10-Q · May 8, 2026
First Bancorp, Inc. reported Q1 2026 net income of $8.993 million, a 27.1% increase from the prior year, with diluted EPS rising 26.8% to $0.80. Revenue reached $25.14 million, diverging from prior trends, nonetheless…
Earnings analysis · 10-Q
FNLC earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
FNLC delivered solid Q2 operating momentum, with diluted EPS up 18.1% year over year to $0.85, a 36-basis-point expansion in tax-equivalent net interest margin, and improved efficiency. Loan growth and fee income were…
Read full summary
FNLC delivered solid Q2 operating momentum, with diluted EPS up 18.1% year over year to $0.85, a 36-basis-point expansion in tax-equivalent net interest margin, and improved efficiency. Loan growth and fee income were positive, while operating cash flow remained above $9 million and capital spending declined. However, non-performing loans, delinquencies, and charge-offs increased materially, and funding shifted away from low-cost deposits toward CDs and short-term borrowings. With no quantitative guidance and no material changes to stated risk factors, the overall assessment is neutral.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.85
What stood out
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EPS growth accelerated year over year
Second-quarter diluted EPS was $0.85, up $0.05, or 6.3%, from $0.80 in Q1 2026 and up $0.13, or 18.1%, from $0.72 in Q2 2025. Net income increased 18.6% year over year to $9.56 million from $8.06 million.
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Margin expansion drove NII growth
Second-quarter net interest income rose 14.9% year over year to $21.162 million from $18.409 million, while tax-equivalent net interest margin expanded to 2.88% from 2.52%, a 36-basis-point improvement.
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Fee income continued to grow
Six-month non-interest income increased 12.1% to $9.112 million, led by investment management and fiduciary income of $3.034 million, up from $2.653 million, and other operating income of $1.975 million, up 28.6%.
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Operating efficiency improved
The non-GAAP efficiency ratio improved to 50.33% in Q2 2026 from 52.39% in Q2 2025 and was 51.47% for the first six months versus 54.63% a year earlier, despite six-month non-interest expense rising 7.8% to $26.993 million.
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Loan growth was led by C&I and retail
Total loans grew 1.2% year to date to $2.424 billion, with C&I loans increasing $17.2 million, residential loans increasing $16.0 million, home equity loans increasing $18.0 million, and municipal loans increasing $8.8 million.
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Cash generation and capital spending improved
Operating cash flow was $9.804 million for the first six months, compared with $9.547 million in the prior-year period. Capital expenditures were $0.715 million versus $1.487 million, while cash and cash equivalents increased to $29.759 million from $27.779 million at year-end 2025.
What to watch
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Credit deterioration accelerated
Non-performing loans increased to 0.71% of total loans from 0.54% at December 31, 2025 and 0.25% at June 30, 2025; non-performing loans totaled $17.308 million versus $12.879 million and $6.039 million at those dates.
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Delinquencies and charge-offs increased
Total past-due loans rose to 0.930% of loans from 0.903% at year-end and 0.232% a year earlier. Net charge-offs increased to $2.379 million, or 0.200% of average loans, from $0.786 million, or 0.067%, in the prior-year period.
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Deposit mix increased funding pressure
Funding mix shifted toward higher-cost or less stable sources: low-cost deposits declined $39.7 million and money-market deposits declined $47.6 million year to date, while certificates of deposit increased $102.3 million and short-term borrowings increased $86.248 million.
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Securities losses remain material
The AFS securities portfolio had $41.219 million of unrealized losses at June 30, 2026, including $40.864 million on securities in a continuous loss position for at least 12 months; the net unrealized AFS loss in shareholders' equity was $32.444 million.
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Asset-liability sensitivity worsened
The cumulative one-year interest-rate gap was negative 15.04% of total assets, compared with negative 13.24% at December 31, 2025. Management's simulation indicated that a 2.0% rate increase would reduce year-one net interest income by approximately 2.0%.
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Concentration risk persists
The filing states there were no material changes to the risk factors disclosed in the 2025 Form 10-K, but current exposure remains concentrated in Maine and residential-building lessors represented $245.1 million, or 10.11%, of total loans.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management stated that interest rates are expected to increase slightly over the next year and that its current interest-rate risk is acceptable; the filing also notes that interest-rate simulation scenarios are not a company forecast.
Earlier filings 4
10-K · March 6, 2026
The First Bancorp’s 2025 10‑K shows modest top‑line growth and material margin expansion: full‑year revenue rose to about $177.0M (sum of 2025 quarters), while quarterly gross margin widened to 56.8% in 2025Q4 and…
10-Q · November 7, 2025
First Bancorp reported a stronger quarter with revenue (net interest income + non-interest income) of $24,533,000 and diluted EPS of $0.81 for the quarter ended September 30, 2025, up from $20,524,000 and $0.68 a year…
10-Q · May 9, 2025
The First Bancorp reported net interest income of $17,799,000 and total non-interest income of $4,002,000, yielding total revenue of $21,801,000 for Q1 2025 and net income of $7,077,000 (diluted EPS $0.63). Results…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.