Form 8-K
8-K — FIRST BANCORP /NC/
Accession: 0000811589-26-000162
Filed: 2026-10-21
Period: 2026-10-21
CIK: 0000811589
SIC: 6022 (STATE COMMERCIAL BANKS)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — fbnc-20261021.htm (Primary)
EX-99.1 (exhibit991newsreleasedated.htm)
EX-99.2 (investor_deckx2026-09.htm)
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8-K
8-K (Primary)
Filename: fbnc-20261021.htm · Sequence: 1
fbnc-20261021
false000081158900008115892026-10-212026-10-21
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): October 21, 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 Condition 3
Item 9.01 – Financial Statements and Exhibits 3
Signatures 3
Exhibit 99.1 News Release dated October 21, 2026
4
Exhibit 99.2 Earnings Release Presentation dated October 21, 2026
21
2
Item 2.02 - Results of Operations and Financial Condition
On October 21, 2026, First Bancorp (the “Registrant” or “Company”) issued an earnings release to announce its financial results for the three month period ended September 30, 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 October 21, 2026
Exhibit 99.2 Earnings Release Presentation dated October 21, 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
October 21, 2026
By:
/s/ Richard H. Moore
Richard H. Moore
Chief Executive Officer
3
EX-99.1
EX-99.1
Filename: exhibit991newsreleasedated.htm · Sequence: 2
Document
News Release
For Immediate Release: For More Information, Contact:
October 21, 2026
Katie Doyle
336-286-8741
First Bancorp Reports Third Quarter Results
Third Quarter 2026 Financial Data
(Dollars in 000s, except per share data) Q3-2026 Q2-2026 Q3-2025
Summary Income Statement
Total interest income $ 153,979 $ 148,315 $ 144,233
Total interest expense 39,182 37,049 41,711
Net interest income 114,797 111,266 102,522
Provision for credit losses 1,300 1,169 3,442
Noninterest income 15,117 16,034 (12,952)
Noninterest expenses 63,991 62,761 60,171
Income tax expense 13,347 12,851 5,594
Net income $ 51,276 $ 50,519 $ 20,363
Key Metrics
Diluted EPS $ 1.24 $ 1.22 $ 0.49
Adjusted diluted EPS (1) 1.24 1.22 1.01
Book value per share 41.38 41.49 38.67
Tangible book value per share 29.77 29.84 26.98
ROA 1.55 % 1.56 % 0.64 %
Adjusted ROA (1) 1.56 % 1.56 % 1.31 %
ROCE 11.71 % 11.89 % 5.14 %
Adjusted ROCE (1) 11.79 % 11.89 % 10.55 %
ROTCE 16.48 % 16.88 % 7.83 %
Adjusted ROTCE (1) 16.59 % 16.88 % 15.66 %
NIM 3.75 % 3.71 % 3.46 %
NIM- T/E 3.76 % 3.73 % 3.47 %
Efficiency ratio 49.09 % 49.12 % 66.92 %
Quarterly NCO ratio 0.09 % 0.04 % 0.14 %
ACL ratio 1.36 % 1.39 % 1.44 %
Capital Ratios (2)
Tangible common equity to tangible assets 9.73 % 9.83 % 9.12 %
Common equity tier I capital ratio 14.26 % 14.09 % 14.35 %
Total risk-based capital ratio 16.22 % 16.06 % 16.58 %
(1)Q3-2026 adjusted to exclude impact of merger expenses of $0.5 million (after tax $0.3 million). Q3-2025 adjusted to exclude impact of securities loss of $27.9 million (after tax $21.4 million) See Appendices D, E, F, G and I.
(2)September 30, 2026 ratios are preliminary.
Third Quarter 2026 Highlights
•D-EPS was $1.24 per share for the third quarter of 2026 compared to $1.22 for the linked quarter and $0.49 for the like quarter.
•The net interest margin was 3.75% for the quarter ended September 30, 2026, an expansion of 0.04% from the linked quarter and 0.29% from the like quarter.
•The efficiency ratio for the quarter ended September 30, 2026 was 49.09%, compared to 49.12% for the linked quarter and 66.92% for the like quarter.
•Total assets were $13.2 billion at September 30, 2026.
•Total loans were $9.1 billion at September 30, 2026, representing an increase of $116.2 million, or 5.1% annualized.
•Total loan yield was 5.75%, up 8 basis points from the linked quarter and 6 basis points from the like quarter.
•The yield on securities increased 5 basis points to 2.76% from 2.71% for the linked quarter.
•Total cost of funds increased 5 basis points to 1.39% for the quarter ended September 30, 2026 from 1.34% for the linked quarter and decreased 12 basis points from the like quarter.
•Average deposits were $11.1 billion, an increase of $103.8 million for the linked quarter and $263.8 million from the like quarter. Total cost of deposits was 1.35%, an increase of 4 basis points for the linked quarter and a decrease of 11 basis points from the like quarter.
•Noninterest expenses of $64.0 million represented a $1.2 million increase from the linked quarter and a $3.8 million increase from the like quarter. The linked quarter increase was driven by a $1.0 million increase in Total personnel expense and a $0.5 million increase in Merger and acquisition expenses.
•Noninterest-bearing checking accounts were $3.6 billion, representing 33% of total deposits at September 30, 2026.
•The loan-to-deposit ratio was 81.8% as of September 30, 2026.
•The total risk-based capital ratio was 16.22% as of September 30, 2026, an increase of 0.16% from the linked quarter and a contraction of 0.36% from the like quarter.
•Related to the pending acquisition of Carolina Bank, scheduled to close in early 2027, merger expenses of $0.5 million were recognized during the quarter.
1
Third Quarter 2026 Results
SOUTHERN PINES, N.C. - First Bancorp (the "Company") (NASDAQ - FBNC), the parent company of First Bank, reported unaudited third quarter earnings today. The Company reported net income of $51.3 million, or $1.24 diluted earnings per share ("D-EPS"), for the three months ended September 30, 2026 compared to $50.5 million, or $1.22 D-EPS, for the three months ended June 30, 2026 ("linked quarter") and $20.4 million, or $0.49 D-EPS, for the third quarter of 2025 ("like quarter"). Adjusting for the securities loss-earnback transaction completed in the third quarter of 2025, adjusted net income was $41.8 million, or $1.01 adjusted D-EPS, for the like quarter.
The Company continued to enhance net interest income and net interest margin ("NIM") during the third quarter of 2026. The Company recorded net interest income of $114.8 million for the current quarter, compared to $111.3 million for the linked quarter and $102.5 million for the like quarter. NIM for the third quarter of 2026 expanded to 3.75% from 3.71% for the linked quarter and 3.46% for the like quarter.
Noninterest expenses were $64.0 million for the third quarter of 2026, up from $62.8 million for the linked quarter, and $60.2 million for the like quarter. Merger and acquisition expenses of $0.5 million were recognized during the third quarter of 2026 related to the pending Carolina Bank acquisition. The efficiency ratio was 49.09% for the quarter ended September 30, 2026 , compared to 49.12% for the linked quarter and 66.92% for the like quarter.
Richard H. Moore, Chairman and CEO of the Company, stated, “First Bancorp delivered another strong quarter, reflecting disciplined balance sheet management, strong credit quality, loan growth and continued operating efficiency. Our performance through the first nine months of 2026 demonstrates the strength of our franchise, while liquidity and capital remain solid. We are pleased with our year-to-date results and remain confident in our ability to finish the year on a strong note. We also look forward to welcoming the Carolina Bank team and the enhancements to our South Carolina franchise."
Net Interest Income and Net Interest Margin
Net interest income for the third quarter of 2026 was $114.8 million, an increase of 3.2% from the linked quarter of $111.3 million and an increase of 12.0% from the like quarter of $102.5 million. The increase in net interest income from the linked and like quarters resulted from additional loan volume and increasing loan yield through originations as well as one additional earning day compared to the linked quarter. For the linked quarter, the cost of deposits increased 0.04% partially a result of the rate increase during the quarter by the Federal Reserve.
The Company’s NIM for the third quarter of 2026 was 3.75%, an increase of 4 basis points from the linked quarter and 29 basis points from the like quarter.
The linked quarter expansion of NIM was driven by a $152.6 million increase in average loans along with an 8 basis points expansion in loan yield. Additionally, taxable securities contributed an additional $1.0 million from increased balances and higher yields. Offsetting these increases, the cost of interest bearing deposits increased 7 basis points on growth of $83.5 million in average balances. Driving these increases, the average balance of money market deposits increased $135.2 million while the cost of those deposits increased 7 basis points.
The like quarter expansion of NIM was driven by growth of $751.5 million in average loans, coupled with a 6 basis point yield increase as well as the cost of interest bearing deposits decreasing 17 basis points. The Company shifted its mix of interest-earning assets to higher yielding assets from the like quarter, with loans increasing from 70.4% of average interest-earning assets to 74.3% in the current quarter, while securities contracted from 24.8% of average interest-earning assets to 22.5% and short-term investments contracted from 4.8% of average interest-earning assets to 3.1% .
2
Third Quarter 2026 Results
For the Three Months Ended
YIELD INFORMATION September 30,
2026 June 30,
2026 September 30,
2025
Yield on loans 5.75% 5.67% 5.69%
Yield on securities 2.76% 2.71% 2.55%
Yield on other earning assets 4.08% 3.99% 4.64%
Yield on all interest-earning assets 5.02% 4.95% 4.86%
Cost of interest-bearing deposits 2.01% 1.94% 2.18%
Cost of borrowings 6.71% 6.64% 7.20%
Cost of total interest-bearing liabilities 2.06% 1.99% 2.24%
Total cost of funds 1.39% 1.34% 1.51%
Cost of total deposits 1.35% 1.31% 1.46%
Net interest margin (1)
3.75% 3.71% 3.46%
Net interest margin - tax-equivalent (2)
3.76% 3.73% 3.47%
Average prime rate 6.79% 6.75% 7.46%
(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 September 30, 2026, June 30, 2026 and September 30, 2025, the Company recorded $1.3 million, $1.2 million and $3.4 million in provision for credit losses, respectively. The provision for the third quarter of 2026 was driven by net charge-offs of $2.1 million, partially offset by improved economic factors and the reversal of the remaining incremental reserve for potential exposure from Hurricane Helene. The Allowance for Credit Losses decreased $0.7 million to $124.2 million, or 1.36% of loans. Additionally, the $124 thousand reversal of provision for unfunded commitments during the quarter was primarily the result of lower reserve rates.
Asset quality remained strong with annualized net loan charge-offs of 0.09% for the third quarter of 2026. Total nonperforming assets ("NPAs") totaled $45.0 million at September 30, 2026, or 0.34% of total assets, consistent with June 30, 2026 and up slightly from 0.31% at September 30, 2025.
3
Third Quarter 2026 Results
The following table presents the summary of NPAs and asset quality ratios for each period.
ASSET QUALITY DATA
($ in thousands)
September 30,
2026 June 30,
2026 September 30,
2025
Nonperforming assets
Nonaccrual loans $ 44,166 $ 44,283 $ 37,289
Accruing loans > 90 days past due — — —
Total nonperforming loans 44,166 44,283 37,289
Foreclosed real estate $ 793 659 1,718
Total nonperforming assets $ 44,959 $ 44,942 $ 39,007
Asset Quality Ratios
Quarterly net charge-offs to average loans - annualized 0.09 % 0.04 % 0.14 %
Nonperforming loans to total loans 0.49 % 0.49 % 0.44 %
Nonperforming assets to total assets 0.34 % 0.34 % 0.31 %
Allowance for credit losses to total loans 1.36 % 1.39 % 1.44 %
Noninterest Income
Total noninterest income for the third quarter of 2026 was $15.1 million, a $0.9 million decrease from the linked quarter, primarily related to a $0.9 million decrease in Other income, net. Adjusting for the $27.9 million securities loss earnback transaction in the third quarter of 2025, the current quarter reflected a 1.1% increase from an adjusted $15.0 million for the like quarter.
Noninterest Expenses
Noninterest expenses amounted to $64.0 million for the third quarter of 2026 compared to $62.8 million for the linked quarter and $60.2 million for the like quarter. The $1.2 million, or 2.0%, increase in noninterest expense from the linked quarter was driven by a $1.0 million increase in Total personnel expense. The $3.8 million increase from the like quarter was driven by a $2.6 million increase in Total personnel expense. While noninterest expenses have been increasing, they are the result of the Company's continued growth as the efficiency ratio was 49.09% for the quarter ended September 30, 2026, compared to 49.12% for the linked quarter and 66.92% for the like quarter. We recognized $0.5 million of Merger and acquisition expenses during the third quarter of 2026 related to the pending Carolina Bank acquisition.
Income Taxes
Income tax expense totaled $13.3 million for the third quarter of 2026 compared to $12.9 million for the linked quarter and $5.6 million for the like quarter, reflecting effective tax rates of 20.7%, 20.3% and 21.6% for the respective periods.
Balance Sheet
Total assets at September 30, 2026 were $13.2 billion, an increase of $109.9 million, or 3.3% annualized, from the linked quarter and $401.3 million, or 3.1%, from a year earlier.
4
Third Quarter 2026 Results
Key period end balance sheet components are presented below.
BALANCES
($ in thousands)
September 30,
2026 June 30,
2026 September 30,
2025 Change
3Q26 vs 2Q26 Change
3Q26 vs 3Q25
Total assets $ 13,151,553 $ 13,041,615 $ 12,750,263 0.8% 3.1%
Loans 9,104,899 8,988,748 8,419,224 1.3% 8.1%
Investment securities 2,494,124 2,448,787 2,680,401 1.9% (6.9)%
Total cash and cash equivalents 451,711 550,332 597,975 (17.9)% (24.5)%
Noninterest-bearing deposits 3,626,442 3,597,565 3,580,560 0.8% 1.3%
Interest-bearing deposits 7,499,862 7,487,302 7,300,610 0.2% 2.7%
Borrowings 74,793 74,717 92,421 0.1% (19.1)%
Shareholders’ equity 1,713,145 1,716,460 1,603,323 (0.2)% 6.8%
Driven by the purchase of $150.0 million of US Treasury securities during the quarter, partially offset by principal paydowns and maturities and increased unrealized losses on available for sale securities, total investment securities increased to $2.5 billion at September 30, 2026, a $45.3 million increase from the linked quarter. Total unrealized losses on available for sale investment securities were $263.8 million at September 30, 2026, as compared to $204.5 million at June 30, 2026 and $251.8 million at September 30, 2025.
Total loans were $9.1 billion at September 30, 2026, an increase of $116.2 million, or 5.1% annualized, from June 30, 2026 and an increase of $685.7 million, or 8.1%, from September 30, 2025. As of September 30, 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 6.3% of the total portfolio at September 30, 2026, with the largest loan being $33.0 million and with an average loan outstanding balance of $1.5 million. Non-owner occupied office loans are generally in non-metro markets and the ten largest loans in this category represent less than 2% of the total loan portfolio.
The following table presents the period end balance and portfolio percentage by loan category.
LOAN PORTFOLIO September 30, 2026 June 30, 2026 September 30, 2025
($ in thousands) Amount Percentage Amount Percentage Amount Percentage
Commercial and industrial $ 1,041,062 11 % $ 1,014,295 11 % $ 904,226 11 %
Construction, development & other land loans 932,510 10 % 847,912 10 % 688,302 8 %
Commercial real estate - owner occupied 1,382,601 15 % 1,358,100 15 % 1,337,345 16 %
Commercial real estate - non-owner occupied 2,963,696 33 % 2,974,749 33 % 2,773,349 33 %
Multi-family real estate 614,797 7 % 619,489 7 % 535,681 6 %
Residential 1-4 family real estate 1,726,802 19 % 1,728,367 19 % 1,743,884 21 %
Home equity loans/lines of credit 378,419 4 % 377,949 4 % 365,488 4 %
Consumer loans 66,060 1 % 68,692 1 % 70,031 1 %
Loans, gross 9,105,947 100 % 8,989,553 100 % 8,418,306 100 %
Unamortized net deferred loan fees/(costs) (1,048) (805) 918
Total loans $ 9,104,899 $ 8,988,748 $ 8,419,224
Total deposits were $11.1 billion at September 30, 2026, an increase of $41.4 million, or 1.5% annualized, from June 30, 2026 and $245.1 million, or 2.3%, from September 30, 2025.
The Company has a diversified and granular deposit base which has remained a stable funding source with noninterest-bearing deposits comprising 33% of total deposits at September 30, 2026. As presented in the table below, our deposit mix has remained relatively consistent.
5
Third Quarter 2026 Results
DEPOSIT PORTFOLIO September 30, 2026 June 30, 2026 September 30, 2025
($ in thousands) Amount Percentage Amount Percentage Amount Percentage
Noninterest-bearing checking accounts $ 3,626,442 33 % $ 3,597,565 32 % $ 3,580,560 33 %
Interest-bearing checking accounts 1,402,172 13 % 1,422,592 13 % 1,418,378 13 %
Money market accounts 4,806,229 43 % 4,754,782 43 % 4,527,728 41 %
Savings accounts 505,937 4 % 510,392 5 % 532,462 5 %
Other time deposits 466,980 4 % 475,744 4 % 504,942 5 %
Time deposits >$250,000 318,544 3 % 318,821 3 % 312,255 3 %
Total customer deposits 11,126,304 100 % 11,079,896 100 % 10,876,325 100 %
Brokered deposits — — % 4,971 — % 4,845 — %
Total deposits $ 11,126,304 100 % $ 11,084,867 100 % $ 10,881,170 100 %
As of September 30, 2026 and June 30, 2026, estimated insured deposits totaled $6.6 billion, or 58.9%, and $6.5 billion, or 58.9%, of total deposits, respectively. In addition, at September 30, 2026 and June 30, 2026, there were collateralized deposits of $694.0 million and $748.7 million, respectively, such that approximately 65.2% and 65.7%, 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 September 30, 2026 of 16.22%, up from the linked quarter ratio of 16.06% and down from the like quarter ratio of 16.58%.
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 9.73% at September 30, 2026, a decrease of 10 basis points from the linked quarter and a increase of 61 basis points from September 30, 2025. The increase in TCE from the like quarter was driven by increased retained earnings. 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 RATIOS September 30,
2026 (estimated) June 30,
2026 September 30,
2025
Tangible common equity to tangible assets (non-GAAP) 9.73% 9.83% 9.12%
Common equity tier I capital ratio 14.26% 14.09% 14.35%
Tier I leverage ratio 11.79% 11.60% 11.18%
Tier I risk-based capital ratio 14.97% 14.81% 15.14%
Total risk-based capital ratio 16.22% 16.06% 16.58%
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 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 September 30, 2026 was 15.1%. In addition, the Company had approximately $3.7 billion in available lines of credit at that date resulting in a total liquidity ratio of 38.7%.
6
Third Quarter 2026 Results
About First Bancorp
First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets of $13.2 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 risks and uncertainties relating to the level of success in integrating acquisitions, (including the ability to successfully integrate First Carolina into First Bank; to realize the anticipated benefits of the acquisition; deposit attrition, customer loss or other revenue loss following completed acquisitions may be greater than anticipated; and the integration of operations and personnel may require more time and expense); 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 News 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 News 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, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on common equity and the adjusted efficiency ratio.
7
Third Quarter 2026 Results
First Bancorp and Subsidiaries
Financial Summary
CONSOLIDATED INCOME STATEMENT
For the Three Months Ended For the Nine Months Ended
($ in thousands except per share data - unaudited) September 30,
2026 June 30,
2026 September 30,
2025 September 30,
2026 September 30,
2025
Interest income
Interest and fees on loans $ 131,056 $ 125,845 $ 118,855 $ 377,648 $ 342,273
Interest on investment securities:
Taxable interest income 17,882 16,925 17,571 52,363 49,952
Tax-exempt interest income 1,113 1,115 1,114 3,343 3,346
Other interest income 3,928 4,430 6,693 11,330 18,017
Total interest income 153,979 148,315 144,233 444,684 413,588
Interest expense
Interest on deposits 37,919 35,812 40,035 107,777 116,559
Interest on borrowings 1,263 1,237 1,676 3,728 4,994
Total interest expense 39,182 37,049 41,711 111,505 121,553
Net interest income 114,797 111,266 102,522 333,179 292,035
Provision for credit losses 1,300 1,169 3,442 5,552 6,770
Net interest income after provision for credit losses 113,497 110,097 99,080 327,627 285,265
Noninterest income
Service charges on deposit accounts 4,574 4,205 4,225 12,733 11,968
Other service charges, commissions, and fees 5,500 5,986 6,322 17,428 18,846
Presold mortgage loan fees and gains on sale 379 660 471 1,708 1,236
Commissions from sales of insurance and financial products 1,611 1,707 1,678 4,810 4,474
SBA loan sale gains 924 529 869 2,356 1,072
Bank-owned life insurance income 1,395 1,358 1,289 4,093 3,738
Security losses, net — — (27,905) — (27,905)
Other income, net 734 1,589 99 3,201 867
Total noninterest income 15,117 16,034 (12,952) 46,329 14,296
Noninterest expenses
Salaries expense 32,652 31,529 31,065 94,159 88,731
Employee benefit expense 6,810 6,958 5,751 20,284 18,033
Total personnel expense 39,462 38,487 36,816 114,443 106,764
Occupancy and equipment related expense 5,253 4,961 5,145 15,569 15,532
Merger and acquisition expenses 450 — — 450 —
Intangibles amortization expense 1,153 1,199 1,394 3,599 4,378
Other operating expenses 17,673 18,114 16,816 52,909 50,332
Total noninterest expenses 63,991 62,761 60,171 186,970 177,006
Income before income taxes 64,623 63,370 25,957 186,986 122,555
Income tax expense 13,347 12,851 5,594 38,532 27,220
Net Income $ 51,276 $ 50,519 $ 20,363 $ 148,454 $ 95,335
Earnings per common share:
Basic $ 1.24 $ 1.22 $ 0.49 $ 3.59 $ 2.30
Diluted 1.24 1.22 0.49 3.59 2.30
8
Third Quarter 2026 Results
First Bancorp and Subsidiaries
Financial Summary
CONSOLIDATED BALANCE SHEETS
($ in thousands - unaudited) September 30,
2026 June 30,
2026 September 30,
2025
Assets
Cash and due from banks, noninterest bearing $ 131,879 $ 128,424 $ 138,369
Due from banks, interest bearing 319,832 421,908 459,606
Total cash and cash equivalents 451,711 550,332 597,975
Securities available for sale 1,986,024 1,939,075 2,165,668
Securities held to maturity 508,100 509,712 514,733
Presold mortgages and SBA loans held for sale 2,677 12,304 4,032
Loans 9,104,899 8,988,748 8,419,224
Allowance for credit losses on loans (124,241) (124,894) (120,948)
Net loans 8,980,658 8,863,854 8,298,276
Premises and equipment, net 140,053 138,129 141,441
Accrued interest receivable 38,594 38,272 35,986
Goodwill 478,750 478,750 478,750
Other intangible assets, net 13,633 14,786 18,526
Bank-owned life insurance 197,379 195,984 191,911
Other assets 353,974 300,417 302,965
Total assets $ 13,151,553 $ 13,041,615 $ 12,750,263
Liabilities
Deposits:
Noninterest-bearing deposits $ 3,626,442 $ 3,597,565 $ 3,580,560
Interest-bearing deposits 7,499,862 7,487,302 7,300,610
Total deposits 11,126,304 11,084,867 10,881,170
Borrowings 74,793 74,717 92,421
Accrued interest payable 4,092 3,813 4,436
Other liabilities 233,219 161,758 168,913
Total liabilities 11,438,408 11,325,155 11,146,940
Shareholders’ equity
Common stock 967,738 966,777 973,235
Retained earnings 948,317 906,976 823,483
Stock in rabbi trust assumed in acquisition (541) (534) (877)
Rabbi trust obligation 541 534 877
Accumulated other comprehensive (loss) income (202,910) (157,293) (193,395)
Total shareholders’ equity 1,713,145 1,716,460 1,603,323
Total liabilities and shareholders’ equity $ 13,151,553 $ 13,041,615 $ 12,750,263
9
Third Quarter 2026 Results
First Bancorp and Subsidiaries
Financial Summary
TREND INFORMATION
For the Three Months Ended
September 30,
2026 June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025
PERFORMANCE RATIOS (annualized)
ROA (1)
1.55 % 1.56 % 1.48 % 0.49 % 0.64 %
Adjusted ROA (2)
1.56 % 1.56 % 1.48 % 1.54 % 1.31 %
ROCE (3)
11.71 % 11.89 % 11.22 % 3.83 % 5.14 %
Adjusted ROCE (4)
11.79 % 11.89 % 11.22 % 12.01 % 10.55 %
ROTCE (5)
16.48 % 16.88 % 16.05 % 5.80 % 7.83 %
Adjusted ROTCE (6)
16.59 % 16.88 % 16.05 % 17.45 % 15.66 %
Efficiency ratio (7)
49.09 % 49.12 % 49.05 % 73.75 % 66.92 %
Adjusted efficiency ratio (7)
48.74 % 49.12 % 49.05 % 48.53 % 51.07 %
COMMON SHARE DATA
Cash dividends declared - common $ 0.24 $ 0.24 $ 0.24 $ 0.23 $ 0.23
Book value per common share $ 41.38 $ 41.49 $ 40.68 $ 39.89 $ 38.67
Tangible book value per share (8)
$ 29.77 $ 29.84 $ 29.01 $ 28.23 $ 26.98
Common shares outstanding at end of period 41,399,233 41,374,221 41,375,026 41,466,227 41,465,437
Weighted average shares outstanding - diluted 41,393,792 41,375,377 41,459,357 41,481,132 41,481,542
CAPITAL INFORMATION (preliminary for current quarter)
Tangible common equity to tangible assets (9)
9.73 % 9.83 % 9.63 % 9.61 % 9.12 %
Common equity tier I capital ratio 14.26 % 14.09 % 14.13 % 14.10 % 14.35 %
Total risk-based capital ratio 16.22 % 16.06 % 16.12 % 16.12 % 16.58 %
(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.
INCOME STATEMENT For the Three Months Ended
($ in thousands except per share data) September 30,
2026 June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025
Net interest income $ 114,797 $ 111,266 $ 107,116 $ 106,199 $ 102,522
Provision for credit losses 1,300 1,169 3,083 4,732 3,442
Noninterest income 15,117 16,034 15,178 (22,299) (12,952)
Merger and acquisition costs 450 — — — —
Noninterest expense 63,541 62,761 60,218 62,223 60,171
Income before income taxes 64,623 63,370 58,993 16,945 25,957
Income tax expense 13,347 12,851 12,334 1,232 5,594
Net Income $ 51,276 $ 50,519 $ 46,659 $ 15,713 $ 20,363
Earnings per common share - diluted $ 1.24 $ 1.22 $ 1.13 $ 0.38 $ 0.49
10
Third Quarter 2026 Results
First Bancorp and Subsidiaries
Financial Summary
AVERAGE BALANCES AND NET INTEREST INCOME ANALYSIS - QUARTERS
For the Three Months Ended
September 30, 2026 June 30, 2026 September 30, 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)
$ 9,049,189 $ 131,056 5.75 % $ 8,896,592 $ 125,845 5.67 % $ 8,297,643 $ 118,855 5.69 %
Taxable securities 2,464,205 17,882 2.90 % 2,384,076 16,925 2.84 % 2,637,711 17,571 2.66 %
Non-taxable securities 282,540 1,113 1.58 % 283,645 1,115 1.57 % 286,750 1,114 1.56 %
Short-term investments, primarily interest-bearing cash 381,784 3,928 4.08 % 444,845 4,430 3.99 % 571,922 6,693 4.64 %
Total interest-earning assets 12,177,718 153,979 5.02 % 12,009,158 148,315 4.95 % 11,794,026 144,233 4.86 %
Cash and due from banks 129,562 136,181 149,771
Premises and equipment 139,675 139,177 141,858
Other assets 651,018 664,823 554,361
Total assets $ 13,097,973 $ 12,949,339 $ 12,640,016
Liabilities
Interest-bearing checking $ 1,383,578 $ 2,159 0.62 % $ 1,420,738 $ 2,233 0.63 % $ 1,403,683 $ 2,420 0.68 %
Money market deposits 4,801,217 30,306 2.50 % 4,666,044 28,268 2.43 % 4,510,662 31,674 2.79 %
Savings deposits 509,584 261 0.20 % 516,779 250 0.19 % 535,464 267 0.20 %
Other time deposits 475,896 2,810 2.34 % 487,071 2,790 2.30 % 514,143 3,029 2.34 %
Time deposits >$250,000 318,347 2,383 2.97 % 314,506 2,271 2.90 % 328,207 2,645 3.20 %
Total interest-bearing deposits 7,488,622 37,919 2.01 % 7,405,138 35,812 1.94 % 7,292,159 40,035 2.18 %
Short-term borrowings 719 1 0.61 % 757 1 0.72 % 785 1 0.49 %
Long-term borrowings 74,038 1,262 6.76 % 73,950 1,236 6.70 % 91,564 1,675 7.26 %
Total interest-bearing liabilities 7,563,379 39,182 2.06 % 7,479,845 37,049 1.99 % 7,384,508 41,711 2.24 %
Noninterest-bearing checking 3,617,819 3,597,511 3,550,499
Other liabilities 180,012 167,595 133,905
Shareholders’ equity 1,736,763 1,704,388 1,571,104
Total liabilities and shareholders' equity 13,097,973 12,949,339 12,640,016
Net yield on interest-earning assets and net interest income $ 114,797 3.75 % $ 111,266 3.71 % $ 102,522 3.46 %
Net yield on interest-earning assets and net interest income – tax-equivalent (3)
$ 115,247 3.76 % $ 111,732 3.73 % $ 102,861 3.47 %
Interest rate spread 2.96 % 2.96 % 2.62 %
Average prime rate 6.79 % 6.75 % 7.46 %
(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 $0.8 million, $1.1 million and $1.6 million for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025, respectively.
(3)Includes tax-equivalent adjustments to reflect the net tax benefit that we receive related to tax-exempt securities and loans as reduced by the related nondeductible portion of interest expense.
11
Third Quarter 2026 Results
First Bancorp and Subsidiaries
Financial Summary
AVERAGE BALANCES AND NET INTEREST INCOME ANALYSIS - YEAR-TO-DATE
For the Nine Months Ended
September 30, 2026 September 30, 2025
($ in thousands) Average
Volume Interest
Earned
or Paid Average
Rate Average
Volume Interest
Earned
or Paid Average
Rate
Assets
Loans (1) (2)
$ 8,910,149 $ 377,648 5.66 % $ 8,198,263 $ 342,273 5.58 %
Taxable securities 2,430,221 52,363 2.87 % 2,654,737 49,952 2.51 %
Non-taxable securities 283,625 3,343 1.57 % 287,826 3,346 1.55 %
Short-term investments, primarily interest-bearing cash 368,086 11,330 4.12 % 527,322 18,017 4.57 %
Total interest-earning assets 11,992,081 444,684 4.95 % 11,668,148 413,588 4.74 %
Cash and due from banks 137,558 145,593
Premises and equipment 139,542 142,333
Other assets 668,755 487,172
Total assets $ 12,937,936 $ 12,443,246
Liabilities
Interest-bearing checking $ 1,406,851 $ 6,621 0.63 % $ 1,423,164 $ 7,343 0.69 %
Money market deposits 4,678,750 85,091 2.43 % 4,403,000 90,801 2.76 %
Savings deposits 516,775 752 0.19 % 537,790 759 0.19 %
Other time deposits 485,957 8,418 2.32 % 535,515 9,470 2.36 %
Time deposits >$250,000 312,367 6,895 2.95 % 342,011 8,186 3.20 %
Total interest-bearing deposits 7,400,700 107,777 1.95 % 7,241,480 116,559 2.15 %
Short-term borrowings 740 4 0.65 % 809 4 0.74 %
Long-term borrowings 73,949 3,724 6.73 % 91,362 4,990 7.30 %
Total interest-bearing liabilities 7,475,389 111,505 1.99 % 7,333,651 121,553 2.22 %
Noninterest-bearing checking 3,577,272 3,483,214
Other liabilities 175,787 102,828
Shareholders’ equity 1,709,488 1,523,553
Total liabilities and shareholders' equity 12,937,936 12,443,246
Net yield on interest-earning assets and net interest income $ 333,179 3.71 % $ 292,035 3.34 %
Net yield on interest-earning assets and net interest income – tax-equivalent (3)
$ 334,574 3.73 % $ 293,022 3.35 %
Interest rate spread 2.96 % 2.52 %
Average prime rate 6.76 % 7.49 %
(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 $2.9 million and $4.8 million for the nine months ended September 30, 2026 and September 30, 2025, respectively.
(3)Includes tax-equivalent adjustments to reflect the net tax benefit that we receive related to tax-exempt securities and loans as reduced by the related nondeductible portion of interest expense.
12
Third Quarter 2026 Results
Reconciliation of non-GAAP measures
APPENDIX A: Reconciliation of Common Equity to Tangible Common Equity ("TCE")
For the Three Months Ended
($ in thousands) September 30,
2026 June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025
Total shareholders' common equity $ 1,713,145 $ 1,716,460 $ 1,682,950 $ 1,654,168 $ 1,603,323
Less: Goodwill and other intangibles, net of related taxes (480,741) (481,673) (482,640) (483,644) (484,623)
Tangible common equity $ 1,232,404 $ 1,234,787 $ 1,200,310 $ 1,170,524 $ 1,118,700
APPENDIX B: Calculation of Tangible Book Value Per Share
For the Three Months Ended
($ in thousands except per share data) September 30,
2026 June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025
Tangible common equity (Appendix A)
$ 1,232,404 $ 1,234,787 $ 1,200,310 $ 1,170,524 $ 1,118,700
Common shares outstanding 41,399,233 41,374,221 41,375,026 41,466,227 41,465,437
Tangible book value per common share $ 29.77 $ 29.84 $ 29.01 $ 28.23 $ 26.98
APPENDIX C: TCE Ratio
For the Three Months Ended
($ in thousands) September 30,
2026 June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025
Tangible common equity (Appendix A)
$ 1,232,404 $ 1,234,787 $ 1,200,310 $ 1,170,524 $ 1,118,700
Total assets 13,151,553 13,041,615 12,947,734 12,668,339 12,750,263
Less: Goodwill and other intangibles, net of related taxes (480,741) (481,673) (482,640) (483,644) (484,623)
Tangible assets ("TA") $ 12,670,812 $ 12,559,942 $ 12,465,094 $ 12,184,695 $ 12,265,640
TCE to TA ratio 9.73 % 9.83 % 9.63 % 9.61 % 9.12 %
13
Third Quarter 2026 Results
APPENDIX D: Adjusted Net Income and Adjusted D-EPS
For the Three Months Ended For the Nine Months Ended
($ in thousands) September 30,
2026 June 30,
2026 September 30,
2025 September 30,
2026 September 30,
2025
Net income (A) $ 51,276 $ 50,519 $ 20,363 $ 148,454 $ 95,335
Impact of loss-earnback
Securities loss from loss-earnback — — 27,905 — 27,905
Less, tax impact — — (6,472) — (6,472)
After-tax impact of securities loss-earnback — — 21,433 — 21,433
Impact of Merger and acquisition expenses
Merger and acquisition expenses 450 — — 450 —
Less, tax impact (104) — — (104) —
After-tax impact of merger and acquisition expenses 346 — — 346 —
Adjusted net income (B) $51,622 $50,519 $41,796 $148,800 $116,768
Weighted average shares outstanding - diluted (C) 41,393,792 41,375,377 41,481,542 41,409,330 41,443,636
D-EPS (A/C) $ 1.24 $ 1.22 $ 0.49 $ 3.59 $ 2.30
Adjusted D-EPS (B/C) $ 1.24 $ 1.22 $ 1.01 $ 3.59 $ 2.82
NOTE: Certain merger related expenses may not be fully tax deductible.
APPENDIX E: Calculation of Return on Average Assets ("ROA") and Adjusted ROA
For the Three Months Ended
($ in thousands) September 30,
2026 June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025
Net income (A) $ 51,276 $ 50,519 $ 46,659 $ 15,713 $ 20,363
After-tax impact of securities loss-earnback — — — 33,581 21,433
After-tax impact of merger and acquisition expenses 346 — — — —
Adjusted net income (B) $ 51,622 $ 50,519 $ 46,659 $ 49,294 $ 41,796
Average total assets (C) $ 13,097,973 $ 12,949,339 $ 12,762,814 $ 12,716,139 $ 12,640,016
ROA (A/C) 1.55 % 1.56 % 1.48 % 0.49 % 0.64 %
Adjusted ROA (B/C) 1.56 % 1.56 % 1.48 % 1.54 % 1.31 %
14
Third Quarter 2026 Results
Reconciliation of non-GAAP measures, continued
APPENDIX F: Calculation of Return on Common Equity ("ROCE") and Adjusted ROCE
For the Three Months Ended
($ in thousands) September 30,
2026 June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025
Net income (A) $ 51,276 $ 50,519 $ 46,659 $ 15,713 $ 20,363
After-tax impact of securities loss-earnback — — — 33,581 21,433
After-tax impact of merger and acquisition expenses 346 — — — —
Adjusted net income (B) $ 51,622 $ 50,519 $ 46,659 $ 49,294 $ 41,796
Average common equity (C) $ 1,736,763 $ 1,704,388 $ 1,686,763 $ 1,627,976 $ 1,571,104
ROCE (A/C) 11.71 % 11.89 % 11.22 % 3.83 % 5.14 %
Adjusted ROCE (B/C) 11.79 % 11.89 % 11.22 % 12.01 % 10.55 %
APPENDIX G: Calculation of Return on TCE ("ROTCE") and Adjusted ROTCE
For the Three Months Ended
($ in thousands) September 30,
2026 June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025
Net income $ 51,276 $ 50,519 $ 46,659 $ 15,713 $ 20,363
Intangible asset amortization, net of taxes 887 923 960 994 1,066
Tangible Net income (A) 52,163 51,442 47,619 16,707 21,429
After-tax impact of securities loss-earnback — — — 33,581 21,433
After-tax impact of merger and acquisition expenses 346 — — — —
Adjusted tangible Net income (B) $ 52,509 $ 51,442 $ 47,619 $ 50,288 $ 42,862
Average Common Equity $ 1,736,763 $ 1,704,388 $ 1,686,763 $ 1,627,976 $ 1,571,104
Less: Average Goodwill and Other Intangibles, net of related taxes (481,346) (482,326) (483,314) (484,313) (485,331)
Average TCE (C) $ 1,255,417 $ 1,222,062 $ 1,203,449 $ 1,143,663 $ 1,085,773
ROTCE (A/C) 16.48 % 16.88 % 16.05 % 5.80 % 7.83 %
Adjusted ROTCE (B/C) 16.59 % 16.88 % 16.05 % 17.45 % 15.66 %
15
Third Quarter 2026 Results
APPENDIX H: Impact of Hurricane Helene
For the Three Months Ended For the Nine Months Ended
($ in thousands) September 30,
2026 June 30,
2026 September 30,
2025 September 30,
2026 September 30,
2025
Impact of Hurricane Helene
Provision for (benefit from) credit losses $ (1,900) $ — $ (4,000) $ (1,900) $ (9,500)
Total (1,900) — (4,000) (1,900) (9,500)
Less, tax impact 438 — 928 438 2,203
After-tax impact of Hurricane Helene $ (1,462) $ — $ (3,072) $ (1,462) $ (7,297)
Weighted average shares outstanding - diluted 41,393,792 41,375,377 41,481,542 41,409,330 41,443,636
Impact of Hurricane Helene per diluted share $ 0.04 $ — $ 0.07 $ 0.04 $ 0.18
APPENDIX I: Efficiency Ratio and Adjusted Efficiency Ratio
For the Three Months Ended
September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025
Noninterest expenses (A) $ 63,991 $ 62,761 $ 60,218 $ 62,043 $ 60,171
Merger & acquisition expenses 450 — — — —
Adjusted noninterest expenses (B) 63,541 62,761 60,218 62,043 60,171
Noninterest income (C) 15,117 16,034 15,178 (22,479) (12,952)
Securities losses, net — — — (43,722) (27,905)
Adjusted noninterest income (D) 15,117 16,034 15,178 21,243 14,953
Net interest income - tax equivalent (E) 115,247 111,732 107,595 106,601 102,861
Efficiency ratio A/(C+E) 49.09 % 49.12 % 49.05 % 73.75 % 66.92 %
Adjusted efficiency ratio B/(D+E) 48.74 % 49.12 % 49.05 % 48.53 % 51.07 %
Supplemental information
APPENDIX J: Loan purchase discount accretion and its impact on the Company's NIM
Included in interest income for the third quarter of 2026 was a loan purchase accounting discount accretion of $0.8 million compared to $1.1 million for the linked quarter and $1.6 million for the like quarter, with the activity primarily related to the continued repayments/reduction of the loan portfolio acquired from GrandSouth Bancorporation in January of 2023. Loan discount accretion had positive impacts of two basis points, three basis points and four basis points, respectively, on the Company's NIM and NIM-T/E in the third quarter of 2026, the linked quarter and the like quarter.
16
Third Quarter 2026 Results
The following table presents the impact to net interest income of the purchase accounting adjustments for each period.
For the Three Months Ended
NET INTEREST INCOME PURCHASE ACCOUNTING ADJUSTMENTS
($ in thousands)
September 30,
2026 June 30,
2026 September 30,
2025
Interest income - increased by accretion of loan discount on acquired loans $ 800 $ 1,083 $ 1,584
Total interest income impact 800 1,083 1,584
Interest expense - increased by discount accretion on deposits (43) (62) (77)
Interest expense - increased by discount accretion on borrowings (89) (87) (197)
Total net interest expense impact (132) (149) (274)
Total impact on net interest income $ 668 $ 934 $ 1,310
17
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investor_deckx2026-09
Third 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, 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 risks and uncertainties relating to the level of success in integrating acquisitions, (including the ability to successfully integrate First Carolina into First Bank; to realize the anticipated benefits of the acquisition; deposit attrition, customer loss or other revenue loss following completed acquisitions may be greater than anticipated; and the integration of operations and personnel may require more time and expense); actions of government regulators; the level of market interest rates; 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 $13.2 billionAssets * $9.1 billionLoans * $11.1 billionDeposits * 113 in NC & SCBranches * 1,391 full-time equivalent employeesEmployees * 4th largest bank headquartered in NC (largest community bank)Ranking $2.5 billion – Ticker FBNCMarket Capitalization # NASDAQ Global Select Market, S&P SmallCap 600 Index, Russell 2000Stock Market/Indices 226,000 shares Daily Average Trading Volume # 1.60%Insider Ownership # 83.58%Institutional Ownership # YesMember of Russell 2000 * Data is as of 09/30/26 # Data is as of 10/16/26
First Bank: The bank of the Carolinas Deepening South Carolina franchise Increases South Carolina deposit base by over 50% and doubles branch footprint in the state(1) Top 10 pro forma deposit market share in South Carolina; #2 pro forma deposit market share in Pee Dee Region Familiar community banking cultures Carolina Bank chartered in 1936 Experienced bankers (average tenure ~17 years) serving longstanding customers (average DDA account age ~15 years) Partnering with a top financial performer Carolina Bank has a strong LTM ROA at 1.60%(2) Core funding base with favorable 1.42% 2Q’26 cost of funds and no borrowings(2) Compelling financial results Low single-digit EPS accretion; ~1% TBV dilution with less than 2-year earnback; 20%+ IRR Strong pro forma capital ratios maintain future optionality to grow the bank and increase earnings Accretive to First Bancorp operating results Additional scale improves projected Efficiency Ratio, ROA and ROTCE Grows AUM of FB Wealth Management by ~15% Data Source: S&P Global Market Intelligence, FDIC Summary of Deposits as of 6/30/25. (1) Based on FDIC Summary of Deposits as of 6/30/25 and excludes any potential branch closures following the consummation of the transaction. (2) Represents bank-level data as of and for the three months and twelve months ended 6/30/26. On July 14, 2026, First Bancorp and Carolina Bank & Trust Company announced the signing of a definitive merger agreement under which First Bancorp will acquire First Carolina in a stock and cash transaction with an aggregate value of $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. Pending acquisition of Carolina Bank
First Bank post acquisition 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 Carolina Bank (14) FBNC (113) $13.8B Assets $9.4B Gross Loans $11.7B Deposits 1.6% 2027E ROA 15% 2027E ROTCE 47% 2027E Eff. Ratio Pro Forma Financial Highlights
Best Employer in North Carolina 2023, 2024, 2025, 2026 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. America’s Greatest Workplaces in North Carolina First Bank was recognized by Newsweek as one of America’s Greatest Workplaces in North Carolina for 2026 2026
Q3 2026 highlights 1. Annualized net income divided by: average common shareholders’ equity less average total intangible assets, net. 2. Net-interest income divided by average earning assets. 3. Adjusted for $0.5 million of merger and acquisition expense. CHANGEQ2 2026Q3 2026 +$0.8 million$50.5 million$51.3 millionNet income +$0.2 million$1.1 million$1.3 millionProvision for Credit Losses +$0.02$1.22 $1.24 Diluted EPS -1 bp1.56%1.55%ROA +0 bps1.56%1.56%Adjusted ROA (3) -18 bps11.89%11.71%ROCE -10 bps11.89%11.79%Adjusted ROCE (3) -40 bps16.88%16.48%ROTCE (1) -29 bps16.88%16.59%Adjusted ROTCE (1) (3) +4 bps3.71%3.75%Net Interest Margin (2) +8 bps5.67%5.75%Loan Yield +4 bps1.31%1.35%Total Cost of Deposits +5 bps1.34%1.39%Total Cost of Funds
Q3 2026 summary 1. Preliminary • Q3 2026 net income of $51.3 million ($51.6 million on an adjusted basis) • ROA of 1.55% (Adjusted ROA of 1.56%) • ROCE of 11.71% (Adjusted ROCE of 11.79%) • ROTCE 16.48% (Adjusted ROTCE of 16.59%) • Management continues to control expenses resulting in $64.0 million of NIE Earnings • NIM increased 4 basis points to 3.75% • Net Interest Income +$3.5 million to $114.8 million • Loan Yield increased 8 bps to 5.75% • Securities yield of 2.76% (+5 bps) • Total Cost of Deposits increased 4 bps to 1.35% Margin • Total assets increased $109.9 million • Loan growth of $116.2 million • Deposits increased $41.4 million Balance Sheet • ACL coverage ratio of 1.36% down 3 bps from Q2 2026 • Annualized net charge-offs of 0.9% ($2.1 million) • Foreclosed real estate decreased to $0.8 million • Helene credit reserves reduced to $0 • NPA/Assets ratio remains low at 0.34% Credit • Capital position remains strong – o Tangible Common Equity Ratio 9.73% (-10 bps) o CET 1 Ratio 14.26%1 (+17 bps) o Total Risk-Based Capital 16.22%1 (+16 bps) o C&D and CRE concentration ratios within target range • Book value of $41.38 per share, (- $0.11) • Tangible book value of $29.77 per share, (- $0.07) Capital “We continue to benefit from the repositioning of lower- yielding assets into higher-yielding opportunities, resulting in a 4 basis-point expansion of our NIM and strong operating performance. We remain confident in our ability to deliver strong results throughout 2026.” Richard H. Moore, First Bancorp Chairman and CEO $51.3 million Net Income $51.6 million Adjusted Net Income $1.24 Diluted EPS $1.24 Adjusted Diluted EPS $114.8 million Net Interest Income 3.75% NIM 1.56% Adjusted ROA 49.1% Efficiency ratio $41.4 million, or +1.5% Linked quarter deposit growth $116.2 million, or +5.1% Linked quarter loan growth 14.26%1 CET1 ratio 1.36% ACL ratio
Net interest margin (NIM tax-equivalent ) 2.80% 2.87% 2.90% 3.08% 3.27% 3.32% 3.47% 3.60% 3.69% 3.73% 3.76% 2.69% 2.77% 2.82% 2.99% 3.19% 3.26% 3.40% 3.54% 3.64% 3.68% 3.73% 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 Q2 2026 Q3 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% 5.57% 5.67% 5.75% 5.30% 5.37% 5.39% 5.34% 5.41% 5.44% 5.60% 5.51% 5.51% 5.61% 5.71% 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 Q2 2026 Q3 2026 Stated Core
Asset yield trends 2.41% 2.55% 2.69% 2.74% 2.71% 2.76% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% 2.20% 2.40% 2.60% 2.80% 3.00% 2nd Quarter 2025 3rd Quarter 2025 4th Quarter 2025 1st Quarter 2026 2nd Quarter 2026 3rd Quarter 2026 Total Securities 4.69% 4.86% 4.84% 4.88% 4.95% 5.02% 4.00% 4.20% 4.40% 4.60% 4.80% 5.00% 5.20% 2nd Quarter 2025 3rd Quarter 2025 4th Quarter 2025 1st Quarter 2026 2nd Quarter 2026 3rd Quarter 2026 Interest Earning Assets 5.53% 5.69% 5.59% 5.57% 5.67% 5.75% 5.00% 5.10% 5.20% 5.30% 5.40% 5.50% 5.60% 5.70% 5.80% 2nd Quarter 2025 3rd Quarter 2025 4th Quarter 2025 1st Quarter 2026 2nd Quarter 2026 3rd 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% 1.34% 1.39% 1.56% 1.72% 1.72% 1.57% 1.46% 1.43% 1.46% 1.32% 1.28% 1.31% 1.35% 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 Q2 2026 Q3 2026 Cost of Funds Deposits
Deposit cost 2.14% 2.18% 1.97% 1.89% 1.94% 2.01% 1.50% 1.60% 1.70% 1.80% 1.90% 2.00% 2.10% 2.20% 2.30% 2nd Quarter 2025 3rd Quarter 2025 4th Quarter 2025 1st Quarter 2026 2nd Quarter 2026 3rd Quarter 2026 Interest Bearing Deposits 1.43% 1.46% 1.32% 1.28% 1.31% 1.35% 1.00% 1.05% 1.10% 1.15% 1.20% 1.25% 1.30% 1.35% 1.40% 1.45% 1.50% 2nd Quarter 2025 3rd Quarter 2025 4th Quarter 2025 1st Quarter 2026 2nd Quarter 2026 3rd 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 second 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 Q3 2026 are preliminary and subject to change 9.83% 11.60% 14.09% 14.81% 16.06% 9.73% 11.79% 14.26% 14.97% 16.22% 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 6/30/2026 9/30/2026 Minimum 10 bps 19 bps 16 bps 16 bps 17 bps Capital Ratios
Strong deposit franchise supported by thriving markets Total deposits ended at $11.1 billion, an increase of $41.4 million for the quarter, or 1.5% annualized. The remaining brokered deposits matured during the quarter ended September 30, 2026. Management has controlled interest expense, with total cost of deposits of 1.35% for Q3 2026, an increase of 4 basis points from the linked quarter and a decrease of 11 basis points from the like quarter. $10,881 $10,748 $11,012 $11,085 $11,126 1.46% 1.32% 1.28% 1.31% 1.35% 2.18% 1.97% 1.89% 1.94% 2.01% 4.25% 3.75% 3.75% 3.75% 4.00% $7,000 $7,500 $8,000 $8,500 $9,000 $9,500 $10,000 $10,500 $11,000 $11,500 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 3Q '25 4Q '25 1Q '26 2Q '26 3Q '26 Deposits Total cost of deposits Interest bearing deposits Fed funds Deposits end-of-period ($ in millions)
Diverse deposit base The Company benefits from a granular deposit franchise, with the top twenty depositors representing approximately 7% of total deposits. Consumer deposits represent 42% of total deposits. Business deposits represent 58% of total deposits. Uninsured and uncollateralized deposits represent approximately 35% of total deposits. 8% 8% 7% 7% 7% 0% 0% 0% 0% 0% 41% 42% 42% 43% 43% 5% 5% 5% 5% 5% 13% 13% 13% 13% 13% 33% 32% 33% 32% 32% 3Q '25 4Q '25 1Q '26 2Q '26 3Q '26 Time deposits Brokered Money market Savings NOW Nonint trans accts Deposits End-of-Period ($ in millions) $10,881 $10,748 $11,012 $11,085 $11,126
Allowance for credit losses Percent of loans outstanding Allowance for credit lossesLoans outstanding 1.4%$ 20,194$ 1,041,062Commercial and industrial 1.74%16,240932,510Construction, development & other land loans 1.30%17,9301,382,601Commercial real estate - owner occupied 0.92%27,3682,963,696 Commercial real estate - non owner occupied 0.98%5,995614,797Multi-family real estate 1.69%29,2351,726,802Residential 1-4 family real estate 0.82%3,087378,419Home equity loans/lines of credit 6.35%4,19266,060Consumer loans (1,048)Unamortized net deferred loan costs (fees) 1.36%$ 124,241$ 9,104,899Total loans
Asset quality trends 0.14% 0.05% 0.06% 0.04% 0.09% 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Annualized Net Charge Offs 0.44% 0.42% 0.47% 0.49% 0.49% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Nonperforming Loan Ratio 1.44% 1.42% 1.42% 1.39% 1.36% 1.00% 1.05% 1.10% 1.15% 1.20% 1.25% 1.30% 1.35% 1.40% 1.45% 1.50% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 ACL / Loans 0.31% 0.30% 0.32% 0.34% 0.34% 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% 0.35% 0.40% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Nonperforming Asset Ratio
Noninterest income Q3 26Q2 26Q1 26Q4 25Q3 25Q2 25(Dollars in thousands) $ 4,574 $ 4,205 $ 3,954 $ 4,269 $ 4,225 $ 3,976 Service charges on deposit accounts 5,500 5,986 5,942 5,653 6,323 6,605 Other service charges and fees 379660669583 471 315 Presold mortgage loan fees and gains on sale 1,611 1,707 1,492 1,800 1,678 1,388 Commissions from sales of financial products 924 529 903 -869 151 SBA loan sale gains 1,395 1,358 1,340 1,375 1,289 1,221 Bank-owned life insurance income ---(43,722)(27,905)-Securities losses, net 734 1,589 878 7,563 99 636 Other income, net $ 15,117$ 16,034$ 15,178$ (22,479)$ (12,951)$ 14,292 Total noninterest income Our Noninterest income primarily relates to providing excellent services to our customers in the form of deposit and transaction services, mortgage financing and other financial products. These services are relatively stable across interest rate environments. Noninterest income also includes amounts related to other noninterest earning investments and gains/losses on the sales of investment securities. During the fourth quarter of 2025, the Company realized a $4.6 million gain from the sale of an office building.
Noninterest expense Q3 26Q2 26Q1 26Q4 25Q3 25Q2 25(Dollars in thousands) $32,652 $31,529 $29,978 $30,747 $31,065 $29,005 Salaries, incentives and commissions expense 6,8106,9586,5166,6735,7516,187Employee benefit expense 39,46238,48736,49437,42036,81635,192Total personnel expense 5,2534,9615,3554,9035,1455,195Occupancy and equipment expense 450-----Merger and acquisition expense 1,1531,1991,2471,2941,3941,468Intangibles amortization expense 17,67318,11417,12218,42616,81717,069Other operating expenses $63,991 $62,761 $60,218 $62,043 $60,172 $58,924 Total noninterest expenses $58,924 $60,172 $62,043 $60,218 $62,761 $63,991 53.0% 51.1% 48.5% 49.0% 49.1% 49.1% 45% 50% 55% 60% 65% $45,000 $47,500 $50,000 $52,500 $55,000 $57,500 $60,000 $62,500 $65,000 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Th o u sa n d s Non interest expense Efficiency 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 • Q3 2026 total cost of deposits was 1.35% • 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 June 30, 2026 and the stock prices are as of October 16, 2026 for all companies presented. Based on September 30, 2026 amounts for tangible common book value ($29.77) and FBNC stock price ($61.11), the Price to Tangible Book was 2.05x at that date. 1.25x 1.46x 1.57x 1.65x 1.77x 1.83x 1.85x 2.02x 2.07x 2.46x - 0.50 1.00 1.50 2.00 2.50 SFST UCB TOWN FBK ABCB AUB UBSI FBNC SBCF FCBC Price / Tangible Common Book Value Median = 1.80x The above chart reflects the 10/16/2026 closing stock price and 6/30/2026 tangible common book value.
Valuation Price to Earnings Based on SNL Mean Normalized 2026 EPS Estimate of $4.72, the FBNC price to earnings ratio is 12.8x based on October 16, 2026, closing price for FBNC stock of $60.36. The above chart reflects the 10/16/2026 closing stock price and 2026 EPS Estimate as of that date. . 10.1x 11.x 11.3x 11.4x 12.x 12.x 12.7x 12.8x 12.8x 16.1x AUB FBK TOWN UCB SFST ABCB UBSI SBCF FBNC FCBC Price / 2026 Consensus EPS - Normalized Median – 12.0x
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, community colleges and universities • 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!
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v3.26.3
Cover Page
Oct. 21, 2026
Cover [Abstract]
Document Type
8-K
Document Period End Date
Oct. 21, 2026
Entity Registrant Name
First Bancorp
Entity Incorporation, State or Country Code
NC
Entity File Number
0-15572
Entity Tax Identification Number
56-1421916
Entity Address, Address Line One
300 SW Broad Street,
Entity Address, City or Town
Southern Pines,
Entity Address, State or Province
NC
Entity Address, Postal Zip Code
28387
City Area Code
(910)
Local Phone Number
246-2500
Written Communications
false
Soliciting Material
false
Pre-commencement Tender Offer
false
Pre-commencement Issuer Tender Offer
false
Title of 12(b) Security
Common Stock, No Par Value
Trading Symbol
FBNC
Security Exchange Name
NASDAQ
Entity Emerging Growth Company
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Amendment Flag
false
Entity Central Index Key
0000811589
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