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EX-99.1

2 exhibit991newsreleasedated.htm

EX-99.1

Document

News Release

For Immediate Release:For More Information, Contact:

April 22, 2026 Katie Doyle

336-286-8741

First Bancorp Reports First Quarter Results

First Quarter 2026 Financial Data

(Dollars in 000s, except per share data)Q1-2026Q4-2025Q1-2025

Summary Income Statement

Total interest income$142,390 $143,634 $132,624

Total interest expense35,274 37,435 39,777

Net interest income107,116 106,199 92,847

Provision for credit losses3,083 4,732 1,116

Noninterest income15,178 (22,479)12,956

Noninterest expenses60,218 62,043 57,911

Income tax expense12,334 1,232 10,370

Net income$46,659 $15,713 $36,406

Key Metrics

Diluted EPS$1.13 $0.38 $0.88

Adjusted diluted EPS (1)1.13 1.19 0.88

Book value per share40.68 39.89 36.46

Tangible book value per share29.01 28.23 24.69

ROA1.48 %0.49 %1.21 %

Adjusted ROA (1)1.48 %1.54 %1.21 %

ROCE11.22 %3.83 %10.06 %

Adjusted ROCE (1)11.22 %12.01 %10.06 %

ROTCE16.05 %5.80 %15.54 %

Adjusted ROTCE (1)16.05 %17.45 %15.54 %

NIM3.67 %3.58 %3.25 %

NIM- T/E3.69 %3.60 %3.27 %

Efficiency ratio49.05 %73.75 %54.51 %

Quarterly NCO ratio0.06 %0.05 %0.17 %

ACL ratio1.42 %1.42 %1.49 %

Capital Ratios (2)

Tangible common equity to tangible assets9.63 %9.61 %8.55 %

Common equity tier I capital ratio14.11 %14.10 %14.52 %

Total risk-based capital ratio16.10 %16.12 %16.80 %

(1) Q4-2025 adjusted to exclude impact of securities loss of $43.7 million (after tax $33.6 million). See Appendices D, E, F and G.

(2) March 31, 2026 ratios are preliminary.

First Quarter 2026 Highlights

•D-EPS was $1.13 per share for the first quarter of 2026 compared to $0.38 for the linked quarter and $0.88 for the like quarter.

•The net interest margin was 3.67% for the quarter ended March 31, 2026, an expansion of 0.09% from the linked quarter and 0.42% from the like quarter.

•The efficiency ratio for the quarter ended March 31, 2026 was 49.05%, compared 73.75% for the linked quarter and 54.51% for the like quarter. See Appendix I.

•Total loans were $8.8 billion at March 31, 2026, representing an increase of $71.4 million, or 3.3% annualized. Adjusting for the paydown of one larger seasonal loan, loan growth for the quarter was 5.9% annualized.

•Total loan yield was 5.58%, down 1 basis point from the linked quarter and up 6 basis points from the like quarter.

•The yield on securities increased 5 basis points to 2.74% for the quarter ended March 31, 2026 from 2.69% for the linked quarter.

•Total cost of funds decreased 5 basis points to 1.31% for the quarter ended March 31, 2026 from 1.36% for the linked quarter and 1.51% for the like quarter.

•Average core deposits were $10.8 billion for the first quarter of 2026, a decrease of $13.2 million from the linked quarter and an increase of $227.6 million for the like quarter. Total cost of deposits was 1.28%, a decrease of 4 basis points from 1.32% for the linked quarter and a decrease of 18 basis points from the like quarter at 1.46%.

•Expense management continues to be a focus. Noninterest expenses of $60.2 million represented a $1.8 million decrease from the linked quarter and a $2.3 million increase from the like quarter. The linked quarter decrease was driven by a $1.3 million decrease in Other operating expenses and a $0.9 million decrease in Total personnel expense.

•Noninterest-bearing demand deposits were $3.6 billion, representing 33% of total deposits at March 31, 2026. During the first quarter of 2026, period end customer deposits grew $264.0 million.

•The loan-to-deposit ratio was 79.9% as of March 31, 2026.

1

First Quarter 2026 Results

SOUTHERN PINES, N.C. - First Bancorp (the "Company") (NASDAQ - FBNC), the parent company of First Bank, reported unaudited first quarter earnings today. The Company announced net income of $46.7 million, or $1.13 diluted earnings per share ("D-EPS"), for the three months ended March 31, 2026 compared to $15.7 million, or $0.38 D-EPS, for the three months ended December 31, 2025 ("linked quarter") and $36.4 million, or $0.88 D-EPS, for the first quarter of 2025 ("like quarter").

The Company continued to enhance net interest income and net interest margin ("NIM") during the first quarter of 2026. The Company recorded net interest income of $107.1 million for the first quarter of 2026, compared to $106.2 million for the linked quarter and $92.8 million for the like quarter. NIM for the first quarter of 2026 expanded to 3.67% from 3.58% for the linked quarter and 3.25% for the like quarter.

First Bancorp also continued to maintain expense control with noninterest expenses of $60.2 million for the first quarter of 2026, down from $62.0 million for the linked quarter, and up from $57.9 million for the like quarter. The efficiency ratio for the quarter ended March 31, 2026 was 49.05%, compared to an adjusted efficiency ratio of 48.53% for the linked quarter and an efficiency ratio of 54.51% for the like quarter. See Appendix I for

fbnc-20260121false000081158900008115892026-01-212026-01-21

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): January 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 Condition3

Item 9.01 – Financial Statements and Exhibits3

Signatures3

Exhibit 99.1 News Release dated January 21, 2026 4

Exhibit 99.2 Earnings Release Presentation dated January 21, 2026 18

2

Item 2.02 - Results of Operations and Financial Condition On January 21, 2026, First Bancorp (the “Registrant” or “Company”) issued an earnings release to announce its financial results for the three month period ended December 31, 2025. 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 January 21, 2026 Exhibit 99.2 Earnings Release Presentation dated January 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 mad