The First Bancorp reports Q2 EPS 67c vs 91c last year

Total assets at June 30, 2023, were $2.87 billion, up $63.0 million in the second quarter and up $244.5 million from a year ago. Earning assets increased $69.1 million during the quarter comprised primarily of an increase in loans of $78.1 million. “The First Bancorp and First National Bank continued to successfully execute on multiple fronts in the second quarter,” commented Tony C. McKim, the Company’s President and Chief Executive Officer. “We again experienced strong loan growth, adding $78.1 million in balances during the quarter, representing an annualized growth rate of 15.4%. Most of this increase was within our commercial loan portfolio, distributed among the commercial real estate, commercial & industrial, and multifamily segments. We remain diligent in loan pricing and were able to grow balances at interest rates that reflect the current market. In addition to commercial loans, we also saw nice increases in municipal, residential mortgage, and home equity loan balances in the second quarter. The pipeline of loans in process remains healthy, positioning the Bank for continued earning asset growth in the second half of the year.”