First Bancorp (NC) reported a net income of $46.7 million, or $1.13 per diluted share, for the first quarter of 2026, marking a significant increase from the $36.4 million, or $0.88 per diluted share, reported in the same period last year. This growth in profitability was primarily driven by a $14.3 million increase in net interest income, which rose to $107.1 million, a 15.4% increase compared to the prior year. The increase in net interest income was attributed to higher yields on interest-earning assets and a lower cost of funds, reflecting favorable market conditions.
Total assets for First Bancorp reached $12.9 billion as of March 31, 2026, representing a 2.2% increase from the previous quarter. This growth was largely fueled by an increase in cash and cash equivalents, which rose by $288.4 million, and a modest increase in total loans, which amounted to $8.8 billion, up $71.4 million from December 31, 2025. Total deposits also saw a rise, increasing by $264.1 million to $11.0 billion, with notable growth in both noninterest-bearing and interest-bearing deposits.
The company’s noninterest income also experienced a boost, totaling $15.2 million for the quarter, up from $13.0 million in the same period last year. This increase was driven by higher gains from SBA loan sales and other service charges. However, noninterest expenses rose to $60.2 million, a 4.0% increase from the previous year, primarily due to higher personnel costs and other operating expenses. The provision for credit losses was $3.1 million, reflecting the impact of loan growth and net charge-offs.
In terms of operational metrics, First Bancorp maintained a strong capital position, with a common equity Tier 1 ratio of 14.13% and a total risk-based capital ratio of 16.12% as of March 31, 2026. The company reported nonperforming assets (NPAs) of $41.8 million, representing 0.32% of total assets, which is a slight increase from the previous quarter. The allowance for credit losses stood at $124.7 million, consistent with the previous quarter, indicating a stable credit quality outlook.
Looking ahead, First Bancorp remains optimistic about its growth trajectory, supported by a solid balance sheet and a favorable interest rate environment. The company plans to continue focusing on expanding its loan portfolio while managing costs effectively to enhance profitability. The management's outlook suggests a commitment to maintaining strong capital ratios and a proactive approach to credit risk management, positioning the bank well for future challenges and opportunities.
About FIRST BANCORP /NC/
First Bancorp is a North Carolina-based bank holding company operating First Bank, a full-service community bank. It provides commercial and retail banking services, including loans, deposit accounts, and treasury management. The company serves individuals and small to medium-sized businesses primarily in North and South Carolina, emphasizing customer service, local decision-making, and diversified financial products within a regulated banking framework.
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