The First Bancorp (FNLC) Q3 2025 earnings summary

Executive summary

• Net income for the nine months ended September 30, 2025 was $24.2 million, up 22.6% year-over-year; Q3 2025 net income was $9.1 million, up 20.0% year-over-year and 12.6% sequentially; diluted EPS was $2.16 for nine months and $0.81 for Q3, both up over 19% year-over-year.

• Net interest margin expanded to 2.70% in Q3 2025, a 38 basis point increase year-over-year and 18 basis points sequentially.

• Dividends declared year-to-date totaled $1.10 per share, with a Q3 dividend of $0.37 per share; payout ratios were 50.3% year-to-date and 45.18% for Q3.

• Efficiency ratio improved to 50.40% in Q3 2025, down from 56.37% a year ago; year-to-date efficiency ratio was 53.12%.

• Tangible book value per share rose to $21.74, up 7.3% year-over-year.

Financial highlights

• Net interest income for the nine months was $56.3 million, up 21.4% year-over-year; Q3 net interest income was $20.1 million, up 22.3% year-over-year and 9.0% sequentially.

• Non-interest income rose 5.8% to $12.6 million for nine months; Q3 non-interest income was $4.5 million, up 8.6% year-over-year, driven by wealth management and debit card income.

• Non-interest expense increased 8.0% to $37.8 million for nine months; Q3 non-interest expense was $12.8 million, up 6.3% year-over-year.

• Provision for credit losses on loans was $1.4 million for nine months; net charge-offs were $1.2 million (0.069% of average loans).

• Total assets grew 1.3% year-to-date to $3.20 billion; total loans increased 2.5% to $2.40 billion; total deposits rose 0.5% to $2.74 billion.

Outlook and guidance

• Management expects to remain well capitalized and maintain strong asset quality, with capital ratios well above regulatory minimums.

• Interest rate risk modeling projects net interest income would increase if rates fall and decrease modestly if rates rise, with all scenarios within policy limits.

• Focus remains on deposit growth and margin expansion.