First Bancorp, Inc /ME/
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
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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, 2026 · Filed Aug 7, 2026
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Net Interest Income
Total interest income of $79.0 million for the six months ended June 30, 2026 was an increase of $444,000 or 0.6% compared to total interest income of $78.5 million for the same period of 2025. Comparing the respective year-to-date periods, the overall average volume of earning assets was essentially unchanged, however balances shifted from lower yielding investments to higher yielding loans, resulting in a 3 basis point lift in average yield on earning assets to 5.34%.
Total interest expense of $37.1 million for the six months ended June 30, 2026, was a decrease of $5.2 million or 12.3% compared to total interest expense for the six months ended June 30, 2025. Interest expense on deposits fell $5.4 million year-to-date as compared to prior year on lower average funding rates and modestly lower volume. Borrowed funds expense was up $209,000 compared to the prior year period attributable to higher utilization of short-term FHLB funding. The total average cost of interest bearing liabilities was 2.88% for the period, a reduction of 39 basis points.
As a result, net interest income of $41.9 million for the six months ended June 30, 2026 was an increase of $5.6 million or 15.6% compared to net interest income of $36.2 million for the six months ended June 30, 2025. The Company's net interest margin on a tax-equivalent basis for the six months ended June 30, 2026 was 2.87%, up from 2.50% for the first six months of 2025. Tax-exempt interest income amounted to $5.0 million for the six months ended June 30, 2026 compared to $5.3 million for the six months ended June 30, 2025.
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, 2026 and 2025. 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, 2026 · June 30, 2025 | ||||||||
| Dollars in thousands · Amount of interest · Average Yield/Rate · Amount of interest · Average Yield/Rate | ||||||||
| Interest on earning assets | ||||||||
| Interest-bearing deposits | $68 | 4.16 | % | $107 | 5.16 | % | ||
| Investments | 9,839 | 3.19 | % | 10,529 | 3.25 | % | ||
| Loans held for sale | — | 0.00 | % | — | 0.00 | % | ||
| Loans | 70,408 | 5.89 | % | 69,307 | 5.88 | % | ||
| Total interest income | 80,315 | 5.34 | % | 79,943 | 5.31 | % | ||
| Interest expense | ||||||||
| Deposits | 33,586 | 2.83 | % | 38,994 | 3.25 | % | ||
| Other borrowings | 3,541 | 3.51 | % | 3,332 | 3.55 | % | ||
| Total interest expense | 37,127 | 2.88 | % | 42,326 | 3.27 | % | ||
| Net interest income | $43,188 | $37,617 | ||||||
| Interest rate spread | 2.46 | % | 2.04 | % | ||||
| Net interest margin | 2.87 | % | 2.50 | % | ||||
| For the quarters ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| June 30, 2026 · June 30, 2025 | ||||||||
| Dollars in thousands · Amount of interest · Average Yield/Rate · Amount of interest · Average Yield/Rate | ||||||||
| Interest on earning assets | ||||||||
| Interest-bearing deposits | $38 | 4.89 | % | $51 | 4.89 | % | ||
| Investments | 4,950 | 3.19 | % | 5,280 | 3.24 | % | ||
| Loans held for sale | — | 0.00 | % | — | 0.00 | % | ||
| Loans | 35,525 | 5.90 | % | 35,192 | 5.91 | % | ||
| Total interest-earning assets | 40,513 | 5.34 | % | 40,523 | 5.34 | % | ||
| Interest expense | ||||||||
| Deposits | 16,884 | 2.82 | % | 19,725 | 3.25 | % | ||
| Other borrowings | 1,793 | 3.47 | % | 1,691 | 3.57 | % | ||
| Total interest expense | 18,677 | 2.88 | % | 21,416 | 3.28 | % | ||
| Net interest income | $21,836 | $19,107 | ||||||
| Interest rate spread | 2.46 | % | 2.06 | % | ||||
| Net interest margin | 2.88 | % | 2.52 | % | ||||
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, 2026 compared to 2025. 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 | $(22) | $(21) | $4 | $(39) |
| Investment securities | (500) | (199) | 9 | (690) |
| Loans | 903 | 195 | 3 | 1,101 |
| Change in interest income | 381 | (25) | 16 | 372 |
| Interest expense | ||||
| Deposits | (417) | (5,045) | 54 | (5,408) |
| Other borrowings | 251 | (39) | (3) | 209 |
| Change in interest expense | (166) | (5,084) | 51 | (5,199) |
| Change in net interest income | $547 | $5,059 | $(35) | $5,571 |
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 | $(13) | $— | $— | $(13) |
| Investment securities | (261) | (73) | 4 | (330) |
| Loans held for sale | — | — | — | — |
| Loans | 414 | (80) | (1) | 333 |
| Change in interest income | 140 | (153) | 3 | (10) |
| Interest expense | ||||
| Deposits | (275) | (2,602) | 36 | (2,841) |
| Other borrowings | 157 | (50) | (5) | 102 |
| Change in interest expense | (118) | (2,652) | 31 | (2,739) |
| Change in net interest income | $258 | $2,499 | $(28) | $2,729 |
1 Represents the change attributable to a combination of change in rate and change in volume.
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