First Bancorp reported second quarter 2026 net income of $50.5 million, or $1.22 diluted EPS, compared to $46.7 million or $1.13 diluted EPS in the prior quarter. The company expanded its net interest margin to 3.71% and grew total assets to $13.0 billion. Additionally, the company reiterated its pending acquisition of First Carolina Bancshares Corporation in a 75% stock and 25% cash transaction, expected to close in late 2026 or early 2027. First Bancorp is a bank holding company that owns and operates First Bank, a community bank in North Carolina and South Carolina.

First Bancorp entered into a merger agreement with First Carolina Bancshares Corporation, a transaction with a total current value of approximately $166 million or $64.22 per share. Under the terms, First Carolina shareholders will receive 14.5340 shares of First Bancorp common stock and $294.94 in cash for each share held. The merger is expected to close in the fourth quarter of 2026 or early in the first quarter of 2027. First Bancorp is a financial services holding company providing banking services through its subsidiary, First Bank.

First Bancorp declared a cash dividend of $0.24 per share on its common stock, which is payable on July 24, 2026, to shareholders of record as of June 30, 2026. First Bancorp is a financial services company providing banking services.