The First Bancorp Reports Strong First Quarter 2025 Results with 17.5% Net Income Growth and Higher Net Interest Margin


DAMARISCOTTA, ME, April 23, 2025 – The First Bancorp (Nasdaq: FNLC), parent of First National Bank, announced first quarter 2025 net income of $7.1 million, or $0.63 per diluted share, reflecting a 17.5% increase in net income and 17.0% growth in diluted EPS compared to Q1 2024.

Key Highlights from Q1 2025:

Net Interest Margin (NIM) rose to 2.48%, up 26 basis points from Q1 2024 and 6 bps from Q4 2024, driven by stronger asset yields and stable liability costs.

Pre-Tax, Pre-Provision (PTPP) income jumped 32.5% year-over-year to $9.0 million.

Total assets grew to $3.19 billion, with loans increasing by $42.2 million in Q1, led by commercial and multifamily lending.

Non-interest income climbed 9.9%, aided by double-digit growth in wealth management and derivatives-related income.

Efficiency ratio improved to 56.93%, down from 61.15% a year earlier.

Asset quality remains robust, with non-performing assets at 0.19% of total assets and an ACL coverage ratio of 1.05% of total loans.

CEO Tony C. McKim emphasized continued positive momentum: “Our margin expansion, balanced loan growth, and sound credit metrics show disciplined execution across all business lines. Despite some seasonal headwinds, we’ve started 2025 with solid earnings performance and a healthy balance sheet.”

Quarterly Comparisons:

Compared to Q4 2024, net income declined 2.8% mainly due to one-time compensation-related expenses and lower debit card revenues following Q4 holiday-related peaks.

Deposits fell $13.9 million, a seasonal decline in non-maturity accounts, partially offset by a $54.7 million increase in time deposits.

Available liquidity stood at $700 million, covering 147% of estimated uninsured deposits, 74% of which are fully collateralized.

Capital and Shareholder Returns:

Book value per share rose to $23.19, with tangible book value reaching $20.44, reflecting reduced unrealized losses on AFS securities.

The board declared a $0.36 per share dividend, paid on April 18, 2025.

Outlook: With stable funding costs, strong commercial loan production, and resilient fee-based revenue streams, The First Bancorp enters the remainder of 2025 with solid fundamentals and a favorable risk profile.