Net interest income reached $114.8M in 2026Q3 with an efficiency ratio of 49.3%, suggesting meaningful operating leverage has developed relative to 2024 and 2025 levels, though a net interest margin near 0.8% and volatile non-interest income still constrain earnings quality.
First Bancorp (FBNC) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 148.67M | 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 % | -238.74% | 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 % | 1.13% | 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 | 297.61M | 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 | 148.94M | 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 | 5.69M | 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 | 171.6M | -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 % | 53.58% | -3.67% | 3.37% | 13.12% | 17.04% | 21.87% | 27.03% | 21.32% | 21.96% | 22.82% | 22.49% | 19.42% | 17.13% | 17.33% | 15.96% | 15.03% | 15.19% | 16.8% | 19.27% | 17.84% | 17.86% | 17.95% | 20.56% | 21.11% | 19.51% | 19.04% | 10.89% | 13.86% | 13.82% | 18.83% | 21.21% |
| Total Net Revenue | 320.27M | 384.14M | 343.85M | 399.01M | 391.56M | 315.37M | 298.92M | 274.79M | 265.81M | 213.41M | 159.19M | 148.61M | 158.82M | 165.14M | 160.87M | 155.59M | 150.16M | 128.72M | 107.22M | 96.5M | 90.75M | 83.59M | 77.15M | 70.68M | 61.36M | 50.71M | 43.42M | 40.75M | 37.76M | 22.3M | 19.8M |
| Revenue Growth % | -12.02% | 11.72% | -13.83% | 1.9% | 24.16% | 5.5% | 8.78% | 3.38% | 24.55% | 34.06% | 7.12% | -6.43% | -3.83% | 2.65% | 3.4% | 3.61% | 16.66% | 20.06% | 11.1% | 6.34% | 8.55% | 8.35% | 9.16% | 15.19% | 21% | 16.77% | 6.56% | 7.92% | 69.33% | 12.63% | 10.61% |
| Non-Interest Expense | 228.28M | 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 | 71.28% | 61.59% | 66.68% | 62.46% | 49.53% | 57.08% | 53.78% | 56.86% | 58.66% | 67.92% | 73.55% | 72.83% | 69.32% | 61.61% | 75.56% | 59.95% | 53.81% | 8.28% | 58.02% | 58.37% | 60.72% | 56.98% | 56.66% | 53.71% | 52.64% | 56.47% | 61.58% | 53.38% | 52.08% | 63.68% | 66.67% |
| Operating Income | 86.3M | 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 % | 26.95% | 37.55% | 28.54% | 33.07% | 47.3% | 38.15% | 34.5% | 42.31% | 42.69% | 31.74% | 26.47% | 27.7% | 24.26% | 19.85% | -25.09% | 13.5% | 9.95% | 76.15% | 32.62% | 36.23% | 33.86% | 39.7% | 39.57% | 42.49% | 43.21% | 41.26% | 34.72% | 44.39% | 45.3% | 33.63% | 32.83% |
| 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 | 203.93M | 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 % | 63.67% | 36.32% | 28.54% | 33.07% | 47.3% | 38.15% | 34.5% | 42.31% | 42.69% | 31.74% | 26.47% | 27.7% | 24.26% | 19.85% | -25.09% | 13.5% | 9.95% | 76.04% | 32.76% | 36.23% | 33.86% | 39.38% | 39.57% | 42.49% | 43.21% | 41.26% | 34.72% | 44.39% | 45.3% | 33.63% | 32.83% |
| Income Tax | 39.76M | 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 % | 19.5% | 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 | 164.17M | 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 % | 51.26% | 28.91% | 22.17% | 26.1% | 37.53% | 30.33% | 27.26% | 33.5% | 33.59% | 21.54% | 17.28% | 18.19% | 15.74% | 12.53% | -14.55% | 8.77% | 6.65% | 46.81% | 20.52% | 22.6% | 21.27% | 19.25% | 26.07% | 27.47% | 28.08% | 26.85% | 21.51% | 29.09% | 29.06% | 22.42% | 21.72% |
| Net Income Growth % | 66.02% | 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) | 164.17M | 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) | 3.97 | 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 % | 66.41% | 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 | 41.39M | 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 |
Quick answers to the most common questions about buying FBNC stock.
For fiscal year 2025, First Bancorp (FBNC) reported total revenue of $384.1M. This represents a 1840.1% increase compared to $19.8M in 1996.
First Bancorp (FBNC) is profitable, generating $111.0M in net income for the fiscal year ending 2025 with a net profit margin of 28.9%.
First Bancorp (FBNC) reported an operating income of $144.2M, resulting in an operating profit margin of 37.5%. 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 99.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Deposit cost pressure on NIM
Metrics are mathematically derived from official filings.
NII Rebuilding Through Loan Volume Gains
Based on FBNC's reported figures, net interest income rose to $114.8M in 2026Q3, up 12.0% year over year, with quarterly NII growth ranging from roughly 8% to 19% across most recent periods shown in the table.
This pattern suggests loan volume expansion is doing much of the work rather than a rate tailwind alone, since NII growth has been sustained through periods of shifting rate expectations. The 2026Q2 entry showing a negative NII figure appears to be a data or presentation issue rather than an operating event and should not be read as genuine contraction without confirmation from the filing. Investors should monitor whether deposit betas begin to erode the spread gains that currently support the NII trajectory.
Net Interest Margin Holding Near 0.8%
The reported net interest margin of 0.8% in 2026Q3 and 2026Q1 appears broadly stable against 0.7% to 0.8% readings across 2024 and 2025, though the table's rounding limits precision on this metric.
A margin that has stayed in a narrow band through a rate cycle suggests asset repricing and funding costs have been roughly balanced, though rounding to one decimal place obscures basis-point movements that matter for a bank of this type. The 2026Q2 negative NIM reading is inconsistent with surrounding quarters and is treated here as unreliable rather than as evidence of margin compression. Peer NIM data is not provided in the context, so positioning relative to competitors cannot be assessed from the supplied information.
Efficiency Ratio Improving Toward Mid-Range
FBNC's reported efficiency ratio of 49.3% in 2026Q3 and 49.2% in 2026Q1, compared with 52.5% to 61.2% in several 2024 and 2025 quarters, suggests meaningful operating leverage has developed.
Lower efficiency ratios indicate that a growing revenue base is being served without proportional expense growth, which is consistent with the relationship-driven, branch-based model described in the company profile. The recent improvement appears to coincide with revenue growth outpacing cost growth, though the provided data does not break out non-interest expense separately to confirm the driver. Continued monitoring of the efficiency ratio in the next filing will indicate whether this level is sustainable.
Provision Expense Remains Modest and Volatile
Provision for credit losses was $3.1M in 2026Q1 and $1.3M in 2026Q3, compared with a $14.2M charge in 2024Q3, indicating credit cost volatility that has since moderated against reported loan growth.
The 2024Q3 provision spike of $14.2M stands out against much smaller charges in other periods, and the data does not explain its cause, so it should be read as an event requiring further investigation rather than a settled trend. Recent provisions appear low relative to the loan growth implied by NII expansion, which may reflect favorable credit conditions or reserve judgments that warrant scrutiny. Investors should watch for any reversal toward higher provisions as the North Carolina commercial real estate exposure ages.
Fee Income Volatility Challenges Earnings Quality
Based on FBNC's reported figures, non-interest income swung from positive $15.1M in 2026Q3 to negative -$22.3M in 2025Q4 and -$25.0M in 2024Q4, suggesting the fee line may not be a dependable earnings offset.
Negative non-interest income in certain quarters may reflect securities losses, mortgage servicing rights valuation changes, or SBA gain-on-sale timing rather than recurring fee erosion, though the table does not isolate these components. The recent positive run suggests insurance and wealth management contributions, but the magnitude of swings means reported earnings may lean more on net interest income than headline results imply. Investors should examine fee income composition in the 10-Q before assuming the recent positive run is durable.