As of September 30, 2024, The First Bancorp, Inc. reported total assets of $3.14 billion, reflecting a 6.6% increase from $2.95 billion at the end of 2023 and a slight rise from $2.94 billion a year earlier. The company's cash and cash equivalents rose to $35.1 million, up from $31.9 million at the end of 2023 and $29.9 million in the prior year. Total loans increased to $2.31 billion, an 8.3% rise from $2.13 billion at the end of 2023, with notable growth in commercial loans, which rose by $127.4 million.

Total deposits also saw a significant increase, reaching $2.70 billion, up from $2.60 billion at the end of 2023. Total liabilities increased to $2.89 billion, while total shareholders' equity rose to $256.8 million, compared to $243.1 million at the end of 2023. The book value per common share increased to $23.03, up from $21.90 at the end of 2023.

For the nine months ended September 30, 2024, the company reported net income of $19.8 million, a decrease of 13.5% from $22.8 million in the same period in 2023. Net interest income fell to $46.4 million, down 6.1% from $49.4 million in the prior year, while total interest income increased by 17.7% to $109.8 million. Total interest expense surged by 44.3% to $63.5 million, reflecting rising costs associated with deposits and borrowings.

Non-interest income for the nine months was $11.9 million, a 5.2% increase from the previous year, driven by higher service charges and debit card revenue, although mortgage banking revenue declined due to lower origination activity. Non-interest expenses rose to $35.0 million, up 7.5% year-over-year, primarily due to increased salaries and employee benefits.

The provision for credit losses on loans was significantly lower at $58,000 compared to $419,000 in the same period in 2023. The allowance for credit losses (ACL) on loans remained stable at $24.0 million, representing 1.04% of total loans, down from 1.13% at the end of 2023.

The company declared dividends of $1.07 per share for the nine-month period, maintaining a payout ratio of 59.8%. The total risk-based capital ratio stood at 13.11%, well above the well-capitalized threshold of 10.0%. The bank's liquidity strategy remains robust, with primary sources of contingent liquidity totaling $886.0 million, representing 28.5% of total assets.