First Bancorp, Inc. reported a net income of $8.993 million for the first quarter of 2026, reflecting a 27.1% increase from $7.077 million in the same period of 2025. This translates to basic earnings per share of $0.81, up from $0.64 a year earlier. The company declared cash dividends of $0.37 per share, representing a payout ratio of 45.74% of basic earnings. The increase in profitability was driven by a rise in net interest income, which reached $20.689 million, a 16.2% increase compared to $17.799 million in the prior year, attributed to a favorable shift in both interest income and expense.
The bank's total assets grew to $3.201 billion as of March 31, 2026, up from $3.187 billion a year prior. The loan portfolio also saw a modest increase, rising to $2.405 billion, a 0.5% increase from $2.394 billion at the end of 2025. Notably, commercial loans increased by $2.3 million, with significant contributions from owner-occupied commercial real estate and commercial and industrial loans. However, non-owner occupied commercial real estate and multifamily loans experienced declines.
In terms of operational metrics, the company reported a non-performing loans ratio of 0.67% of total loans, an increase from 0.25% a year earlier. The allowance for credit losses (ACL) stood at 1.05% of total loans, consistent with the previous year. The provision for credit losses increased to $650,000 from $396,000 in the same quarter of 2025, reflecting a proactive approach to managing credit risk amid changing economic conditions.
Strategically, First Bancorp continues to focus on maintaining a strong capital position, with a total risk-based capital ratio of 14.05% as of March 31, 2026, well above the regulatory minimum. The company is also actively managing its interest rate risk through various financial instruments, including interest rate swaps and caps, to mitigate potential fluctuations in net interest income. Looking ahead, the bank anticipates continued growth in its loan portfolio and remains committed to enhancing shareholder value through prudent financial management and strategic investments.
About First Bancorp, Inc /ME/
The First Bancorp, Inc. is a Maine-based bank holding company primarily engaged in banking and financial services through its subsidiary, The First National Bank. It offers personal and business banking, loans, deposit accounts, wealth management, and trust services. Serving small to medium-sized customers in Maine, it emphasizes community-focused banking, local decision-making, and technological innovation to maintain competitive advantages in its regional markets.
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