The First Bancorp, Inc. (FNLC) 10-Year Financial Performance & Capital Metrics

FNLC • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingNortheast Community Banks

AboutThe First Bancorp, Inc. operates as the holding company for First National Bank that provides a range of banking products and services to individuals and businesses. It offers various deposit products, including demand, NOW, savings, money market, and certificates of deposit accounts. The company also provides commercial real estate loan products, such as mortgage loans to finance investments in real property comprising multi-family residential, commercial/retail, office, industrial, hotel, educational, and other specific or mixed use properties; commercial construction loans to finance construction of owner- and non-owner occupied commercial real estate properties; and other commercial loans, which include revolving and term loan obligations to business and corporate enterprises for the purpose of financing working capital or capital investment. In addition, it offers municipal loans for capitalized expenditures, construction projects, or tax-anticipation notes; residential term loans that include amortizing home mortgages and construction loans, which include loans for owner-occupied residential construction; home equity loans and lines of credit; and consumer loans, which are amortizing loans to individuals collateralized by automobiles, pleasure crafts, and recreation vehicles, as well as unsecured short-term time notes. Further, the company provides private banking, financial planning, investment management, and trust services to individuals, businesses, non-profit organizations, and municipalities, as well as payment processing services. It operates through 18 full-service banking offices in Lincoln, Knox, Waldo, Penobscot, Hancock, and Washington counties in the Mid-Coast, Eastern, and Down East regions of Maine. The company was formerly known as First National Lincoln Corporation and changed its name to The First Bancorp, Inc. in April 2008. The First Bancorp, Inc. was founded in 1864 and is based in Damariscotta, Maine.Show more

Net Interest Income $64M -2.0%
Total Revenue $165M +15.2%
Net Income $27M -8.4%
Return on Equity 10.91% -12.7%
Net Interest Margin 2.02% -8.5%
Efficiency Ratio 28.51% -6.4%
ROA 0.89% -14.6%
Equity / Assets 8% -3.0%
Book Value per Share 22.67 +3.3%
Tangible BV/Share 19.92 +3.9%
Debt/Equity 0.58 +102.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient operations: 28.5% efficiency ratio
✓12 consecutive years of dividend growth
✓Healthy dividend yield of 5.2%
✓Trading near 52-week high
✓Trading at only 1.2x book value

✗Weaknesses

✗Weak Piotroski F-Score: 3/9

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y10.3%

5Y12.25%

3Y19.7%

TTM-

Profit (Net Income) CAGR

10Y6.28%

5Y1.16%

3Y-9.32%

TTM19.14%

EPS CAGR

10Y5.9%

5Y0.76%

3Y-9.7%

TTM18.57%

ROCE

10Y Avg11.05%

5Y Avg13.04%

3Y Avg13.21%

Latest9.91%

Peer Comparison

Northeast Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DCOMDime Community Bancshares, Inc.	1.37B	31.13	56.60	0.1%	4.5%	4.02%	6.79%	0.70
EBCEastern Bankshares, Inc.	4.4B	19.56	29.64	91.64%	11.17%	1.3%	6.14%	0.01
LYGLloyds Banking Group plc	80.5B	5.48	21.92	10.79%	11.75%	9.93%		1.76
CFGCitizens Financial Group, Inc.	26.03B	60.61	20.00	1.31%	12.22%	6.6%	7.22%	0.51
PFSProvident Financial Services, Inc.	2.65B	20.29	19.32	63.91%	10.13%	7.51%	16.04%	0.93
CBUCommunity Bank System, Inc.	3.3B	62.73	18.24	24.44%	19.4%	10.34%	6.71%	0.57
VLYValley National Bancorp	6.7B	12.02	17.42	6.51%	10.65%	6.53%	8.18%	0.50
INDBIndependent Bank Corp.	3.8B	76.62	16.95	6.89%	19.72%	7.76%	5.51%	0.23

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	40.94M	42.95M	47.3M	50.21M	52.49M	59.83M	66.3M	76.17M	65.21M	63.91M
NII Growth %	0.03%	0.05%	0.1%	0.06%	0.05%	0.14%	0.11%	0.15%	-0.14%	-0.02%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	50.81M	53.76M	60.83M	70.54M	78.65M	77.12M	77.08M	93.03M	128.17M	148.83M
Interest Expense	9.87M	10.81M	13.53M	20.33M	26.16M	17.29M	10.78M	16.87M	62.97M	84.92M
Loan Loss Provision	1.55M	1.6M	2M	1.5M	1.25M	6.05M	-375K	1.75M	1.19M	763K
Non-Interest Income+	12.23M	12.5M	12.55M	12.6M	14.19M	18.12M	19.38M	16.87M	15.44M	16.59M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	63.04M	66.26M	73.38M	83.14M	92.84M	95.24M	96.46M	109.91M	143.62M	165.43M
Revenue Growth %	0.02%	0.05%	0.11%	0.13%	0.12%	0.03%	0.01%	0.14%	0.31%	0.15%
Non-Interest Expense	29.9M	29.38M	31.65M	33.47M	35.17M	39.65M	42.15M	43.9M	43.76M	47.16M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	21.72M	24.46M	26.2M	27.84M	30.26M	32.25M	43.91M	47.39M	35.7M	32.58M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.13%	0.13%	0.07%	0.06%	0.09%	0.07%	0.36%	0.08%	-0.25%	-0.09%
Pretax Income+	21.72M	24.46M	26.2M	27.84M	30.26M	32.25M	43.91M	47.39M	35.7M	32.58M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	5.51M	6.45M	6.61M	4.31M	4.74M	5.12M	7.64M	8.4M	6.18M	5.54M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	16.21M	18.01M	19.59M	23.54M	25.52M	27.13M	36.27M	38.99M	29.52M	27.05M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.1%	0.11%	0.09%	0.2%	0.08%	0.06%	0.34%	0.08%	-0.24%	-0.08%
Net Income (Continuing)	16.21M	18.01M	19.59M	23.54M	25.52M	27.13M	36.27M	38.99M	29.52M	27.05M
EPS (Diluted)+	1.51	1.66	1.81	2.17	2.34	2.48	3.30	3.53	2.66	2.43
EPS Growth %	0.1%	0.1%	0.09%	0.2%	0.08%	0.06%	0.33%	0.07%	-0.25%	-0.09%
EPS (Basic)	1.52	1.68	1.82	2.18	2.36	2.50	3.33	3.57	2.68	2.45
Diluted Shares Outstanding	10.73M	10.85M	10.82M	10.85M	10.89M	10.93M	10.99M	11.03M	11.08M	11.14M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	18.31M	17.66M	20.07M	31.21M	25.74M	82.36M	87.31M	26.42M	35.43M	49.74M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	1.44B	1.59B	1.71B	1.8B	1.93B	2.15B	2.32B	2.58B	2.77B	2.96B
Investments Growth %	0.05%	0.1%	0.07%	0.05%	0.07%	0.11%	0.08%	0.11%	0.08%	0.07%
Long-Term Investments	1.22B	1.29B	1.41B	1.48B	1.57B	1.83B	2B	2.29B	2.49B	2.69B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	29.8M	29.8M	29.8M	29.8M	29.8M	30.65M	30.65M	30.65M	30.65M	30.65M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
PP&E (Net)	21.82M	22.2M	22.5M	22.06M	21.3M	27.25M	28.95M	28.28M	28.68M	27.86M
Other Assets	47.83M	48.26M	57.13M	54.71M	57.06M	66.33M	49.08M	67.37M	67.33M	74.34M
Total Current Assets	246.26M	323.61M	323.13M	355.29M	393.43M	405.04M	415.42M	320.76M	329.38M	338.39M
Total Non-Current Assets	1.32B	1.39B	1.52B	1.59B	1.68B	1.96B	2.11B	2.42B	2.62B	2.82B
Total Assets+	1.56B	1.71B	1.84B	1.95B	2.07B	2.36B	2.53B	2.74B	2.95B	3.16B
Asset Growth %	0.06%	0.09%	0.08%	0.06%	0.06%	0.14%	0.07%	0.08%	0.08%	0.07%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Total Debt+	337.46M	278.9M	228.76M	210.32M	184.96M	262.04M	136.34M	103.48M	69.65M	146.28M
Net Debt	319.14M	261.24M	208.69M	179.1M	159.21M	179.68M	49.03M	77.06M	34.22M	96.54M
Long-Term Debt	115.13M	120.13M	115.12M	65.11M	10.11M	55.1M	55.09M	84K	0	95M
Short-Term Debt	222.32M	158.77M	113.64M	145.21M	174.85M	206.94M	81.25M	103.4M	69.65M	51.28M
Other Liabilities	16.67M	18.5M	13.97M	15.63M	20.87M	30.86M	21.8M	27.89M	34.3M	32.99M
Total Current Liabilities	1.27B	1.4B	1.53B	1.67B	1.83B	2.05B	2.2B	2.48B	2.67B	2.78B
Total Non-Current Liabilities	131.8M	138.62M	129.09M	80.74M	30.97M	85.96M	76.89M	27.98M	34.3M	127.99M
Total Liabilities	1.4B	1.54B	1.66B	1.75B	1.86B	2.14B	2.28B	2.51B	2.7B	2.9B
Total Equity+	167.5M	172.52M	181.32M	191.54M	212.51M	223.73M	245.66M	228.92M	243.08M	252.49M
Equity Growth %	0.04%	0.03%	0.05%	0.06%	0.11%	0.05%	0.1%	-0.07%	0.06%	0.04%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.1%	0.11%	0.11%	0.13%	0.13%	0.12%	0.15%	0.16%	0.13%	0.11%
Book Value per Share	15.61	15.90	16.75	17.66	19.52	20.46	22.36	20.75	21.93	22.67
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	108K	108K	108K	109K	109K	110K	110K	110K	111K	112K
Additional Paid-in Capital	59.86M	60.72M	61.75M	62.75M	63.96M	65.28M	66.83M	68.44M	70.07M	71.83M
Retained Earnings	106.67M	111.69M	120.85M	132.46M	144.84M	158.36M	180.42M	204.34M	211.93M	222.82M
Accumulated OCI	855K	-3K	-1.68M	-3.77M	3.6M	-28K	-1.7M	-43.97M	-39.03M	-42.27M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	20.74M	21.19M	22.27M	33.84M	26.05M	22.7M	56.69M	41.21M	36.92M	26.05M
Operating CF Growth %	0.01%	0.02%	0.05%	0.52%	-0.23%	-0.13%	1.5%	-0.27%	-0.1%	-0.29%
Net Income	16.21M	18.01M	19.59M	23.54M	25.52M	27.13M	36.27M	38.99M	29.52M	27.05M
Depreciation & Amortization	1.72M	1.75M	1.86M	1.79M	1.94M	2.22M	2.04M	1.98M	2.11M	2.21M
Deferred Taxes	332K	-107K	2.08M	-485K	336K	-262K	999K	178K	-1.06M	1.05M
Other Non-Cash Items	1.23M	3.02M	5.18M	3.62M	2.58M	1.35M	7.26M	3.27M	1.59M	1.19M
Working Capital Changes	963K	-1.78M	-6.84M	4.99M	-4.89M	-8.39M	9.27M	-4.02M	3.94M	-6.34M
Cash from Investing+	-86.35M	-148.18M	-130.06M	-112.08M	-116.28M	-250.07M	-201.75M	-247.58M	-199.81M	-217.42M
Purchase of Investments	-121.26M	-247.45M	-221.74M	-90.05M	-170.11M	-363.58M	-226.28M	-102.96M	-88.58M	-29.47M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	-6.06M	0	0	0	0
Other Investing	-81.9M	-77.02M	-93.11M	-86.85M	-55.84M	-204.88M	-175.59M	-203.07M	-214.26M	-234.58M
Cash from Financing+	66.85M	130.05M	109.63M	78.16M	85.53M	239.15M	139.48M	208.46M	172.1M	187.07M
Dividends Paid	-9.35M	-9.81M	-11.46M	-12.05M	-12.96M	-13.33M	-13.95M	-14.78M	-15.42M	-15.8M
Share Repurchases	-180K	-129K	-154K	-168K	-183K	-156K	-253K	-277K	-250K	-212K
Stock Issued	465K	531K	632K	619K	653K	670K	689K	796K	817K	867K
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K	-1000K	1000K
Other Financing	18.37M	198.02M	170.75M	108.21M	123.38M	175.55M	278.69M	255.58M	220.78M	125.59M
Net Change in Cash+	1.24M	3.07M	1.84M	-73K	-4.7M	11.78M	-5.58M	2.09M	9.21M	-4.31M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	13.06M	14.3M	17.37M	19.21M	19.13M	14.43M	26.21M	20.63M	22.73M	31.94M
Cash at End	14.3M	17.37M	19.21M	19.13M	14.43M	26.21M	20.63M	22.73M	31.94M	27.64M
Interest Paid	9.96M	10.77M	13.37M	20.1M	26.09M	17.56M	11.14M	16.07M	62.23M	84.44M
Income Taxes Paid	4.24M	6.37M	5.73M	3.06M	3.99M	5.05M	6.55M	8.01M	5.62M	4.53M
Free Cash Flow+	19.82M	19.06M	19.74M	32.36M	24.48M	20.16M	52.94M	39.81M	34.28M	24.57M
FCF Growth %	0.07%	-0.04%	0.04%	0.64%	-0.24%	-0.18%	1.63%	-0.25%	-0.14%	-0.28%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.85%	10.59%	11.07%	12.62%	12.63%	12.44%	15.45%	16.43%	12.51%	10.91%
Return on Assets (ROA)	1.06%	1.1%	1.1%	1.24%	1.27%	1.22%	1.48%	1.48%	1.04%	0.89%
Net Interest Margin	2.62%	2.51%	2.57%	2.58%	2.54%	2.53%	2.62%	2.78%	2.21%	2.02%
Efficiency Ratio	47.42%	44.35%	43.13%	40.25%	37.88%	41.63%	43.69%	39.95%	30.47%	28.51%
Equity / Assets	10.7%	10.07%	9.84%	9.84%	10.27%	9.47%	9.72%	8.36%	8.25%	8%
Book Value / Share	15.61	15.9	16.75	17.66	19.52	20.46	22.36	20.75	21.93	22.67
NII Growth	3.38%	4.91%	10.14%	6.14%	4.55%	13.98%	10.81%	14.88%	-14.39%	-1.99%
Dividend Payout	57.69%	54.47%	58.51%	51.21%	50.79%	49.13%	38.46%	37.9%	52.23%	58.43%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Debit Card	-	-	-	5.21M	6.35M	5.38M	5.46M
Debit Card Growth	-	-	-	-	21.89%	-15.19%	1.34%
Fiduciary and Trust	3.03M	3.32M	3.66M	4.53M	4.6M	4.65M	4.96M
Fiduciary and Trust Growth	-	9.50%	10.31%	23.74%	1.57%	1.17%	6.64%
Deposit Account	2.19M	2.33M	1.65M	1.57M	1.82M	1.89M	2.05M
Deposit Account Growth	-	6.20%	-29.27%	-4.85%	16.39%	3.40%	8.53%
Mortgage Banking	1.56M	1.91M	5.08M	5.24M	1.42M	813K	794K
Mortgage Banking Growth	-	21.98%	166.37%	2.97%	-72.80%	-42.91%	-2.34%

Frequently Asked Questions

Valuation & Price

The First Bancorp, Inc. (FNLC) has a price-to-earnings (P/E) ratio of 11.2x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

The First Bancorp, Inc. (FNLC) grew revenue by 15.2% over the past year. This is strong growth.

Yes, The First Bancorp, Inc. (FNLC) is profitable, generating $31.5M in net income for fiscal year 2024 (16.3% net margin).

Dividend & Returns

Yes, The First Bancorp, Inc. (FNLC) pays a dividend with a yield of 5.19%. This makes it attractive for income-focused investors.

The First Bancorp, Inc. (FNLC) has a return on equity (ROE) of 10.9%. This is reasonable for most industries.

Industry Metrics

The First Bancorp, Inc. (FNLC) has a net interest margin (NIM) of 2.0%. NIM has been under pressure due to interest rate environment.

The First Bancorp, Inc. (FNLC) has an efficiency ratio of 28.5%. This is excellent, indicating strong cost control.

US Stock Screener

...