The First Bancorp (Nasdaq: FNLC), parent company of First
National Bank, today announced operating results for the three
months ended September 30, 2022. Unaudited net income was $10.1
million, up $1.1 million or 11.9% from the $9.0 million reported
for the three months ended September 30, 2021 and represents a new
quarterly earnings high mark for the Company. Earnings per common
share for the period on a fully diluted basis were up $0.09 to
$0.91 per share, an increase of 11.0% from the prior year. The
Company also reported results for the nine months ended September
30, 2022. Net income was $29.8 million, up $3.1 million or 11.5%
from the first nine months of 2021, with earnings per share on a
fully diluted basis of $2.70, up $0.27 or 11.1% from the same
period in 2021.
“The First Bancorp continued to perform strongly in the three
months ended September 30, 2022, resulting in our fifth consecutive
quarter of record earnings," commented Tony C. McKim, the Company’s
President and Chief Executive Officer. "Net interest income has
been the primary driver of our earnings performance and is up 16.6%
year-to-date from the same period in 2021 on a combination of
strong earning asset growth and expanded net interest margin.
Earning asset growth was focused in the loan portfolio which,
excluding Payroll Protection Program loans, has grown $232.3
million year-to-date, or 14.3%. Third quarter growth was centered
in commercial loans, commercial real estate loans and loans secured
by one-to-four family residential real estate. Our pipeline of new
loans in process continues to be healthy."
Mr. McKim continued, "As noted, net interest income in 2022 has
been strong year-to-date and in the third quarter was the primary
factor in our overall positive performance. Loan growth along with
higher interest rates drove a 23.0% increase in interest revenue
from the portfolio compared to a year ago, outpacing increased
funding costs and contributing to a 13.8% increase in net interest
income for the third quarter of 2022 compared to the same period a
year ago. Our net interest margin was 3.14% for the third quarter
of 2022, up from 2.96% a year ago. Compared to the second quarter
of 2022, net interest income increased 3.6% while the margin was
in-line with the reported 3.13% for that period. Non-interest
income before securities gains or losses increased 4.3% for the
quarter ended September 30, 2022 compared to a year ago, and
increased 15.4% from the second quarter of 2022, as strong debit
card revenue offset an expected decline in mortgage banking
revenue. Operating expenses for the period were impacted by
one-time charges incurred in a loan sale transaction, leading to an
efficiency ratio of 46.02% for the quarter, up modestly from 44.85%
for the same period a year ago, and from 43.49% in the second
quarter of 2022. The efficiency ratio year-to-date remains
favorable at 44.99% as of September 30, 2022, in line with 45.04% a
year earlier."
"The First Bancorp is honored to be recognized by Piper Sandler
Companies in its Sm-All Stars Class of 2022. Recognition as a 2022
Sm-All Star places the Company in a select group of top performing
banks nationally as measured by growth, profitability, credit
quality and capital strength. Thirty-five banks with market
capitalization of $2.5 billion or less made this year's Sm-All Star
list, and we were the only banking company in New England to be so
honored. This is a significant milestone for The First Bancorp, one
made possible by our team of dedicated and talented banking
professionals."
Mr. McKim concluded, "In addition to our focus on earning asset
growth, action was taken in the third quarter to further enhance
the Bank's asset quality. In September we completed the sale of a
$5.2 million block of mixed performing residential real estate
loans, incurring one-time charges in the quarter of $681,000. The
sale bolstered our already favorable asset quality metrics and
positions the Bank well for potential economic uncertainty moving
forward. Past due loans as of September 30, 2022 stood at 0.08% of
the portfolio. In dollar terms, past due loans were at the lowest
absolute level in the past six years, and there were no active
COVID-19 related loan modifications."
THIRD QUARTER 2022 FINANCIAL
HIGHLIGHTS
- Net Income of $10.1 million is an increase of 11.9% from the
quarter ended September 30, 2021, an increase of 0.9% from the
quarter ended June 30, 2022, and is a new quarterly earnings record
for the Company.
- Pre-tax, Pre-Provision ("PTPP") Net Income (non-GAAP) increased
10.9% compared to the third quarter of 2021 and increased 0.8% from
the second quarter of 2022.
- Loan balances increased $69.6 million in the third quarter to
$1.86 billion.
- Low-cost deposits totaled $1.40 billion as of September 30,
2022, growing 4.0% in the third quarter.
- Net Interest Margin for the quarter ended September 30, 2022,
was 3.14%, up from 2.96% for the quarter ended September 30, 2021,
and up slightly from 3.13% for the quarter ended June 30,
2022.
- Quarterly shareholder dividend declared of $0.34 per
share.
FINANCIAL CONDITION Total
assets at September 30, 2022, were $2.74 billion, up $104.7 million
in the third quarter and up $205.5 million from a year ago. Earning
assets increased $95.6 million during the quarter comprised
primarily of an increase in loans of $69.6 million. As compared to
September 30, 2021, earning assets have increased by $188.0 million
centered in loan growth of $240.8 million, a decrease in the
carrying value of investments of $24.1 million, and a reduction in
interest earning cash balances of $28.0 million.
Loan growth in the third quarter was concentrated in the
commercial and residential portfolios. Commercial loans increased
by $55.7 million during the period, nearly all in the commercial
real estate and commercial other sectors. Residential term loans
increased by $12.7 million while residential construction loans
decreased by $2.4 million. The home equity portfolio increased by
$2.2 million, and the consumer loan portfolio decreased by
$537,000.
Total deposits at September 30, 2022 were $2.37 billion, up
$117.9 million during the quarter, and up $336.7 million or 16.6%
from September 30, 2021. Core deposits increased by $36.2 million
during the quarter, while low-cost deposits increased by $53.7
million in the third quarter with growth centered in Demand and NOW
account balances. Certificates of deposit increased by $81.8
million during the quarter while borrowings decreased by $8.2
million.
The Company’s regulatory capital position remained strong as of
September 30, 2022, with an estimated total risk-based capital
ratio of 13.53%, and an estimated leverage capital ratio of 8.99%.
The leverage capital ratio is an increase from the 8.92% and 8.57%
reported as of June 30, 2022, and as of September 30, 2021,
respectively. Growth in risk-weighted assets modestly lowered the
total capital ratio from 13.63% as of June 30, 2022, and from
14.48% as of September 30, 2021. The Company's tangible book value
per share was $17.13 as of September 30, 2022, down from $17.84 at
June 30, 2022. The period-to-period change is the result of an
increase in the unrealized loss position on available for sale
securities. Adjusted to remove unrealized losses, the tangible book
value per share (non-GAAP) would have been $21.44 as of September
30, 2022, an increase of 3.0% for the quarter.
ASSET QUALITY & PROVISION FOR LOAN
LOSSES Asset quality continues to be strong. As of
September 30, 2022, the ratio of non-performing assets to total
assets was 0.07%, down from 0.18% as of June 30, 2022, and down
from 0.25% at September 30, 2021. Net charge-offs year-to-date in
2022 were an annualized 0.03% of total loans, unchanged from 2021.
Past due loans were 0.08% of total loans as of September 30, 2022,
improved from 0.18% of total loans at June 30, 2022, and from 0.25%
as of September 30, 2021.
The provision for loan losses totaled $400,000 in the third
quarter of 2022, compared with $525,000 for the same period in
2021. The allowance for loan losses stood at 0.88% of total loans
and 881% of non-performing loans as of September 30, 2022, as
compared to 0.91% of total loans and 337% of non-performing loans
at June 30, 2022, and 1.08% of total loans and 285% of
non-performing loans as of September 30, 2021.
OPERATING RESULTS Net Income
for the three months ended September 30, 2022, was $10.1 million,
an increase of $1.1 million or 11.9% from the three months ended
September 30, 2021. On a PTPP (non-GAAP) basis net income for the
period was $12.7 million, up $1.3 million or 10.9% from a year ago.
The Company’s Return on Average Assets of 1.51% for the quarter was
up from the 1.44% posted during the third quarter of 2021. The
third quarter 2022 PTPP Return on Average Assets was 1.90%, up from
1.83% a year ago. Return on Average Tangible Common Equity was
19.73% for the third quarter of 2022, compared to 17.14% for the
third quarter of 2021. The Company's Efficiency Ratio (non-GAAP)
was 46.02% in the third quarter of 2022, up from 44.85% in the
third quarter of 2021.
Contributing factors to the Company’s operating results in the
three months ended September 30, 2022, included:
- Net interest income increased $2.4 million from the third
quarter of 2021, an increase of 13.8%, attributable primarily to a
rise in revenue from earning asset growth. Net interest income was
up $666,000 or 3.6% from the second quarter of 2022.
- Net interest margin for the third quarter of 2022 was 3.14%, up
from 2.96% for the same period in 2021.
- Non-interest income before securities gains or losses was $4.7
million, an increase of $192,000 or 4.3% from the quarter ended
September 30, 2021, and an increase of $628,000 or 15.4% from the
second quarter of 2022.
- Debit card revenue increased $796,000 or 59.8% from the third
quarter of 2021 and increased $802,000 or 60.5% from the second
quarter of 2022. The increase from prior periods is primarily due
to receipt of one-time program incentive payments.
- Service charge revenue increased $41,000 from the third quarter
of 2021, and decreased $13,000 from the second quarter of
2022.
- Revenue decreased $48,000 or 4.2% from the third quarter of
2021 and decreased $142,000 or 11.6% from the second quarter of
2022 at First National Wealth Management, the Bank’s trust and
investment management division. The revenue decrease from prior
periods is attributable to a market-driven decline in assets under
management.
- Mortgage banking revenue decreased $674,000 or 65.4% from the
third quarter of 2021, and $24,000 or 6.3% from the second quarter
of 2022. The decrease from prior year is attributable to a
significant year-to-year decrease in mortgage refinance activity,
and a $49,000 mark against mortgage servicing rights recognized in
the third quarter of 2022.
- Non-interest expense for the quarter ended September 30, 2022
was $11.4 million, up $1.4 million or 14.5% from the quarter ended
September 30, 2021.
- Occupancy expenses decreased $15,000, or 2.0%, from the third
quarter of 2021 and decreased $29,000, or 3.9%, from the second
quarter of 2022.
- Employee salary and benefit expenses increased $333,000, or
6.1% from the third quarter of 2021, and increased $359,000, or
6.7% from the second quarter of 2022.
- Other Operating Expenses increased $901,000, or 37.4%, from the
third quarter of 2021, and increased $767,000 or 30.1% from the
second quarter of 2022. These period-to-period increases are
largely attributable to one-time charges totaling $681,000 incurred
in the residential mortgage sale.
DIVIDEND On September 21,
2022, the Company's Board of Directors declared a third quarter
dividend of $0.34 per share. The third quarter dividend represents
a payout to shareholders of 37.0% of earnings per share for the
period, and will be paid on October 21, 2022, to shareholders of
record as of October 5, 2022.
ABOUT THE FIRST BANCORP The
First Bancorp, the parent company of First National Bank, is based
in Damariscotta, Maine. Founded in 1864, First National Bank is a
full-service community bank with $2.71 billion in assets. The Bank
provides a complete array of commercial and retail banking services
through eighteen locations in mid-coast and eastern Maine. First
National Wealth Management, a division of the Bank, provides
investment management and trust services to individuals,
businesses, and municipalities. More information about The First
Bancorp, First National Bank and First National Wealth Management
may be found at www.thefirst.com.
The First Bancorp
Consolidated Balance Sheets (Unaudited)
In thousands of dollars, except per share
data
September 30, 2022
December 31, 2021
September 30, 2021
Assets
Cash and due from banks
$
27,408
$
20,634
$
27,126
Interest-bearing deposits in other
banks
65,786
66,678
93,779
Securities available for sale
283,268
320,566
309,224
Securities to be held to maturity
381,906
370,040
375,699
Restricted equity securities, at cost
4,514
5,365
8,839
Loans held for sale
—
835
1,437
Loans
1,857,975
1,647,649
1,617,212
Less allowance for loan losses
16,387
15,521
17,507
Net loans
1,841,588
1,632,128
1,599,705
Accrued interest receivable
8,176
7,544
8,380
Premises and equipment
28,548
28,949
29,106
Goodwill
30,646
30,646
30,646
Other assets
63,225
43,714
45,650
Total assets
$
2,735,065
$
2,527,099
$
2,529,591
Liabilities
Demand deposits
$
356,867
$
334,945
$
354,899
NOW deposits
656,865
655,061
625,294
Money market deposits
188,729
206,901
190,420
Savings deposits
381,312
360,185
348,033
Certificates of deposit
407,344
252,568
194,373
Certificates $100,000 to $250,000
295,112
258,211
263,860
Certificates $250,000 and over
83,720
55,426
56,334
Total deposits
2,369,949
2,123,297
2,033,213
Borrowed funds
118,343
136,342
233,201
Other liabilities
26,856
21,803
24,440
Total Liabilities
2,515,148
2,281,442
2,290,854
Shareholders' equity
Common stock
110
110
110
Additional paid-in capital
68,028
66,830
66,471
Retained earnings
198,902
180,417
174,391
Net unrealized loss on securities
available for sale
(47,661
)
(1,718
)
(627
)
Net unrealized loss on securities
transferred from available for sale to held to maturity
(67
)
(87
)
(99
)
Net unrealized gain (loss) on cash flow
hedging derivative instruments
500
—
(1,537
)
Net unrealized gain on postretirement
costs
105
105
28
Total shareholders' equity
219,917
245,657
238,737
Total liabilities & shareholders'
equity
$
2,735,065
$
2,527,099
$
2,529,591
Common Stock
Number of shares authorized
18,000,000
18,000,000
18,000,000
Number of shares issued and
outstanding
11,038,224
10,998,765
10,992,950
Book value per common share
$
19.92
$
22.33
$
21.72
Tangible book value per common share
$
17.13
$
19.52
$
18.90
The First Bancorp
Consolidated Statements of Income
(Unaudited)
In thousands of dollars, except per share
data
For the nine months
ended
For the quarter ended
September 30, 2022
September 30, 2021
September 30,
2022
June 30, 2022
September 30, 2021
Interest income
Interest and fees on loans
$
53,463
$
45,864
$
19,564
$
17,286
$
15,905
Interest on deposits with other banks
163
45
92
62
21
Interest and dividends on investments
12,329
11,173
4,335
4,083
3,662
Total interest income
65,955
57,082
23,991
21,431
19,588
Interest expense
Interest on deposits
8,190
5,796
4,164
2,401
1,650
Interest on borrowed funds
1,083
2,679
463
332
927
Total interest expense
9,273
8,475
4,627
2,733
2,577
Net interest income
56,682
48,607
19,364
18,698
17,011
Provision for loan losses
1,300
1,575
400
450
525
Net interest income after provision for
loan losses
55,382
47,032
18,964
18,248
16,486
Non-interest income
Investment management and fiduciary
income
3,513
3,352
1,087
1,229
1,135
Service charges on deposit accounts
1,358
1,132
454
467
413
Net securities gains (losses)
7
22
6
(1
)
(142
)
Mortgage origination and servicing
income
1,234
4,351
356
380
1,030
Debit card income
4,884
3,875
2,128
1,326
1,332
Other operating income
2,031
1,852
684
679
607
Total non-interest income
13,027
14,584
4,715
4,080
4,375
Non-interest expense
Salaries and employee benefits
17,092
15,600
5,757
5,398
5,424
Occupancy expense
2,298
2,148
720
749
735
Furniture and equipment expense
3,740
3,535
1,266
1,239
1,135
FDIC insurance premiums
738
600
298
222
209
Amortization of identified intangibles
52
52
17
18
17
Other operating expense
8,273
7,367
3,313
2,546
2,412
Total non-interest expense
32,193
29,302
11,371
10,172
9,932
Income before income taxes
36,216
32,314
12,308
12,156
10,929
Applicable income taxes
6,423
5,591
2,217
2,159
1,915
Net Income
$
29,793
$
26,723
$
10,091
$
9,997
$
9,014
Basic earnings per share
$
2.73
$
2.45
$
0.92
$
0.91
$
0.83
Diluted earnings per share
$
2.70
$
2.43
$
0.91
$
0.91
$
0.82
The First Bancorp
Selected
Financial Data (Unaudited)
Dollars in thousands, except for per share
amounts
As of and for the nine months
ended
As of and for the quarter
ended
September 30, 2022
September 30, 2021
September 30, 2022
June 30, 2022
September 30, 2021
Summary of Operations
Interest Income
$
65,955
$
57,082
$
23,991
$
21,431
$
19,588
Interest Expense
9,273
8,475
4,627
2,733
2,577
Net Interest Income
56,682
48,607
19,364
18,698
17,011
Provision for Loan Losses
1,300
1,575
400
450
525
Non-Interest Income
13,027
14,584
4,715
4,080
4,375
Non-Interest Expense
32,193
29,302
11,371
10,172
9,932
Net Income
29,793
26,723
10,091
9,997
9,014
Per Common Share Data
Basic Earnings per Share
$
2.73
$
2.45
$
0.92
$
0.91
$
0.83
Diluted Earnings per Share
2.70
2.43
0.91
0.91
0.82
Cash Dividends Declared
1.00
0.95
0.34
0.34
0.32
Book Value per Common Share
19.92
21.72
19.92
20.64
21.72
Tangible Book Value per Common Share
17.13
18.90
17.13
17.84
18.90
Market Value
27.55
29.14
27.55
30.13
29.14
Financial Ratios
Return on Average Equity(a)
16.78
%
15.28
%
17.13
%
17.29
%
14.92
%
Return on Average Tangible Common
Equity(a)
19.29
%
17.62
%
19.73
%
19.94
%
17.14
%
Return on Average Assets(a)
1.54
%
1.48
%
1.51
%
1.54
%
1.44
%
Average Equity to Average Assets
9.16
%
9.68
%
8.80
%
8.91
%
9.66
%
Average Tangible Equity to Average
Assets
7.96
%
8.40
%
7.64
%
7.73
%
8.41
%
Net Interest Margin Tax-Equivalent(a)
3.17
%
2.94
%
3.14
%
3.13
%
2.96
%
Dividend Payout Ratio
36.63
%
38.78
%
36.96
%
37.36
%
38.55
%
Allowance for Loan Losses/Total Loans
0.88
%
1.08
%
0.88
%
0.91
%
1.08
%
Non-Performing Loans to Total Loans
0.10
%
0.39
%
0.10
%
0.27
%
0.39
%
Non-Performing Assets to Total Assets
0.07
%
0.25
%
0.07
%
0.18
%
0.25
%
Efficiency Ratio
44.99
%
45.04
%
46.02
%
43.49
%
44.85
%
At Period End
Total Assets
$
2,735,065
$
2,529,591
$
2,735,065
$
2,630,354
$
2,529,591
Total Loans
1,857,975
1,617,212
1,857,975
1,788,355
1,617,212
Total Investment Securities
669,688
693,762
669,688
686,150
693,762
Total Deposits
2,369,949
2,033,213
2,369,949
2,252,022
2,033,213
Total Shareholders' Equity
219,917
238,737
219,917
227,685
238,737
(a) Annualized using a 365-day basis for
both 2022 and 2021.
Use of Non-GAAP Financial Measures Certain information in
this release contains financial information determined by methods
other than in accordance with accounting principles generally
accepted in the United States of America (“GAAP”). Management uses
these “non-GAAP” measures in its analysis of the Company's
performance (including for purposes of determining the compensation
of certain executive officers and other Company employees) and
believes that these non-GAAP financial measures provide a greater
understanding of ongoing operations and enhance comparability of
results with prior periods and with other financial institutions,
as well as demonstrating the effects of significant gains and
charges in the current period, in light of the disclosure practices
employed by many other publicly-traded financial institutions. The
Company believes that a meaningful analysis of its financial
performance requires an understanding of the factors underlying
that performance. Management believes that investors may use these
non-GAAP financial measures to analyze financial performance
without the impact of unusual items that may obscure trends in the
Company's underlying performance. These disclosures should not be
viewed as a substitute for operating results determined in
accordance with GAAP, nor are they necessarily comparable to
non-GAAP performance measures that may be presented by other
companies.
In several places net interest income is calculated on a fully
tax-equivalent basis. Specifically included in interest income was
tax-exempt interest income from certain investment securities and
loans. An amount equal to the tax benefit derived from this
tax-exempt income has been added back to the interest income total
which, as adjusted, increased net interest income accordingly.
Management believes the disclosure of tax-equivalent net interest
income information improves the clarity of financial analysis, and
is particularly useful to investors in understanding and evaluating
the changes and trends in the Company's results of operations.
Other financial institutions commonly present net interest income
on a tax-equivalent basis. This adjustment is considered helpful in
the comparison of one financial institution's net interest income
to that of another institution, as each will have a different
proportion of tax-exempt interest from its earning assets.
Moreover, net interest income is a component of a second financial
measure commonly used by financial institutions, net interest
margin, which is the ratio of net interest income to average
earning assets. For purposes of this measure as well, other
financial institutions generally use tax-equivalent net interest
income to provide a better basis of comparison from institution to
institution. The Company follows these practices.
The following table provides a reconciliation of tax-equivalent
financial information to the Company's consolidated financial
statements, which have been prepared in accordance with GAAP. A
21.0% tax rate was used in both 2022 and 2021.
For the nine months
ended
For the quarters ended
In thousands of dollars
September 30, 2022
September 30, 2021
September 30, 2022
June 30, 2022
September 30, 2021
Net interest income as presented
$
56,682
$
48,607
$
19,364
$
18,698
$
17,011
Effect of tax-exempt income
1,719
1,762
592
$
570
574
Net interest income, tax equivalent
$
58,401
$
50,369
$
19,956
$
19,268
$
17,585
The Company presents its efficiency ratio using non-GAAP
information which is most commonly used by financial institutions.
The GAAP-based efficiency ratio is non-interest expenses divided by
net interest income plus non-interest income from the Consolidated
Statements of Income. The non-GAAP efficiency ratio excludes
securities losses and other-than-temporary impairment charges from
non-interest expenses, excludes securities gains from non-interest
income, and adds the tax-equivalent adjustment to net interest
income. The following table provides a reconciliation between the
GAAP and non-GAAP efficiency ratio:
For the nine months
ended
For the quarters ended
In thousands of dollars
September 30, 2022
September 30, 2021
September 30, 2022
June 30, 2022
September 30, 2021
Non-interest expense, as presented
$
32,193
$
29,302
$
11,371
$
10,172
$
9,932
Net interest income, as presented
56,682
48,607
19,364
18,698
17,011
Effect of tax-exempt interest income
1,719
1,762
592
570
574
Non-interest income, as presented
13,027
14,584
4,715
4,080
4,375
Effect of non-interest tax-exempt
income
127
124
43
43
41
Net securities (gains) losses
(7
)
(22
)
(6
)
1
142
Adjusted net interest income plus
non-interest income
$
71,548
$
65,055
$
24,708
$
23,392
$
22,143
Non-GAAP efficiency ratio
44.99
%
45.04
%
46.02
%
43.49
%
44.85
%
GAAP efficiency ratio
46.18
%
46.37
%
47.22
%
44.66
%
46.44
%
The Company presents certain information based upon tangible
common equity instead of total shareholders' equity. The difference
between these two measures is the Company's intangible assets,
specifically goodwill from prior acquisitions. Management, banking
regulators and many stock analysts use the tangible common equity
ratio and the tangible book value per common share in conjunction
with more traditional bank capital ratios to compare the capital
adequacy of banking organizations with significant amounts of
goodwill or other intangible assets, typically stemming from the
use of the purchase accounting method in accounting for mergers and
acquisitions. The following table provides a reconciliation of
average tangible common equity to the Company's consolidated
financial statements, which have been prepared in accordance with
U.S. GAAP:
For the nine months
ended
For the quarters ended
In thousands of dollars
September 30, 2022
September 30, 2021
September 30, 2022
June 30, 2022
September 30, 2021
Average shareholders' equity as
presented
$
237,412
$
233,763
$
233,763
$
231,980
$
239,672
Less intangible assets
(30,901
)
(30,971
)
(30,884
)
(30,919
)
(30,994
)
Tangible average shareholders' equity
$
206,511
$
202,792
$
202,879
$
201,061
$
208,678
The following table provides a reconciliation of period ending
tangible common equity to the Company's consolidated financial
statements:
Period Ending
In thousands of dollars, except per share
data
September 30, 2022
June 30, 2022
September 30, 2021
Shareholders' Equity
$
219,917
$
227,685
$
238,737
Less Intangible Assets
(30,873
)
(30,890
)
(30,942
)
Tangible Common Equity
189,044
196,795
207,795
Add Unrealized Losses on Available for
Sale Securities, net of tax
47,661
32,795
627
Adjusted Tangible Common Equity
$
236,705
$
229,590
$
208,422
Adjusted Tangible Book Value Per Share
$
21.44
$
20.81
$
18.96
To provide period-to-period comparison of operating results
prior to consideration of credit loss provision and income taxes,
the non-GAAP measure of Pre-Tax, Pre-Provision Net Income is
presented. The following table provides a reconciliation to Net
Income:
For the nine months
ended
For the quarters ended
In thousands of dollars
September 30, 2022
September 30, 2021
September 30, 2022
June 30, 2022
September 30, 2021
Net Income, as presented
$
29,793
$
26,723
$
10,091
$
9,997
$
9,014
Add: provision for loan losses
1,300
1,575
400
450
525
Add: income taxes
6,423
5,591
2,217
2,159
1,915
Pre-Tax, pre-provision net income
$
37,516
$
33,889
$
12,708
$
12,606
$
11,454
Forward-Looking and Cautionary Statements Except for the
historical information and discussions contained herein, statements
contained in this release may constitute “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements involve a number of risks,
uncertainties and other factors that could cause actual results and
events to differ materially, as discussed in the Company's filings
with the Securities and Exchange Commission.
Category: Earnings
Source: The First Bancorp
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221019005990/en/
The First Bancorp Richard M. Elder, EVP, Chief Financial Officer
207-563-3195 rick.elder@thefirst.com
First Bancorp (NASDAQ:FNLC)
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