First Bancorp Q1 Net Income Hits $46.7M, NIM Expands to 3.67%
First Bancorp reported Q1 net income of $46.7m, or $1.13 EPS, compared to $15.7m ($0.38 EPS) in Q4 and $36.4m ($0.88 EPS) last year. Net interest income rose to $107.1m as NIM expanded to 3.67%, while revenue net of interest expense was $122.3m and efficiency ratio improved to 49.05%.
1. Strong Earnings and EPS Growth
First Bancorp delivered net income of $46.7 million for Q1 2026, up from $15.7 million in the linked quarter and $36.4 million in Q1 2025, translating to $1.13 diluted EPS versus $0.38 in Q4 and $0.88 a year ago.
2. Margin Expansion and Revenue Details
Net interest income rose 0.9% sequentially to $107.1 million and 15.4% year-over-year as NIM expanded to 3.67%; total revenue reached $157.6 million, with revenue net of interest expense at $122.3 million, slightly below forecasts.
3. Efficiency Gains and Expense Control
Noninterest expenses declined to $60.2 million from $62.0 million in the linked quarter, driving an efficiency ratio improvement to 49.05% versus 73.75% in Q4 and 54.51% in Q1 2025, reflecting ongoing cost management initiatives.
4. Loan and Deposit Trends
Total loans grew to $8.8 billion, representing a 3.3% annualized increase (5.9% adjusting for a large seasonal paydown), while customer deposits rose by $264 million, supporting a 79.9% loan-to-deposit ratio and a reduced deposit cost of 1.28%.