First Bancorp Inc ME

Total interest income of $71.5 million for the six months ended June 30, 2024 was an increase of $11.4 million or 19.0% compared to total interest income of $60.1 million for the same period of 2023. Growth in earning assets coupled with higher interest rates resulted in the period-to-period increase. Higher market interest rates resulting from FOMC actions coupled with changing customer product preferences to higher cost money market and CD products led to total interest expense of $41.6 million for the six months ended June 30, 2024, an increase of $14.9 million or 55.8% compared to total interest expense for the six months ended June 30, 2023. As a result, net interest income of $30.0 million for the six months ended June 30, 2024 was a decrease of $3.4 million or 10.3% compared to net interest income of $33.4 million for the same period ended June 30, 2023. The Company's net interest margin on a tax-equivalent basis for the six months ended June 30, 2024 was 2.21%, down from 2.62% for the first six months of 2023. Tax-exempt interest income amounted to $5.1 million for the six months ended June 30, 2024 compared to $4.8 million for the six months ended June 30, 2023.

The following tables present the amount of interest earned or paid, as well as the average yield or rate on an annualized basis, for each major category of assets or liabilities for the six months and quarters ended June 30, 2024 and 2023. Tax-exempt income is calculated on a tax-equivalent basis, using a 21.0% Federal Income Tax rate.

The following tables present changes in interest income and expense attributable to changes in interest rates and volume for interest-earning assets and liabilities for the six months and quarters ended June 30, 2024 compared to 2023. Tax-exempt income is calculated on a tax-equivalent basis, using a 21% Federal Income Tax rate.

1 Represents the change attributable to a combination of change in rate and change in volume.