First Bancorp beats EPS estimates for a ninth straight quarter

First Bancorp posted diluted EPS of $1.24 for Q3 2026, topping expectations and extending a streak that now stretches back nine consecutive quarters of rising earnings power. Revenue was essentially in line with estimates while growing year over year.

The engine behind the beat was net interest income, which climbed 12.0% year over year. The bank has been methodically shifting its earning asset mix toward higher-yielding loans, pushing the net interest margin wider.

The efficiency ratio improved to 49.09% from the year-ago quarter, a narrowing that reflects disciplined expense management alongside that margin expansion. Total loans grew year over year, and annualized net charge-offs stayed minimal, pointing to strong underlying credit quality.

The reported EPS figure includes a $0.5 million charge tied to merger and acquisition expenses for the pending Carolina Bank acquisition, and a $1.9 million benefit from reversing the remaining Hurricane Helene credit loss reserve. Those two items partially offset each other, so the operating picture is close to what the headline number suggests.

The Carolina Bank deal, valued at $166 million in stock and cash, is expected to close in early Q1 2027 and brings low single-digit EPS accretion. It would also more than double First Bancorp's branch footprint in South Carolina and grow FB Wealth Management assets under management.