First Bancorp Q2 EPS $1.22, net income $50.5M; announces acquisition of First Carolina Bancshares

FIRST BANCORP /NC/

Diluted EPS $1.22 vs $0.93 year ago; net income $50.5M, up 31% YoY.
Net interest margin expanded to 3.71% from 3.32% a year ago; efficiency ratio improved to 49.12%.
Total loans grew 9.3% YoY to $9.0B; total assets exceeded $13B.
Announced acquisition of First Carolina Bancshares (Carolina Bank) with $831M assets, expected close late 2026/early 2027.
Nonperforming assets low at 0.34% of total assets; net charge-offs 0.04% annualized.

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