The First Bancorp Announces Fourth Quarter and 2024 Annual Results
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 22 2025
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Source: Businesswire
Financial Performance Overview: The First Bancorp reported a fourth quarter net income of $7.3 million, an increase of 9% from the previous year, while annual earnings decreased to $27 million, down 8.4% from 2023. Notable growth was seen in total loans and core deposits, with net interest income rising by 10.7% year-over-year.
Operational Highlights: The bank experienced strong asset growth, extending over $600 million in new loans and opening more than 8,200 deposit accounts in 2024. The efficiency ratio improved to 53.39%, and a quarterly dividend of $0.36 per share was declared, reflecting a payout ratio of 54.71%.
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Analyst Views on FNLC
About FNLC
The First Bancorp, Inc. is the holding company for First National Bank (the Bank). The Bank provides a full range of consumer and commercial banking products and services. The Bank emphasizes personal service, and its customers are primarily small businesses and individuals to whom the Bank offers a wide variety of services, including deposit accounts and consumer, commercial and mortgage loans. First National Wealth Management, a division of the Bank, provides investment management and trust services from five offices in Lincoln, Knox, Penobscot and Hancock Counties. First National Wealth Management offers a comprehensive array of private banking, financial planning, investment management and trust services to individuals, businesses, non-profit organizations and municipalities of varying asset size, and to provide personal service. Its First National Investment Services offer additional products, such as brokerage, annuity products and certain types of insurance.
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.
First Bancorp Inc. (FNLC) Reports Q4 Earnings Growth to $10.17 Million
- Significant Earnings Growth: First Bancorp's fourth-quarter earnings reached $10.17 million, with earnings per share (EPS) of $0.91, marking a substantial increase from last year's $7.28 million and $0.65 EPS, indicating enhanced profitability.
- Strong Revenue Increase: The company's revenue for the fourth quarter rose 17.5% to $25.84 million, compared to $21.99 million last year, reflecting robust business expansion and strong market demand.
- Solid Financial Performance: Under GAAP standards, First Bancorp's earnings and revenue exceeded market expectations, demonstrating the company's resilience and competitiveness in the current economic environment, potentially attracting more investor interest.
- Optimistic Future Outlook: With continued growth in revenue and earnings, First Bancorp is poised to further increase its market share and strengthen its position in the financial services industry.
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First Bancorp Reports Q4 GAAP EPS of $0.91 with 17.5% Revenue Growth
- Financial Highlights: First Bancorp reported a Q4 GAAP EPS of $0.91, indicating stable profitability amidst a competitive financial landscape, showcasing the company's resilience.
- Revenue Growth: The company achieved revenues of $25.84 million, reflecting a 17.5% year-over-year increase, primarily driven by strong performance in loan and deposit activities, indicating sustained market demand.
- Loan Delinquency Concerns: Despite solid financial results, analysts caution investors to monitor the risk of past-due loans, which could impact future profitability and asset quality, necessitating careful risk assessment.
- Investment Appeal: First Bancorp's quant rating suggests attractiveness, and while there are risks associated with loan delinquencies, investors should remain attentive to its long-term growth potential and market positioning.
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