FBNC

EX-99.1

2 exhibit991newsreleasedated.htm

EX-99.1

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)Q3-2026Q2-2026Q3-2025

Summary Income Statement

Total interest income$153,979 $148,315 $144,233

Total interest expense39,182 37,049 41,711

Net interest income114,797 111,266 102,522

Provision for credit losses1,300 1,169 3,442

Noninterest income15,117 16,034 (12,952)

Noninterest expenses63,991 62,761 60,171

Income tax expense13,347 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 share41.38 41.49 38.67

Tangible book value per share29.77 29.84 26.98

ROA1.55 %1.56 %0.64 %

Adjusted ROA (1)1.56 %1.56 %1.31 %

ROCE11.71 %11.89 %5.14 %

Adjusted ROCE (1)11.79 %11.89 %10.55 %

ROTCE16.48 %16.88 %7.83 %

Adjusted ROTCE (1)16.59 %16.88 %15.66 %

NIM3.75 %3.71 %3.46 %

NIM- T/E3.76 %3.73 %3.47 %

Efficiency ratio49.09 %49.12 %66.92 %

Quarterly NCO ratio0.09 %0.04 %0.14 %

ACL ratio1.36 %1.39 %1.44 %

Capital Ratios (2)

Tangible common equity to tangible assets9.73 %9.83 %9.12 %

Common equity tier I capital ratio14.26 %14.09 %14.35 %

Total risk-based capital ratio16.22 %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 mi

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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