First Bancorp Q2 net income rises on margin gains

The company expects strong local deposit inflow through year-end based on seasonal patterns.

First Bancorp said it is well positioned for continued growth as credit costs normalize.

• Net interest margin expansion - The company said improved margin was due to stable earning asset yields and reduced funding costs, lifting net interest income 15% year over year.
• Non-interest income growth - Wealth management and debit card revenue increases boosted non-interest income.
• Efficiency improvement - A lower efficiency ratio was attributed to overall revenue growth and disciplined expense control.

First Bancorp's second-quarter net income rose 19% year over year on margin expansion and efficiency gains.

Diluted earnings per share for the quarter increased 18% year over year to $0.85. Quarterly dividend was raised to .