First Bancorp

FBP

Equity

ISIN PR3186727065 / Valor 12039337

New York Stock Exchange, Inc (2025-11-21)

USD 20.16+2.13%

First Bancorp
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About company

First Bancorp, a $2.9 billion bank holding company based in Damariscotta, Maine, operates through its subsidiary, First National Bank, which was established in 1864 and has 18 branches along Maine's coast and two branches in the greater Bangor area. The bank offers a wide variety of retail and commercial banking services, including Trust and Investment Management services through First National Wealth Management. With a strong coastal presence and a branch in downtown Bangor, the bank is well positioned to serve a mix of new and traditional industries in Maine's coastal counties. In recent years, the bank has made significant investments in technology infrastructure to offer a competitive range of electronic banking products and services, while still emphasizing personalized service to foster lasting relationships with customers. The bank has experienced significant asset growth over the past decade through a strategy of organic growth and branch expansion.

Summarized from source with an LLMView SourceSector: Finance

Net Income Growth

First Bancorp reported a net income of $80.2 million, or $0.50 per diluted share, for Q2 2025, up from $77.1 million, or $0.47 per diluted share, in Q1 2025 and $75.8 million in Q2 2024. This growth underscores the company's effective strategies and strong operational performance.

Loan and Deposit Performance

The bank experienced a 6% core loan growth in Q2 2025, driven by robust commercial loan production in Puerto Rico and Florida. Year-to-date origination activity increased by 5%, highlighting the resilience of the operating environment. However, core deposits decreased by $240.9 million to $12.7 billion, primarily due to fluctuations in large commercial accounts.

Net Interest Income

Net interest income rose to $215.9 million in Q2 2025, up from $212.4 million in Q1 2025. This increase was primarily driven by a decrease in the cost of funds, which boosted the net interest margin to 4.56%. The company effectively managed interest expenses, contributing to the overall growth in net interest income.

Capital Deployment and Shareholder Returns

First Bancorp continued its capital deployment plan by repurchasing $28 million in common shares and redeeming $11.1 million in junior subordinated debentures. The company also declared $29 million in common stock dividends, maintaining the highest dividend payout ratio among local peers. These actions reflect the company's commitment to returning value to shareholders.

Asset Quality and Risk Management

The company maintained stable asset quality with an allowance for credit losses coverage ratio of 1.93% and a decrease in non-performing assets to $128.0 million. Effective risk management resulted in lower net charge-offs, reinforcing the bank's strong financial foundation.

Summarized from source with an LLMView Source

Key figures

-4.09%1Y

33.4%3Y

154%5Y

Performance

28.7%1Y

31.3%3Y

33.7%5Y

Volatility