Citing higher net interest margins and core deposit growth, Damariscotta-based First Bancorp (Nasdaq: FNLC) reported fourth-quarter net income of $7.3 million, representing a 9% increase over the same period last year.
Diluted earnings per share were 65 cents, up from 60 cents a share a year ago.
First Bancorp is the parent company of First National Bank, with roots going back to 1864. The bank has 18 branches in Maine from Wiscasset to Calais and inland to Bangor.
“We began the past year with a continuance of the margin contraction from 2023, and reached a low point in the second quarter of 2024, with resulting impact on our bottom line,” Tony MCKim, the company’s president and CEO, said in Wednesday’s earnings announcement.
“Through the combined effects of new asset pricing, legacy asset re-pricing and funding cost stabilization, our net interest margin has increased in each of the past two quarters, and has led to improved net income performance,” he added. “We expect this positive trend to continue with further gradual margin improvement in coming quarters.”
Net interest income was $17.6 million for the three months ended Dec. 31, 2024, an increase of 10.7% over a year earlier.
Net interest margin of 2.42% for the fourth quarter was an improvement of 8 basis points above the same period last year and 10 basis points above the Q3 margin.
Total assets at the end of 2024 amounted to $3.15 billion, or $205.3 million high than the level a year ago.
The company said that asset quality continues to be stable and favorable.
Total deposits as of Dec. 31, 2024, were $2.73 billion, up 4.8% over a year earlier.
First National Bank, headquartered in Damariscotta, was ranked No. 5 in the 2025 Mainebiz Book of Lists. That ranking was determined by bank assets as of June 30, 2024.