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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 (Nasdaq: FNLC) reported net income of $8.0 million for Q1 2023, reflecting a 17.9% decrease from $9.7 million in Q1 2022. Diluted earnings per share (EPS) were $0.72, down from $0.88 the previous year. Non-recurring revenues from 2022, including PPP fees, affected this year's comparison by $1.4 million. Net interest income fell to $17.5 million, a 10.3% drop from the prior quarter, primarily due to margin pressures and rising costs. Despite these challenges, total deposits grew by 3.7% to $2.47 billion as of March 31, 2023, and the bank remains well-capitalized with an estimated total risk-based capital ratio of 13.81%. A quarterly dividend of $0.34 per share was declared, representing a 46.6% payout of EPS.
The First Bancorp (NASDAQ: FNLC) has announced a quarterly cash dividend of 34 cents per share, payable on April 20, 2023, to shareholders of record as of April 10, 2023. This dividend represents an annualized yield of 5.18%, based on its closing price of $26.26 on March 29, 2023. The company, based in Damariscotta, Maine, serves the Mid-Coast and Down East regions through 18 offices and offers a range of banking products and wealth management services.
The First Bancorp (Nasdaq: FNLC) reported a 7.5% increase in net income for the year ended December 31, 2022, totaling $39.0 million, compared to $36.3 million in 2021. Earnings per share rose to $3.53, up 7.0% year-over-year. Notable growth in net interest income was attributed to a 16.2% loan growth of $267 million. However, Q4 net income decreased 3.7% to $9.2 million, with earnings per share dropping 4.6% compared to the same quarter last year. The company maintained strong asset quality, with non-performing assets at 0.06%. Total assets surged to $2.74 billion, reflecting a $212 million increase from 2021.
The First Bancorp (NASDAQ: FNLC) has declared a quarterly cash dividend of 34 cents per share, payable on January 20, 2023 to shareholders of record as of January 9, 2023. This dividend yields 4.54% based on the closing price of $29.93 per share on December 14, 2022. The company has reported record earnings for each of the first three quarters of 2022, showcasing strong operating results.
The First Bancorp (Nasdaq: FNLC) reported record net income of $10.1 million for Q3 2022, reflecting an 11.9% increase from Q3 2021. Earnings per share rose to $0.91, up from $0.82. Year-to-date net income reached $29.8 million, marking an 11.5% growth. Key drivers included a 16.6% rise in net interest income, fueled by a healthy loan portfolio growth of $232.3 million. The efficiency ratio increased to 46.02%, influenced by one-time costs. As of September 30, total assets stood at $2.74 billion, underpinned by strong deposit growth of 16.6%.
The First Bancorp (NASDAQ: FNLC) has announced a quarterly cash dividend of 34 cents per share, payable on October 21, 2022, to shareholders of record as of October 5, 2022. This dividend reflects an annual yield of 4.76%, based on the closing price of $28.58 per share on September 20, 2022. CEO Tony C. McKim highlighted the company’s strong performance, with record earnings reported in the first two quarters of 2022, demonstrating the Board’s commitment to shareholder returns.
The First Bancorp (Nasdaq: FNLC) reported a strong second quarter 2022, achieving a net income of $10.0 million, up 13.8% from the previous year. This marks a new quarterly earnings record with earnings per share at $0.91, a 13.8% increase. For the first half of 2022, net income reached $19.7 million, up 11.3% year-over-year. Key growth drivers included a 20.2% increase in non-PPP loan growth, leading to an 18.9% rise in net interest income. The company declared a dividend of $0.34 per share, a 6.25% increase. Asset quality remains high, with low non-performing loan ratios.
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