The First Bancorp Announces Third Quarter Results
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 23 2024
0mins
Source: Businesswire
Financial Performance: The First Bancorp reported a net income of $7.6 million for Q3 2024, marking a 22.7% increase from the previous quarter, with total assets reaching $3.14 billion and loan balances growing at an annualized rate of 10.6%.
Asset Quality and Capital Position: The bank maintained strong asset quality with non-performing assets at 0.08% of total assets and declared a quarterly dividend of $0.36 per share, while its regulatory capital ratios remained robust.
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About FNLC
The First Bancorp, Inc. is the holding company of The First National Bank (the Bank). The Bank provides commercial and retail banking services. The Bank offers traditional banking products and services, including deposit accounts, cash management and payment processing solutions, and consumer, commercial and mortgage loans. First National Wealth Management, a division of the Bank, provides investment management and trust services to individuals, businesses, and municipalities. First National Wealth Management offers an array of private banking, financial planning, investment management and trust services to individuals, businesses, non-profit organizations and municipalities of varying asset sizes, and to provide personal service. Its First National Investment Services offers additional products such as brokerage, annuity products and certain types of insurance. The Bank operates 18 full-service banking offices in six counties in the Mid-Coast, Eastern and Down East regions of Maine.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Dividend Performance: First Bancorp's strong dividend performance has attracted investor attention, demonstrating the company's commitment to shareholder returns, which may enhance its appeal in the financial markets.
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See More
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