- The First Bancorp (FNLC, Financial) reports a 17.5% increase in net income for Q1 2025 compared to Q1 2024.
- The company's net interest margin improved by 26 basis points year-over-year to 2.48%.
- Total assets grew to $3.19 billion, with loan balances increasing at an annualized rate of 7.3%.
The First Bancorp (FNLC), the parent company of First National Bank, announced its financial results for the first quarter ended March 31, 2025. The company reported an increase in net income to $7.1 million, a 17.5% rise from the same quarter in 2024. Diluted earnings per share for the quarter reached $0.63, up by 17.0% year-over-year.
Net interest income for the quarter was $17.8 million, up by 19.6% from the previous year, as the net interest margin expanded to 2.48%. This increase was attributed to a 20 basis point rise in the tax-equivalent yield on earning assets and an 8 basis point reduction in the cost of total liabilities. Non-interest income also saw a substantial rise, reaching $4.0 million, marking a 9.9% increase primarily due to growth in investment management and revenue from customer derivative transactions.
The company's total assets increased to $3.19 billion, with loan balances growing to $2.38 billion, an annualized increase of 7.3%. Despite a slight decrease in total deposits during the quarter by $13.9 million, the total deposits still marked a 6.4% rise from the previous year.
The First Bancorp maintained favorable asset quality, with the ratio of non-performing assets to total assets at 0.19% and a strong allowance for credit losses at 1.05% of total loans. The company announced a quarterly dividend of $0.36 per share, reflecting its solid financial performance and commitment to returning value to its shareholders.
