First Bancorp, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>First Bancorp, Inc. (FNLC) filed its Q1 2024 10-Q report on May 7, 2024.</b>

AI Summary

First Bancorp, Inc /ME/ (FNLC) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. First Bancorp, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31. The filing was made on May 7, 2024. The company is incorporated in Maine.

Why It Matters

For investors and stakeholders tracking First Bancorp, Inc /ME/, this filing contains several important signals. This 10-Q filing provides investors with the most recent financial performance and operational details of First Bancorp, Inc. for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential risks moving forward.

Risk Assessment

Risk Level: low — First Bancorp, Inc /ME/ shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags or significant negative disclosures, indicating a routine update on financial performance.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand First Bancorp's Q1 2024 performance and outlook.

Key Numbers

• 2024-03-31 — Period of Report (Quarterly filing)
• 2024-05-07 — Filing Date (Date the report was submitted)
• 12/31 — Fiscal Year End (Annual fiscal year closing date)
• 2024-01-01 — Quarter Start Date (Beginning of the reporting period)
• 2023-12-31 — Previous Year End (End date of the prior fiscal year)
• 2023-03-31 — Prior Year Q1 End (End date of the comparable prior year quarter)

Key Players & Entities

• First Bancorp, Inc. /ME/ (company) — Filer name
• FNLC (company) — Ticker symbol
• 2024-05-07T00:00:00.000Z (date) — Filing date
• 2024-03-31 (date) — Period of report
• 0000765207 (company) — Central Index Key
• ME (location) — State of incorporation
• Damariscotta (location) — Business address city
• 2075633195 (phone) — Business phone

FAQ

Industry Context

First Bancorp, Inc. operates within the national commercial banking sector. This filing provides insights into its performance within this industry.

Regulatory Implications

As a publicly traded company, First Bancorp, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review any disclosures related to changes in accounting standards or significant business events.
3. Compare key financial metrics to prior periods to identify trends.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing the latest quarterly financial data.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share FNLC NASDAQ Global Select Mar

Filing Documents

• fnlc-20240331.htm (10-Q) — 4670KB
• a20240331-fnlcxex311.htm (EX-31.1) — 7KB
• a20240331-fnlcxex312.htm (EX-31.2) — 7KB
• a20240331-fnlcxex321.htm (EX-32.1) — 3KB
• a20240331-fnlcxex322.htm (EX-32.2) — 3KB
• 0000765207-24-000027.txt (&nbsp;) — 20617KB
• fnlc-20240331.xsd (EX-101.SCH) — 61KB
• fnlc-20240331_cal.xml (EX-101.CAL) — 118KB
• fnlc-20240331_def.xml (EX-101.DEF) — 388KB
• fnlc-20240331_lab.xml (EX-101.LAB) — 705KB
• fnlc-20240331_pre.xml (EX-101.PRE) — 585KB
• fnlc-20240331_htm.xml (XML) — 5946KB

Financial Information

Part I. Financial Information 1

Selected Financial Data (Unaudited)

Selected Financial Data (Unaudited) 1

– Financial Statements

Item 1 – Financial Statements 2 Report of Independent Registered Public Accounting Firm 2 Consolidated Balance Sheets (Unaudited) 3 Consolidated Statements of Income and Comprehensive Income (Unaudited) 4 Consolidated Statements of Changes in Shareholders' Equity (Unaudited) 5 Consolidated Statements of Cash Flows (Unaudited) 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7 Note 1 – Basis of Presentation 7 Note 2 –Investment Securities 8 Note 3 – Loans 13 Note 4 – Allowance for Credit Losses 20 Note 5 – Stock-Based Compensation 33 Note 6 – Preferred and Common Stock 33 Note 7 – Earnings Per Share 33 Note 8 – Employee Benefit Plans 33 Note 9 – Other Comprehensive Income (Loss) 35 Note 10 – Financial Derivative Instruments 35 Note 11 – Mortgage Servicing Rights 37 Note 12 – Income Taxes 37 Note 13 – Certificates of Deposit 38 Note 14 – Reclassifications 38 Note 15 – Fair Value Disclosures 38 Note 16 – Impact of Recently Issued Accounting Standards 46

– Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations 47

Forward-Looking Statements

Forward-Looking Statements 47 Critical Accounting Policies 47 Use of Non-GAAP Financial Measures 49 Executive Summary 50 Net Interest Income 51 Average Daily Balance Sheets 53 Non-Interest Income 53 Non-Interest Expense 54 Income Taxes 54 Investments 54 Debt Securities -Unrealized Loss Position 56 Federal Home Loan Bank Stock 58 Loans and Loans Held for Sale 58 Credit Risk Management and Allowance for Credit Losses 59 Non-Performing Loans and L oan Modifications 63 Past Due Loans 65 Potential Problem Loans and Loans in Process of Foreclosure 65 Other Real Estate Owned 66 Liquidity 66 Deposits 66 Borrowed Funds 67 Capital Resources 67 Off-Balance-Sheet Financial Instruments and Contractual Obligations 68

– Quantitative and Qualitative Disclosures About Market Risk

Item 3 – Quantitative and Qualitative Disclosures About Market Risk 70 Market-Risk Management 70 Asset/Liability Management 70 Interest Rate Risk Management 71

- Controls and Procedures 72

Item 4 - Controls and Procedures 72

Other Information

Part II. Other Information 73

– Legal Proceedings

Item 1 – Legal Proceedings 73

– Risk Factors

Item 1a – Risk Factors 73

– Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 73

– Default Upon Senior Securities

Item 3 – Default Upon Senior Securities 73

– M ine Safety Disclosures

Item 4 – M ine Safety Disclosures 73

– Other Information

Item 5 – Other Information 73

– Exhibits

Item 6 – Exhibits 74

Financial Information

Part I. Financial Information

Selected Financial Data (Unaudited)

Selected Financial Data (Unaudited) The First Bancorp, Inc. and Subsidiary Dollars in thousands, As of and for the three months ended March 31, except for per share amounts 2024 2023 Summary of Operations Interest Income $ 34,988 $ 28,914 Interest Expense 20,108 11,439 Net Interest Income 14,880 17,475 Provision (reduction) for Credit Losses (513) 550 Non-Interest Income 3,640 3,569 Non-Interest Expense 11,761 10,850 Net Income 6,021 7,971 Per Common Share Data Basic Earnings per Share $ 0.55 $ 0.73 Diluted Earnings per Share 0.54 0.72 Cash Dividends Declared 0.35 0.34 Book Value per Common Share 21.80 20.63 Tangible Book Value per Common Share 2 19.03 17.84 Market Value 24.64 25.89 Financial Ratios Return on Average Equity 1 9.92 % 13.61 % Return on Average Tangible Common Equity 1,2 11.36 % 15.64 % Return on Average Assets 1 0.82 % 1.16 % Average Equity to Average Assets 8.26 % 8.56 % Average Tangible Equity to Average Assets 2 7.22 % 7.45 % Net Interest Margin Tax-Equivalent 1,2 2.22 % 2.78 % Dividend Payout Ratio 63.64 % 46.58 % Allowance for Credit Losses/Total Loans 1.11 % 1.18 % Non-Performing Loans to Total Loans 0.12 % 0.09 % Non-Performing Assets to Total Assets 0.09 % 0.06 % Efficiency Ratio 2 61.15 % 49.98 % At Period End Total Assets $ 2,978,170 $ 2,811,820 Total Loans 2,173,746 1,982,847 Total Investment Securities 659,837 683,961 Total Deposits 2,548,988 2,466,701 Total Shareholders' Equity 242,624 228,461 1 Annualized using a 366-day basis in 2024 and a 365-day basis in 2023. 2 These ratios use non-GAAP financial measures. See Management's Discussion and Analysis of Financial Condition and Results of Operations for additional disclosures and information. 1

– Financial Statements

Item 1 – Financial Statements Report of Independent Registered Public Accounting Firm The Board of Directors and Shareholders The First Bancorp, Inc. Results of Review of Interim Financial Information We have reviewed the accompanying interim consolidated financial information of The First Bancorp, Inc. and Subsidiary as of March 31, 2024 and 2023 and for the three-month periods then ended, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for them to be in conformity with accounting principles generally accepted in the United States of America. Basis for Review Results This consolidated interim financial information is the responsibility of the Company's management. We conducted our review in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. /s/ Berry Dunn McNeil & Parker, LLC Portland, Maine May 7, 2024 2 Consolidated Balance Sheets (Unaudited) The First Bancorp, Inc. and Subsidiary March 31, 2024 December 31, 2023 March 31, 2023 Assets Cash and cash equivalents $ 23,875,000 $ 31,942,000 $ 27,458,000 Interest bearing deposits in other banks 2,911,000 3,488,000 2,773,000 Securities available for sale 274,451,000 282,053,000 288,242,000 Securities held-to-maturity (net of ACL), fair value of $ 327,816,000 at March 31, 2024, $ 338,570,000 at December 31, 2023 and $ 344,053,000 at

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements The First Bancorp, Inc. and Subsidiary Note 1 – Basis of Presentation The Company is a financial holding company that owns all of the common stock of the Bank. The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of Management, all adjustments (consisting of normally recurring accruals) considered necessary for a fair presentation have been included. All significant intercompany transactions and balances are eliminated in consolidation. The income reported for the 2024 period is not necessarily indicative of the results that may be expected for the year ending December 31, 2024. For further information, refer to the consolidated financial statements and notes included in the Company's annual report on Form 10-K for the year ended December 31, 2023. The abbreviations and definitions identified below are used throughout this Form 10-Q, including Item 1 - Financial Statements and Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations. The following is provided to aid the reader and provide a reference page when reviewing these sections of the Form 10-Q. Abbreviation Description Abbreviation Description ACL Allowance for credit losses GDP Gross domestic product AFS Available-for-sale GNMA Government National Mortgage Association ALCO Asset/Liability Committee HTM Held-to-maturity AOCI Accumulated other comprehensive income (loss) IAL Individually Analyzed Loans ASC Accounting Standards Codification IRS Internal Revenue Service ASU Accounting Standards Update MPF Mortgage Partnership Finance Program BTFP Bank Term Funding Program OAEM Other assets especially mentioned C&I Commercial a

View Full Filing

View this 10-Q filing on SEC EDGAR