First Bancorp Reports 4.3% Asset Growth and $111M Net Income for Fiscal Year 2025

First Bancorp, a North Carolina-based bank holding company, reported significant financial growth for the fiscal year ending December 31, 2025, with total assets reaching $12.7 billion, a 4.3% increase from the previous year. The company’s net income surged to $111.0 million, or $2.68 per diluted share, compared to $76.2 million, or $1.84 per diluted share, in 2024. This growth was primarily driven by a 19.9% increase in net interest income, which rose to $398.2 million, attributed to higher interest income from loans and a decrease in interest expense on deposits.

The company experienced a notable increase in total loans, which rose by $627.7 million, or 7.8%, to $8.7 billion. This growth was complemented by a strong credit quality profile, with nonperforming assets remaining stable at 0.30% of total assets. The allowance for credit losses stood at $123.6 million, representing 1.42% of total loans, reflecting the company's proactive approach to managing credit risk amid economic uncertainties.

In terms of strategic developments, First Bancorp completed the acquisition of GrandSouth Bancorporation in January 2023, which added $1.2 billion in assets and expanded its footprint in South Carolina. The acquisition aligns with the company's strategy to enhance its presence in high-growth markets. As of December 31, 2025, the company operated 113 branches across North Carolina and South Carolina, employing 1,353 full-time equivalent employees.

Looking ahead, First Bancorp anticipates continued growth, although it acknowledges potential challenges from economic conditions, including inflation and interest rate fluctuations. The company remains committed to maintaining strong capital ratios, with a Common Equity Tier I capital ratio of 14.10%, well above regulatory requirements. Management's focus on customer service and strategic expansion is expected to support its growth trajectory in the coming years.