First Bancorp North Carolina Q3 net income more than doubles

First Bancorp (North Carolina)

21/10/2026 21:14

Overview
US regional bank's Q3 net income and adjusted EPS rose sharply yr/yr
Net interest income grew 12% yr/yr, driven by loan growth and higher loan yields
Company recorded $0.5 mln in merger expenses for pending Carolina Bank acquisition

Outlook
Company expects to close Carolina Bank acquisition in early 2027
Company says liquidity sources are adequate for foreseeable operating needs

Result Drivers
LOAN GROWTH AND YIELD - Co attributed higher net interest income to increased loan volume and higher loan yields
SECURITIES YIELD - Higher yields and balances in taxable securities contributed to net interest margin expansion
EXPENSE INCREASES - Personnel and merger expenses contributed to higher noninterest expenses

Company press release: ID:nPn7NBBzka

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 EPS
 
$1.24
 
Q3 Net Income
 
$51.28 mln
 
Q3 Net Interest Income
 
$114.80 mln
 
Q3 Net Interest Margin
 
3.75%
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy"
Wall Street's median 12-month price target for First Bancorp (North Carolina) is $69.00, about 12.1% above its October 20 closing price of $61.57
The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 13 three months ago

Reuters Recommended Reads
Oct 21 - First Community's Q3 net income rises 55% after Signature Bank of Georgia acquisition
Oct 21 - Parke Bancorp's Q3 net income rises, helped by loan growth
Oct 21 - Community Trust Bancorp's Q3 net interest income rises nearly 10%

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)