The First Bancorp Announces Second Quarter Results

The First Bancorp reported strong second quarter results with net income of $9.6 million, an 18.6% increase year-over-year, and diluted EPS of $0.85, up 17.8%. This growth was driven by a 36-basis point expansion in net interest margin to 2.88%, improved non-interest income, and disciplined expense control, leading to an efficiency ratio of 50.33%. Year-to-date net income reached $18.6 million, a 22.5% increase. The company saw loan growth of $18.6 million and a 11.0% increase in tangible book value per share to $23.25. The quarterly dividend was increased to $0.38 per share. Asset quality remained satisfactory, with non-performing assets at 0.54% of total assets. Capital ratios remained strong, with the Total Capital Ratio at 14.24%.