The First Bancorp achieved record quarterly net income of $10.7 million, driven by the ninth consecutive quarter of net interest margin expansion and strong seasonal deposit growth. Results were supported by record loan production and disciplined expense management, resulting in an improved non-GAAP efficiency ratio of 47.94%.
Key Highlights
- Net interest margin expanded to 2.99%, a 29-basis point increase from the prior year quarter, driven by lower funding costs and stable asset yields.
- New loan production reached $180 million, up approximately $50 million from the second quarter, bringing total loans to $2.44 billion.
- Total deposits grew $106.9 million during the quarter, led by a $139.7 million increase in non-maturity deposits which allowed for reductions in higher-cost borrowings.
- Asset quality improved as non-performing assets fell to 0.44% of total assets, down from 0.54% in the linked quarter.