Earnings ·
The First Bancorp reports Q3 net income of $10.7M, a 17.5% increase
FNLCFirst Bancorp, Inc
The First Bancorp reported third-quarter net income of $10.7 million, or fully diluted earnings per share of $0.95, representing increases of 17.5% and 16.8%, respectively, from the prior-year quarter. The results were driven by earning asset growth, a 29-basis point expansion in net interest margin to 2.99%, enhanced non-interest income, and disciplined expense control. Total assets rose $35.7 million to $3.25 billion, supported by $17.8 million in loan growth and strong increases in non-maturity deposits. The company also declared a quarterly cash dividend of $0.38 per share. The First Bancorp operates as the parent company of First National Bank, providing commercial and retail banking services through eighteen locations in Maine.