First Bancorp, Inc /ME/
For the period ended Jun 30, 2025. Filed Aug 8, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 8, 2025
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Net Interest Income
Total interest income of $78.5 million for the six months ended June 30, 2025 was an increase of $7.0 million or 9.8% compared to total interest income of $71.5 million for the same period of 2024. Nearly all of the increase is attributable to the loan portfolio which benefited from both greater volume and higher average yields as compared to the prior year.
Total interest expense of $42.3 million for the six months ended June 30, 2025, was an increase of $735,000 or 1.8% compared to total interest expense for the six months ended June 30, 2024. The increase was concentrated within borrowed funds expense which was up $734,000 based mostly in higher utilization of FHLB funding as compared to the prior year.
As a result, net interest income of $36.2 million for the six months ended June 30, 2025 was an increase of $6.3 million or 20.9% compared to net interest income of $30.0 million for the same period ended June 30, 2024. The Company's net interest margin on a tax-equivalent basis for the six months ended June 30, 2025 was 2.50%, up from 2.21% for the first six months of 2024. Tax-exempt interest income amounted to $5.3 million for the six months ended June 30, 2025 compared to $5.1 million for the six months ended June 30, 2024.
The following table presents 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, 2025 and 2024. Tax-exempt income is calculated on a tax-equivalent basis, using a 21.0% Federal Income Tax rate.
| For the six months ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| June 30, 2025 · June 30, 2024 | |||||||||
| Dollars in thousands · Amount of interest · Average Yield/Rate · Amount of interest · Average Yield/Rate | |||||||||
| Interest on earning assets | |||||||||
| Interest-bearing deposits | $107 | 5.16 | % | $134 | 5.54 | % | |||
| Investments | 10,529 | 3.25 | % | 10,428 | 3.18 | % | |||
| Loans | 69,307 | 5.88 | % | 62,339 | 5.75 | % | |||
| Total interest income | 79,943 | 5.31 | % | 72,901 | 5.15 | % | |||
| Interest expense | |||||||||
| Deposits | 38,994 | 3.25 | % | 38,993 | 3.42 | % | |||
| Other borrowings | 3,332 | 3.55 | % | 2,598 | 3.33 | % | |||
| Total interest expense | 42,326 | 3.27 | % | 41,591 | 3.42 | % | |||
| Net interest income | $37,617 | $31,310 | |||||||
| Interest rate spread | 2.04 | % | 1.74 | % | |||||
| Net interest margin | 2.50 | % | 2.21 | % | |||||
| For the quarters ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| June 30, 2025 · June 30, 2024 | |||||||||
| Dollars in thousands · Amount of interest · Average Yield/Rate · Amount of interest · Average Yield/Rate | |||||||||
| Interest on earning assets | |||||||||
| Interest-bearing deposits | $51 | 4.89 | % | $56 | 5.59 | % | |||
| Investments | 5,280 | 3.24 | % | 5,192 | 3.19 | % | |||
| Loans | 35,192 | 5.91 | % | 31,996 | 5.81 | % | |||
| Total interest-earning assets | 40,523 | 5.34 | % | 37,244 | 5.22 | % | |||
| Interest expense | |||||||||
| Deposits | 19,725 | 3.25 | % | 19,816 | 3.47 | % | |||
| Other borrowings | 1,691 | 3.57 | % | 1,667 | 3.61 | % | |||
| Total interest expense | 21,416 | 3.28 | % | 21,483 | 3.48 | % | |||
| Net interest income | $19,107 | $15,761 | |||||||
| Interest rate spread | 2.06 | % | 1.74 | % | |||||
| Net interest margin | 2.52 | % | 2.21 | % | |||||
The following table presents 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, 2025 compared to 2024. Tax-exempt income is calculated on a tax-equivalent basis, using a 21% Federal Income Tax rate.
| Dollars in thousands | Volume | Rate | Rate/Volume1 | Total |
|---|---|---|---|---|
| Interest on earning assets | ||||
| Interest-bearing deposits | $(19) | $(9) | $1 | $(27) |
| Investment securities | (85) | 188 | (2) | 101 |
| Loans held for sale | — | — | — | — |
| Loans | 5,618 | 1,238 | 112 | 6,968 |
| Change in interest income | 5,514 | 1,417 | 111 | 7,042 |
| Interest expense | ||||
| Deposits | 2,158 | (2,044) | (113) | 1 |
| Other borrowings | 537 | 163 | 34 | 734 |
| Change in interest expense | 2,695 | (1,881) | (79) | 735 |
| Change in net interest income | $2,819 | $3,298 | $190 | $6,307 |
1 Represents the change attributable to a combination of change in rate and change in volume.
| Dollars in thousands | Volume | Rate | Rate/Volume1 | Total |
|---|---|---|---|---|
| Interest on earning assets | ||||
| Interest-bearing deposits | $2 | $(7) | $— | $(5) |
| Investment securities | (5) | 93 | — | 88 |
| Loans held for sale | — | — | — | — |
| Loans | 2,523 | 624 | 49 | 3,196 |
| Change in interest income | 2,520 | 710 | 49 | 3,279 |
| Interest expense | ||||
| Deposits | 1,156 | (1,178) | (69) | (91) |
| Other borrowings | 35 | (11) | — | 24 |
| Change in interest expense | 1,191 | (1,189) | (69) | (67) |
| Change in net interest income | $1,329 | $1,899 | $118 | $3,346 |
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