First Bancorp Inc ME

For the period ended Jun 30, 2024. Filed Aug 9, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 9, 2024

FNLC$37.01-0.2%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Income and Comprehensive Income

Consolidated Statements of Income and Comprehensive Income (Unaudited)

	For the six months ended June 30,		For the quarter ended June 30,
	2024	2023	2024	2023
Interest income
Interest and fees on loans (includes YTD tax-exempt income of $1,111,000 for June 30, 2024 and $801,000 for June 30, 2023)	$62,043,000	$50,531,000	$31,839,000	$26,406,000
Interest on deposits with other banks	134,000	89,000	56,000	49,000
Interest and dividends on investments (includes YTD tax-exempt income of $3,985,000 for June 30, 2024 and $4,016,000 for June 30, 2023)	9,369,000	9,478,000	4,663,000	4,729,000
Total interest income	71,546,000	60,098,000	36,558,000	31,184,000
Interest expense
Interest on deposits	38,993,000	25,392,000	19,816,000	14,475,000
Interest on borrowed funds	2,598,000	1,306,000	1,667,000	784,000
Total interest expense	41,591,000	26,698,000	21,483,000	15,259,000
Net interest income	29,955,000	33,400,000	15,075,000	15,925,000
Credit loss expense - loans	638,000	580,000	539,000	30,000
Credit loss reduction - debt securities HTM	(286,000)	(10,000)	(34,000)	(10,000)
Credit loss (reduction) expense - off-balance sheet credit exposures	(353,000)	131,000	7,000	131,000
Total credit loss (reduction) expense	(1,000)	701,000	512,000	151,000
Net interest income after provision for credit losses	29,956,000	32,699,000	14,563,000	15,774,000
Non-interest income
Investment management and fiduciary income	2,457,000	2,355,000	1,269,000	1,209,000
Service charges on deposit accounts	1,041,000	934,000	542,000	497,000
Mortgage origination and servicing income, net of amortization	319,000	387,000	189,000	195,000
Debit card income	2,519,000	2,476,000	1,333,000	1,291,000
Other operating income	1,461,000	1,287,000	824,000	678,000
Total non-interest income	7,797,000	7,439,000	4,157,000	3,870,000
Non-interest expense
Salaries and employee benefits	11,642,000	10,897,000	5,585,000	5,177,000
Occupancy expense	1,709,000	1,710,000	843,000	842,000
Furniture and equipment expense	2,766,000	2,606,000	1,377,000	1,303,000
FDIC insurance premiums	1,126,000	878,000	562,000	534,000
Amortization of identified intangibles	13,000	13,000	6,000	6,000
Other operating expense	5,755,000	5,461,000	2,877,000	2,853,000
Total non-interest expense	23,011,000	21,565,000	11,250,000	10,715,000
Income before income taxes	14,742,000	18,573,000	7,470,000	8,929,000
Income tax expense	2,550,000	3,208,000	1,299,000	1,535,000
NET INCOME	$12,192,000	$15,365,000	$6,171,000	$7,394,000
Basic earnings per common share	$1.10	$1.40	$0.56	$0.67
Diluted earnings per common share	$1.10	$1.39	$0.55	$0.67
Other comprehensive income (loss) net of tax
Net unrealized (loss) gain on securities available for sale, net of taxes	$(3,794,000)	$937,000	$(553,000)	$(3,244,000)
Net unrealized gain on transferred securities, net of taxes	5,000	5,000	3,000	1,000
Net unrealized gain (loss) on hedging derivative instruments	433,000	136,000	(2,000)	2,872,000
Other comprehensive (loss) gain	(3,356,000)	1,078,000	(552,000)	(371,000)
Comprehensive income	$8,836,000	$16,443,000	$5,619,000	$7,023,000

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.