First Bancorp, the parent company of First Bank, reported earnings of 84 cents per share for the third quarter, beating analyst estimates by 4 cents.

The company reported earnings of $25.0 million for the quarter, up 13.8 percent from $22.0 million in the third quarter of 2018.

The company reported total assets of $6.1 billion, a 6.3 percent increase from the third quarter of 2018. First Bancorp also saw an increase in total loans to $4.4 billion and total deposits to $4.9 billion.

“The current interest rate environment is a challenge for banks, but our net interest margin has held up well. Deposit growth remains strong, and we also saw an increase in loan origination activity during the quarter,” stated Richard Moore, Chief Executive Officer of First Bancorp.

First Bancorp released earnings after the market close in a statement Wednesday. Shares closed at $37.22, down 16 cents.