First Bancorp posts Q3 2026 earnings beat and net interest margin expansion
First Bancorp reported third‑quarter 2026 net income of $51.3 million, or $1.24 diluted EPS, up from $50.5 million and $0.49 EPS a year earlier. Net interest income rose 3.2% QoQ to $114.8 million, pushing the net interest margin to 3.75%, a 0.04‑point increase from the prior quarter. Total loans grew 5.1% annualized to $9.1 billion and the efficiency ratio improved to 49.09%. The company also noted merger expenses of $0.5 million related to the pending Carolina Bank acquisition, expected to close in early 2027.
Why it matters
The earnings beat and higher NIM suggest stronger profitability, which may support the stock’s recent outperformance. The pending Carolina Bank acquisition could further expand the loan portfolio and earnings potential once completed.
Key facts
- 1Diluted EPS was $1.24 per share for Q3 2026, compared with $1.22 in the linked quarter and $0.49 a year earlier. prnewswire.com
- 2Net income for the quarter was $51.3 million. prnewswire.com
- 3Net interest income was $114.8 million, a 3.2% increase from the linked quarter. prnewswire.com
- 4Net interest margin expanded to 3.75%, up 0.04 percentage points from the linked quarter. prnewswire.com
- 5Total loans were $9.1 billion, an increase of $116.2 million or 5.1% annualized. prnewswire.com
- 6Efficiency ratio was 49.09%, down slightly from 49.12% in the linked quarter. prnewswire.com
Summary written by AlphAI AI Desk from 6 of 6 sources. Not investment advice. Figures are as stated by the linked sources.