First Bancorp, Inc /ME/ Releases Q1 2024 10-Q Report

First Bancorp, Inc /ME/, a financial institution primarily operating in Maine, has released its Form 10-Q report for the first quarter of 2024. The report provides a detailed overview of the company's financial performance and operational highlights, reflecting both the challenges and opportunities faced during the period.

Financial Highlights

• Total Interest Income: $34.988 million, reflecting an increase from the previous year's $28.914 million, driven by higher interest and fees on loans.
• Total Interest Expense: $20.108 million, up from $11.439 million in the prior year, primarily due to increased interest on deposits.
• Net Interest Income: $14.880 million, a decrease from $17.475 million last year, impacted by rising interest expenses.
• Provision for Credit Losses: $(0.513) million, a reduction compared to a provision of $0.550 million in the previous year, indicating improved credit conditions.
• Net Interest Income After Provision for Credit Losses: $15.393 million, slightly down from $16.925 million, reflecting the impact of reduced provisions.
• Total Non-Interest Income: $3.640 million, a slight increase from $3.569 million, supported by stable investment management and fiduciary income.
• Total Non-Interest Expense: $11.761 million, up from $10.850 million, driven by higher salaries and employee benefits and increased FDIC insurance premiums.
• Income Before Income Taxes: $7.272 million, down from $9.644 million, reflecting the impact of increased expenses.
• Income Tax Expense: $1.251 million, compared to $1.673 million in the previous year.
• Net Income: $6.021 million, a decrease from $7.971 million last year, influenced by higher interest expenses and non-interest expenses.
• Basic Earnings Per Common Share: $0.55, down from $0.73 in the previous year.
• Diluted Earnings Per Common Share: $0.54, compared to $0.72 last year.

Business Highlights

• Revenue Segments: The company's loan portfolio is segmented into eleven classes, including Commercial Real Estate Owner Occupied, Commercial Real Estate Non-Owner Occupied, Construction, C&I, Multifamily, Municipal, Agriculture, Residential Term, Residential Construction, Home Equity Revolving and Term, and Consumer loans. Each segment is evaluated separately for credit risk.
• Geographical Performance: The company operates primarily in Maine, with municipal loans comprising loans to municipalities in the state for capitalized expenditures and construction projects. The health of the local economy, including unemployment rates and housing prices, impacts the credit quality of this segment.
• Sales Units: The loan portfolio as of March 31, 2024, includes $2,173,746,000 in total loans, with significant growth observed in the Commercial Real Estate Owner Occupied and C&I segments compared to the previous year.
• Future Outlook: The company anticipates ongoing economic uncertainty due to geopolitical instability and potential impacts on the commercial real estate market. Management is focused on monitoring these risks and adjusting operations as necessary to mitigate potential negative effects on the company's performance.

SEC Filing: First Bancorp, Inc /ME/ Releases Q1 2024 [ NASDAQ:FNLC ] - 10-Q - May. 07, 2024