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First Bancorp Inc. (NASDAQ: FNLC) is a bank holding company headquartered in Damariscotta, Maine, that operates as the parent company of The First National Bank. The company provides a comprehensive range of retail and commercial banking services, catering to both individual and business clients. Its core offerings include deposit accounts, consumer loans, commercial loans, and mortgage lending, serving as a cornerstone for financial stability and growth within its local communities.
In addition to traditional banking services, First Bancorp distinguishes itself through its focus on investment management and private banking. These services are delivered through a dedicated operating division of the bank, allowing the company to meet the complex financial needs of high-net-worth individuals and businesses. By offering tailored financial solutions, First Bancorp enhances its value proposition and deepens client relationships.
The company’s primary source of revenue stems from dividends paid by its subsidiary bank, underscoring its reliance on the profitability and operational efficiency of its banking operations. This structure aligns with the typical model of bank holding companies, where the parent company benefits from the financial performance of its subsidiary.
First Bancorp operates within the highly competitive and regulated financial services industry. Its geographic focus on Maine positions it as a community-oriented bank with a deep understanding of local markets. This localized approach enables the company to build strong customer loyalty and differentiate itself from larger, national banks. By combining personalized service with a broad array of financial products, First Bancorp competes effectively in its niche market segment.
The company also navigates industry-wide challenges, such as interest rate volatility, regulatory compliance, and the growing demand for digital banking solutions. While its traditional banking roots remain strong, First Bancorp’s inclusion of investment management and private banking services reflects an awareness of evolving market demands and the need to diversify revenue streams.
In summary, First Bancorp Inc. represents a well-established player in the regional banking sector, balancing traditional banking services with specialized financial solutions. Its commitment to serving local communities, combined with its focus on personalized client experiences, positions it as a significant contributor to Maine’s financial ecosystem.
The First Bancorp (FNLC) reported fourth quarter 2024 unaudited net income of $7.3 million, a 9.0% increase from Q4 2023, with earnings per share of $0.65. For the full year 2024, net income was $27.0 million, down 8.4% from 2023's $29.5 million.
Notable Q4 achievements include: total loans increased $33.7 million (5.9% annualized growth rate), core deposits grew $33.0 million, and net interest income rose 7.0% from Q3 2024. The net interest margin improved by 10 basis points from Q3 2024.
The bank maintained strong asset quality with non-performing assets at 0.14% of total assets. Total assets reached $3.15 billion, up $205.3 million from year-end 2023. The company declared a quarterly dividend of $0.36 per share.
The First Bancorp (NASDAQ: FNLC) has declared a quarterly cash dividend of 36 cents per share for the fourth quarter, payable January 16, 2025, to shareholders of record as of January 6, 2025. Based on the closing price of $26.57 per share on December 18, 2024, the annualized dividend of $1.44 represents a yield of 5.42%.
First National Bank, founded in 1864, serves Mid-Coast and Down East Maine through eighteen offices across six counties, offering consumer and commercial banking products. Its wealth management division provides investment management and trust services from five locations.
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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