First Bancorp reported net income of $38.6 million, or $0.93 diluted EPS, for the second quarter of 2025, marking a continued improvement from $36.4 million, or $0.88 D-EPS, in the linked quarter. For the first six months of 2025, net income reached $75.0 million, or $1.81 per diluted common share, a substantial increase from $54.0 million, or $1.31, in the comparable 2024 period.
Net interest income for the second quarter increased 4.1% to $96.7 million from $92.9 million in the linked quarter, and 19.2% from $81.1 million in the second quarter of 2024. The net interest margin (NIM) expanded to 3.32%, an increase of 7 basis points from the linked quarter and 48 basis points from the prior year's quarter, driven by effective deposit cost management and increased loan yields.
The company's loan portfolio grew by $122.6 million, or 6.1% annualized, during the quarter, reaching $8.2 billion. Asset quality remained strong, with nonperforming assets at a low level of $35.8 million, or 0.28% of total assets. The Board of Directors also increased the quarterly cash dividend to $0.23 per share, effective June 30, 2025.
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