First Bancorp earnings rose 17.5% year over year to $10.7 million in the third quarter ended September 30, 2026, supported by a wider net interest margin and improved operating efficiency. Fully diluted earnings per share increased 16.8% to $0.95. The Maine-based bank holding company filed its results on October 21.
Key Takeaways
- Net interest margin reached 2.99%, up 29 basis points from a year earlier.
- Nine-month net income increased 20.7% to $29.2 million.
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First Bancorp earnings benefit from margin and efficiency gains
The quarter’s profit compared with $9.1 million in the same period of 2025, while fully diluted EPS increased from $0.81. Net interest margin widened from 2.70% to 2.99%, extending a run of improvement that CEO Tony C. McKim said had lasted nine consecutive quarters.
The efficiency ratio improved to 47.94% from 50.40% a year earlier. McKim attributed the improvement to revenue growth combined with controlled operating expenses. Return on average assets reached 1.31%, and return on average equity increased to 14.33%.
For the first nine months of 2026, net income totaled $29.2 million, up from $24.2 million a year earlier.
Deposits and lending expand
First Bancorp reported total deposits of $2.79 billion, compared with $2.74 billion a year earlier. Total assets stood at $3.25 billion against $3.20 billion in the prior-year quarter, and loans grew by $17.8 million during the quarter.
The company also reported a quarterly dividend of $0.38 per share. Based in Damariscotta, Maine, First Bancorp operates through First National Bank, providing deposit, lending and investment-management services in coastal and central Maine.
The non-performing loan ratio and credit-loss provisions declined, although the non-performing loan ratio remained above its year-earlier level.
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