First Bancorp, Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2025, with net income rising to $34.4 million, a 27.2% increase from $27.0 million in 2024. Earnings per share also saw a notable rise, reaching $3.07 compared to $2.43 in the previous year. The company's total assets increased slightly by 0.3% to $3.166 billion, while the loan portfolio grew by 2.3% to $2.394 billion. The increase in profitability was attributed to a continued expansion of the net interest margin, which improved to 2.63% from 2.29% in 2024, driven by a focus on generating lower-cost local deposits and disciplined pricing strategies.
In terms of operational developments, First Bancorp opened a new branch in Brewer, Maine, raising its total branch count to 18. The company also reported a 4.8% increase in core deposits, totaling $1.687 billion, while certificates of deposit decreased by 12.3%. The bank's investment management division, First National Wealth Management, experienced growth, with assets under management increasing to $1.384 billion, up from $1.290 billion in 2024. The company maintained a strong capital position, with a total risk-based capital ratio of 14.02%, well above the regulatory minimum of 10%.
The filing indicated a slight increase in non-performing loans, which rose to 0.54% of total loans from 0.18% in the previous year. However, the allowance for credit losses remained stable at 1.06% of total loans, reflecting the bank's ongoing commitment to managing credit risk effectively. The provision for credit losses increased to $2.0 million in 2025, compared to $1.3 million in 2024, as the bank continued to prepare for potential future losses amid changing economic conditions.
Looking ahead, First Bancorp expressed optimism about its growth trajectory, emphasizing its focus on enhancing digital banking services and maintaining strong customer relationships. The company plans to continue investing in technology and expanding its product offerings to remain competitive in the evolving financial services landscape. The management believes that the bank's local decision-making capabilities and commitment to community involvement will support its long-term success.
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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