Welcome to our dedicated page for First Bancorp news (Ticker: FNLC), a resource for investors and traders seeking the latest updates and insights on First Bancorp stock.
The First Bancorp reports recurring developments as the Maine bank holding company for First National Bank, a community bank serving Mid-Coast and Down East Maine. News releases focus on quarterly and annual operating results, net interest income, net interest margin, loan and core deposit trends, asset quality, regulatory capital ratios, and tangible book value.
Company updates also cover quarterly cash dividends and the banking and wealth-management activities conducted through First National Bank and First National Wealth Management, including consumer and commercial banking products, investment management, and trust services.
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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%.