Business
The First Bancorp Announces Second Quarter Earnings
DAMARISCOTTA, Maine--(BUSINESS WIRE)-- The First Bancorp (Nasdaq: FNLC), parent company of First National Bank, today announced operating results for the
About this update from First Bancorp, Inc (me)
[{"type":"text","content":" DAMARISCOTTA, Maine--(BUSINESS WIRE)--\nThe First Bancorp (Nasdaq: FNLC), parent company of First National Bank, today announced operating results for the three months ended June 30, 2023. Unaudited net income for the period was $7.4 million representing diluted earnings per share of $0.67. The Company also reported results for the six months ended June 30, 2023. Net income year-to-date in 2023 was $15.4 million, with diluted earnings per share of $1.39. Compared to prior periods, earnings for the second quarter of 2023 were down from the net income of $10.0 million and diluted earnings per share of $0.91 reported in the second quarter of 2022, and down from the net income of $8.0 million and diluted earnings per share of $0.72 reported for the first quarter of 2023. Total assets have increased $135.6 million year-to-date to reach $2.87 billion, supported by total deposits of $2.50 billion, borrowings of $114.5 million and common equity of $232.0 million.\n\n\n\"The First Bancorp and First National Bank continued to successfully execute on multiple fronts in the second quarter,\" commented Tony C. McKim, the Company's President and Chief Executive Officer. \"We again experienced strong loan growth, adding $78.1 million in balances during the quarter, representing an annualized growth rate of 15.4%. Most of this increase was within our commercial loan portfolio, distributed among the commercial real estate, commercial & industrial, and multifamily segments. We remain diligent in loan pricing and were able to grow balances at interest rates that reflect the current market. In addition to commercial loans, we also saw nice increases in municipal, residential mortgage, and home equity loan balances in the second quarter. The pipeline of loans in process remains healthy, positioning the Bank for continued earning asset growth in the second half of the year.\n\n\n\"The loan portfolio is well diversified with levels of commercial real estate exposure well below regulatory guidance, and we are committed to maintaining underwriting standards that are prudent and conservative. Our focus on asset quality continues to be reflected in the Bank's strong metrics. The ratio of non-performing assets to total assets was just 0.06% as of June 30, 2023, unchanged from the preceding quarter, and past due loans remained low at 0.14% of total loans.\...