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First Bancorp, Inc. (ME) (symbol: FNLC) is a prominent financial services company headquartered at 331 Dock St, Ketchikan, Alaska, United States. As a Damariscotta-based bank holding company, First Bancorp, Inc. provides a wide array of retail and commercial banking services. The company offers deposit accounts, consumer loans, commercial loans, and mortgage loans to its diverse client base.
Beyond traditional banking services, First Bancorp, Inc. also excels in investment management and private banking through an operating division of the bank. This division caters to the personalized financial needs of high-net-worth individuals and businesses, ensuring tailored financial strategies.
The financial stability of First Bancorp, Inc. is underlined by its revenue stream, primarily derived from dividends paid to the company by the bank. This solid financial foundation enables the company to maintain and grow its operations consistently.
The company has been involved in various significant projects and partnerships that continue to bolster its market presence. By focusing on customer-centric services and leveraging its robust financial infrastructure, First Bancorp, Inc. sustains its competitive edge in the banking sector.
For the latest updates and in-depth information on the company's performance, events, and developments, investors and stakeholders can rely on the most recent news articles and reports.
The First Bancorp (FNLC) reported Q3 2024 net income of $7.6 million with diluted earnings per share of $0.68, showing a 22.7% increase from Q2. Net interest income reached $16.4 million, its highest level in six quarters, with net interest margin expanding by 11 basis points. Total assets grew to $3.14 billion, with loans increasing at a 10.6% annualized rate to $2.31 billion. The bank maintained strong asset quality with a non-performing assets ratio of 0.08%. The quarterly dividend was maintained at $0.36 per share.
The First Bancorp (NASDAQ: FNLC), parent company of First National Bank, has declared a quarterly cash dividend of 36 cents per share for the third quarter. The dividend is payable on October 18, 2024 to shareholders of record as of October 8, 2024. President & CEO Tony C. McKim emphasized the importance of the quarterly dividend as a component of shareholder value. Based on the closing price of $26.03 per share on September 25, 2024, the annualized dividend of $1.44 per share represents a yield of 5.53%.
The First Bancorp, headquartered in Damariscotta, Maine, is the holding company for First National Bank, which serves Mid-Coast and Down East Maine with eighteen offices across six counties. The bank offers consumer and commercial banking products and services, while its division, First National Wealth Management, provides investment management and trust services from five offices.
The First Bancorp (Nasdaq: FNLC) reported Q2 2024 results, highlighting net income of $6.2 million and diluted EPS of $0.55. Year-to-date net income stands at $12.2 million, with EPS of $1.10. Total assets grew to $3.08 billion, up $106.8 million this quarter.
Loan balances saw a significant annualized growth of 13.6%, reaching $2.25 billion. Pre-tax, pre-provision earnings increased by $1.2 million or 18.1% from Q1. Non-performing assets remain low at 0.09%. The efficiency ratio improved by 4.8 percentage points from Q1.
Net interest income was $15.1 million, a 1.3% increase from Q1. Non-interest income rose to $4.2 million, a 14.2% increase. The provision for credit losses increased to $539,000, and net charge-offs were $53,000.
Total deposits were $2.58 billion, up $29.1 million. The leverage capital ratio was 8.58%. The quarterly dividend was increased by $0.01 to $0.36 per share.
The First Bancorp (NASDAQ: FNLC), the holding company for First National Bank, has declared a quarterly cash dividend of 36 cents per share for the second quarter. This dividend marks a one-cent increase from the previous four quarters and will be payable on July 19, 2024, to shareholders of record as of July 9, 2024. Based on the closing price of $23.53 per share on June 26, 2024, this annualized dividend of $1.44 per share offers a yield of 6.12%. The announcement underscores the company's commitment to providing value to its shareholders.
First Bancorp, headquartered in Damariscotta, Maine, operates First National Bank with 18 offices across Mid-Coast and Down East Maine. The Bank offers a comprehensive range of consumer and commercial banking products and services, as well as investment management and trust services through First National Wealth Management.
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