Net interest income reached $107.1 million in 2026Q1, though operational efficiency remains variable with an efficiency ratio that fluctuated between 37.7% and 52.5% over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Net Interest Income | 412.48M | 398.25M | 332.27M | 346.66M | 324.85M | 246.4M | 218.12M | 216.2M | 207.43M | 164.71M | 123.38M | 119.75M | 131.61M | 136.53M | 135.2M | 132.2M | 127.35M | 107.1M | 86.56M | 79.28M | 74.54M | 68.59M | 61.29M | 55.76M | 49.39M | 41.05M | 38.7M | 35.1M | 32.54M | 18.1M | 15.6M |
| NII Growth % | 77.53% | 19.86% | -4.15% | 6.71% | 31.84% | 12.96% | 0.89% | 4.23% | 25.94% | 33.5% | 3.03% | -9.01% | -3.6% | 0.98% | 2.27% | 3.81% | 18.92% | 23.73% | 9.18% | 6.37% | 8.67% | 11.91% | 9.92% | 12.9% | 20.31% | 6.09% | 10.23% | 7.87% | 79.79% | 16.03% | 9.86% |
| Net Interest Margin % | 3.19% | 3.14% | 2.74% | 2.86% | 3.06% | 2.34% | 2.99% | 3.52% | 3.54% | 2.97% | 3.41% | 3.56% | 4.09% | 4.29% | 4.17% | 4.02% | 3.88% | 3.02% | 3.15% | 3.42% | 3.49% | 3.81% | 3.74% | 3.78% | 4.05% | 3.59% | 4.23% | 3.95% | 6.62% | 4.49% | 4.65% |
| Interest Income | 566.97M | 557.24M | 519.24M | 488.76M | 340.96M | 255.92M | 237.68M | 250.11M | 231.21M | 177.38M | 130.99M | 126.66M | 139.83M | 147.51M | 152.52M | 155.77M | 159.26M | 155.99M | 147.86M | 148.94M | 129.21M | 101.43M | 81.59M | 74.67M | 73.26M | 76.77M | 72.92M | 61.59M | 57.61M | 29.2M | 25.7M |
| Interest Expense | 154.49M | 158.99M | 186.97M | 142.1M | 16.1M | 9.52M | 19.56M | 33.9M | 23.78M | 12.67M | 7.61M | 6.91M | 8.22M | 10.98M | 17.32M | 23.57M | 31.91M | 48.9M | 61.3M | 69.66M | 54.67M | 32.84M | 20.3M | 18.91M | 23.87M | 35.72M | 34.22M | 26.49M | 25.07M | 11.1M | 9.9M |
| Loan Loss Provision | 5.29M | 3.33M | 16.45M | 17.81M | 12.4M | 15.03M | 35.04M | 2.26M | -3.59M | 723K | -23K | -780K | 10.2M | 30.62M | 79.67M | 41.3M | 54.56M | 20.19M | 9.88M | 5.22M | 4.92M | 3.04M | 2.9M | 2.68M | 2.54M | 1.15M | 1.6M | 910K | 990K | 600K | 300K |
| Non-Interest Income | -10.68M | -14.11M | 11.57M | 52.35M | 66.7M | 68.98M | 80.8M | 58.59M | 58.38M | 48.7M | 35.81M | 28.86M | 27.21M | 28.61M | 25.67M | 23.39M | 22.81M | 21.62M | 20.66M | 17.22M | 16.21M | 15M | 15.86M | 14.92M | 11.97M | 9.65M | 4.73M | 5.65M | 5.22M | 4.2M | 4.2M |
| Non-Interest Income % | -1.92% | -2.6% | 2.18% | 9.67% | 16.36% | 21.23% | 25.37% | 18.98% | 20.16% | 21.54% | 21.47% | 18.56% | 16.29% | 16.25% | 14.41% | 13.05% | 12.53% | 12.17% | 12.26% | 10.36% | 11.15% | 12.89% | 16.28% | 16.65% | 14.04% | 11.17% | 6.09% | 8.4% | 8.3% | 12.57% | 14.05% |
| Total Revenue | 556.29M | 543.12M | 530.81M | 541.11M | 407.66M | 324.9M | 318.48M | 308.7M | 289.58M | 226.08M | 166.79M | 155.52M | 167.04M | 176.12M | 178.19M | 179.15M | 182.07M | 177.62M | 168.52M | 166.16M | 145.42M | 116.43M | 97.46M | 89.58M | 85.23M | 86.43M | 77.64M | 67.24M | 62.83M | 33.4M | 29.9M |
| Revenue Growth % | 15.67% | 2.32% | -1.9% | 32.74% | 25.47% | 2.01% | 3.17% | 6.6% | 28.09% | 35.55% | 7.25% | -6.9% | -5.16% | -1.16% | -0.54% | -1.6% | 2.51% | 5.4% | 1.42% | 14.26% | 24.89% | 19.47% | 8.79% | 5.11% | -1.39% | 11.31% | 15.48% | 7.02% | 88.11% | 11.71% | 10.74% |
| Non-Interest Expense | 240.06M | 236.58M | 229.28M | 249.24M | 193.94M | 180.02M | 160.75M | 156.25M | 155.92M | 144.95M | 117.08M | 108.23M | 110.09M | 101.74M | 121.56M | 93.28M | 80.8M | 10.66M | 62.21M | 56.32M | 55.1M | 47.64M | 43.72M | 37.96M | 32.3M | 28.63M | 26.74M | 21.75M | 19.66M | 14.2M | 13.2M |
| Efficiency Ratio | 43.15% | 43.56% | 43.19% | 46.06% | 47.57% | 55.41% | 50.47% | 50.62% | 53.84% | 64.11% | 70.19% | 69.59% | 65.91% | 57.77% | 68.22% | 52.06% | 44.38% | 6% | 36.92% | 33.9% | 37.89% | 40.91% | 44.86% | 42.38% | 37.9% | 33.13% | 34.44% | 32.35% | 31.3% | 42.51% | 44.15% |
| Operating Income | 156.45M | 144.23M | 98.12M | 131.96M | 185.22M | 120.32M | 103.13M | 116.28M | 113.48M | 67.74M | 42.13M | 41.16M | 38.53M | 32.78M | -40.36M | 21.01M | 14.94M | 98.02M | 34.97M | 34.96M | 30.73M | 33.19M | 30.53M | 30.03M | 26.51M | 20.92M | 15.08M | 18.09M | 17.11M | 7.5M | 6.5M |
| Operating Margin % | 28.12% | 26.56% | 18.48% | 24.39% | 45.43% | 37.03% | 32.38% | 37.67% | 39.19% | 29.96% | 25.26% | 26.47% | 23.07% | 18.61% | -22.65% | 11.73% | 8.21% | 55.19% | 20.75% | 21.04% | 21.13% | 28.51% | 31.33% | 33.53% | 31.11% | 24.21% | 19.42% | 26.9% | 27.22% | 22.46% | 21.74% |
| Operating Income Growth % | - | 47% | -25.64% | -28.76% | 53.94% | 16.67% | -11.3% | 2.47% | 67.52% | 60.77% | 2.36% | 6.82% | 17.54% | 181.22% | -292.07% | 40.62% | -84.76% | 180.3% | 0.03% | 13.78% | -7.43% | 8.71% | 1.66% | 13.28% | 26.71% | 38.77% | -16.64% | 5.75% | 128.07% | 15.38% | 195.45% |
| Pretax Income | 151.72M | 139.5M | 98.12M | 131.96M | 185.22M | 120.32M | 103.13M | 116.28M | 113.48M | 67.74M | 42.13M | 41.16M | 38.53M | 32.78M | -40.36M | 21.01M | 14.94M | 97.88M | 35.13M | 34.96M | 30.73M | 32.92M | 30.53M | 30.03M | 26.51M | 20.92M | 15.08M | 18.09M | 17.11M | 7.5M | 6.5M |
| Pretax Margin % | 27.27% | 25.68% | 18.48% | 24.39% | 45.43% | 37.03% | 32.38% | 37.67% | 39.19% | 29.96% | 25.26% | 26.47% | 23.07% | 18.61% | -22.65% | 11.73% | 8.21% | 55.11% | 20.84% | 21.04% | 21.13% | 28.27% | 31.33% | 33.53% | 31.11% | 24.21% | 19.42% | 26.9% | 27.22% | 22.46% | 21.74% |
| Income Tax | 30.42M | 28.45M | 21.9M | 27.82M | 38.28M | 24.68M | 21.65M | 24.23M | 24.19M | 21.77M | 14.62M | 14.13M | 13.54M | 12.08M | -16.95M | 7.37M | 4.96M | 37.62M | 13.12M | 13.15M | 11.42M | 16.83M | 10.42M | 10.62M | 9.28M | 7.31M | 5.74M | 6.23M | 6.13M | 2.5M | 2.2M |
| Effective Tax Rate % | 20.05% | 20.4% | 22.32% | 21.09% | 20.67% | 20.51% | 21% | 20.84% | 21.32% | 32.13% | 34.71% | 34.32% | 35.13% | 36.85% | 42% | 35.08% | 33.2% | 38.43% | 37.35% | 37.61% | 37.18% | 51.12% | 34.12% | 35.35% | 35.01% | 34.92% | 38.04% | 34.46% | 35.85% | 33.33% | 33.85% |
| Net Income | 121.3M | 111.05M | 76.22M | 104.13M | 146.94M | 95.64M | 81.48M | 92.05M | 89.29M | 45.97M | 27.51M | 27.03M | 25M | 20.7M | -23.41M | 13.64M | 9.98M | 60.26M | 22M | 21.81M | 19.3M | 16.09M | 20.11M | 19.42M | 17.23M | 13.62M | 9.34M | 11.85M | 10.97M | 5M | 4.3M |
| Net Margin % | 21.81% | 20.45% | 14.36% | 19.24% | 36.04% | 29.44% | 25.58% | 29.82% | 30.83% | 20.33% | 16.49% | 17.38% | 14.96% | 11.75% | -13.14% | 7.61% | 5.48% | 33.93% | 13.06% | 13.13% | 13.27% | 13.82% | 20.64% | 21.67% | 20.22% | 15.75% | 12.03% | 17.63% | 17.46% | 14.97% | 14.38% |
| Net Income Growth % | 38.87% | 45.7% | -26.81% | -29.13% | 53.63% | 17.39% | -11.48% | 3.09% | 94.22% | 67.12% | 1.76% | 8.15% | 20.76% | 188.43% | -271.57% | 36.67% | -83.43% | 173.84% | 0.89% | 12.99% | 19.96% | -20.01% | 3.59% | 12.69% | 26.54% | 45.75% | -21.19% | 8.03% | 119.46% | 16.28% | 168.75% |
| Net Income (Continuing) | 121.3M | 111.05M | 76.22M | 104.13M | 146.94M | 95.64M | 81.48M | 92.05M | 89.29M | 45.97M | 27.51M | 27.03M | 25M | 20.7M | -23.41M | 13.64M | 9.98M | 60.26M | 22M | 21.81M | 19.3M | 16.09M | 20.11M | 19.42M | 17.23M | 13.62M | 9.34M | 11.85M | 10.97M | 5M | 4.3M |
| EPS (Diluted) | 2.93 | 2.68 | 1.84 | 2.51 | 4.12 | 2.68 | 2.81 | 3.10 | 3.01 | 1.82 | 1.33 | 1.30 | 1.19 | 0.98 | -1.54 | 0.44 | 0.35 | 3.37 | 1.37 | 1.51 | 1.34 | 1.12 | 1.40 | 1.35 | 1.23 | 0.98 | 0.69 | 0.85 | 1.61 | 0.32 | 0.28 |
| EPS Growth % | 38.49% | 45.65% | -26.69% | -39.08% | 53.73% | -4.63% | -9.35% | 2.99% | 65.38% | 36.84% | 2.31% | 9.24% | 21.43% | 163.64% | -450% | 25.71% | -89.61% | 145.99% | -9.27% | 12.69% | 19.64% | -20% | 3.7% | 9.76% | 25.51% | 42.03% | -18.82% | -47.21% | 403.13% | 14.29% | 439.5% |
| EPS (Basic) | - | 2.68 | 1.85 | 2.54 | 4.12 | 2.68 | 2.85 | 3.12 | 3.02 | 1.82 | 1.37 | 1.34 | 1.22 | 1.01 | -1.54 | 0.44 | 0.35 | 3.38 | 1.38 | 1.52 | 1.35 | 1.14 | 1.42 | 1.38 | 1.26 | 1.01 | 0.70 | 0.88 | 0.56 | 0.33 | 0.28 |
| Diluted Shares Outstanding | 41.35M | 41.35M | 41.33M | 41.16M | 35.67M | 35.63M | 28.98M | 29.72M | 29.71M | 25.29M | 20.73M | 20.5M | 20.43M | 20.4M | 17.05M | 16.88M | 16.79M | 16.7M | 16.03M | 14.47M | 14.44M | 14.36M | 14.39M | 14.35M | 13.98M | 13.91M | 13.61M | 14.04M | 6.8M | 6.79M | 6.79M |
Non-interest income volatility
As reported in recent financial statements, First Bancorp achieved a steady climb in net interest income, reaching $107.1 million in 2026Q1, which represents a 15.3% year-over-year growth rate and underscores the bank's ability to capture yield in the current interest rate environment.
The consistent upward trajectory in NII suggests that the bank's loan portfolio is successfully repricing, likely benefiting from its commercial lending focus. Investors should monitor whether this growth can be sustained if deposit betas begin to accelerate, potentially compressing the net interest spread.
Based on the provided quarterly data, the efficiency ratio fluctuated significantly, ranging from a low of 37.7% in 2023Q4 to a high of 52.5% in 2024Q4, indicating that the bank's ability to manage non-interest expenses relative to revenue remains sensitive to periodic operational shifts.
The volatility in the efficiency ratio appears to be driven more by lumpy non-interest income performance than by structural cost bloat. Maintaining a ratio consistently below 40% will be critical for the bank to demonstrate true operating leverage as it scales its regional footprint.
According to the bank's income statement data, non-interest income experienced sharp swings, including negative contributions in late 2024 and 2025, which highlights the inherent risk in relying on transactional fee streams like SBA gain-on-sale activities during periods of market uncertainty.
The negative fee income figures suggest that valuation adjustments or market-related headwinds have periodically offset core service charges. This volatility warrants further investigation into the sustainability of the bank's non-interest revenue model, as it currently introduces unnecessary noise into the quarterly earnings profile.
As indicated by the quarterly filings, the provision for credit losses reached a peak of $14.2 million in 2024Q3 before normalizing, suggesting that management is actively adjusting its reserve levels to account for potential deterioration in the regional commercial real estate portfolio.
The absence of provision expense in certain quarters may imply a conservative approach to credit risk management, yet it also leaves the bank vulnerable to sudden, large-scale adjustments if economic conditions in the Carolinas soften. Analysts should scrutinize the coverage ratio to determine if current reserves are sufficient for a potential downturn.
Quick answers to the most common questions about buying FBNC stock.
First Bancorp (FBNC) is profitable, generating $111.0M in net income for the fiscal year ending 2025 with a net profit margin of 20.4%.
First Bancorp (FBNC) reported an operating income of $144.2M, resulting in an operating profit margin of 26.6%. This margin reflects the operational efficiency of the business before interest and taxes.
First Bancorp (FBNC) generated $380.8M in gross profit for the year, representing a gross profit margin of 70.1%. This demonstrates the company's core pricing power and production efficiency.