FNLC

EX-99.1

2 a26q3earningsex991.htm

EX-99.1

Document

Exhibit 99.1

The First Bancorp Announces Third Quarter Results

Earning Asset Growth and Net Interest Margin Expansion Lead to a 17.5% Increase in Third Quarter Earnings

DAMARISCOTTA, ME, October 21, 2026--(BUSINESS WIRE) --The First Bancorp (Nasdaq: FNLC), ("the Company", "we", "us", "our"), parent company of First National Bank, today reported unaudited results for the quarter and nine months ended September 30, 2026. Net income for the third quarter was $10.7 million with fully diluted earnings per share of $0.95, increases of 17.5% and 16.8%, respectively, from net income of $9.1 million and diluted earnings per share of $0.81 for the quarter ended September 30, 2025. Strong earnings for the period were driven by growth in earning assets, continued net interest margin expansion, enhanced non-interest income, and disciplined expense control. Year-to-date in 2026, net income stands at $29.2 million with fully diluted earnings per share of $2.59, increases of 20.7% and 19.9%, respectively, from net income of $24.2 million and earnings per share of $2.16 for the nine months ended September 30, 2025.

Third Quarter Notable Items:

•Net Income of $10.7 million is a new quarterly earnings high mark, and represents increases of 17.5% from Q3 2025 and 11.6% from Q2 2026

•Diluted EPS of $0.95 is also a new quarterly EPS high mark, up 16.8% from Q3 2025, and up 11.6% from Q2 2026

•Net Interest Margin expanded to 2.99%, a 29-basis point increase from Q3 2025

•Loan growth in the period of $17.8 million

•Efficiency Ratio of 47.94%, improved from 50.40% in Q3 2025

•Tangible Book Value per share of $22.81, up 4.9% from Q3 2025

•Quarterly shareholder dividend paid of $0.38 per share

CEO COMMENTS

"I am pleased to report another quarter of strong year-over-year earnings growth," commented Tony C. McKim, the Company's President and Chief Executive Officer. "Net income of $10.7 million for the third quarter of 2026 represents an increase of 17.5% from the third quarter of 2025, and is a new quarterly record for The First Bancorp. Our Return on Average Assets for the period was

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1.31% and our Return on Average Tangible Common Equity was 15.99%, both up nicely from 1.13% and 15.04%, respectively, a year ago."

"Our net interest margin improved for the ninth consecutive quarter, to 2.99% in the third quarter of 2026, up 11-basis points in the period and up 29-basis points from the third quarter of 2025. Margin expansion has been organic, driven by lower funding costs and supported by stable earning asset yields, which coupled with earning asset growth to produce a 12.2% lift in net interest income from the prior year quarter, and has driven a 14.4% increase year-to-date in 2026. Growth in non-interest income, notably wealth management, payments, and other operating revenue, was an additional catalyst for the bottom line. Revenue growth coupled with controlled operating expenses drove an improvement in our efficiency ratio to 47.94% for the period as compared to 50.40% a year ago."

"Total assets increased $35.7 million in the quarter, including net loan growth of $17.8 million. New loan production for the quarter was $180 million, up nearly $50 million from the second quarter. Total deposits increased $106.9 million in the period, with strong growth in non-maturity deposits leading to planned reductions in short-term time deposits and borrowings. We expect local deposit volumes to remain steady through year-end and have taken calculated steps throughout the year to protect margin gains from recent rate pressure in the market. The Company's capital position is strong, and overall liquidity continues to be more than sufficient."

Concluding, Mr. McKim shared, "We are pleased with the strong operating results produced in the third quarter. We were also pleased with asset quality improvements brought about through the resolution of several non-performing credits during the period. Our footings are solid and the Bank is well positioned to seize upon opportunities that become available."

OPERATING RESULTS Q3 2026 v. Q3 2025 (prior year quarter)

Net income was $10.7 million for the three months ended September 30, 2026, an increase of $1.6 million, or 17.5%, from the third quarter of 2025. Net interest income was $22.5 million for the three months ended September 30, 2026, an increase of $2.4 million, or 12.2%, from the third quarter of 2025. Net interest margin improved to 2.99% for the third quarter of 2026, up from 2.70% in the prior year quarter. The lift in margin was the result of stable yields on earning assets coupled with a 32-basis point decrease in the cost of total liabilities.

Total non-interest income was $5.0 million for the three months ended September 30, 2026, an increase of $503,000, or 11.2%, from the third quarter of 2025. Revenue at First National Wealth Management increased $119,000, or 8.9%, from the prior year period on stron

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