FNLC First Bancorp Inc

The First Bancorp (Nasdaq: FNLC), parent company of First National Bank, today announced operating results for the three months ended September 30, 2023. Unaudited net income for the period was $7.5 million representing an increase of 1.1% from the second quarter of 2023. Diluted earnings per share were $0.67, level with the prior quarter. The Company also reported results for the nine months ended September 30, 2023. Net income year-to-date in 2023 was $22.8 million, with diluted earnings per share of $2.06. Total assets have increased $205.0 million year-to-date to reach $2.94 billion, supported by total deposits of $2.60 billion, borrowings of $83.0 million and common equity of $226.7 million.

"The third quarter was one of relative stability on our balance sheet and in our earnings, featuring strong deposit growth and a slowing of the margin compression experienced year-to-date," commented Tony C. McKim, the Company's President and Chief Executive Officer. "We were very pleased by the $143.7 million increase in local deposits in the third quarter, the result of the intense focus of our sales team on gathering deposits within our footprint, and other seasonal factors. Our net interest margin declined slightly to begin the third quarter, however, we are encouraged by an uptick in the margin towards the latter part of the quarter.

"Loan growth in the third quarter was $18.9 million. Most of this increase was within our retail loan portfolios, specifically residential mortgages and home equity loans. Commercial lending saw growth in construction loan balances, partially offset by small declines in the commercial real estate, commercial & industrial, and multifamily segments. We continue to be disciplined in our lending process, making loans to quality borrowers at interest rates on new production that reflect the realities of the current market."

Mr. McKim continued, "Our overall asset quality continues to be excellent as shown in the Bank's strong metrics. The ratio of non-performing loans to total loans was 0.12% as of September 30, 2023, while the ratio of non-performing assets to total assets was just 0.09%. Past due loans remained very low at 0.10% of total loans, improved from 0.14% at the end of the second quarter. While mindful of concerns in some markets around commercial real estate exposure, our loan portfolio is well diversified with CRE exposure well below regulatory guidance, and very limited exposure in sectors frequently mentioned as potential problems, such as office space."

Commenting on third quarter results, Mr. McKim remarked, “While encouraged by recent margin trends, higher funding costs continue to impact our bottom line. The linked quarter increase in interest expense moderated compared to what we have experienced year-to-date and we gained benefit from swap positions put on in March and July this year, resulting in a net interest margin of 2.40% for the current period, down nominally from 2.46% in the second quarter. As the margin stabilized, so too did net interest income, with a quarter-to-quarter increase of 0.2%. Non-interest income in the third quarter increased 0.5% from the prior quarter. Operating expenses remain controlled."

Mr. McKim concluded, "We were pleased to be recognized by Bank Director magazine as one of the top twenty-five banks in the country in its recent Ranking Banking list. Such recognition is a testament to the strength of our banking teams, who continue to provide exceptional service to the Bank's growing customer base, and generate positive results for the Company."

THIRD QUARTER 2023 FINANCIAL HIGHLIGHTS

• Net Income of $7.5 million, an increase of 1.1% from the quarter ended June 30, 2023.
• Loan balances increased $18.9 million in the third quarter to $2.08 billion.
• Total deposits increased $100.1 million to $2.60 billion.
• Net interest margin of 2.40%, down nominally from the prior quarter.
• Asset quality remains very strong with a ratio of Non-Performing Assets to Total Assets of just 0.09% as of September 30, 2023.
• Tangible Book Value per share of $17.66 as of September 30, 2023, down $0.49 per share for the period.
• A quarterly shareholder dividend of $0.35 per share was declared.

FINANCIAL CONDITION Total assets at September 30, 2023, were $2.94 billion, up $69.3 million in the third quarter and up $209.1 million from a year ago. Earning assets increased $56.4 million during the quarter comprised primarily of an increase in overnight funds sold and an increase in loans of $18.9 million. As compared to September 30, 2022, earning assets have increased by $202.0 million centered in loan growth of $221.9 million, an increase in the carrying value of investments of $6.5 million, and a reduction in interest earning cash balances of $27.4 million.

Loan growth in the third quarter was led by retail credit where residential term loans increased by $14.9 million and home equity balances grew $2.3 million. Commercial loans increased by $4.2 million during the period led by an increase in commercial construction balances of $8.3 million.

Deposit growth was strong in the third quarter. Total deposits at September 30, 2023 were $2.60 billion, up $100.1 million during the period, and up $230.0 million or 9.7% from September 30, 2022. Low-cost deposit categories led the quarterly growth, collectively increasing by $77.7 million, and Money Market balances grew by $62.8 million. This growth allowed for redemption of $45.7 million of wholesale CDs and a reduction of $31.5 million in borrowings during the period.

The Company’s regulatory capital position remained strong as of September 30, 2023, with an estimated total risk-based capital ratio of 13.81%, an increase from the total capital ratios of 13.66% as of June 30, 2023, and 13.59% as of September 30, 2022. The Company's leverage capital ratio was an estimated 8.65% as of September 30, 2023, as compared to the 8.68% and 8.99% reported as of June 30, 2023, and as of September 30, 2022, respectively. The Company's tangible book value per share was $17.66 as of September 30, 2023, down from $18.15 at June 30, 2023, the decrease resulting from an increase in unrealized losses on available-for-sale securities during the period. Similarly, the Tangible Common Equity ratio was 6.72% as of September 30, 2023, down from 7.07% as of June 30, 2023.

ASSET QUALITY & PROVISION FOR CREDIT LOSSES Asset quality continues to be very strong. As of September 30, 2023, the ratio of non-performing assets to total assets was 0.09%, up slightly from 0.06% as of June 30, 2023, and 0.07% as of September 30, 2022. Net charge-offs year-to-date in 2023 were an annualized 0.002% of total loans, as compared to 0.03% in 2022. Past due loans remain low and were 0.10% of total loans as of September 30, 2023, a small decrease from 0.14% of total loans at June 30, 2023, and a slight increase from 0.08% as of September 30, 2022.

A reversal in the provision for credit losses on loans of $161,000 was recorded in the third quarter of 2023 under CECL methodology, compared with provision expense of $30,000 in the second quarter of 2023 and with provision expense of $400,000 for the third quarter of 2022 under the incurred loss method. The effects of improved economic projections and strong asset quality offset the effects of loan growth and other factors in the third quarter model, resulting in a modest reversal of provision for the period. The ACL stood at 1.12% of total loans and 913% of non-performing loans as of September 30, 2023, as compared to an ACL of 1.14% of total loans and 1,400% of non-performing loans at June 30, 2023, and an allowance for loan losses of 0.88% of total loans and 881% of non-performing loans as of September 30, 2022.

OPERATING RESULTS - Third Quarter of 2023 vs. Second Quarter of 2023 Net Income for the three months ended September 30, 2023, was $7.5 million, an increase of $80,000 or 1.1% from the three months ended June 30, 2023. The Company’s Return on Average Assets of 1.02% for the quarter was down nominally from 1.04%; the third quarter 2023 PTPP Return on Average Assets was 1.21%, down from 1.28% in the prior quarter. Return on Average Tangible Common Equity was 14.59% for the period, compared to 14.67%. The Company's Efficiency Ratio (non-GAAP) was 53.49% in the third quarter of 2023, up from 52.27% in the second quarter of 2023.

Contributing factors to the Company’s operating results in the three months ended September 30, 2023, included:

• Net interest income was $16.0 million, an increase of $29,000 or 0.2% from the second quarter of 2023.
  • Net interest margin was 2.40%, down marginally from 2.46%
  • The average tax equivalent yield on earning assets increased from 4.72% to 4.89%
  • The average cost of total liabilities increased from 2.66% to 2.96%
• Non-interest income before securities gains or losses was $3.9 million, an increase of $21,000 or 0.5%.
• Non-interest expense totaled $11.0 million, an increase of 2.7%.

DIVIDEND On September 28, 2023, the Company's Board of Directors declared a third quarter dividend of $0.35 per share, representing a payout to shareholders of 51.5% of earnings per share for the period. The dividend will be paid on October 20, 2023, to shareholders of record as of October 10, 2023.

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 $2.91 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, 2023

December 31, 2022

September 30, 2022

Assets

 

 

 

Cash and due from banks

$

29,894

 

$

22,728

 

$

27,408

 

Interest-bearing deposits in other banks

 

38,366

 

 

3,693

 

 

65,786

 

Securities available-for-sale

 

284,972

 

 

284,509

 

 

283,268

 

Securities held-to-maturity1

 

387,374

 

 

393,896

 

 

381,906

 

Restricted equity securities, at cost

 

3,860

 

 

3,883

 

 

4,514

 

Loans held for sale

 

268

 

 

275

 

 

—

 

Loans

 

2,079,860

 

 

1,914,674

 

 

1,857,975

 

Less allowance for credit losses

 

23,322

 

 

16,723

 

 

16,387

 

Net loans

 

2,056,538

 

 

1,897,951

 

 

1,841,588

 

Accrued interest receivable

 

12,038

 

 

9,829

 

 

8,176

 

Premises and equipment

 

28,868

 

 

28,277

 

 

28,548

 

Goodwill

 

30,646

 

 

30,646

 

 

30,646

 

Other assets

 

71,315

 

 

63,491

 

 

63,225

 

Total assets

$

2,944,139

 

$

2,739,178

 

$

2,735,065

 

Liabilities

 

 

 

Demand deposits

$

323,375

 

$

318,626

 

$

356,867

 

NOW deposits

 

683,180

 

 

630,416

 

 

656,865

 

Money market deposits

 

271,056

 

 

192,632

 

 

188,729

 

Savings deposits

 

313,160

 

 

369,532

 

 

381,312

 

Certificates of deposit

 

641,429

 

 

489,793

 

 

407,344

 

Certificates $100,000 to $250,000

 

234,962

 

 

259,614

 

 

295,112

 

Certificates $250,000 and over

 

132,775

 

 

118,264

 

 

83,720

 

Total deposits

 

2,599,937

 

 

2,378,877

 

 

2,369,949

 

Borrowed funds

 

82,993

 

 

103,483

 

 

118,343

 

Other liabilities

 

34,544

 

 

27,895

 

 

26,856

 

Total Liabilities

 

2,717,474

 

 

2,510,255

 

 

2,515,148

 

Shareholders' equity

 

 

 

Common stock

 

111

 

 

110

 

 

110

 

Additional paid-in capital

 

69,649

 

 

68,435

 

 

68,028

 

Retained earnings

 

209,132

 

 

204,343

 

 

198,902

 

Net unrealized loss on securities available-for-sale

 

(53,852

)

 

(44,718

)

 

(47,661

)

Net unrealized loss on securities transferred from available-for-sale to held-to-maturity

 

(58

)

 

(64

)

 

(67

)

Net unrealized gain on hedging derivative instruments

 

1,410

 

 

544

 

 

500

 

Net unrealized gain on postretirement costs

 

273

 

 

273

 

 

105

 

Total shareholders' equity

 

226,665

 

 

228,923

 

 

219,917

 

Total liabilities & shareholders' equity

$

2,944,139

 

$

2,739,178

 

$

2,735,065

 

Common Stock

 

 

 

Number of shares authorized

 

18,000,000

 

 

18,000,000

 

 

18,000,000

 

Number of shares issued and outstanding

 

11,089,290

 

 

11,045,186

 

 

11,038,224

 

Book value per common share

$

20.44

 

$

20.73

 

$

19.92

 

Tangible book value per common share

$

17.66

 

$

17.93

 

$

17.13

 

1September 30, 2023 net of allowance for credit losses

 

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, 2023

September 30, 2022

September 30, 2023

June 30, 2023

September 30, 2022

Interest income

 

 

 

 

 

Interest and fees on loans

$

78,860

$

53,463

$

28,329

 

$

26,406

$

19,564

Interest on deposits with other banks

 

300

 

163

 

211

 

 

49

 

92

Interest and dividends on investments

 

14,192

 

12,329

 

4,714

 

 

4,729

 

4,335

Total interest income

 

93,352

 

65,955

 

33,254

 

 

31,184

 

23,991

Interest expense

 

 

 

 

 

Interest on deposits

 

42,384

 

8,190

 

16,992

 

 

14,475

 

4,164

Interest on borrowed funds

 

1,614

 

1,083

 

308

 

 

784

 

463

Total interest expense

 

43,998

 

9,273

 

17,300

 

 

15,259

 

4,627

Net interest income

 

49,354

 

56,682

 

15,954

 

 

15,925

 

19,364

Provision (reduction) for credit losses

 

501

 

1,300

 

(200

)

 

151

 

400

Net interest income after provision for credit losses

 

48,853

 

55,382

 

16,154

 

 

15,774

 

18,964

Non-interest income

 

 

 

 

 

Investment management and fiduciary income

 

3,515

 

3,513

 

1,160

 

 

1,209

 

1,087

Service charges on deposit accounts

 

1,399

 

1,358

 

465

 

 

497

 

454

Net securities gains

 

—

 

7

 

—

 

 

—

 

6

Mortgage origination and servicing income

 

611

 

1,234

 

224

 

 

195

 

356

Debit card income

 

3,843

 

4,884

 

1,367

 

 

1,291

 

2,128

Other operating income

 

1,962

 

2,031

 

675

 

 

678

 

684

Total non-interest income

 

11,330

 

13,027

 

3,891

 

 

3,870

 

4,715

Non-interest expense

 

 

 

 

 

Salaries and employee benefits

 

16,420

 

17,092

 

5,523

 

 

5,177

 

5,757

Occupancy expense

 

2,494

 

2,298

 

784

 

 

842

 

720

Furniture and equipment expense

 

4,009

 

3,740

 

1,403

 

 

1,303

 

1,266

FDIC insurance premiums

 

1,429

 

738

 

551

 

 

534

 

298

Amortization of identified intangibles

 

20

 

52

 

7

 

 

6

 

17

Other operating expense

 

8,199

 

8,273

 

2,738

 

 

2,853

 

3,313

Total non-interest expense

 

32,571

 

32,193

 

11,006

 

 

10,715

 

11,371

Income before income taxes

 

27,612

 

36,216

 

9,039

 

 

8,929

 

12,308

Applicable income taxes

 

4,773

 

6,423

 

1,565

 

 

1,535

 

2,217

Net Income

$

22,839

$

29,793

$

7,474

 

$

7,394

$

10,091

Basic earnings per share

$

2.08

$

2.73

$

0.68

 

$

0.67

$

0.92

Diluted earnings per share

$

2.06

$

2.70

$

0.67

 

$

0.67

$

0.91

 

 

 

 

 

 

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, 2023

September 30, 2022

September 30, 2023

June 30, 2023

September 30, 2022

 

 

 

 

 

 

Summary of Operations

 

 

 

 

 

Interest Income

$

93,352

 

$

65,955

 

$

33,254

 

$

31,184

 

$

23,991

 

Interest Expense

 

43,998

 

 

9,273

 

 

17,300

 

 

15,259

 

 

4,627

 

Net Interest Income

 

49,354

 

 

56,682

 

 

15,954

 

 

15,925

 

 

19,364

 

Provision (reduction) for Credit Losses

 

501

 

 

1,300

 

 

(200

)

 

151

 

 

400

 

Non-Interest Income

 

11,330

 

 

13,027

 

 

3,891

 

 

3,870

 

 

4,715

 

Non-Interest Expense

 

32,571

 

 

32,193

 

 

11,006

 

 

10,715

 

 

11,371

 

Net Income

 

22,839

 

 

29,793

 

 

7,474

 

 

7,394

 

 

10,091

 

Per Common Share Data

 

 

 

 

 

Basic Earnings per Share

$

2.08

 

$

2.73

 

$

0.68

 

$

0.67

 

$

0.92

 

Diluted Earnings per Share

 

2.06

 

 

2.70

 

 

0.67

 

 

0.67

 

 

0.91

 

Cash Dividends Declared

 

1.04

 

 

1.00

 

 

0.35

 

 

0.35

 

 

0.34

 

Book Value per Common Share

 

20.44

 

 

19.92

 

 

20.44

 

 

20.94

 

 

19.92

 

Tangible Book Value per Common Share

 

17.66

 

 

17.13

 

 

17.66

 

 

18.15

 

 

17.13

 

Market Value

 

23.50

 

 

27.55

 

 

23.50

 

 

24.34

 

 

27.55

 

Financial Ratios

 

 

 

 

 

Return on Average Equity1

 

13.00

%

 

16.78

%

 

12.67

%

 

12.73

%

 

17.13

%

Return on Average Tangible Common Equity1

 

14.97

%

 

19.29

%

 

14.59

%

 

14.67

%

 

19.73

%

Return on Average Assets1

 

1.08

%

 

1.54

%

 

1.02

%

 

1.04

%

 

1.51

%

Average Equity to Average Assets

 

8.27

%

 

9.16

%

 

8.07

%

 

8.20

%

 

8.80

%

Average Tangible Equity to Average Assets

 

7.18

%

 

7.96

%

 

7.01

%

 

7.11

%

 

7.64

%

Net Interest Margin Tax-Equivalent1

 

2.54

%

 

3.17

%

 

2.40

%

 

2.46

%

 

3.14

%

Dividend Payout Ratio

 

50.00

%

 

36.63

%

 

51.47

%

 

52.24

%

 

36.96

%

Allowance for Credit Losses/Total Loans

 

1.12

%

 

0.88

%

 

1.12

%

 

1.14

%

 

0.88

%

Non-Performing Loans to Total Loans

 

0.12

%

 

0.10

%

 

0.12

%

 

0.08

%

 

0.10

%

Non-Performing Assets to Total Assets

 

0.09

%

 

0.07

%

 

0.09

%

 

0.06

%

 

0.07

%

Efficiency Ratio

 

51.88

%

 

44.99

%

 

53.49

%

 

52.27

%

 

46.02

%

At Period End

 

 

 

 

 

Total Assets

$

2,944,139

 

$

2,735,065

 

$

2,944,139

 

$

2,874,815

 

$

2,735,065

 

Total Loans

 

2,079,860

 

 

1,857,975

 

 

2,079,860

 

 

2,060,953

 

 

1,857,975

 

Total Investment Securities

 

676,206

 

 

669,688

 

 

676,206

 

 

673,569

 

 

669,688

 

Total Deposits

 

2,599,937

 

 

2,369,949

 

 

2,599,937

 

 

2,499,862

 

 

2,369,949

 

Total Shareholders' Equity

 

226,665

 

 

219,917

 

 

226,665

 

 

232,003

 

 

219,917

 

1Annualized using a 365-day basis for both 2023 and 2022.

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 2023 and 2022.

 

For the nine months ended

For the quarters ended

In thousands of dollars

September 30, 2023

September 30, 2022

September 30, 2023

June 30, 2023

September 30, 2022

Net interest income as presented

$

49,354

$

56,682

$

15,954

$

15,925

$

19,364

Effect of tax-exempt income

 

1,965

 

1,719

 

685

$

661

 

592

Net interest income, tax equivalent

$

51,319

$

58,401

$

16,639

$

16,586

$

19,956

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, 2023

September 30, 2022

September 30, 2023

June 30, 2023

September 30, 2022

Non-interest expense, as presented

$

32,571

 

$

32,193

 

$

11,006

 

$

10,715

 

$

11,371

 

Net interest income, as presented

 

49,354

 

 

56,682

 

 

15,954

 

 

15,925

 

 

19,364

 

Effect of tax-exempt interest income

 

1,965

 

 

1,719

 

 

685

 

 

661

 

 

592

 

Non-interest income, as presented

 

11,330

 

 

13,027

 

 

3,891

 

 

3,870

 

 

4,715

 

Effect of non-interest tax-exempt income

 

131

 

 

127

 

 

44

 

 

43

 

 

43

 

Net securities gains

 

—

 

 

(7

)

 

—

 

 

—

 

 

(6

)

Adjusted net interest income plus non-interest income

$

62,780

 

$

71,548

 

$

20,574

 

$

20,499

 

$

24,708

 

Non-GAAP efficiency ratio

 

51.88

%

 

44.99

%

 

53.49

%

 

52.27

%

 

46.02

%

GAAP efficiency ratio

 

53.67

%

 

46.18

%

 

55.46

%

 

54.13

%

 

47.22

%

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, 2023

September 30, 2022

September 30, 2023

June 30, 2023

September 30, 2022

Average shareholders' equity as presented

$

234,832

 

$

237,412

 

$

234,024

 

$

232,991

 

$

233,763

 

Less intangible assets

 

(30,847

)

 

(30,901

)

 

(30,853

)

 

(30,853

)

 

(30,884

)

Tangible average shareholders' equity

$

203,985

 

$

206,511

 

$

203,171

 

$

202,138

 

$

202,879

 

To provide period-to-period comparison of operating results prior to consideration of credit loss provision and income taxes, the non-GAAP measure of PTPP 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, 2023

September 30, 2022

September 30, 2023

June 30, 2023

September 30, 2022

Net Income, as presented

$

22,839

$

29,793

$

7,474

 

$

7,394

$

10,091

Add: provision (reduction) for credit losses

 

501

 

1,300

 

(200

)

 

151

 

400

Add: income taxes

 

4,773

 

6,423

 

1,565

 

 

1,535

 

2,217

Pre-Tax, pre-provision net income

$

28,113

$

37,516

$

8,839

 

$

9,080

$

12,708

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20231018957910/en/

The First Bancorp Richard M. Elder, EVP, Chief Financial Officer 207-563-3195 rick.elder@thefirst.com