First Bancorp Reports 22.6% Increase in Net Income for Nine Months Ending September 30, 2025

First Bancorp, Inc. reported a significant increase in financial performance for the nine months ending September 30, 2025, with net income rising to $24.2 million, a 22.6% increase from $19.8 million in the same period of 2024. Earnings per share also saw a notable rise, with diluted earnings per share reaching $2.16, up from $1.78 year-over-year. The company declared cash dividends totaling $1.10 per share, representing a payout ratio of 50.3% of basic earnings per share. For the third quarter alone, net income was $9.1 million, reflecting a 20% increase compared to $7.6 million in the prior year.

The bank's net interest income increased by 21.4% to $56.3 million for the nine months ended September 30, 2025, compared to $46.4 million in the previous year. This growth was attributed to a higher tax-equivalent net interest margin of 2.57%, up from 2.25% in 2024, driven by favorable changes in both the yield on earning assets and a decrease in the cost of liabilities. Non-interest income also rose to $12.6 million, a 5.8% increase from the previous year, with notable contributions from mortgage banking and wealth management services.

In terms of operational metrics, total assets increased to $3.20 billion, up from $3.16 billion at the end of 2024. The loan portfolio expanded by 2.5% to $2.40 billion, with growth primarily in commercial and residential loans. The bank's total deposits increased slightly to $2.74 billion, with a shift observed from low-cost deposits to higher-cost money market accounts. The allowance for credit losses (ACL) on loans stood at 1.05% of total loans, reflecting a slight increase from 1.04% a year earlier, indicating a stable asset quality despite a rise in non-performing loans to 0.40% of total loans.

Strategically, First Bancorp has maintained a focus on enhancing its capital position, with total shareholders' equity rising to $274.6 million as of September 30, 2025, compared to $252.5 million at the end of 2024. The bank's capital ratios remain strong, with a total risk-based capital ratio of 13.56%, well above the regulatory minimum. The company continues to prioritize maintaining a well-capitalized status while managing liquidity effectively, with primary sources of contingent liquidity totaling $970 million, representing 30.6% of total assets.

Looking ahead, First Bancorp's management remains optimistic about its growth trajectory, supported by a solid balance sheet and a commitment to prudent risk management. The bank's strategic initiatives, including a focus on loan growth and maintaining asset quality, position it well to navigate potential economic challenges while continuing to deliver value to shareholders.