Business
The First Bancorp Reports Record Results for 2019
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 year ended December 31, 2019. Unaudited net income was $25.5 million, up $2.0 million or 8.5% from the $23.5 million reported for the year ended December 31, 2018. Earnings per common share on a fully diluted basis were up $0.17 to $2.34 per share, an increase of 7.8% from the prior year. The Company also announced operating results for the three months ended December 31, 2019. Unaudited net income was $6.7 million, up $323,000 or 5.1% from the final three months of 2018, with earnings per share on a fully diluted basis for the quarter up $0.02 to $0.61, an increase of 3.4% from the same period in 2018.\n\n\n“I’m pleased to announce that The First Bancorp ended the decade with a sixth consecutive year of record earnings, and closed out 2019 with a record quarter” remarked Tony C. McKim, the Company’s President and Chief Executive Officer. “Our earnings strength continues to be keyed off earning asset growth, and was supplemented nicely in 2019 by growth in non-interest income. Earning assets were up $125.2 million or 6.7% for the year leading to a $2.3 million, or 4.5% increase in net interest income. Non-interest income was up $1.6 million or 12.6% from 2018, led by a 22.0% increase in mortgage banking revenue. Non-interest expenses were controlled, with an increase of 5.1% from 2018. Based upon the strength of the Company’s earnings, we declared a dividend of 30 cents per share in the fourth quarter, representing a payout to our shareholders of 48.39% of net income for the period.”\n\n\n2019 FINANCIAL HIGHLIGHTS\n\n\n\nTotal Assets exceeded $2 billion for the first time, ending the year at $2.07 billion\n\n\nNet Income for the year increased 8.5% over 2018.\n\n\nTotal loans outstanding at December 31, 2019 were $1.30 billion, up $58.8 million or 4.7%, year-over-year.\n\n\nLow Cost deposits as of December 31, 2019 totaled $799 million, an increase of $15.9 million or 2.0% year-over-year.\n\n\nEfficiency Ratio (non-GAAP) was 51.04% for 2019, down from 51.50% in 2018 (the GAAP Efficiency Ratio was 52.75% for the year, down from 53.28% in 2018).\n\n\nThe ratio of non-performing assets to total assets at December 31, 2019 was 0.82%, up marginally from 0.79% at December 31, 2018....