First Bancorp Inc ME

For the period ended Sep 30, 2024. Filed Nov 8, 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.

Sep 30, 2024 · Filed Nov 8, 2024

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

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Consolidated Statements of Income and Comprehensive Income

Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited)

	For the nine months ended September 30,		For the quarter ended September 30,
	2024	2023	2024	2023
Interest income
Interest and fees on loans (includes YTD tax-exempt income of $1,824,000 for September 30, 2024 and $1,362,000 for September 30, 2023)	$95,541,000	$78,860,000	$33,498,000	$28,329,000
Interest on deposits with other banks	190,000	300,000	56,000	211,000
Interest and dividends on investments (includes YTD tax-exempt income of $5,971,000 for September 30, 2024 and $6,030,000 for September 30, 2023)	14,102,000	14,192,000	4,733,000	4,714,000
Total interest income	109,833,000	93,352,000	38,287,000	33,254,000
Interest expense
Interest on deposits	59,111,000	42,384,000	20,118,000	16,992,000
Interest on borrowed funds	4,365,000	1,614,000	1,767,000	308,000
Total interest expense	63,476,000	43,998,000	21,885,000	17,300,000
Net interest income	46,357,000	49,354,000	16,402,000	15,954,000
Credit loss (reduction) expense - loans	58,000	419,000	(580,000)	(161,000)
Credit loss (reduction) expense - debt securities HTM	(210,000)	(7,000)	76,000	3,000
Credit loss (reduction) expense - off-balance sheet credit exposures	(487,000)	89,000	(134,000)	(42,000)
Total credit loss (reduction) expense	(639,000)	501,000	(638,000)	(200,000)
Net interest income after provision for credit losses	46,996,000	48,853,000	17,040,000	16,154,000
Non-interest income
Investment management and fiduciary income	3,689,000	3,515,000	1,232,000	1,160,000
Service charges on deposit accounts	1,552,000	1,399,000	511,000	465,000
Mortgage origination and servicing income, net of amortization	512,000	611,000	193,000	224,000
Debit card income	3,884,000	3,843,000	1,365,000	1,367,000
Other operating income	2,282,000	1,962,000	821,000	675,000
Total non-interest income	11,919,000	11,330,000	4,122,000	3,891,000
Non-interest expense
Salaries and employee benefits	17,768,000	16,420,000	6,126,000	5,523,000
Occupancy expense	2,532,000	2,494,000	823,000	784,000
Furniture and equipment expense	4,182,000	4,009,000	1,416,000	1,403,000
FDIC insurance premiums	1,762,000	1,429,000	636,000	551,000
Amortization of identified intangibles	20,000	20,000	7,000	7,000
Other operating expense	8,747,000	8,199,000	2,992,000	2,738,000
Total non-interest expense	35,011,000	32,571,000	12,000,000	11,006,000
Income before income taxes	23,904,000	27,612,000	9,162,000	9,039,000
Income tax expense	4,141,000	4,773,000	1,591,000	1,565,000
NET INCOME	$19,763,000	$22,839,000	$7,571,000	$7,474,000
Basic earnings per common share	$1.79	$2.08	$0.69	$0.68
Diluted earnings per common share	$1.78	$2.06	$0.68	$0.67
Other comprehensive income (loss) net of tax
Net unrealized gain (loss) on securities available for sale, net of taxes	$5,181,000	$(9,134,000)	$8,975,000	$(10,071,000)
Net unrealized gain on transferred securities, net of taxes	7,000	6,000	2,000	1,000
Net unrealized (loss) gain on hedging derivative instruments	(436,000)	866,000	(869,000)	730,000
Other comprehensive gain (loss)	4,752,000	(8,262,000)	8,108,000	(9,340,000)
Comprehensive income (loss)	$24,515,000	$14,577,000	$15,679,000	$(1,866,000)

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.