Former Name or Former Address, if changed since last report)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:

Title of each class            Trading symbol            Name of each exchange on which registered:
Common Stock, No Par Value        FBNC                The Nasdaq Global Select Market
1

First Bancorp
INDEX
 
 Page
  
Item 2.02 – Results of Operations and Financial Condition3 
Item 9.01 – Financial Statements and Exhibits3 
  
Signatures3 
  
Exhibit 99.1 News Release dated April 22, 2026
4 
Exhibit 99.2 Earnings Release Presentation dated April 22, 2026
18 

2

Item 2.02 - Results of Operations and Financial Condition
On April 22, 2026, First Bancorp (the “Registrant” or “Company”) issued an earnings release to announce its financial results for the three month period ended March 31, 2026. The earnings release contains forward-looking statements regarding the Company and includes cautionary language identifying important factors that could cause actual results to differ materially from those anticipated. The earnings release is furnished as Exhibit 99.1. Consequently, it is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. Such materials may only be incorporated by reference into another filing under the Exchange Act or Securities Act of 1933 if such subsequent filing specifically references this Form 8-K.



Item 9.01 – Financial Statements and Exhibits
(d) Exhibits
Exhibit 99.1 – News Release issued on April 22, 2026
Exhibit 99.2 Earnings Release Presentation dated April 22, 2026



Disclosures About Forward Looking Statements
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which statements are inherently subject to risks and uncertainties. Forward-looking statements are statements that include projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact. Such statements are often characterized by the use of qualifying words (and their derivatives) such as “expect,” “believe,” “estimate,” “plan,” “project,” “anticipate,” or other statements concerning opinions or judgments of the Company and its management about future events. Factors that could influence the accuracy of such forward-looking statements include, but are not limited to, the financial success or changing strategies of the Company’s customers, the Company’s level of success in integrating acquisitions, actions of government regulators, the level of market interest rates, and general economic conditions. For additional information about the factors that could affect the matters discussed in this paragraph, see the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements. The Company is also not responsible for changes made to the press release by wire services, internet services or other media.




Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
       
      First Bancorp
       
  April 22, 2026  
By:		  
/s/ Richard H. Moore
      Richard H. Moore
      Chief Executive Officer

3

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News Release

For Immediate Release:For More Information, Contact:
April 22, 2026
Katie Doyle
336-286-8741

First Bancorp Reports First Quarter Results
First Quarter 2026 Financial Data
(Dollars in 000s, except per share data)Q1-2026Q4-2025Q1-2025
Summary Income Statement
Total interest income$142,390 $143,634 $132,624 
Total interest expense35,274 37,435 39,777 
Net interest income107,116 106,199 92,847 
Provision for credit losses3,083 4,732 1,116 
Noninterest income15,178 (22,479)12,956 
Noninterest expenses60,218 62,043 57,911 
Income tax expense12,334 1,232 10,370 
Net income$46,659 $15,713 $36,406 
Key Metrics
Diluted EPS$1.13 $0.38 $0.88 
Adjusted diluted EPS (1)1.13 1.19 0.88 
Book value per share40.68 39.89 36.46 
Tangible book value per share29.01 28.23 24.69 
ROA1.48 %0.49 %1.21 %
Adjusted ROA (1)1.48 %1.54 %1.21 %
ROCE11.22 %3.83 %10.06 %
Adjusted ROCE (1)11.22 %12.01 %10.06 %
ROTCE16.05 %5.80 %15.54 %
Adjusted ROTCE (1)16.05 %17.45 %15.54 %
NIM3.67 %3.58 %3.25 %
NIM- T/E3.69 %3.60 %3.27 %
Efficiency ratio49.05 %73.75 %54.51 %
Quarterly NCO ratio0.06 %0.05 %0.17 %
ACL ratio1.42 %1.42 %1.49 %
Capital Ratios (2)
Tangible common equity to tangible assets9.63 %9.61 %8.55 %
Common equity tier I capital ratio14.11 %14.10 %14.52 %
Total risk-based capital ratio16.10 %16.12 %16.80 %
(1) Q4-2025 adjusted to exclude impact of securities loss of $43.7 million (after tax $33.6 million). See Appendices D, E, F and G.
(2) March 31, 2026 ratios are preliminary.

First Quarter 2026 Highlights
•D-EPS was $1.13 per share for the first quarter of 2026 compared to $0.38 for the linked quarter and $0.88 for the like quarter.
•The net interest margin was 3.67% for the quarter ended March 31, 2026, an expansion of 0.09% from the linked quarter and 0.42% from the like quarter.
•The efficiency ratio for the quarter ended March 31, 2026 was 49.05%, compared 73.75% for the linked quarter and 54.51% for the like quarter. See Appendix I.
•Total loans were $8.8 billion at March 31, 2026, representing an increase of $71.4 million, or 3.3% annualized. Adjusting for the paydown of one larger seasonal loan, loan growth for the quarter was 5.9% annualized.
•Total loan yield was 5.58%, down 1 basis point from the linked quarter and up 6 basis points from the like quarter.
•The yield on securities increased 5 basis points to 2.74% for the quarter ended March 31, 2026 from 2.69% for the linked quarter.
•Total cost of funds decreased 5 basis points to 1.31% for the quarter ended March 31, 2026 from 1.36% for the linked quarter and 1.51% for the like quarter.
•Average core deposits were $10.8 billion for the first quarter of 2026, a decrease of $13.2 million from the linked quarter and an increase of $227.6 million for the like quarter. Total cost of deposits was 1.28%, a decrease of 4 basis points from 1.32% for the linked quarter and a decrease of 18 basis points from the like quarter at 1.46%.
•Expense management continues to be a focus. Noninterest expenses of $60.2 million represented a $1.8 million decrease from the linked quarter and a $2.3 million increase from the like quarter. The linked quarter decrease was driven by a $1.3 million decrease in Other operating expenses and a $0.9 million decrease in Total personnel expense.
•Noninterest-bearing demand deposits were $3.6 billion, representing 33% of total deposits at March 31, 2026. During the first quarter of 2026, period end customer deposits grew $264.0 million.
•The loan-to-deposit ratio was 79.9% as of March 31, 2026.
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First Quarter 2026 Results
SOUTHERN PINES, N.C. - First Bancorp (the "Company") (NASDAQ - FBNC), the parent company of First Bank, reported unaudited first quarter earnings today. The Company announced net income of $46.7 million, or $1.13 diluted earnings per share ("D-EPS"), for the three months ended March 31, 2026 compared to $15.7 million, or $0.38 D-EPS, for the three months ended December 31, 2025 ("linked quarter") and $36.4 million, or $0.88 D-EPS, for the first quarter of 2025 ("like quarter").
The Company continued to enhance net interest income and net interest margin ("NIM") during the first quarter of 2026. The Company recorded net interest income of $107.1 million for the first quarter of 2026, compared to $106.2 million for the linked quarter and $92.8 million for the like quarter. NIM for the first quarter of 2026 expanded to 3.67% from 3.58% for the linked quarter and 3.25% for the like quarter.
First Bancorp also continued to maintain expense control with noninterest expenses of $60.2 million for the first quarter of 2026, down from $62.0 million for the linked quarter, and up from $57.9 million for the like quarter. The efficiency ratio for the quarter ended March 31, 2026 was 49.05%, compared to an adjusted efficiency ratio of 48.53% for the linked quarter and an efficiency ratio of 54.51% for the like quarter. See Appendix I for a reconciliation of the efficiency ratio and the adjusted efficiency ratio.
Richard H. Moore, Chairman and CEO of the Company, stated, “First Bancorp delivered a strong start to 2026 with financial performance that underscores the benefit of our balance sheet management activities, continued margin expansion, and prudent expense control. Earnings continue to benefit from the repositioning of lower‑yielding assets into higher‑yielding opportunities, while our liquidity, capital and credit quality remain strong. We are highly encouraged by our first quarter performance and remain confident in our ability to sustain momentum and drive continued success in 2026.”
Net Interest Income and Net Interest Margin
Net interest income for the first quarter of 2026 was $107.1 million, an increase of 0.9% from the linked quarter of $106.2 million, despite two fewer calendar days, and an increase of 15.4% from the like quarter of $92.8 million. The increase in net interest income from the linked and like quarters was primarily driven by our focused efforts to manage deposit costs after the rate cuts by the Federal Reserve in 2025, while increasing loan yields through originations as well as increased securities yields resulting from the securities loss-earnback transactions executed in the third and fourth quarters of 2025.
The Company’s NIM for the first quarter of 2026 was 3.67%, an increase of 9 basis points from the linked quarter and 42 basis points from the like quarter.
The linked quarter expansion of NIM was driven by a $246.3 million increase in average loans, partially offset by a 1 basis point decrease in loan yield to 5.58% while cost of interest bearing deposits decreased 8 basis points driven by the three rate cuts between September and December 2025. While average interest-earning assets contracted $6.9 million in total during the quarter, the Company saw a shift in the mix of interest-earning assets, with loans increasing from 72.4% of average interest-earning assets to 74.5%, while average securities contracted by $125.0 million and average short-term investments contracted by $128.2 million.
Due to similar factors, the like quarter expansion of NIM was driven by growth of $674.3 million in average loans, coupled with a 6 basis point yield increase while the cost of interest bearing deposits decreased 25 basis points. Loans grew to 74.5% of average interest-earning assets while securities contracted to 23.1% of average interest-bearing assets and short-term investments contracted to 2.3% of average interest-bearing assets, again reflecting the shift in the mix of interest-earning assets to higher yielding assets.

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First Quarter 2026 Results
For the Three Months Ended
YIELD INFORMATIONMarch 31, 2026December 31, 2025March 31, 2025
Yield on loans5.58%5.59%5.52%
Yield on securities2.74%2.69%2.28%
Yield on other earning assets4.36%4.31%4.42%
Yield on total interest-earning assets4.89%4.84%4.65%
Cost of interest-bearing deposits1.89%1.97%2.14%
Cost of borrowings6.68%7.04%7.31%
Cost of total interest-bearing liabilities1.94%2.02%2.21%
Total cost of funds1.31%1.36%1.51%
Cost of total deposits1.28%1.32%1.46%
Net interest margin (1)3.67%3.58%3.25%
Net interest margin - tax-equivalent (2)3.69%3.60%3.27%
Average prime rate6.75%7.02%7.50%
(1) Calculated by dividing annualized net interest income by average earning assets for the period.
(2) Calculated by dividing annualized tax-equivalent net interest income by average earning assets for the period. The tax-equivalent amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax-exempt status. This amount has been computed using the expected tax rate and is reduced by the related nondeductible portion of interest expense.
See Appendix J regarding loan purchase discount accretion and its impact on the Company's NIM.
Provision for Credit Losses and Credit Quality
For the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, the Company recorded $3.1 million, $4.7 million and $1.1 million in provision for credit losses, respectively. The provision for the first quarter of 2026 was driven by net charge-offs of $1.4 million and reserves related to $71.4 million of net loan growth. The Allowance for Credit Losses increased $1.2 million to $124.7 million, or 1.42% of loans. Additionally, the $0.5 million provision for unfunded commitments during the quarter was the result of additional unfunded lending commitments.
The Company did not adjust the incremental reserve for potential exposure from Hurricane Helene, maintaining a $1.9 million reserve as of March 31, 2026. The remaining incremental reserve contributes two basis points to the Allowance for Credit Losses at period end. The impact of Hurricane Helene on net income and D-EPS for the first and fourth quarters of 2025 is presented in Appendix H.
Asset quality remained strong with annualized net loan charge-offs of 0.06% for the first quarter of 2026. Total nonperforming assets ("NPAs") totaled $41.8 million at March 31, 2026, or 0.32% of total assets, up slightly from 0.30% at December 31, 2025 and 0.27% at March 31, 2025.
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First Quarter 2026 Results
The following table presents the summary of NPAs and asset quality ratios for each period.
ASSET QUALITY DATA
($ in thousands)
March 31, 2026December 31, 2025March 31, 2025
Nonperforming assets
Nonaccrual loans$41,032 $36,315 $29,081 
Accruing loans > 90 days past due— — — 
Total nonperforming loans41,032 36,315 29,081 
Foreclosed real estate740 1,425 4,769 
Total nonperforming assets$41,772 $37,740 $33,850 
Asset Quality Ratios
Quarterly net charge-offs to average loans - annualized0.06 %0.05 %0.17 %
Nonperforming loans to total loans0.47 %0.42 %0.36 %
Nonperforming assets to total assets0.32 %0.30 %0.27 %
Allowance for credit losses to total loans1.42 %1.42 %1.49 %

Noninterest Income
Total noninterest income for the first quarter of 2026 was $15.2 million, a $37.7 million increase from the linked quarter, which included a $43.7 million loss on our securities loss-earnback transaction in the fourth quarter of 2025. Adjusting for the securities loss, total noninterest income decreased 28.6% from the $21.2 million adjusted noninterest income for the linked quarter. The linked quarter also included a pretax gain of $4.6 million realized upon the sale of an office building. The current quarter reflected a 17.2% increase from the $13.0 million recorded for the like quarter, primarily related to a $0.9 million increase in SBA loans sale gains and a $0.7 million increase in Other income, net.
Noninterest Expenses
Noninterest expenses amounted to $60.2 million for the first quarter of 2026 compared to $62.0 million for the linked quarter and $57.9 million for the like quarter. The $1.8 million, or 2.9%, decrease in noninterest expense from the linked quarter was driven by a $1.3 million decrease in Other operating expenses as well as a $0.9 million decrease in Total personnel expenses. The $2.3 million increase from the like quarter was driven by a $1.7 million increase in Total personnel expenses and a $0.7 million increase in Other operating expenses. For the fourth quarter of 2025, Other operating expenses included several elevated expense categories arising from increased customer-driven and seasonal activity.
Income Taxes
Income tax expense totaled $12.3 million for the first quarter of 2026 compared to $1.2 million for the linked quarter and $10.4 million for the like quarter. These equated to effective tax rates of 20.9%, 7.3% and 22.2% for the respective periods. The fourth quarter of 2025 included approximately $2.1 million of net discrete tax benefits, primarily arising from state taxes, including the continued NC graduated tax rate reductions.
Balance Sheet
Total assets at March 31, 2026 were $12.9 billion, an increase of $279.4 million, or 8.9% annualized, from the linked quarter and $511.5 million, or 4.1%, from a year earlier.
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First Quarter 2026 Results
Key period end balance sheet components are presented below.
BALANCES
($ in thousands)
March 31, 2026December 31, 2025March 31, 2025Change
1Q26 vs 4Q25		Change
1Q26 vs 1Q25
Total assets$12,947,734 $12,668,339 $12,436,245 2.2%4.1%
Loans8,793,814 8,722,419 8,103,033 0.8%8.5%
Investment securities2,491,035 2,561,655 2,582,781 (2.8)%(3.6)%
Total cash and cash equivalents597,991 309,595 772,441 93.2%(22.6)%
Noninterest-bearing deposits3,596,629 3,486,985 3,476,786 3.1%3.4%
Interest-bearing deposits7,415,854 7,261,436 7,267,873 2.1%2.0%
Borrowings74,643 74,569 92,055 0.1%(18.9)%
Shareholders’ equity1,682,950 1,654,168 1,508,176 1.7%11.6%
Driven by prepayments and maturities, total investment securities decreased to $2.5 billion at March 31, 2026, reflecting a $70.6 million decrease from the linked quarter. Total unrealized losses on available for sale investment securities was $197.7 million at March 31, 2026, as compared to $194.1 million at December 31, 2025 and $321.2 million at March 31, 2025.
Total loans amounted to $8.8 billion at March 31, 2026, an increase of $71.4 million, or 3.3% annualized, from December 31, 2025 and an increase of $690.8 million, or 8.5%, from March 31, 2025. Adjusting for the paydown of one larger seasonal loan, loan growth for the quarter ended March 31, 2026 was 5.9% annualized. Please see the below table for total loan portfolio mix. As of March 31, 2026, there were no notable concentrations in geographies within North Carolina or South Carolina or within industries, including in office or hospitality categories, which are included in the "commercial real estate - non-owner occupied" category in the table below. The Company's exposure to non-owner occupied office loans represented approximately 6.5% of the total portfolio at March 31, 2026, with the largest loan being $33.0 million and with an average loan outstanding balance of $1.4 million. Non-owner occupied office loans are generally in non-metro markets and the ten largest loans in this category represent less than 2% of the total loan portfolio.
The following table presents the period end balance and portfolio percentage by loan category.
LOAN PORTFOLIOMarch 31, 2026December 31, 2025March 31, 2025
($ in thousands)AmountPercentageAmountPercentageAmountPercentage
Commercial and industrial$1,000,037 11 %$1,046,438 12 %$890,071 11 %
Construction, development & other land loans821,826 9 %753,199 9 %644,439 8 %
Commercial real estate - owner occupied1,352,473 16 %1,353,912 15 %1,233,732 15 %
Commercial real estate - non-owner occupied2,921,210 33 %2,843,555 33 %2,701,746 34 %
Multi-family real estate545,586 6 %537,015 6 %512,958 6 %
Residential 1-4 family real estate1,717,550 20 %1,736,453 20 %1,709,593 21 %
Home equity loans/lines of credit369,062 4 %383,652 4 %341,240 4 %
Consumer loans66,430 1 %67,458 1 %68,115 1 %
Loans, gross8,794,174 100 %8,721,682 100 %8,101,894 100 %
Unamortized net deferred loan fees/(costs)(360)737 1,139 
Total loans$8,793,814 $8,722,419 $8,103,033 
Total deposits were $11.0 billion at March 31, 2026, an increase of $264.1 million, or 10.0% annualized, from December 31, 2025 and $267.8 million, or 2.5%, from March 31, 2025.
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First Quarter 2026 Results
The Company has a diversified and granular deposit base which has remained a stable funding source with noninterest-bearing deposits comprising 33% of total deposits at March 31, 2026. As presented in the table below, our deposit mix has remained relatively consistent.
DEPOSIT PORTFOLIOMarch 31, 2026December 31, 2025March 31, 2025
($ in thousands)AmountPercentageAmountPercentageAmountPercentage
Noninterest-bearing checking accounts$3,596,629 33 %$3,486,985 32 %$3,476,786 32 %
Interest-bearing checking accounts1,462,606 13 %1,420,795 13 %1,448,377 14 %
Money market accounts4,631,619 42 %4,510,356 42 %4,386,469 41 %
Savings accounts519,266 5 %526,643 5 %539,632 5 %
Other time deposits489,257 4 %493,282 5 %533,723 5 %
Time deposits >$250,000308,177 3 %305,473 3 %349,990 3 %
Total customer deposits11,007,554 100 %10,743,534 100 %10,734,977 100 %
Brokered deposits4,929 — %4,887 — %9,682 — %
Total deposits$11,012,483 100 %$10,748,421 100 %$10,744,659 100 %
As of March 31, 2026 and December 31, 2025, estimated insured deposits totaled $6.5 billion, or 59.0%, and $6.5 billion, or 60.2%, of total deposits, respectively. In addition, at March 31, 2026 and December 31, 2025, there were collateralized deposits of $723.8 million and $730.4 million, respectively, such that approximately 65.6% and 67.0%, respectively, of our total deposits were insured or collateralized at those dates.
Capital
The Company maintains capital in excess of well-capitalized regulatory requirements, with an estimated total risk-based capital ratio at March 31, 2026 of 16.10%, down slightly from the linked quarter ratio of 16.12% and from the like quarter ratio of 16.80%.
The Company has elected to exclude accumulated other comprehensive income ("AOCI") related primarily to available for sale securities from common equity tier 1 capital. AOCI is included in the Company’s tangible common equity ("TCE") to tangible assets ratio (a non-GAAP financial measure) which was 9.63% at March 31, 2026, an increase of 2 basis points from the linked quarter and 108 basis points from March 31, 2025. The increase in TCE from the like quarter was driven by improvements in the level of unrealized losses on the available for sale securities portfolio, partially a result of the 2025 securities loss-earnback transactions along with market improvements. Please refer to Appendix A for a reconciliation of common equity to TCE (a non-GAAP measure) and Appendix C for a calculation of the TCE ratio (a non-GAAP measure).
CAPITAL RATIOSMarch 31, 2026 (estimated)December 31, 2025March 31, 2025
Tangible common equity to tangible assets (non-GAAP)9.63%9.61%8.55%
Common equity tier I capital ratio14.11%14.10%14.52%
Tier I leverage ratio11.44%11.21%11.41%
Tier I risk-based capital ratio14.85%14.87%15.34%
Total risk-based capital ratio16.10%16.12%16.80%

Liquidity
Liquidity is evaluated as both on-balance sheet (primarily cash and cash-equivalents, unpledged securities and other marketable assets) and off-balance sheet (readily available lines of credit and other funding sources). The
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First Quarter 2026 Results
Company continues to manage liquidity sources, including unused lines of credit, at levels believed to be adequate to meet its operating needs for the foreseeable future.
The Company's on-balance sheet liquidity ratio (net liquid assets as a percent of net liabilities) at March 31, 2026 was 16.7%. In addition, the Company had approximately $2.5 billion in available lines of credit at that date resulting in a total liquidity ratio of 34.0%.

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First Quarter 2026 Results
About First Bancorp
First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets of $12.9 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 113 branches in North Carolina and South Carolina. Since 1935, First Bank has taken a tailored approach to banking, combining best-in-class financial solutions, helpful local expertise, and technology to manage a home or business. First Bank also provides SBA loans to customers through its nationwide network of lenders. Member FDIC, Equal Housing Lender.
Please visit our website at www.LocalFirstBank.com for more information.
First Bancorp's common stock is traded on The NASDAQ Global Select Market under the symbol "FBNC."
Caution about Forward-Looking Statements: This News Release release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which statements are inherently subject to risks and uncertainties. Forward-looking statements are statements that include projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact. Such statements are often characterized by the use of qualifying words (and their derivatives) such as “expect,” “believe,” “estimate,” “plan,” “project,” “anticipate,” or other words or phrases concerning opinions or judgments of the Company and its management about future events. Factors that could influence the accuracy of such forward-looking statements include, but are not limited to, the financial success or changing strategies of the Company’s customers, the Company’s level of success in integrating acquisitions, actions of government regulators, the level of market interest rates, and general economic conditions. For additional information about the factors that could affect the matters discussed in this paragraph, see the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K available at www.sec.gov. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements. The Company is also not responsible for changes made to this press release by wire services, internet services or other media.
Non-GAAP Measures
In this Earnings Release, we present certain measures of our performance that are calculated by methods other than in accordance with generally accepted accounting principles (“GAAP”). Company management uses these non-GAAP measures for purposes of evaluating our performance. Non-GAAP measures exclude or include amounts that are not normally excluded or included in the most directly comparable measure determined in accordance with GAAP. Company management believes an appropriate analysis of the Company's financial performance requires an understanding of the factors underlying such performance. Non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP. Please see the Appendices attached to this Earnings Release for reconciliations of return on tangible common equity, tangible common equity, tangible book value per share, the tangible common equity ratio, adjusted net income and adjusted diluted earnings per share.

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First Quarter 2026 Results
First Bancorp and Subsidiaries
Financial Summary
CONSOLIDATED INCOME STATEMENT
For the Three Months Ended
($ in thousands, except per share data - unaudited)March 31, 2026December 31, 2025March 31, 2025
Interest income
Interest and fees on loans$120,747 $120,020 $110,497 
Interest on investment securities:
Taxable interest income17,556 18,103 15,524 
Tax-exempt interest income1,115 1,115 1,116 
Other, principally overnight investments2,972 4,396 5,487 
Total interest income142,390 143,634 132,624 
Interest expense
Interest on deposits34,046 35,959 38,119 
Interest on borrowings1,228 1,476 1,658 
Total interest expense35,274 37,435 39,777 
Net interest income107,116 106,199 92,847 
Provision for credit losses3,083 4,732 1,116 
Net interest income after provision for credit losses104,033 101,467 91,731 
Noninterest income
Service charges on deposit accounts3,954 4,269 3,767 
Other service charges and fees5,942 5,653 5,919 
Presold mortgage loan fees and gains on sale669 583 450 
Commissions from sales of financial products1,492 1,800 1,408 
SBA loan sale gains903 — 52 
Bank-owned life insurance income1,340 1,375 1,228 
Securities losses, net— (43,722)— 
Other Income, net878 7,563 132 
Total noninterest income15,178 (22,479)12,956 
Noninterest expenses
Salaries, incentives and commissions expense29,978 30,747 28,661 
Employee benefit expense6,516 6,673 6,095 
Total personnel expense36,494 37,420 34,756 
Occupancy and equipment expense5,355 4,903 5,192 
Intangibles amortization expense1,247 1,294 1,516 
Other operating expenses17,122 18,426 16,447 
Total noninterest expenses60,218 62,043 57,911 
Income before income taxes58,993 16,945 46,776 
Income tax expense12,334 1,232 10,370 
Net income$46,659 $15,713 $36,406 
Earnings per common share:
Basic$1.13 $0.38 $0.88 
Diluted1.13 0.38 0.88 
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First Quarter 2026 Results
First Bancorp and Subsidiaries
Financial Summary
CONSOLIDATED BALANCE SHEETS
($ in thousands - unaudited)March 31, 2026December 31, 2025March 31, 2025
Assets
Cash and due from banks, noninterest-bearing$135,176 $146,759 $149,781 
Due from banks, interest-bearing462,815 162,836 622,660 
Total cash and cash equivalents597,991 309,595 772,441 
Securities available for sale1,979,606 2,048,556 2,064,516 
Securities held to maturity511,429 513,099 518,265 
Presold mortgages and SBA loans held for sale11,191 7,790 5,166 
Loans8,793,814 8,722,419 8,103,033 
Allowance for credit losses on loans(124,734)(123,581)(120,631)
Net loans8,669,080 8,598,838 7,982,402 
Premises and equipment, net139,374 139,125 141,954 
Accrued interest receivable37,296 39,206 35,452 
Goodwill478,750 478,750 478,750 
Other intangible assets, net15,985 17,232 21,388 
Bank-owned life insurance194,626 193,286 189,597 
Other assets312,406 322,862 226,314 
Total assets$12,947,734 $12,668,339 $12,436,245 
Liabilities
Deposits:
Noninterest-bearing deposits$3,596,629 $3,486,985 $3,476,786 
Interest-bearing deposits7,415,854 7,261,436 7,267,873 
Total deposits11,012,483 10,748,421 10,744,659 
Borrowings74,643 74,569 92,055 
Accrued interest payable3,733 3,747 4,935 
Other liabilities173,925 187,434 86,420 
Total liabilities11,264,784 11,014,171 10,928,069 
Shareholders’ equity
Common stock 968,675 973,884 971,174 
Retained earnings866,387 829,659 783,630 
Stock in rabbi trust assumed in acquisition(893)(885)(1,166)
Rabbi trust obligation893 885 1,166 
Accumulated other comprehensive loss(152,112)(149,375)(246,628)
Total shareholders’ equity1,682,950 1,654,168 1,508,176 
Total liabilities and shareholders’ equity$12,947,734 $12,668,339 $12,436,245 
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First Quarter 2026 Results
First Bancorp and Subsidiaries
Financial Summary
TREND INFORMATION
For the Three Months Ended
March 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025
PERFORMANCE RATIOS (annualized)
ROA (1)
1.48 %0.49 %0.64 %1.24 %1.21 %
Adjusted ROA (2)
1.48 %1.54 %1.31 %1.24 %1.21 %
ROCE (3)
11.22 %3.83 %5.14 %10.11 %10.06 %
Adjusted ROCE (4)
11.22 %12.01 %10.55 %10.11 %10.06 %
ROTCE (5)
16.05 %5.80 %7.83 %15.25 %15.54 %
Adjusted ROTCE (6)
16.05 %17.45 %15.66 %15.25 %15.54 %
Efficiency ratio (7)
49.05 %73.75 %66.95 %53.00 %54.51 %
Adjusted efficiency ratio (7)
49.05 %48.53 %51.09 %53.00 %54.51 %
COMMON SHARE DATA
Cash dividends declared - common$0.24 $0.23 $0.23 $0.23 $0.22 
Book value per common share$40.68 $39.89 $38.67 $37.53 $36.46 
Tangible book value per share (8)
$29.01 $28.23 $26.98 $25.82 $24.69 
Common shares outstanding at end of period41,375,026 41,466,227 41,465,437 41,468,098 41,368,828 
Weighted average shares outstanding - diluted41,459,357 41,481,132 41,481,542 41,441,393 41,406,525 
CAPITAL INFORMATION (preliminary for current quarter)
Tangible common equity to tangible assets (9)
9.63 %9.61 %9.12 %8.83 %8.55 %
Common equity tier I capital ratio14.11 %14.10 %14.35 %14.64 %14.52 %
Total risk-based capital ratio16.10 %16.12 %16.58 %16.90 %16.80 %
(1) Calculated by dividing annualized net income by average assets.
(2) See Appendix E for a reconciliation of ROA to adjusted ROA.
(3) Calculated by dividing annualized tangible net income (net income adjusted for intangible asset amortization, net of tax), by average common equity. See Appendix F for the components of the calculation.
(4) See Appendix F for a reconciliation of ROCE to adjusted ROCE.
(5) Return on average tangible common equity is a non-GAAP financial measure. See Appendix G for the components of the calculation and the reconciliation of average common equity to average TCE.
(6) See Appendix G for a reconciliation of ROTCE to adjusted ROTCE.
(7) See Appendix I for a reconciliation of the efficiency ratio to the adjusted efficiency ratio.
(8) Tangible book value per share is a non-GAAP financial measure. See Appendix A for a reconciliation of common equity to tangible common equity and Appendix B for the resulting calculation.
(9) Tangible common equity ratio is a non-GAAP financial measure. See Appendix A for a reconciliation of common equity to tangible common equity and Appendix C for the resulting calculation.
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First Quarter 2026 Results
For the Three Months Ended
INCOME STATEMENT
($ in thousands except per share data)
March 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025
Net interest income$107,116 $106,199 $102,489 $96,676 $92,847 
Provision for credit losses3,083 4,732 3,442 2,212 1,116 
Noninterest income15,178 (22,299)(12,879)14,341 12,956 
Noninterest expense60,218 62,223 60,211 58,983 57,911 
Income before income taxes58,993 16,945 25,957 49,822 46,776 
Income tax expense12,334 1,232 5,594 11,256 10,370 
Net income 46,659 15,713 20,363 38,566 36,406 
Earnings per common share - diluted$1.13 $0.38 $0.49 $0.93 $0.88 
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First Quarter 2026 Results
First Bancorp and Subsidiaries
Financial Summary
AVERAGE BALANCES AND NET INTEREST INCOME ANALYSIS - QUARTERS
For the Three Months Ended
March 31, 2026December 31, 2025March 31, 2025
($ in thousands)Average
Volume		Interest
Earned
or Paid		Average
Rate		Average
Volume		Interest
Earned
or Paid		Average
Rate		Average
Volume		Interest
Earned
or Paid		Average
Rate
Assets
Loans (1) (2)$8,781,728 $120,747 5.58 %$8,535,422 $120,020 5.59 %$8,107,394 $110,497 5.52 %
Taxable securities2,442,140 17,556 2.88 %2,566,169 18,103 2.82 %2,629,066 15,524 2.36 %
Non-taxable securities284,712 1,115 1.57 %285,729 1,115 1.56 %288,905 1,116 1.55 %
Short-term investments, primarily interest-bearing cash276,471 2,972 4.36 %404,658 4,396 4.31 %503,377 5,487 4.42 %
Total interest-earning assets11,785,051 142,390 4.89 %11,791,978 143,634 4.84 %11,528,742 132,624 4.65 %
Cash and due from banks147,124 147,748 133,756 
Premises and equipment139,775 140,552 143,064 
Other assets690,864 635,861 421,248 
Total assets$12,762,814 $12,716,139 $12,226,810 
Liabilities
Interest-bearing checking$1,416,600 $2,230 0.64 %$1,381,272 $2,100 0.60 %$1,431,556 $2,497 0.71 %
Money market deposits4,566,409 26,516 2.35 %4,539,138 28,358 2.48 %4,337,560 29,180 2.73 %
Savings deposits524,123 241 0.19 %530,147 249 0.19 %539,104 240 0.18 %
Other time deposits495,115 2,819 2.31 %503,149 2,937 2.32 %558,648 3,353 2.43 %
Time deposits >$250,000304,089 2,240 2.99 %305,844 2,315 3.00 %352,174 2,849 3.28 %
Total interest-bearing deposits7,306,336 34,046 1.89 %7,259,550 35,959 1.97 %7,219,042 38,119 2.14 %
Short-term borrowings745 1 0.61 %757 1 0.61 %794 1 0.60 %
Long-term borrowings73,858 1,227 6.74 %82,360 1,475 7.10 %91,166 1,657 7.37 %
Total interest-bearing liabilities7,380,939 35,274 1.94 %7,342,667 37,435 2.02 %7,311,002 39,777 2.21 %
Noninterest-bearing checking3,515,359 3,575,317 3,375,098 
Other liabilities179,753 170,179 72,839 
Shareholders’ equity1,686,763 1,627,976 1,467,871 
Total liabilities and shareholders’ equity$12,762,814 $12,716,139 $12,226,810 
Net yield on interest-earning assets and net interest income$107,116 3.67 %$106,199 3.58 %$92,847 3.25 %
Net yield on interest-earning assets and net interest income – tax-equivalent (3)$107,595 3.69 %$106,601 3.60 %$93,284 3.27 %
Interest rate spread2.95 %2.82 %2.44 %
Average prime rate6.75 %7.02 %7.50 %
(1)   Average loans include nonaccruing loans, the effect of which is to lower the average rate shown.
(2)   Includes accretion of discount on acquired loans of $1.1 million, $1.3 million and $1.8 million for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively.
(3)   Includes tax-equivalent adjustments to reflect the tax benefit that we receive related to tax-exempt securities and loans as reduced by the related nondeductible portion of interest expense.

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First Quarter 2026 Results
Reconciliation of non-GAAP measures
APPENDIX A: Reconciliation of Common Equity to Tangible Common Equity ("TCE")
For the Three Months Ended
($ in thousands)March 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025
Total shareholders' common equity
$1,682,950 $1,654,168 $1,603,323 $1,556,180 $1,508,176 
Less: Goodwill and other intangibles, net of related taxes(482,639)(483,644)(484,623)(485,657)(486,749)
Tangible common equity$1,200,311 $1,170,524 $1,118,700 $1,070,523 $1,021,427 

APPENDIX B: Calculation of Tangible Book Value Per Share ("TBVPS")
For the Three Months Ended
($ in thousands except per share data)March 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025
Tangible common equity (Appendix A)
$1,200,311 $1,170,524 $1,118,700 $1,070,523 $1,021,427 
Common shares outstanding
41,375,026 41,466,227 41,465,437 41,468,098 41,368,828 
Tangible book value per common share$29.01 $28.23 $26.98 $25.82 $24.69 

APPENDIX C: TCE Ratio
For the Three Months Ended
($ in thousands)March 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025
Tangible common equity (Appendix A)
$1,200,311 $1,170,524 $1,118,700 $1,070,523 $1,021,427 
Total assets
12,947,734 12,668,339 12,750,263 12,608,265 12,436,245 
Less: Goodwill and other intangibles, net of related taxes(482,639)(483,644)(484,623)(485,657)(486,749)
Tangible assets ("TA")$12,465,095 $12,184,695 $12,265,640 $12,122,608 $11,949,496 
TCE to TA ratio9.63 %9.61 %9.12 %8.83 %8.55 %

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First Quarter 2026 Results
Reconciliation of non-GAAP measures, continued
APPENDIX D: Adjusted Net Income and Adjusted D-EPS
For the Three Months Ended
($ in thousands)March 31, 2026December 31, 2025March 31, 2025
Net income (A)$46,659 $15,713 $36,406 
Impact of loss-earnback
Securities loss from loss-earnback— 43,722 — 
Less, tax impact— (10,141)— 
After-tax impact of loss-earnback— 33,581 — 
Adjusted net income (B)$46,659 $49,294 $36,406 
Weighted average shares outstanding - diluted (C)41,459,357 41,481,132 41,406,525 
D-EPS (A/C)$1.13 $0.38 $0.88 
Adjusted D-EPS (B/C)$1.13 $1.19 $0.88 

APPENDIX E: Calculation of Return on Average Assets ("ROA") and Adjusted ROA
For the Three Months Ended
($ in thousands)March 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025
Net income (A)$46,659 $15,713 $20,363 $38,566 $36,406 
After-tax impact of loss-earnback— 33,581 21,433 — — 
Adjusted net income (B)$46,659 $49,294 $41,796 $38,566 $36,406 
Average total assets (C)$12,762,814 $12,716,139 $12,640,016 $12,458,372 $12,226,810 
ROA (A/C)1.48 %0.49 %0.64 %1.24 %1.21 %
Adjusted ROA (B/C)1.48 %1.54 %1.31 %1.24 %1.21 %

APPENDIX F: Calculation of Return on Common Equity ("ROCE") and Adjusted ROCE
For the Three Months Ended
($ in thousands)March 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025
Net income (A)$46,659 $15,713 $20,363 $38,566 $36,406 
After-tax impact of loss-earnback— 33,581 21,433 — — 
Adjusted net income (B)$46,659 $49,294 $41,796 $38,566 $36,406 
Average common equity (C)$1,686,763 $1,627,976 $1,571,104 $1,530,550 $1,467,871 
ROCE (A/C)11.22 %3.83 %5.14 %10.11 %10.06 %
Adjusted ROCE (B/C)11.22 %12.01 %10.55 %10.11 %10.06 %
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First Quarter 2026 Results
Reconciliation of non-GAAP measures, continued
APPENDIX G: Calculation of Return on TCE ("ROTCE") and Adjusted ROTCE
For the Three Months Ended
($ in thousands)March 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025
Net Income
$46,659 $15,713 $20,363 $38,566 $36,406 
Intangible asset amortization, net of taxes960 994 1,066 1,123 1,159 
Tangible Net income (A)47,619 16,707 21,429 39,689 37,565 
After-tax impact of loss-earnback— 33,581 21,433 — — 
Adjusted tangible net income (B)$47,619 $50,288 $42,862 $39,689 $37,565 
Average common equity$1,686,763 $1,627,976 $1,571,104 $1,530,550 $1,467,871 
Less: Average goodwill and other intangibles, net of related taxes(483,314)(484,313)(485,331)(486,393)(487,395)
Average TCE (C)$1,203,449 $1,143,663 $1,085,773 $1,044,157 $980,476 
ROTCE (A/C)16.05 %5.80 %7.83 %15.25 %15.54 %
Adjusted ROTCE (B/C)16.05 %17.45 %15.66 %15.25 %15.54 %

APPENDIX H: Impact of Hurricane Helene
For the Three Months Ended
($ in thousands)December 31, 2025March 31, 2025
Impact of Hurricane Helene
Provision for (benefit from) credit losses$(1,600)$(2,000)
Building repairs and maintenance— — 
Other— — 
Total(1,600)(2,000)
Less, tax impact371 464 
After-tax impact of Hurricane Helene$(1,229)$(1,536)
Weighted average shares outstanding - diluted41,481,132 41,406,525 
Impact of Hurricane Helene per diluted share$0.03 $0.04 

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First Quarter 2026 Results
APPENDIX I: Efficiency Ratio and Adjusted Efficiency Ratio
For the Three Months Ended
March 31, 2026December 31, 2025March 31, 2025
Noninterest expenses (A)$60,218 $62,043 $57,911 
Nointerest income (B)15,178 (22,479)12,956 
Securities losses, net— (43,722)— 
Adjusted nointerest income (C)15,178 21,243 12,956 
Net interest income – tax-equivalent (D)107,595 106,601 93,284 
Efficiency ratio A/(B+D)49.05 %73.75 %54.51 %
Adjusted efficiency ratio A/(C+D)49.05 %48.53 %54.51 %

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First Quarter 2026 Results
Supplemental information
APPENDIX J: Loan purchase discount accretion and its impact on the Company's NIM
Included in interest income for the first quarter of 2026 was loan purchase accounting discount accretion of $1.1 million compared to $1.3 million for the linked quarter and $1.8 million for the like quarter, with the activity primarily related to the continued repayments/reduction of the loan portfolio acquired from GrandSouth Bancorporation in January of 2023. Loan discount accretion had positive impacts of three basis points, three basis points and five basis points, respectively, on the Company's NIM and NIM-T/E in the first quarter of 2026, the linked quarter and the like quarter.
The following table presents the impact to net interest income of the purchase accounting adjustments for each period.
For the Three Months Ended
NET INTEREST INCOME PURCHASE ACCOUNTING ADJUSTMENTS
($ in thousands)
March 31, 2026December 31, 2025March 31, 2025
Interest income - increased by accretion of loan discount on acquired loans$1,065 $1,298 $1,789 
Total interest income impact1,065 1,298 1,789 
Interest expense - increased by discount accretion on deposits(61)(62)(103)
Interest expense - increased by discount accretion on borrowings(86)(161)(191)
Total net interest expense impact(147)(223)(294)
Total impact on net interest income$918 $1,075 $1,495 
18
First Quarter Update 2026

 

Important information Caution Regarding Forward-Looking Statements This presentation contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, including those regarding First Bancorp's expectations or predictions of future financial or business performance or conditions. The forward-looking statements are inherently subject to risks and uncertainties. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," "positions," "prospects" or "potential," by future conditional verbs such as "will," "would," "should," "could" or "may", or by variations of such words or by similar expressions. Such forward-looking statements include, but are not limited to, statements about future financial and operating results, expected cost savings, expected impact on future earnings, the Company's plans, objectives, expectations and intentions and other statements that are not historical facts. These forward-looking statements are subject to numerous assumptions, risks and uncertainties which change over time. Forward-looking statements speak only as of the date they are made and you are cautioned not to place undue reliance on any forward-looking statements. We assume no duty to update forward-looking statements. In addition to factors previously disclosed in First Bancorp’s reports filed with the Securities and Exchange Commission (“SEC”), including without limitation its Annual Reports on Form 10-K, its Quarterly Reports on Form 10-Q, and its Current Reports on Form 8-K, the following factors, among others, could cause actual results to differ materially from forward-looking statements: the financial success or changing strategies of the Company’s customers; the Company’s level of success in integrating acquisitions; actions of government regulators; the level of market interest rates; success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues; the impact, extent and timing of technological changes; capital management activities; and general economic conditions. This presentation contains financial information, performance measures and statements that include non-GAAP (Generally Accepted Accounting Principles) measures and should be read along with related earnings releases and Forms 10-Q/K for the respective quarters and period ends, which provide a reconciliation of non-GAAP measures to GAAP measures. Management believes that these non-GAAP measures provide additional useful information that allows readers to evaluate the ongoing performance of First Bancorp. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as determined in accordance with GAAP, and investors should consider the Company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of First Bancorp. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company’s results or financial condition as reported under GAAP. Non-GAAP Measures

 

Company overview First BancorpBank Holding Company First BankSubsidiary Bank Southern Pines, North CarolinaHeadquarters 1935 as Bank of MontgomeryEstablished $12.9 billionAssets * $8.8 billionLoans * $11.0 billionDeposits * 113 in NC & SCBranches * 1,353 full-time equivalent employeesEmployees * 4th largest bank headquartered in NC (largest community bank)Ranking $2.4 billion – Ticker FBNCMarket Capitalization # NASDAQ Global Select Market, S&P SmallCap 600 Index, Russell 2000Stock Market/Indices 244,000 shares Daily Average Trading Volume # 1.92%Insider Ownership # 78.60%Institutional Ownership # YesMember of Russell 2000 * Data is as of 03/31/26 # Data is as of 04/16/26

 

About us Our mission To be the best community bank in every community we serve and through every delivery channel we offer. Our core values Be committed to safety and soundness. Provide accurate, prompt, courteous service. Help our clients and associates build and achieve goals. Make it easy for our associates to deliver the best value to our clients, and easy for our clients to do business with us whenever, wherever, and however they choose. Our locations

 

Best Employer in North Carolina 2023, 2024, 2025 First Bank was named a BEST EMPLOYER in North Carolina by Business NC. National recognition #14 in S&P Top 50 Public Banks 2026 First Bank was ranked #14 best U.S. public bank by S&P Global Market Intelligence. #23 in Forbes America’s Best Banks 2026 First Bank was named #23 on Forbes’ 2026 America’s Best Banks. Forbes Best In State Banks 2019, 2020, 2021, 2024 First Bank was named 1st or 2nd in North Carolina.

 

Q1 2026 highlights CHANGEQ4 2025Q1 2026 +$31.0 million$15.7 million$46.7 millionNet income (1) (2) -$1.6 million$4.7 million$3.1 millionProvision for Credit Losses (2) +$0.75$0.38 $1.13 Diluted EPS (1) (2) -$0.06$1.19$1.13Adjusted Diluted EPS +99 bps0.49%1.48%ROA -6 bps1.54%1.48%Adjusted ROA +739 bps3.83%11.22%ROCE -79 bps12.01%11.22%Adjusted ROCE +1025 bps5.80%16.05%ROTCE (3) -170 bps17.45%16.05%Adjusted ROTCE +9 bps3.58%3.67%Net Interest Margin (4) -1 bps5.59%5.58%Loan Yield -4 bps1.32%1.28%Total Cost of Deposits -5 bps1.36%1.31%Total Cost of Funds 1. Q4 25 includes securities losses of $43.7 million pre-tax, or $0.81 per share after-tax due to a securities loss-earnback transaction. 2. Q4 25 includes reductions of credit reserves for Hurricane Helene of $1.6 million pre-tax, or $0.03 per share after-tax. 3. Annualized net income divided by: average common shareholders’ equity less average total intangible assets, net. 4. Net-interest income divided by average earning assets.

 

Q1 2026 summary 1. Preliminary • 1Q 26 net income of $46.7 million • ROA of 1.48% • ROCE of 11.22% • ROTCE 16.05% • Management continues to control expenses resulting in $60.2 million of NIE Earnings • NIM increased 9 basis points to 3.68% • Net Interest Income +$0.9 million to $107.1 million despite two fewer days • Loan Yield declined 1 bp to 5.58% • Securities yield of 2.74% (+5 bps) • Total Cost of Deposits improved 4 bps to 1.28% Margin • Total assets increased $379.4 million • Loan growth of $71.4 million • Deposits increased $264.1 million Balance Sheet • ACL coverage ratio of 1.42% unchanged from Q4 2025 • Annualized net charge-offs of 0.06% ($1.4 million) • Foreclosed real estate decreased to $0.7 million • Helene credit reserves total $1. million • NPA/Assets ratio remains low at 0.32% Credit • Capital position remains strong – o Tangible Common Equity Ratio 9.63% (+2 bps) o CET 1 Ratio 14.11%1 (+1 bp) o Total Risk-Based Capital 16.10%1 (-2 bps) o C&D and CRE concentration ratios within target range • Book value of $40.68 per share, (+ $0.78) • Tangible book value of $29.01 per share, (+ $0.78) Capital $46.7 million Net income $1.13 Diluted EPS $107.1 million Net Interest Income 3.67% NIM 1.48% ROA 49.0% Efficiency ratio $264.1 million, or +10.0% Linked quarter deposit growth $71.4 million, or +3.3% Linked quarter loan growth 14.11%1 CET1 ratio 1.42% ACL ratio “We saw a strong start to 2026, including an additional 9 basis-point expansion of our NIM during the first quarter and an efficiency ratio of 49%. Earnings continue to benefit from the repositioning of lower- yielding assets into higher-yielding opportunities.” Richard H. Moore, First Bancorp Chairman and CEO

 

Net interest margin (NIM tax-equivalent ) 2.80% 2.87% 2.90% 3.08% 3.27% 3.32% 3.47% 3.60% 3.69% 2.69% 2.77% 2.82% 2.99% 3.19% 3.26% 3.40% 3.54% 3.64% 2.50% 2.70% 2.90% 3.10% 3.30% 3.50% 3.70% 3.90% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Reported Core Net interest margin – tax-equivalent is calculated by dividing tax-equivalent net interest income by average earning assets. Core net interest margin excludes accretion from purchase accounting loan discounts

 

Loan yields 5.45% 5.51% 5.51% 5.47% 5.52% 5.53% 5.69% 5.59% 5.58% 5.30% 5.37% 5.39% 5.34% 5.41% 5.44% 5.60% 5.51% 5.52% 4.90% 5.00% 5.10% 5.20% 5.30% 5.40% 5.50% 5.60% 5.70% 5.80% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Stated Core

 

Asset yield trends 1.96% 2.28% 2.41% 2.55% 2.69% 2.74% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% 2.20% 2.40% 2.60% 2.80% 3.00% 4th Quarter 2024 1st Quarter 2025 2nd Quarter 2025 3rd Quarter 2025 4th Quarter 2025 1st Quarter 2026 Total Securities 4.55% 4.65% 4.69% 4.86% 4.84% 4.89% 4.00% 4.10% 4.20% 4.30% 4.40% 4.50% 4.60% 4.70% 4.80% 4.90% 5.00% 4th Quarter 2024 1st Quarter 2025 2nd Quarter 2025 3rd Quarter 2025 4th Quarter 2025 1st Quarter 2026 Interest Earning Assets 5.47% 5.52% 5.53% 5.69% 5.59% 5.58% 5.00% 5.10% 5.20% 5.30% 5.40% 5.50% 5.60% 5.70% 5.80% 4th Quarter 2024 1st Quarter 2025 2nd Quarter 2025 3rd Quarter 2025 4th Quarter 2025 1st Quarter 2026 Total Loans, Fees, & Accretion

 

Cost of funds and total cost of deposits 1.79% 1.81% 1.81% 1.62% 1.51% 1.48% 1.51% 1.36% 1.31% 1.56% 1.72% 1.76% 1.57% 1.46% 1.43% 1.46% 1.32% 1.28% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Cost of Funds Deposits

 

Deposit cost 2.31% 2.14% 2.14% 2.18% 1.97% 1.89% 1.50% 1.60% 1.70% 1.80% 1.90% 2.00% 2.10% 2.20% 2.30% 2.40% 4th Quarter 2024 1st Quarter 2025 2nd Quarter 2025 3rd Quarter 2025 4th Quarter 2025 1st Quarter 2026 Interest Bearing Deposits 1.57% 1.46% 1.43% 1.46% 1.32% 1.28% 1.00% 1.10% 1.20% 1.30% 1.40% 1.50% 1.60% 4th Quarter 2024 1st Quarter 2025 2nd Quarter 2025 3rd Quarter 2025 4th Quarter 2025 1st Quarter 2026 Total Cost of Deposits

 

Strong capital levels First Bancorp maintains strong capital levels. Through earnings, First Bancorp continues to increase equity and capital. The asset and loan growth in the first quarter increased the denominator in the capital ratios, particularly in risk based measures as loans generally carry higher risk weights than short term investments and AFS securities. Capital levels afford management strategic flexibility. Capital ratios for Q1 2026 are preliminary and subject to change 9.61% 11.21% 14.10% 14.87% 16.12% 9.63% 11.44% 14.11% 14.85% 16.10% 4.00% 7.00% 8.50% 10.50% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% TCE Tier 1 Leverage Capital Common Equity Tier 1 Tier 1 Capital Total Capital 12/31/2025 3/31/2026 Minimum  2 bps  23 bps  2 bps  2 bps  1 bps Capital Ratios

 

Strong deposit franchise supported by thriving markets Total deposits ended at $11.0 billion, an increase of $264 million for the quarter, or 10% annualized. Brokered deposits remain minimal at $5 million as of March 31, 2026. Management has controlled interest expense, with total cost of deposits of 1.28% for Q1 2026, a decrease of 4 basis points from the linked quarter and 18 basis points from the like quarter. $10,745 $10,830 $10,881 $10,748 $11,012 1.46% 1.43% 1.46% 1.32% 1.28% 2.14% 2.14% 2.18% 1.97% 1.89% 4.50% 4.50% 4.25% 3.75% 3.75% $7,000 $7,500 $8,000 $8,500 $9,000 $9,500 $10,000 $10,500 $11,000 $11,500 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 1Q '25 2Q '25 3Q '25 4Q '25 1Q '26 Deposits Total cost of deposits Interest bearing deposits Fed funds Deposits end-of-period ($ in millions)

 

Diverse deposit base The Company benefits from a granular deposit franchise, with the top twenty depositors representing approximately 8% of total deposits. Consumer deposits represent 42% of total deposits. Business deposits represent 58% of total deposits. Uninsured and uncollateralized deposits represent approximately 34% of total deposits. 8% 8% 8% 8% 7% 0% 0% 0% 0% 0% 41% 41% 41% 42% 42% 5% 5% 5% 5% 5% 14% 13% 13% 13% 13% 32% 33% 33% 32% 33% 1Q '25 2Q '25 3Q '25 4Q '25 1Q '26 Time deposits Brokered Money market Savings NOW Nonint trans accts Deposits End-of-Period ($ in millions) $10,745 $10,830 $10,881 $10,748 $11,012

 

Allowance for credit losses Percent of loans outstanding Allowance for credit losses (Hurricane Helene) Allowance for credit losses (ex Hurricane Helene) Loans outstanding 1.94%$ 0$ 19,373$ 1,000,037Commercial and industrial 1.80%014,778821,826Construction, development & other land loans 1.41%019,0661,352,473Commercial real estate - owner occupied 0.83%024,1782,921,210Commercial real estate - non owner occupied 1.03%05,617545,586Multi-family real estate 1.98%1,62132,4651,717,550Residential 1-4 family real estate 0.90%2793,055369,062Home equity loans/lines of credit 6.48%04,30266,430Consumer loans (360)Unamortized net deferred loan costs (fees) 1.42%$ 1,900$ 122,834$ 8,793,814Total loans

 

Asset quality trends 0.17% 0.06% 0.14% 0.05% 0.06% 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Annualized Net Charge Offs 0.36% 0.42% 0.44% 0.42% 0.47% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Nonperforming Loan Ratio 1.49% 1.47% 1.44% 1.42% 1.42% 1.00% 1.10% 1.20% 1.30% 1.40% 1.50% 1.60% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 ACL / Loans 0.27% 0.28% 0.31% 0.30% 0.32% 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% 0.35% 0.40% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Nonperforming Asset Ratio

 

Investment thesis Regional bank with strong culture that offers many of the product capabilities found in larger national banks but delivers those services with a local community bank focus. Capabilities include Mobile Banking, Wealth Management, Credit Card, Treasury Services, and Mortgage Banking. Centered in one of the fastest-growing regions in the U.S. and focused on high growth markets. Stable, low-cost core deposit franchise • Built over 90 years of serving our communities • Strength of rural markets • Q1 2026 Total Cost of Deposits was 1.28% • Minimal wholesale funding Conservative Balance Sheet • Minimal credit risk in investment portfolio • Core funded • In market loan portfolio – almost no participations Market disruptions provide opportunity

 

Valuation Price to Tangible Common Book Value Chart reflects data available through S&P Global, and therefore the tangible book values are as of December 31, 2025 and the stock prices are as of April 16, 2026 for all companies presented. Based on March 31, 2026 amounts for tangible common book value ($29.01) and FBNC stock price ($56.35), the Price to Tangible Book was 1.94x at that date. 1.28x 1.57x 1.62x 1.72x 1.78x 1.86x 1.92x 2.00x 2.02x 2.15x - 0.50 1.00 1.50 2.00 SFST UCB TOWN UBSI FCBC ABCB SBCF FBK AUB FBNC Price / Tangible Common Book Value Median = 1.82X The above chart reflects the 4/16/2026 closing stock price and 12/31/2025 tangible common book value.

 

Valuation Price to Earnings Based on SNL Mean Normalized 2026 EPS Estimate of $4.35, the FBNC price to earnings ratio is 13.3 x based on April 16, 2026, closing price for FBNC stock of $57.93. The above chart reflects the 4/16/2026 closing stock price and 2026 EPS Estimate as of that date. . 9.8x 10.4x 11.4x 12.1x 12.1x 12.5x 12.7x 12.8x 13.3x 13.5x TOWN AUB UCB UBSI FCBC SFST FBK ABCB FBNC SBCF Price / 2026 Consensus EPS - Normalized Median – 12.3x

 

North Carolina & South Carolina: Thriving states for business Growing populations North Carolina • Currently the 9th most populous state • Projected 7th by 2040 – and within 1% of 5th most populated • 4th highest net increase in population in 2024 • Projected to grow 20% over the next 20 years – 5th highest total growth South Carolina • Currently the 23rd most populous state • The 4th fastest growing state by percentage change in 2024 • 5th highest net increase in population in 2023 and 10th highest in 2024 • Projected to increase 18% between 2024 and 2042 America’s Top States for Business • North Carolina ranked Top Five States for Business in 2024 (CNBC, Forbes, CEO Magazine, Business Facilities) • South Carolina’s economy is 12th in the nation (CNBC) Tax-friendly states – NC is phasing out corporate income tax and SC’s corporate tax rate is among the lowest in the Southeast North Carolina Pension System – Ranked strongest in the nation by Moody’s Both states have an AAA Bond Rating

 

Corporate citizenship

 

Investing in our communities A proud community partner in the Carolinas since 1935 First Bank has long been a committed partner in the communities it serves across the Carolinas. The following are just some of the investment areas made over the recent years. . Ensuring equitable access to education • Area public schools and community colleges • Communities in schools • STEAM programs • Summer camps • HBCU and college scholarships • Literacy programs and book drives • Boys and Girls Club chapters Improving the lives of neighbors in need • United Way chapters • Habitat for Humanity volunteering and Habitat loan origination program • Women’s shelters and organizations • Food banks and annual food drive • The American Red Cross • Partnership for Children • Smart Start Promoting business and economic growth • Foundations • Business incubators • Local community economic development organizations • Entrepreneurship competitions • Small business financial education seminars • Events recognizing local business leaders

 

Social responsibility Diversity and inclusion We treat customers and associates with respect, communicate openly, and value the unique contributions of every individual. We strive to build an inclusive organization that reflects the communities we serve. • Our Diversity Council represents associate perspectives, helps ensure diversity efforts align with our mission, and serves as an advisory and communication channel to leadership. • We promote a workplace where all views are respected and all associates have access to opportunity, growth, and advancement. • We are committed to inclusive hiring practices by maintaining diverse candidate pools, supported by recruiting partnerships with North Carolina HBCUs and participation in NCWorks to broaden visibility of open roles. Financial wellness We provide financial education resources and tools to help members of our communities build brighter financial futures. • First@Work – Through the Bank’s First@Work program, bank associates offer in-person and online financial education seminars for employees at local businesses and at events in their communities. • Educational resources – First Bank maintains many educational resources covering a range of topics like personal finance, budgeting, starting a business, buying a home, and understanding a credit score. These are frequently shared through live community events, school events, and the bank’s social media channels. • The Learning Lab – Built specifically for teens ages 12-18, the Learning Lab online modules provide financial education through fun, game-like scenarios on a variety of topics, including budgeting, savings, and investing.

 

Thank you!

 

Source: View Original Filing on SEC EDGAR

FAQ

How did First Bancorp (FBNC) perform financially in Q1 2026?

First Bancorp earned net income of $46.659 million and diluted EPS of $1.13 in Q1 2026. This was a strong improvement from $15.713 million and $0.38 in Q4 2025 and $36.406 million and $0.88 in Q1 2025, reflecting higher net interest income and operating efficiency.

What happened to First Bancorp’s net interest margin in the first quarter of 2026?

Net interest margin increased to 3.67% in Q1 2026. This compared with 3.58% in Q4 2025 and 3.25% in Q1 2025. The improvement came from a better mix of earning assets, higher loan and securities yields, and lower costs on deposits and other interest-bearing liabilities.

How strong were First Bancorp’s credit quality metrics in Q1 2026?

Credit quality remained solid, with annualized net charge-offs at 0.06% and nonperforming assets at 0.32% of total assets. The allowance for credit losses totaled $124.734 million, representing 1.42% of loans, supported by modest net charge-offs and loan growth during the quarter.

What were First Bancorp’s loan and deposit levels as of March 31, 2026?

Total loans reached $8.793814 billion and total deposits were $11.012483 billion at March 31, 2026. Loans grew $71.4 million from the prior quarter, while deposits increased $264.1 million, supporting total assets of $12.947734 billion and a loan-to-deposit ratio of 79.9%.

How efficient was First Bancorp’s operations in Q1 2026?

The efficiency ratio was 49.05% for Q1 2026, indicating strong cost control. Noninterest expenses were $60.218 million, down from $62.043 million in Q4 2025, while net interest income and noninterest income together supported improved profitability and operating leverage.

What capital ratios did First Bancorp report for Q1 2026?

First Bancorp reported a common equity tier 1 capital ratio of 14.11% and a total risk-based capital ratio of 16.10%. The tangible common equity to tangible assets ratio was 9.63%, indicating substantial capital above regulatory well-capitalized thresholds and supporting future growth capacity.

How did noninterest income and expenses impact First Bancorp’s Q1 2026 results?

Noninterest income was $15.178 million and noninterest expenses were $60.218 million in Q1 2026. Noninterest income improved versus the prior quarter, which had large securities losses, while expenses declined modestly, helping drive better efficiency and higher overall profitability for the quarter.

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