First Bancorp North Carolina Q3 net income more than doubles
FBNC•First Bancorp North Carolina reported third-quarter net income of $51.28 million and EPS of $1.24, with net income and adjusted EPS rising sharply year over year. Net interest income increased 12% to $114.80 million.
1. Quarterly results
The regional bank’s third-quarter net income more than doubled year over year to $51.28 million, and EPS was $1.24. Net interest income rose 12% to $114.80 million, while net interest margin was 3.75%. The company attributed the increase in net interest income to loan growth and higher loan yields.
2. Acquisition outlook
The company recorded $0.5 million in merger expenses for its pending acquisition of Carolina Bank and expects to close the deal in early 2027. It said its liquidity sources are adequate for foreseeable operating needs.
