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Consumer-Driven Stocks Boost Buybacks, Including Visa's $20B PlanByline Bancorp NYSE: BY reported record second-quarter net income of $40.2 million, or $0.90 per diluted share, as revenue increased and expenses declined from the prior quarter. Adjusted earnings per share were $0.91, up 10% sequentially and 21% from a year earlier, President Alberto Paracchini said during the company’s earnings call.

The Chicago-based commercial bank posted a 1.63% return on average assets and a return on average common equity of just under 14.5%. Its pre-tax, pre-provision return on assets was 2.49%, marking the company’s 15th consecutive quarter above 2%, according to management.

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Could This Entertainment Stock be the Belle of the Gaming Ball?“We delivered net income of $40.2 million or $0.90 per diluted share,” Paracchini said. “Record net income and excellent profitability really stood out this quarter.”

Revenue Growth and Efficiency Improvement Revenue totaled $118 million, up 4.7% from the prior quarter, while non-interest expenses fell. The adjusted efficiency ratio improved to 46.5% from 49.8% in the first quarter, which Paracchini described as the company’s best result since becoming a public company in 2017.

Boyd Gaming stock: All signs point to a significant break higherNet interest income was $101 million, up modestly from the preceding quarter. Net interest margin declined 5 basis points to 4.28%, primarily reflecting higher funding costs associated with a maturing balance-sheet hedge and changes in earning-asset mix, CFO Tom Bell said.

Management emphasized that it prioritizes growth in net interest income dollars rather than managing to a particular margin target. Paracchini said the bank may accept lower spreads on high-quality, relationship-oriented business if it is accretive to earnings and supports long-term franchise value.

For the third quarter, Byline projected net interest income of $100 million to $102 million, non-interest income of $14 million to $15 million, and gain-on-sale revenue averaging about $5.5 million per quarter. The company maintained its full-year non-interest expense outlook of $59 million to $60 million per quarter.

Bell said second-half expenses are expected to rise due largely to employee-related costs, including health care benefits and commissions tied to production. Management also said potential opportunities to hire banking talent are included in its outlook.

Loans, Deposits and Rate Environment Total loans ended the quarter at $7.6 billion, increasing at a 4.2% annualized rate. New originations totaled $234 million, while payoffs were elevated at $339 million. Loan commitments rose slightly, and line utilization increased to 60% from 59% in the prior quarter.

Management expects full-year loan growth in the mid-single digits if payoff activity normalizes in the second half. Paracchini said the recent elevated payoff activity partly reflects the bank’s effort to recycle acquired loan portfolios into new customer relationships.

Total deposits reached $7.9 billion, rising at a 3.5% annualized rate. Growth in interest-bearing checking balances was partly offset by lower money-market balances. The loan-to-deposit ratio ended the quarter at 96%.

Byline said competition for both loans and deposits remains elevated. Paracchini said price competition has intensified in commercial real estate, particularly as larger institutions return to certain segments of that market. He cited multifamily and industrial properties as areas where more capital is competing for a reduced level of transaction activity.

Bell said the company remains focused on relationship deposits rather than more rate-sensitive funding. He added that commercial customers moving balances from money-market accounts to interest-bearing checking could indicate they anticipate uses for that capital.

Credit Trends Remain Favorable Credit costs were $7.2 million during the quarter, including $4.4 million of net charge-offs and a $2.8 million reserve build. Net charge-offs equaled 24 basis points of loans, down from 32 basis points in the first quarter.

Criticized loans declined to 3.9% of total loans from 4.5% both sequentially and from a year earlier. Nonperforming loans totaled $69.1 million, or 92 basis points of total loans, up marginally from the prior quarter and flat year over year. The allowance for credit losses rose to $112 million, or 1.48% of total loans.

Chief Credit Officer Mark Fucinato said the decline in criticized and classified loans reflected improved performance at several larger operating companies, as well as the resolution of a workout situation in which an operating company sold a mortgaged asset and repaid its exposure in full. The bank also recorded a recovery on a prior charge-off.

Paracchini said management’s near-term expectation for net charge-offs remains in the range of 30 to 40 basis points, although he expects that level may migrate lower over time as the SBA portfolio becomes a smaller part of Byline’s overall balance sheet.

Capital Returns and $10 Billion Threshold Byline ended the quarter with total assets of $9.9 billion. Tangible common equity rose to 11.4%, while the common equity tier 1 ratio reached 12.9%. Tangible book value per share increased 14% from a year earlier to $24.48.

During the quarter, the company repurchased about 275,000 shares for $9.1 million. Including dividends and buybacks, its total shareholder payout ratio was 36%.

The board also approved a 16.7% increase in the quarterly dividend to $0.14 per share. Paracchini said the increase reflects the company’s capital position and earnings profile.

Management said it continues preparing to cross the $10 billion asset threshold. Paracchini said the company is not currently constraining normal balance-sheet activity to stay below that level, but it could manage the balance sheet near year-end if doing so would delay the effects of the Durbin amendment until mid-2028.

On acquisitions, Paracchini described the environment for smaller-bank transactions as constructive. He said Byline would generally seek deals with tangible book value earn-backs within three years, while continuing to weigh acquisitions against organic growth, investments in the business and share repurchases.

About Byline Bancorp (NYSE:BY)Byline Bancorp, Inc is the bank holding company for Byline Bank, a full-service commercial bank headquartered in Chicago, Illinois. Established under its current name in 2016, the company operates as a community-focused financial institution offering a broad array of banking products and services to corporate, professional and consumer clients.

On the commercial banking side, Byline Bancorp serves small and midsize businesses, real estate developers, professional services firms and nonprofit organizations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Second Quarter 2026 Financial Data

(Dollars in 000s, except
per share data)

Q2-2026

Q1-2026

Q2-2025

Summary Income Statement

Total interest income

$           148,315

$           142,390

$           136,731

Total interest expense

37,049

35,274

40,065

Net interest income

111,266

107,116

96,666

Provision for credit losses

1,169

3,083

2,212

Noninterest income

16,034

15,178

14,292

Noninterest expenses

62,761

60,218

58,924

Income tax expense

12,851

12,334

11,256

Net income

$             50,519

$             46,659

$             38,566

Key Metrics

Diluted EPS

$                 1.22

$                 1.13

$                 0.93

Book value per share

41.49

40.68

37.53

Tangible book value per
share

29.84

29.01

25.82

ROA

1.56 %

1.48 %

1.24 %

ROCE

11.89 %

11.22 %

10.11 %

ROTCE

16.88 %

16.05 %

15.25 %

NIM

3.71 %

3.67 %

3.32 %

NIM- T/E

3.73 %

3.69 %

3.32 %

Efficiency ratio

49.12 %

49.05 %

53.00 %

Quarterly NCO ratio

0.04 %

0.06 %

0.06 %

ACL ratio

1.39 %

1.42 %

1.47 %

Capital Ratios (1)

Tangible common equity
to tangible assets

9.83 %

9.63 %

8.83 %

Common equity tier I
capital ratio

14.09 %

14.13 %

14.64 %

Total risk-based capital
ratio

16.06 %

16.12 %

16.90 %

(1) June 30, 2026 ratios are preliminary.

Second Quarter 2026 Highlights

D-EPS was $1.22 per share for the second quarter of 2026 compared to $1.13 for the linked quarter and $0.93 for the like quarter.  The net interest margin was 3.71% for the quarter ended June 30, 2026, an expansion of 0.04% from the linked quarter and 0.39% from the like quarter. The efficiency ratio for the quarter ended June 30, 2026 was 49.12%, compared to 49.05% for the linked quarter and 53.00% for the like quarter. Total assets exceeded $13 billion at June 30, 2026, the highest level in First Bancorp's history. Total loans were $9.0 billion at June 30, 2026, representing an increase of $194.9 million, or 8.9% annualized. Total loan yield was 5.67%, up 10 basis points from the linked quarter and 14 basis points from the like quarter.  The yield on securities decreased 3 basis points to 2.71% from 2.74% for the linked quarter.  Total cost of funds increased 3 basis points to 1.34% for the quarter ended June 30, 2026 from 1.31% for the linked quarter and decreased 14 basis points from the like quarter. Average core deposits were $11.0 billion, an increase of $181.0 million for the linked quarter and $268.1 million from the like quarter.  Total cost of deposits was 1.31%, an increase of 3 basis points for the linked quarter and a decrease of 12 basis points from the like quarter.  Noninterest expenses of $62.8 million represented a $2.5 million increase from the linked quarter and a $3.8 million increase from the like quarter.  The linked quarter increase was driven by a $2.0 million increase in Total personnel expense. Noninterest-bearing demand deposits were $3.6 billion, representing 32% of total deposits at June 30, 2026.  During the second quarter of 2026, period end customer deposits grew by 2.6% annualized. The loan-to-deposit ratio was 81.1% as of June 30, 2026. On July 14, 2026, First Bancorp announced its pending acquisition of First Carolina Bancshares Corporation, scheduled to close in late 2026 or early 2027. , /PRNewswire/ -- First Bancorp (the "Company") (NASDAQ - FBNC), the parent company of First Bank, reported unaudited second quarter earnings today.  The Company reported net income of $50.5 million, or $1.22 diluted earnings per share ("D-EPS"), for the three months ended June 30, 2026 compared to $46.7 million, or $1.13 D-EPS, for the three months ended March 31, 2026 ("linked quarter") and $38.6 million, or $0.93 D-EPS, for the second quarter of 2025 ("like quarter").

On July 14, 2026, the Company announced an agreement to acquire First Carolina Bancshares Corporation ("First Carolina"), and its subsidiary, Carolina Bank & Trust Company ("Carolina Bank") headquartered in Florence, South Carolina, in a 75% stock and 25% cash transaction.  This transaction is subject to regulatory approvals and approval of First Carolina's shareholders, and is expected to close in the late fourth quarter of 2026 or early first quarter of 2027. Carolina Bank operates 14 branches throughout the Pee Dee region of South Carolina and had approximately $831 million in total assets, $596 million in loans, and $714 million in deposits at June 30, 2026.

The Company continued to enhance net interest income and net interest margin ("NIM") during the second quarter of 2026. The Company recorded net interest income of $111.3 million for the current quarter, compared to $107.1 million for the linked quarter and $96.7 million for the like quarter. NIM for the second quarter of 2026 expanded to 3.71% from 3.67% for the linked quarter and 3.32% for the like quarter. 

Noninterest expenses were $62.8 million for the second quarter of 2026, up from $60.2 million for the linked quarter, and $58.9 million for the like quarter.  The efficiency ratio was 49.12% for the quarter ended June 30, 2026, compared to 49.05% for the linked quarter and 53.00% for the like quarter.

Richard H. Moore, Chairman and CEO of the Company, stated, "First Bancorp continued to build on its positive start to 2026 with strong second quarter financial results driven by continued margin expansion, prudent balance sheet execution, high quality loans and a controlled efficiency ratio.  Earnings continue to benefit from the repositioning of lower-yielding assets into higher-yielding opportunities, while our liquidity position, capital levels, and credit quality remain strong.  We are pleased with our performance through the first half of the year and remain confident in our ability to sustain positive momentum and deliver continued success in 2026.  We are excited about the acquisition of First Carolina which brings talented bankers and will help us accelerate our South Carolina growth expansion."

Net Interest Income and Net Interest Margin

Net interest income for the second quarter of 2026 was $111.3 million, an increase of 3.9% from the linked quarter of $107.1 million and an increase of 15.1% from the like quarter of $96.7 million.  The increase in net interest income from the linked and like quarters resulted from additional loan volume and increasing loan yield through originations as well as one additional earning day compared to the linked quarter.  The increase from the like quarter also resulted from our focused efforts to manage deposit costs after the rate cuts by the Federal Reserve in 2025.

The Company's NIM for the second quarter of 2026 was 3.71%, an increase of 4 basis points from the linked quarter and 39 basis points from the like quarter. 

The linked quarter expansion of NIM was driven a $114.9 million increase in average loans along with a 10 basis points expansion in loan yield.  Additionally, short-term investments contributed an additional $1.5 million from increased balances partially reduced by lower yields. Offsetting these increases, the cost of interest bearing deposits increased 5 basis points on growth of $98.8 million in average balances.  Driving these increases, the average balance of money market deposits increased $99.6 million while the cost of those deposits increased 8 basis points. 

The like quarter expansion of NIM was driven by growth of $708.9 million in average loans, coupled with a 14 basis point yield increase as well as the cost of interest bearing deposits decreasing 20 basis points.  The Company shifted its mix of interest-earning assets to higher yielding assets from the like quarter, with loans increasing from 70.1% of average interest-earning assets to 74.1% in the current quarter, while securities contracted from 25.6% of average interest-earning assets to 22.3% and short-term investments contracted from 4.3% of average interest-bearing assets to 3.7%.

For the Three Months Ended

YIELD INFORMATION

June 30,
2026

March 31,
2026

June 30,
2025

Yield on loans

5.67 %

5.57 %

5.53 %

Yield on securities

2.71 %

2.74 %

2.41 %

Yield on other earning assets

3.99 %

4.36 %

4.63 %

Yield on total interest-earning assets

4.95 %

4.88 %

4.69 %

Cost of interest-bearing deposits

1.94 %

1.89 %

2.14 %

Cost of borrowings

6.64 %

6.68 %

7.22 %

Cost of total interest-bearing liabilities

1.99 %

1.94 %

2.20 %

Total cost of funds

1.34 %

1.31 %

1.48 %

Cost of total deposits

1.31 %

1.28 %

1.43 %

Net interest margin (1)

3.71 %

3.67 %

3.32 %

Net interest margin - tax-equivalent (2)

3.73 %

3.69 %

3.32 %

Average prime rate

6.75 %

6.75 %

7.50 %

(1)  Calculated by dividing annualized net interest income by average earning assets for the period.

(2)  Calculated by dividing annualized tax-equivalent net interest income by average earning assets for the period. The tax-equivalent amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax-exempt status.  This amount has been computed using the expected tax rate and is reduced by the related nondeductible portion of interest expense.

See Appendix H regarding loan purchase discount accretion and its impact on the Company's NIM.

Provision for Credit Losses and Credit Quality

For the three months ended June 30, 2026, March 31, 2026 and June 30, 2025, the Company recorded $1.2 million, $3.1 million and $2.2 million in provision for credit losses, respectively. The provision for the second quarter of 2026 was driven by net charge-offs of $1.0 million.  The Allowance for Credit Losses increased  $0.2 million to $124.9 million, or 1.39% of loans.  Additionally, the $22 thousand provision for unfunded commitments during the quarter was the result of additional unfunded lending commitments. 

The Company did not adjust its incremental reserve for potential exposure from Hurricane Helene, maintaining a $1.9 million reserve as of June 30, 2026.  The remaining incremental reserve contributed two basis points to the Allowance for Credit Losses at period end. 

Asset quality remained strong with annualized net loan charge-offs of 0.04% for the second quarter of 2026.  Total nonperforming assets ("NPAs") totaled $44.9 million at June 30, 2026, or 0.34% of total assets, up slightly from 0.32% at March 31, 2026 and 0.28% at June 30, 2025.  

The following table presents the summary of NPAs and asset quality ratios for each period.

ASSET QUALITY DATA

($ in thousands)

June 30,
2026

March 31,
2026

June 30,
2025

Nonperforming assets

Nonaccrual loans

$      44,283

$      41,032

$      34,625

Accruing loans > 90 days past due

—

—

—

Total nonperforming loans

44,283

41,032

34,625

Foreclosed real estate

659

740

1,218

Total nonperforming assets

$      44,942

$      41,772

$      35,843

Asset Quality Ratios

Quarterly net charge-offs to average loans - annualized

0.04 %

0.06 %

0.06 %

Nonperforming loans to total loans

0.49 %

0.47 %

0.42 %

Nonperforming assets to total assets

0.34 %

0.32 %

0.28 %

Allowance for credit losses to total loans

1.39 %

1.42 %

1.47 %

Noninterest Income

Total noninterest income for the second quarter of 2026 was $16.0 million, a $0.9 million increase from the linked quarter, primarily related to a $0.7 million increase in Other income, net.  The current quarter reflected a 12.2% increase from $14.3 million for the like quarter, primarily related to a $1.0 million increase in Other income net.

Noninterest Expenses

Noninterest expenses amounted to $62.8 million for the second quarter of 2026 compared to $60.2 million for the linked quarter and $58.9 million for the like quarter.  The $2.5 million, or 4.2%, increase in noninterest expense from the linked quarter was driven by a $2.0 million increase in Total personnel expenses. The $3.8 million increase from the like quarter was driven by a $3.3 million increase in Total personnel expenses.  While noninterest expenses have been increasing, they are the result of the Company's continued growth as the efficiency ratio was 49.12% for the quarter ended June 30, 2026, compared to 49.05% for the linked quarter and 53.00% for the like quarter.

Income Taxes

Income tax expense totaled $12.9 million for the second quarter of 2026 compared to $12.3 million for the linked quarter and $11.3 million for the like quarter, reflecting effective tax rates of 20.3%, 20.9% and 22.6% for the respective periods.

Balance Sheet

Total assets at June 30, 2026 were $13.0 billion, an increase of $93.9 million, or 2.9% annualized, from the linked quarter and $433.4 million, or 3.4%, from a year earlier.

Key period end balance sheet components are presented below.

BALANCES

($ in thousands)

June 30,
2026

March 31,
2026

June 30,
2025

Change
2Q26 vs 1Q26

Change
2Q26 vs 2Q25

Total assets

$  13,041,615

$  12,947,734

$  12,608,265

0.7 %

3.4 %

Loans

8,988,748

8,793,814

8,225,650

2.2 %

9.3 %

Investment securities

2,448,787

2,491,035

2,661,236

(1.7) %

(8.0) %

Total cash and cash equivalents

550,332

597,991

711,286

(8.0) %

(22.6) %

Noninterest-bearing deposits

3,597,565

3,596,629

3,542,626

— %

1.6 %

Interest-bearing deposits

7,487,302

7,415,854

7,287,754

1.0 %

2.7 %

Borrowings

74,717

74,643

92,237

0.1 %

(19.0) %

Shareholders' equity

1,716,460

1,682,950

1,556,180

2.0 %

10.3 %

Driven by principal paydowns and maturities, total investment securities decreased to $2.4 billion at June 30, 2026, a $42.2 million decrease from the linked quarter.  Total unrealized losses on available for sale investment securities were $204.5 million at June 30, 2026, as compared to $197.7 million at March 31, 2026 and $298.9 million at June 30, 2025.

Total loans were $9.0 billion at June 30, 2026, an increase of $194.9 million, or 8.9% annualized, from March 31, 2026 and an increase of $763.1 million, or 9.3%, from June 30, 2025.  Adjusting for the paydown of one larger seasonal loan, loan growth for the current quarter was 10.9% annualized.  Please see the below table for total loan portfolio mix.  As of June 30, 2026, there were no notable concentrations in geographies within North Carolina or South Carolina or within industries, including in office or hospitality categories, which are included in the "commercial real estate - non-owner occupied" category in the table below.  The Company's exposure to non-owner occupied office loans represented approximately 6.2% of the total portfolio at June 30, 2026, with the largest loan being $33.0 million and with an average loan outstanding balance of $1.4 million.  Non-owner occupied office loans are generally in non-metro markets and the ten largest loans in this category represent less than 2% of the total loan portfolio.

The following table presents the period end balance and portfolio percentage by loan category.

LOAN PORTFOLIO

June 30, 2026

March 31, 2026

June 30, 2025

($ in thousands)

Amount

Percentage

Amount

Percentage

Amount

Percentage

Commercial and industrial

$  1,014,295

11 %

$  1,000,037

11 %

$     911,227

11 %

Construction, development & other land
     loans

847,912

10 %

821,826

10 %

633,529

8 %

Commercial real estate - owner occupied

1,358,100

15 %

1,352,473

15 %

1,254,596

15 %

Commercial real estate - non-owner
     occupied

2,974,749

33 %

2,921,210

33 %

2,758,629

34 %

Multi-family real estate

619,489

7 %

545,586

6 %

509,419

6 %

Residential 1-4 family real estate

1,728,367

19 %

1,717,550

20 %

1,731,397

21 %

Home equity loans/lines of credit

377,949

4 %

369,062

4 %

355,876

4 %

Consumer loans

68,692

1 %

66,430

1 %

70,137

1 %

Loans, gross

8,989,553

100 %

8,794,174

100 %

8,224,810

100 %

Unamortized net deferred loan
     fees/(costs)

(805)

(360)

840

Total loans

$  8,988,748

$  8,793,814

$  8,225,650

Total deposits were $11.1 billion at June 30, 2026, an increase of $72.4 million, or 2.6% annualized, from  March 31, 2026 and $254.5 million, or 2.3%, from June 30, 2025.

The Company has a diversified and granular deposit base which has remained a stable funding source with noninterest-bearing deposits comprising 32% of total deposits at June 30, 2026.  As presented in the table below, our deposit mix has remained relatively consistent.

DEPOSIT PORTFOLIO

June 30, 2026

March 31, 2026

June 30, 2025

($ in thousands)

Amount

Percentage

Amount

Percentage

Amount

Percentage

Noninterest-bearing checking accounts

$   3,597,565

32 %

$   3,596,629

33 %

$   3,542,626

33 %

Interest-bearing checking accounts

1,422,592

13 %

1,462,606

13 %

1,443,010

13 %

Money market accounts

4,754,782

43 %

4,631,619

42 %

4,446,485

41 %

Savings accounts

510,392

5 %

519,266

5 %

536,247

5 %

Other time deposits

475,744

4 %

489,257

4 %

514,865

5 %

Time deposits >$250,000

318,821

3 %

308,177

3 %

337,382

3 %

Total customer deposits

11,079,896

100 %

11,007,554

100 %

10,820,615

100 %

Brokered deposits

4,971

— %

4,929

— %

9,765

— %

Total deposits

$ 11,084,867

100 %

$ 11,012,483

100 %

$ 10,830,380

100 %

As of June 30, 2026 and March 31, 2026, estimated insured deposits totaled $6.5 billion, or 58.9%, and $6.5 billion, or 59.0%, of total deposits, respectively.  In addition, at June 30, 2026 and March 31, 2026, there were collateralized deposits of $748.7 million and $723.8 million, respectively, such that approximately 65.7% and 65.6%, respectively, of our total deposits were insured or collateralized at those dates.

Capital

The Company maintains capital in excess of well-capitalized regulatory requirements, with an estimated total risk-based capital ratio at June 30, 2026 of 16.06%, down from the linked quarter ratio of 16.12% and from the like quarter ratio of 16.90%. 

The Company has elected to exclude accumulated other comprehensive income ("AOCI") related primarily to available for sale securities from common equity tier 1 capital.  AOCI is included in the Company's tangible common equity ("TCE") to tangible assets ratio (a non-GAAP financial measure) which was 9.83% at June 30, 2026, an increase of 20 basis points from the linked quarter and 100 basis points from June 30, 2025.  The increase in TCE from the like quarter was driven by improvements in the level of unrealized losses on the available for sale securities portfolio, arising from market value improvements and the 2025 securities loss-earnback transactions. Please refer to Appendix A for a reconciliation of common equity to TCE (a non-GAAP measure) and Appendix C for a calculation of the TCE ratio (a non-GAAP measure).

CAPITAL RATIOS

June 30,
2026
(estimated)

March 31,
2026

June 30,
2025

Tangible common equity to tangible assets (non-GAAP)

9.83 %

9.63 %

8.83 %

Common equity tier I capital ratio

14.09 %

14.13 %

14.64 %

Tier I leverage ratio

11.60 %

11.46 %

11.23 %

Tier I risk-based capital ratio

14.81 %

14.87 %

15.45 %

Total risk-based capital ratio

16.06 %

16.12 %

16.90 %

Liquidity

Liquidity is evaluated as both on-balance sheet (primarily cash and cash-equivalents, unpledged securities and other marketable assets) and off-balance sheet (readily available lines of credit and other funding sources).  The Company continues to manage liquidity sources, including unused lines of credit, at levels believed to be adequate to meet its operating needs for the foreseeable future. 

The Company's on-balance sheet liquidity ratio (net liquid assets as a percent of net liabilities) at June 30, 2026 was 15.7%.  In addition, the Company had approximately $2.4 billion in available lines of credit at that date resulting in a total liquidity ratio of 32.8%. 

About First Bancorp

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets of $13.0 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 113 branches in North Carolina and South Carolina.  Since 1935, First Bank has taken a tailored approach to banking, combining best-in-class financial solutions, helpful local expertise, and technology to manage a home or business.  First Bank also provides SBA loans to customers through its nationwide network of lenders. Member FDIC, Equal Housing Lender.

Please visit our website at www.LocalFirstBank.com for more information.

First Bancorp's common stock is traded on The NASDAQ Global Select Market under the symbol "FBNC."

Caution about Forward-Looking Statements: This News Release release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which statements are inherently subject to risks and uncertainties.  Forward-looking statements are statements that include projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact.  Such statements are often characterized by the use of qualifying words (and their derivatives) such as "expect," "believe," "estimate," "plan," "project," "anticipate," or other words or phrases concerning opinions or judgments of the Company and its management about future events.  Factors that could influence the accuracy of such forward-looking statements include, but are not limited to, the financial success or changing strategies of the Company's customers, the risks and uncertainties relating to the level of success in integrating acquisitions, (including the ability to successfully integrate First Carolina into First Bank; to realize the anticipated benefits of the acquisition; deposit attrition, customer loss or other revenue loss following completed acquisitions may be greater than anticipated; and the integration of operations and personnel may require more time and expense); actions of government regulators; the level of market interest rates; and general economic conditions.  For additional information about the factors that could affect the matters discussed in this paragraph, see the "Risk Factors" section of the Company's most recent Annual Report on Form 10-K available at www.sec.gov.  Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.  The Company is also not responsible for changes made to this press release by wire services, internet services or other media.

Non-GAAP Measures

In this Earnings Release, we present certain measures of our performance that are calculated by methods other than in accordance with generally accepted accounting principles ("GAAP").  Company management uses these non-GAAP measures for purposes of evaluating our performance. Non-GAAP measures exclude or include amounts that are not normally excluded or included in the most directly comparable measure determined in accordance with GAAP. Company management believes an appropriate analysis of the Company's financial performance requires an understanding of the factors underlying such performance.  Non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP. Please see the Appendices attached to this Earnings Release for reconciliations of return on tangible common equity, tangible common equity, tangible book value per share, the tangible common equity ratio, adjusted net income and adjusted diluted earnings per share. 

First Bancorp and Subsidiaries

Financial Summary

CONSOLIDATED INCOME STATEMENT

For the Three Months Ended

For the Six Months Ended

($ in thousands, except per share data - unaudited)

June 30,
2026

March 31,
2026

June 30,
2025

June 30,
2026

June 30,
2025

Interest income

Interest and fees on loans

$     125,845

$     120,747

$     112,921

$     246,592

$     223,418

Interest on investment securities:

Taxable interest income

16,925

17,556

16,857

34,481

32,381

Tax-exempt interest income

1,115

1,115

1,116

2,230

2,232

Other, principally overnight investments

4,430

2,972

5,837

7,402

11,324

Total interest income

148,315

142,390

136,731

290,705

269,355

Interest expense

Interest on deposits

35,812

34,046

38,405

69,858

76,524

Interest on borrowings

1,237

1,228

1,660

2,465

3,318

Total interest expense

37,049

35,274

40,065

72,323

79,842

Net interest income

111,266

107,116

96,666

218,382

189,513

Provision for credit losses

1,169

3,083

2,212

4,252

3,328

Net interest income after provision for
credit losses

110,097

104,033

94,454

214,130

186,185

Noninterest income

Service charges on deposit accounts

4,205

3,954

3,976

8,159

7,743

Other service charges and fees

5,986

5,942

6,605

11,928

12,524

Presold mortgage loan fees and gains on sale

660

669

315

1,329

765

Commissions from sales of financial products

1,707

1,492

1,388

3,199

2,796

SBA loan sale gains

529

903

151

1,432

203

Bank-owned life insurance income

1,358

1,340

1,221

2,698

2,449

Other Income, net

1,589

878

636

2,467

768

Total noninterest income

16,034

15,178

14,292

31,212

27,248

Noninterest expenses

Salaries, incentives and commissions expense

31,529

29,978

29,005

61,507

57,666

Employee benefit expense

6,958

6,516

6,187

13,474

12,282

Total personnel expense

38,487

36,494

35,192

74,981

69,948

Occupancy and equipment expense

4,961

5,355

5,195

10,316

10,387

Intangibles amortization expense

1,199

1,247

1,468

2,446

2,984

Other operating expenses

18,114

17,122

17,069

35,236

33,516

Total noninterest expenses

62,761

60,218

58,924

122,979

116,835

Income before income taxes

63,370

58,993

49,822

122,363

96,598

Income tax expense

12,851

12,334

11,256

25,185

21,626

Net income

$       50,519

$       46,659

$       38,566

$       97,178

$       74,972

Earnings per common share:

Basic

$           1.22

$           1.13

$           0.93

$           2.35

$           1.81

Diluted

1.22

1.13

0.93

2.35

1.81

First Bancorp and Subsidiaries

Financial Summary

CONSOLIDATED BALANCE SHEETS

($ in thousands - unaudited)

June 30,
2026

March 31,
2026

June 30,
2025

Assets

Cash and due from banks, noninterest-bearing

$         128,424

$         135,176

$         139,486

Due from banks, interest-bearing

421,908

462,815

571,800

 Total cash and cash equivalents

550,332

597,991

711,286

Securities available for sale

1,939,075

1,979,606

2,144,831

Securities held to maturity

509,712

511,429

516,405

Presold mortgages and SBA loans held for sale

12,304

11,191

8,928

Loans

8,988,748

8,793,814

8,225,650

Allowance for credit losses on loans

(124,894)

(124,734)

(120,545)

 Net loans

8,863,854

8,669,080

8,105,105

Premises and equipment, net

138,129

139,374

141,661

Accrued interest receivable

38,272

37,296

36,681

Goodwill

478,750

478,750

478,750

Other intangible assets, net

14,786

15,985

19,920

Bank-owned life insurance

195,984

194,626

190,817

Other assets

300,417

312,406

253,881

 Total assets

$    13,041,615

$    12,947,734

$    12,608,265

Liabilities

Deposits:

Noninterest-bearing deposits

$      3,597,565

$      3,596,629

$      3,542,626

Interest-bearing deposits

7,487,302

7,415,854

7,287,754

 Total deposits

11,084,867

11,012,483

10,830,380

Borrowings

74,717

74,643

92,237

Accrued interest payable

3,813

3,733

4,340

Other liabilities

161,758

173,925

125,128

 Total liabilities

11,325,155

11,264,784

11,052,085

Shareholders' equity

Common stock

966,777

968,675

973,041

Retained earnings

906,976

866,387

812,657

Stock in rabbi trust assumed in acquisition

(534)

(893)

(869)

Rabbi trust obligation

534

893

869

Accumulated other comprehensive loss

(157,293)

(152,112)

(229,518)

 Total shareholders' equity

1,716,460

1,682,950

1,556,180

Total liabilities and shareholders' equity

$    13,041,615

$    12,947,734

$    12,608,265

First Bancorp and Subsidiaries

Financial Summary

TREND INFORMATION

For the Three Months Ended

June 30,
2026

March 31,
2026

December 31,
2025

September 30,
2025

June 30,
2025

PERFORMANCE RATIOS (annualized)

ROA (1)

1.56 %

1.48 %

0.49 %

0.64 %

1.24 %

Adjusted ROA (2)

1.56 %

1.48 %

1.54 %

1.31 %

1.24 %

ROCE (3)

11.89 %

11.22 %

3.83 %

5.14 %

10.11 %

Adjusted ROCE (4)

11.89 %

11.22 %

12.01 %

10.55 %

10.11 %

ROTCE (5)

16.88 %

16.05 %

5.80 %

7.83 %

15.25 %

Adjusted ROTCE (6)

16.88 %

16.05 %

17.45 %

15.66 %

15.25 %

Efficiency ratio (7)

49.12 %

49.05 %

73.75 %

66.95 %

53.00 %

Adjusted efficiency ratio (7)

49.12 %

49.05 %

48.53 %

51.09 %

53.00 %

COMMON SHARE DATA

Cash dividends declared - common

$         0.24

$         0.24

$            0.23

$             0.23

$         0.23

Book value per common share

$       41.49

$       40.68

$          39.89

$           38.67

$       37.53

Tangible book value per share (8)

$       29.84

$       29.01

$          28.23

$           26.98

$       25.82

Common shares outstanding at end of period

41,374,221

41,375,026

41,466,227

41,465,437

41,468,098

Weighted average shares outstanding - diluted

41,375,377

41,459,357

41,481,132

41,481,542

41,441,393

CAPITAL INFORMATION (preliminary for current quarter)

Tangible common equity to tangible assets (9)

9.83 %

9.63 %

9.61 %

9.12 %

8.83 %

Common equity tier I capital ratio

14.09 %

14.13 %

14.10 %

14.35 %

14.64 %

Total risk-based capital ratio

16.06 %

16.12 %

16.12 %

16.58 %

16.90 %

(1)  Calculated by dividing annualized net income by average assets.

(2) See Appendix D for a reconciliation of ROA to adjusted ROA.

(3) Calculated by dividing annualized tangible net income (net income adjusted for intangible asset amortization, net of tax), by average common equity.  See Appendix E for the components of the calculation.

(4) See Appendix E for a reconciliation of ROCE to adjusted ROCE.

(5) Return on average tangible common equity is a non-GAAP financial measure.  See Appendix F for the components of the calculation and the reconciliation of average common equity to average TCE.

(6) See Appendix F for a reconciliation of ROTCE to adjusted ROTCE.

(7)  See Appendix G for a reconciliation of the efficiency ratio to the adjusted efficiency ratio.

(8)  Tangible book value per share is a non-GAAP financial measure.  See Appendix A for a reconciliation of common equity to tangible common equity and Appendix B for the resulting calculation.

(9)  Tangible common equity ratio is a non-GAAP financial measure.  See Appendix A for a reconciliation of common equity to tangible common equity and Appendix C for the resulting calculation.

For the Three Months Ended

INCOME STATEMENT

($ in thousands except per share data)

June 30,
2026

March 31,
2026

December 31,
2025

September 30,
2025

June 30,
2025

Net interest income

$      111,266

$     107,116

$     106,199

$     102,489

$       96,666

Provision for credit losses

1,169

3,083

4,732

3,442

2,212

Noninterest income

16,034

15,178

(22,299)

(12,879)

14,292

Noninterest expense

62,761

60,218

62,223

60,211

58,924

Income before income taxes

63,370

58,993

16,945

25,957

49,822

Income tax expense

12,851

12,334

1,232

5,594

11,256

Net income

$       50,519

$       46,659

$       15,713

$       20,363

$       38,566

Earnings per common share - diluted

$           1.22

$           1.13

$           0.38

$           0.49

$           0.93

First Bancorp and Subsidiaries

Financial Summary

AVERAGE BALANCES AND NET INTEREST INCOME ANALYSIS - QUARTERS

For the Three Months Ended

June 30, 2026

March 31, 2026

June 30, 2025

($ in thousands)

Average

Volume

Interest

Earned

or Paid

Average

Rate

Average

Volume

Interest

Earned

or Paid

Average

Rate

Average

Volume

Interest

Earned

or Paid

Average

Rate

Assets

Loans (1) (2)

$   8,896,592

$  125,845

5.67 %

$   8,781,728

$  120,747

5.57 %

$   8,187,662

$  112,921

5.53 %

Taxable securities

2,384,076

16,925

2.84 %

2,442,140

17,556

2.88 %

2,697,338

16,857

2.50 %

Non-taxable securities

283,645

1,115

1.57 %

284,712

1,115

1.57 %

287,848

1,116

1.55 %

Short-term investments, primarily interest-bearing cash

444,845

4,430

3.99 %

276,471

2,972

4.36 %

505,912

5,837

4.63 %

Total interest-earning assets

12,009,158

148,315

4.95 %

11,785,051

142,390

4.88 %

11,678,760

136,731

4.69 %

Cash and due from banks

136,181

147,124

153,074

Premises and equipment

139,177

139,775

142,090

Other assets

664,823

690,864

484,448

Total assets

$ 12,949,339

$ 12,762,814

$ 12,458,372

Liabilities

Interest-bearing checking

$   1,420,738

$      2,233

0.63 %

$   1,416,600

$      2,230

0.64 %

$   1,434,559

$      2,426

0.68 %

Money market deposits

4,666,044

28,268

2.43 %

4,566,409

26,516

2.35 %

4,358,877

29,947

2.76 %

Savings deposits

516,779

250

0.19 %

524,123

241

0.19 %

538,843

252

0.19 %

Other time deposits

487,071

2,790

2.30 %

495,115

2,819

2.31 %

534,242

3,088

2.32 %

Time deposits >$250,000

314,506

2,271

2.90 %

304,089

2,240

2.99 %

345,916

2,692

3.12 %

Total interest-bearing deposits

7,405,138

35,812

1.94 %

7,306,336

34,046

1.89 %

7,212,437

38,405

2.14 %

Short-term borrowings

757

1

0.72 %

745

1

0.61 %

848

2

1.09 %

Long-term borrowings

73,950

1,236

6.70 %

73,858

1,227

6.74 %

91,351

1,658

7.28 %

Total interest-bearing liabilities

7,479,845

37,049

1.99 %

7,380,939

35,274

1.94 %

7,304,636

40,065

2.20 %

Noninterest-bearing checking

3,597,511

3,515,359

3,522,117

Other liabilities

167,595

179,753

101,069

Shareholders' equity

1,704,388

1,686,763

1,530,550

Total liabilities and shareholders' equity

$ 12,949,339

$ 12,762,814

$ 12,458,372

Net yield on interest-earning assets and net interest income

$  111,266

3.71 %

$  107,116

3.67 %

$    96,666

3.32 %

Net yield on interest-earning assets and net interest income –
tax-equivalent (3)

$  111,732

3.73 %

$  107,595

3.69 %

$    96,877

3.32 %

Interest rate spread

2.96 %

2.94 %

2.49 %

Average prime rate

6.75 %

6.75 %

7.50 %

(1) Average loans include nonaccruing loans, the effect of which is to lower the average rate shown.

(2) Includes accretion of discount on acquired loans of $1.1 million, $1.1 million and $1.5 million for the three months ended June 30, 2026, March 31, 2026 and June 30, 2025, respectively.

(3) Includes tax-equivalent adjustments to reflect the net tax benefit that we receive related to tax-exempt securities and loans as reduced by the related nondeductible portion of interest expense.

First Bancorp and Subsidiaries

Financial Summary

AVERAGE BALANCES AND NET INTEREST INCOME ANALYSIS - YEAR-TO-DATE

For the Six Months Ended

June 30, 2026

June 30, 2025

($ in thousands)

Average

Volume

Interest

Earned

or Paid

Average

Rate

Average

Volume

Interest

Earned

or Paid

Average

Rate

Assets

Loans (1) (2)

$   8,839,477

$  246,592

5.62 %

$   8,147,750

$  223,418

5.52 %

Taxable securities

2,412,948

34,481

2.86 %

2,663,390

32,381

2.43 %

Non-taxable securities

284,176

2,230

1.57 %

288,373

2,232

1.55 %

Short-term investments, primarily interest-bearing cash

361,123

7,402

4.13 %

504,652

11,324

4.52 %

Total interest-earning assets

11,897,724

290,705

4.92 %

11,604,165

269,355

4.67 %

Cash and due from banks

141,622

143,469

Premises and equipment

139,474

142,574

Other assets

677,771

453,023

Total assets

$ 12,856,591

$ 12,343,231

Liabilities

Interest-bearing checking

$   1,418,681

$      4,462

0.63 %

$   1,433,066

$      4,923

0.69 %

Money market deposits

4,616,502

54,785

2.39 %

4,348,277

59,126

2.74 %

Savings deposits

520,429

491

0.19 %

538,973

493

0.18 %

Other time deposits

491,071

5,609

2.30 %

546,377

6,441

2.38 %

Time deposits >$250,000

309,327

4,511

2.94 %

349,028

5,541

3.20 %

Total interest-bearing deposits

7,356,010

69,858

1.92 %

7,215,721

76,524

2.14 %

Short-term borrowings

751

2

0.66 %

822

3

0.86 %

Long-term borrowings

73,904

2,463

6.72 %

91,259

3,315

7.32 %

Total interest-bearing liabilities

7,430,665

72,323

1.96 %

7,307,802

79,842

2.20 %

Noninterest-bearing checking

3,556,662

3,449,013

Other liabilities

173,640

87,032

Shareholders' equity

1,695,624

1,499,384

Total liabilities and shareholders' equity

$ 12,856,591

$ 12,343,231

Net yield on interest-earning assets and net interest income

$  218,382

3.69 %

$  189,513

3.28 %

Net yield on interest-earning assets and net interest income – tax-equivalent (3)

$  219,327

3.71 %

$  190,161

3.30 %

Interest rate spread

2.96 %

2.47 %

Average prime rate

6.75 %

7.50 %

(1) Average loans include nonaccruing loans, the effect of which is to lower the average rate shown.

(2) Includes accretion of discount on acquired loans of $2.1 million and $3.2 million for the six months ended June 30, 2026 and June 30, 2025, respectively.

(3) Includes tax-equivalent adjustments to reflect the net tax benefit that we receive related to tax-exempt securities and loans as reduced by the related nondeductible portion of interest expense.

Reconciliation of non-GAAP measures

APPENDIX A:  Reconciliation of Common Equity to Tangible Common Equity ("TCE")

For the Three Months Ended

($ in thousands)

June 30,
2026

March 31,
2026

December 31,
2025

September 30,
2025

June 30,
2025

Total shareholders' common equity

$      1,716,460

$      1,682,950

$      1,654,168

$      1,603,323

$      1,556,180

Less: Goodwill and other intangibles, net of
related taxes

(481,673)

(482,640)

(483,644)

(484,623)

(485,657)

Tangible common equity

$      1,234,787

$      1,200,310

$      1,170,524

$      1,118,700

$      1,070,523

APPENDIX B:  Calculation of Tangible Book Value Per Share ("TBVPS")

For the Three Months Ended

($ in thousands except per share data)

June 30,
2026

March 31,
2026

December 31,
2025

September 30,
2025

June 30,
2025

Tangible common equity (Appendix A)

$      1,234,787

$      1,200,310

$      1,170,524

$      1,118,700

$      1,070,523

Common shares outstanding

41,374,221

41,375,026

41,466,227

41,465,437

41,468,098

Tangible book value per common share

$             29.84

$             29.01

$             28.23

$             26.98

$             25.82

APPENDIX C:  TCE Ratio

For the Three Months Ended

($ in thousands)

June 30,
2026

March 31,
2026

December 31,
2025

September 30,
2025

June 30,
2025

Tangible common equity (Appendix A)

$      1,234,787

$      1,200,310

$      1,170,524

$       1,118,700

$      1,070,523

Total assets

13,041,615

12,947,734

12,668,339

12,750,263

12,608,265

Less: Goodwill and other intangibles, net of
related taxes

(481,673)

(482,640)

(483,644)

(484,623)

(485,657)

Tangible assets ("TA")

$    12,559,942

$    12,465,094

$    12,184,695

$    12,265,640

$    12,122,608

TCE to TA ratio

9.83 %

9.63 %

9.61 %

9.12 %

8.83 %

APPENDIX D:  Calculation of Return on Average Assets ("ROA") and Adjusted ROA

For the Three Months Ended

($ in thousands)

June 30,
2026

March 31,
2026

December 31,
2025

September 30,
2025

June 30,
2025

Net income (A)

$           50,519

$           46,659

$           15,713

$           20,363

$           38,566

After-tax impact of loss-earnback

—

—

33,581

21,433

—

Adjusted net income (B)

$           50,519

$           46,659

$           49,294

$           41,796

$           38,566

Average total assets (C)

$    12,949,339

$    12,762,814

$    12,716,139

$    12,640,016

$    12,458,372

ROA (A/C)

1.56 %

1.48 %

0.49 %

0.64 %

1.24 %

Adjusted ROA (B/C)

1.56 %

1.48 %

1.54 %

1.31 %

1.24 %

APPENDIX E:  Calculation of Return on Common Equity ("ROCE") and Adjusted ROCE

For the Three Months Ended

($ in thousands)

June 30,
2026

March 31,
2026

December 31,
2025

September 30,
2025

June 30,
2025

Net income (A)

$           50,519

$           46,659

$           15,713

$           20,363

$           38,566

After-tax impact of loss-earnback

—

—

33,581

21,433

—

Adjusted net income (B)

$           50,519

$           46,659

$           49,294

$           41,796

$           38,566

Average common equity (C)

$      1,704,388

$      1,686,763

$      1,627,976

$      1,571,104

$      1,530,550

ROCE (A/C)

11.89 %

11.22 %

3.83 %

5.14 %

10.11 %

Adjusted ROCE (B/C)

11.89 %

11.22 %

12.01 %

10.55 %

10.11 %

APPENDIX F:  Calculation of Return on TCE ("ROTCE") and Adjusted ROTCE

For the Three Months Ended

($ in thousands)

June 30,
2026

March 31,
2026

December 31,
2025

September 30,
2025

June 30,
2025

Net Income

$           50,519

$           46,659

$           15,713

$           20,363

$           38,566

Intangible asset amortization, net of taxes

923

960

994

1,066

1,123

Tangible Net income  (A)

51,442

47,619

16,707

21,429

39,689

After-tax impact of loss-earnback

—

—

33,581

21,433

—

Adjusted tangible net income  (B)

$           51,442

$           47,619

$           50,288

$           42,862

$           39,689

Average common equity

$      1,704,388

$      1,686,763

$      1,627,976

$      1,571,104

$      1,530,550

Less: Average goodwill and other intangibles,
net of related taxes

(482,326)

(483,314)

(484,313)

(485,331)

(486,393)

Average TCE  (C)

$      1,222,062

$      1,203,449

$      1,143,663

$      1,085,773

$      1,044,157

ROTCE (A/C)

16.88 %

16.05 %

5.80 %

7.83 %

15.25 %

Adjusted ROTCE (B/C)

16.88 %

16.05 %

17.45 %

15.66 %

15.25 %

APPENDIX G: Efficiency Ratio and Adjusted Efficiency Ratio

For the Three Months Ended

June 30,
2026

March 31,
2026

December 31,
2025

September 30,
2025

June 30,
2025

Noninterest expenses (A)

$           62,761

$           60,218

$           62,043

$           60,171

$           58,924

Nointerest income (B)

16,034

15,178

(22,479)

(12,951)

14,292

Securities losses, net

—

—

(43,722)

(27,905)

—

Adjusted nointerest income (C)

16,034

15,178

21,243

14,954

14,292

Net interest income – tax-equivalent (D)

111,732

107,595

106,601

102,829

96,877

Efficiency ratio A/(B+D)

49.12 %

49.05 %

73.75 %

66.95 %

53.00 %

Adjusted efficiency ratio A/(C+D)

49.12 %

49.05 %

48.53 %

51.09 %

53.00 %

Supplemental information

APPENDIX H: Loan purchase discount accretion and its impact on the Company's NIM

Included in interest income for the second quarter of 2026 was loan purchase accounting discount accretion of $1.1 million compared to $1.1 million for the linked quarter and $1.5 million for the like quarter, with the activity primarily related to the continued repayments/reduction of the loan portfolio acquired from GrandSouth Bancorporation in January of 2023. Loan discount accretion had positive impacts of three basis points, three basis points and four basis points, respectively, on the Company's NIM and NIM-T/E in the second quarter of 2026, the linked quarter and the like quarter. 

The following table presents the impact to net interest income of the purchase accounting adjustments for each period.

For the Three Months Ended

NET INTEREST INCOME PURCHASE ACCOUNTING ADJUSTMENTS

($ in thousands)

June 30,
2026

March 31,
2026

June 30,
2025

Interest income - increased by accretion of loan discount on acquired loans

$         1,083

$         1,065

$         1,457

Total interest income impact

1,083

1,065

1,457

Interest expense - increased by discount accretion on deposits

(62)

(61)

(102)

Interest expense - increased by discount accretion on borrowings

(87)

(86)

(194)

Total net interest expense impact

(149)

(147)

(296)

 Total impact on net interest income

$            934

$            918

$         1,161

SOURCE First Bancorp