First Bancorp reported net income of $36.4 million, or $0.88 diluted EPS, for the first quarter of 2025, a significant increase from $3.6 million, or $0.08 D-EPS, in the linked quarter. Adjusted net income was $34.9 million, or $0.84 adjusted D-EPS. The results reflect a $2.0 million reduction in reserves for potential credit losses from Hurricane Helene.
Net interest income for the first quarter reached $92.9 million, an increase of 4.5% from the linked quarter and 17.2% from the prior year's quarter. The tax-equivalent net interest margin (NIM-T/E) expanded to 3.27%, up 19 basis points from the linked quarter and 47 basis points from the first quarter of 2024. This expansion was driven by focused efforts to manage deposit costs and increased loan yields.
The securities loss-earnback transaction from Q4 2024 contributed 32 basis points to the increase in securities yield. Loan yields increased by 5 basis points to 5.52%, while the rate on interest-bearing deposits fell by 17 basis points to 2.14%. Total assets grew to $12.4 billion, and nonperforming assets decreased to $33.9 million, or 0.27% of total assets.
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