FNLC First Bancorp Inc

2024 Q2 Results Driven by Loan Growth, Stable Net Interest Margin, and Strong Asset Quality

The First Bancorp (Nasdaq: FNLC), ("the Company", "we", "us", "our"), parent company of First National Bank, today reported unaudited net income of $6.2 million with diluted earnings per share of $0.55 for the quarter ended June 30, 2024. The Company also reported results for the six months ended June 30, 2024. Net income year-to-date in 2024 was $12.2 million, with diluted earnings per share of $1.10.

Second Quarter Notable Items:

• Total assets reached $3.08 billion, an increase of $106.8 million in Q2
• Pre-tax, pre-provision earnings increased by $1.2 million or 18.1% from Q1
• Loan balances grew at an annualized rate of 13.6% to $2.25 billion
• Non-Performing Assets to Total Assets of 0.09%, unchanged from Q1
• Efficiency Ratio improved by 4.8 percentage points from Q1
• Quarterly shareholder dividend increased by $0.01 to $0.36 per share

CEO COMMENTS

"I am pleased to report our operating results for the second quarter," commented Tony C. McKim, the Company's President and Chief Executive Officer. "Net income increased 2.5% from the first quarter of 2024, and diluted earnings per share increased 2.4%. On a pre-tax, pre-provision ("PTPP") basis, second quarter earnings increased $1.2 million, or 18.1%, from the first quarter of 2024 ("linked quarter").

"We continue to responsibly grow our balance sheet while enjoying strong asset quality, capital, and liquidity positions. Asset growth has been focused in the loan portfolio and comes from what has been a long-term formula for success - building relationships and lending to creditworthy borrowers under well-structured terms. Our net interest margin for the quarter was stable, and when combined with earning asset growth, produced a modest rise in linked quarter net interest income."

Mr. McKim concluded, "Rather than retreating from certain activities due to a challenging operating environment, we have continued our commitment to serving customers and supporting communities throughout our footprint. We originated over $200 million in new loan volume in the second quarter resulting in loan portfolio expansion of $73.9 million. As the Bank observes its 160th anniversary in 2024, our team remains totally focused upon serving their customers and communities."

FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2024

Net income was $6.2 million, or $0.55 per diluted share, for the three months ended June 30, 2024. On a PTPP basis, earnings for the quarter were $8.0 million. Results for the quarter compare favorably to the linked quarter for which net income was $6.0 million, diluted earnings per share were $0.54, and PTPP earnings were $6.8 million. The drivers of second quarter results are discussed in the following sections:

Net Interest Income

Net interest income was $15.1 million for the three months ended June 30, 2024, an increase of $195,000 or 1.3% from the first quarter of 2024. The increase resulted primarily from an expansion in earning assets during the quarter. Net interest margin stabilized at 2.21% for the second quarter of 2024, down slightly from 2.22% in the first quarter. The average tax equivalent yield on earning assets increased 13 basis points in the second quarter to 5.22%, while the cost of total liabilities also increased 13 basis points to an average of 3.48% for the quarter.

Provision for Credit Losses

A provision for credit losses on loans of $539,000 was recorded in the second quarter of 2024, compared with a provision expense of $99,000 in the first quarter. Loan growth and the modeling effects of slightly less favorable economic projections, partially offset by strong asset quality, drove the period-to-period increase. For the three months ended June 30, 2024 net charge-offs were $53,000 as compared to net recoveries of $79,000 for the three months ended March 31, 2024.

Non-Interest Income

Total non-interest income was $4.2 million for the three months ended June 30, 2024, an increase of $517,000, or 14.2% from the three months ended March 31, 2024. The Bank recorded quarterly revenue gains in all business lines, including a 12.4% increase in Debit Card income, a 6.8% increase in Wealth Management revenue, and an increase of 29.4% in Other Operating Income led by loan-related fees.

Non-Interest Expense

Total non-interest expense for three months ended June 30, 2024 was $11.3 million, a decrease of $511,000, or 4.3%, from the three months ended March 31, 2024. The period-to-period change was concentrated within employee salaries and benefits, resulting largely from early year salary and benefit dynamics and an increase in loan-related salary deferrals. The Company's efficiency ratio for the second quarter was 56.35%, significantly improved from the linked quarter ratio of 61.15%.

Loans, Total Assets & Funding

Total assets at June 30, 2024, were $3.08 billion, up $106.8 million in the second quarter and up $210.1 million from a year ago. Earning assets increased $102.7 million during the quarter comprised primarily of an increase in loans of $73.9 million. Earning assets have increased by $201.2 million since June 30, 2023 centered in loan growth of $186.7 million.

Loan growth in the second quarter was led by commercial credit. Commercial real estate balances increased $33.3 million, commercial and industrial balances increased $8.7 million, and multifamily loan balances increased $4.4 million. Growth was also present in the municipal, residential term, and home equity segments of the portfolio, up $7.4 million, $7.9 million, and $6.4 million, respectively, in the quarter.

Total deposits at June 30, 2024 were $2.58 billion, up $29.1 million during the period, and up $78.2 million, or 3.1%, from June 30, 2023. Time deposits led the quarterly change, increasing $46.3 million while low-cost deposits were collectively down $12.5 million. Borrowings increased $75.8 million during the period to $230.6 million. Uninsured deposits as of June 30, 2024, were estimated at 16% of total deposits, and 75% of uninsured deposits were fully collateralized. Available day-one liquidity was $594 million, sufficient to cover 143% of estimated uninsured deposits.

ASSET QUALITY

Asset quality continues to be very strong. As of June 30, 2024, the ratio of non-performing assets to total assets was 0.09%, unchanged from March 31, 2024, and up modestly from 0.06% as of June 30, 2023. The ratio of non-performing loans to total loans was 0.11% as of June 30, 2024, in range with the 0.12% and 0.08% reported as of March 31, 2024 and June 30, 2023, respectively. Past due loans remain low at 0.15% of total loans as of June 30, 2024, a decrease from 0.18% of total loans as of March 31, 2024 and a slight increase from 0.14% of total loans as of June 30, 2023.

The Allowance for Credit Losses (ACL) on Loans stood at 1.10% of total loans as of June 30, 2024, as compared to an ACL of 1.11% and 1.14% of total loans as of March 31, 2024, and June 30, 2023, respectively. The loan portfolio is well-diversified with Commercial Real Estate exposures comfortably below regulatory guidance limits, and with very limited exposure in sectors frequently mentioned as potential problems, such as office space.

CAPITAL

The Company’s regulatory capital position remained strong as of June 30, 2024. The Leverage Capital ratio was an estimated 8.58% as of June 30, 2024, as compared to the 8.67% and 8.68% reported as of March 31, 2024, and as of June 30, 2023, respectively, with period-to-period changes attributable primarily to earning asset growth. The estimated Total Risk-Based Capital ratio was 13.24% as of June 30, 2024, as compared to the 13.54% and 13.66% reported as of March 31, 2024, and as of June 30, 2023, respectively. The Company's tangible book value per share was $19.20 as of June 30, 2024, up from $19.03 as March 31, 2024 and up from $18.15 as of June 30, 2023. Earning asset growth during the quarter, coupled with a moderately larger unrealized loss position on available-for-sale securities, produced a Tangible Common Equity ratio of 7.00% as of June 30, 2024, as compared to 7.19% as of March 31, 2024 and 7.07% as of June 30, 2023.

DIVIDEND

On June 27, 2024, the Company's Board of Directors declared a second quarter dividend of $0.36 per share. The dividend was paid on July 19, 2024, to shareholders of record as of July 9, 2024.

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 $3.06 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

June 30, 2024

December 31, 2023

June 30, 2023

Assets

 

 

 

Cash and due from banks

$

27,816

 

$

31,942

 

$

25,077

 

Interest-bearing deposits in other banks

 

33,133

 

 

3,488

 

 

3,978

 

Securities available-for-sale

 

273,501

 

 

282,053

 

 

278,355

 

Securities held-to-maturity

 

377,522

 

 

385,235

 

 

389,987

 

Restricted equity securities, at cost

 

7,110

 

 

3,385

 

 

5,227

 

Loans

 

2,247,670

 

 

2,129,454

 

 

2,060,953

 

Less allowance for credit losses

 

24,693

 

 

24,030

 

 

23,465

 

Net loans

 

2,222,977

 

 

2,105,424

 

 

2,037,488

 

Accrued interest receivable

 

17,760

 

 

11,894

 

 

13,598

 

Premises and equipment

 

27,929

 

 

28,684

 

 

27,808

 

Other real estate owned

 

208

 

 

—

 

 

64

 

Goodwill

 

30,646

 

 

30,646

 

 

30,646

 

Other assets

 

66,342

 

 

63,947

 

 

62,587

 

Total assets

$

3,084,944

 

$

2,946,698

 

$

2,874,815

 

Liabilities

 

 

 

Demand deposits

$

270,858

 

$

289,104

 

$

296,950

 

NOW deposits

 

609,878

 

 

634,543

 

 

615,370

 

Money market deposits

 

317,133

 

 

305,931

 

 

208,262

 

Savings deposits

 

268,472

 

 

299,837

 

 

329,651

 

Certificates of deposit

 

728,410

 

 

646,818

 

 

667,552

 

Certificates $100,000 to $250,000

 

219,732

 

 

251,192

 

 

252,720

 

Certificates $250,000 and over

 

163,597

 

 

172,237

 

 

129,357

 

Total deposits

 

2,578,080

 

 

2,599,662

 

 

2,499,862

 

Borrowed funds

 

230,620

 

 

69,652

 

 

114,481

 

Other liabilities

 

31,576

 

 

34,305

 

 

28,469

 

Total Liabilities

 

2,840,276

 

 

2,703,619

 

 

2,642,812

 

Shareholders' equity

 

 

 

Common stock

 

111

 

 

111

 

 

111

 

Additional paid-in capital

 

70,942

 

 

70,071

 

 

69,240

 

Retained earnings

 

215,999

 

 

211,925

 

 

205,539

 

Net unrealized loss on securities available-for-sale

 

(43,369

)

 

(39,575

)

 

(43,781

)

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

 

(51

)

 

(56

)

 

(59

)

Net unrealized gain on cash flow hedging derivative instruments

 

733

 

 

300

 

 

680

 

Net unrealized gain on postretirement costs

 

303

 

 

303

 

 

273

 

Total shareholders' equity

 

244,668

 

 

243,079

 

 

232,003

 

Total liabilities & shareholders' equity

$

3,084,944

 

$

2,946,698

 

$

2,874,815

 

Common Stock

 

 

 

Number of shares authorized

 

18,000,000

 

 

18,000,000

 

 

18,000,000

 

Number of shares issued and outstanding

 

11,139,639

 

 

11,098,057

 

 

11,081,800

 

Book value per common share

$

21.96

 

$

21.90

 

$

20.94

 

Tangible book value per common share

$

19.20

 

$

19.12

 

$

18.15

 

The First Bancorp

Consolidated Statements of Income (Unaudited)

 

 

 

 

 

In thousands of dollars, except per share data

For the six months ended

For the quarter ended

June 30, 2024

June 30, 2023

June 30, 2024

March 31, 2024

June 30, 2023

Interest income

 

 

 

 

 

Interest and fees on loans

$

62,043

 

$

50,531

$

31,839

$

30,204

 

$

26,406

Interest on deposits with other banks

 

134

 

 

89

 

56

 

78

 

 

49

Interest and dividends on investments

 

9,369

 

 

9,478

 

4,663

 

4,706

 

 

4,729

Total interest income

 

71,546

 

 

60,098

 

36,558

 

34,988

 

 

31,184

Interest expense

 

 

 

 

 

Interest on deposits

 

38,993

 

 

25,392

 

19,816

 

19,177

 

 

14,475

Interest on borrowed funds

 

2,598

 

 

1,306

 

1,667

 

931

 

 

784

Total interest expense

 

41,591

 

 

26,698

 

21,483

 

20,108

 

 

15,259

Net interest income

 

29,955

 

 

33,400

 

15,075

 

14,880

 

 

15,925

Provision (reduction) for credit losses

 

(1

)

 

701

 

512

 

(513

)

 

151

Net interest income after provision for credit losses

 

29,956

 

 

32,699

 

14,563

 

15,393

 

 

15,774

Non-interest income

 

 

 

 

 

Investment management and fiduciary income

 

2,457

 

 

2,355

 

1,269

 

1,188

 

 

1,209

Service charges on deposit accounts

 

1,041

 

 

934

 

542

 

499

 

 

497

Mortgage origination and servicing income

 

319

 

 

387

 

189

 

130

 

 

195

Debit card income

 

2,519

 

 

2,476

 

1,333

 

1,186

 

 

1,291

Other operating income

 

1,461

 

 

1,287

 

824

 

637

 

 

678

Total non-interest income

 

7,797

 

 

7,439

 

4,157

 

3,640

 

 

3,870

Non-interest expense

 

 

 

 

 

Salaries and employee benefits

 

11,642

 

 

10,897

 

5,585

 

6,057

 

 

5,177

Occupancy expense

 

1,709

 

 

1,710

 

843

 

866

 

 

842

Furniture and equipment expense

 

2,766

 

 

2,606

 

1,377

 

1,389

 

 

1,303

FDIC insurance premiums

 

1,126

 

 

878

 

562

 

564

 

 

534

Amortization of identified intangibles

 

13

 

 

13

 

6

 

7

 

 

6

Other operating expense

 

5,755

 

 

5,461

 

2,877

 

2,878

 

 

2,853

Total non-interest expense

 

23,011

 

 

21,565

 

11,250

 

11,761

 

 

10,715

Income before income taxes

 

14,742

 

 

18,573

 

7,470

 

7,272

 

 

8,929

Applicable income taxes

 

2,550

 

 

3,208

 

1,299

 

1,251

 

 

1,535

Net Income

$

12,192

 

$

15,365

$

6,171

$

6,021

 

$

7,394

Basic earnings per share

$

1.104

 

$

1.397

$

0.559

$

0.546

 

$

0.673

Diluted earnings per share

$

1.095

 

$

1.387

$

0.554

$

0.541

 

$

0.668

The First Bancorp

Selected Financial Data (Unaudited)

 

 

 

 

 

 

Dollars in thousands, except for per share amounts

As of and for the six months ended

As of and for the quarter ended

June 30, 2024

June 30, 2023

June 30, 2024

March 31, 2024

June 30, 2023

 

 

 

 

 

 

Summary of Operations

 

 

 

 

 

Interest Income

$

71,546

 

$

60,098

 

$

36,558

 

$

34,988

 

$

31,184

 

Interest Expense

 

41,591

 

 

26,698

 

 

21,483

 

 

20,108

 

 

15,259

 

Net Interest Income

 

29,955

 

 

33,400

 

 

15,075

 

 

14,880

 

 

15,925

 

Provision (reduction) for Credit Losses

 

(1

)

 

701

 

 

512

 

 

(513

)

 

151

 

Non-Interest Income

 

7,797

 

 

7,439

 

 

4,157

 

 

3,640

 

 

3,870

 

Non-Interest Expense

 

23,011

 

 

21,565

 

 

11,250

 

 

11,761

 

 

10,715

 

Net Income

 

12,192

 

 

15,365

 

 

6,171

 

 

6,021

 

 

7,394

 

Per Common Share Data

 

 

 

 

 

Basic Earnings per Share

$

1.104

 

$

1.397

 

$

0.559

 

$

0.546

 

$

0.673

 

Diluted Earnings per Share

 

1.095

 

 

1.387

 

 

0.554

 

 

0.541

 

 

0.668

 

Cash Dividends Declared

 

0.710

 

 

0.690

 

 

0.360

 

 

0.350

 

 

0.350

 

Book Value per Common Share

 

21.96

 

 

20.94

 

 

21.96

 

 

21.80

 

 

20.94

 

Tangible Book Value per Common Share

 

19.20

 

 

18.15

 

 

19.20

 

 

19.03

 

 

18.15

 

Market Value

 

24.85

 

 

24.34

 

 

24.85

 

 

24.64

 

 

24.34

 

Financial Ratios

 

 

 

 

 

Return on Average Equity1

 

10.04

%

 

13.17

%

 

10.16

%

 

9.92

%

 

12.73

%

Return on Average Tangible Common Equity1

 

11.49

%

 

15.16

%

 

11.63

%

 

11.36

%

 

14.67

%

Return on Average Assets1

 

0.82

%

 

1.10

%

 

0.82

%

 

0.82

%

 

1.04

%

Average Equity to Average Assets

 

8.18

%

 

8.37

%

 

8.10

%

 

8.26

%

 

8.20

%

Average Tangible Equity to Average Assets

 

7.15

%

 

7.28

%

 

7.08

%

 

7.22

%

 

7.11

%

Net Interest Margin Tax-Equivalent1

 

2.21

%

 

2.62

%

 

2.21

%

 

2.22

%

 

2.46

%

Dividend Payout Ratio

 

64.31

%

 

49.29

%

 

64.40

%

 

63.64

%

 

52.24

%

Allowance for Credit Losses/Total Loans

 

1.10

%

 

1.14

%

 

1.10

%

 

1.11

%

 

1.14

%

Non-Performing Loans to Total Loans

 

0.11

%

 

0.08

%

 

0.11

%

 

0.12

%

 

0.08

%

Non-Performing Assets to Total Assets

 

0.09

%

 

0.06

%

 

0.09

%

 

0.09

%

 

0.06

%

Efficiency Ratio

 

58.70

%

 

51.10

%

 

56.35

%

 

61.15

%

 

52.27

%

At Period End

 

 

 

 

 

Total Assets

$

3,084,944

 

$

2,874,815

 

$

3,084,944

 

$

2,978,170

 

$

2,874,815

 

Total Loans

 

2,247,670

 

 

2,060,953

 

 

2,247,670

 

 

2,173,746

 

 

2,060,953

 

Total Investment Securities

 

658,133

 

 

673,569

 

 

658,133

 

 

659,837

 

 

673,569

 

Total Deposits

 

2,578,080

 

 

2,499,862

 

 

2,578,080

 

 

2,548,988

 

 

2,499,862

 

Total Shareholders' Equity

 

244,668

 

 

232,003

 

 

244,668

 

 

242,624

 

 

232,003

 

1Annualized using a 366-day basis for 2024 and a 365-day basis for 2023.

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 2024 and 2023.

 

For the six months ended

For the quarters ended

In thousands of dollars

June 30, 2024

June 30, 2023

June 30, 2024

March 31, 2024

June 30, 2023

Net interest income as presented

$

29,955

$

33,400

$

15,075

$

14,880

$

15,925

Effect of tax-exempt income

 

1,355

 

1,280

 

686

$

669

 

661

Net interest income, tax equivalent

$

31,310

$

34,680

$

15,761

$

15,549

$

16,586

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 provision for credit losses on securities 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 six months ended

For the quarters ended

In thousands of dollars

June 30, 2024

June 30, 2023

June 30, 2024

March 31, 2024

June 30, 2023

Non-interest expense, as presented

$

23,011

 

$

21,565

 

$

11,250

 

$

11,761

 

$

10,715

 

Net interest income, as presented

 

29,955

 

 

33,400

 

 

15,075

 

 

14,880

 

 

15,925

 

Effect of tax-exempt interest income

 

1,355

 

 

1,280

 

 

686

 

 

669

 

 

661

 

Non-interest income, as presented

 

7,797

 

 

7,439

 

 

4,157

 

 

3,640

 

 

3,870

 

Effect of non-interest tax-exempt income

 

91

 

 

86

 

 

45

 

 

45

 

 

43

 

Adjusted net interest income plus non-interest income

$

39,198

 

$

42,205

 

$

19,963

 

$

19,234

 

$

20,499

 

Non-GAAP efficiency ratio

 

58.70

%

 

51.10

%

 

56.35

%

 

61.15

%

 

52.27

%

GAAP efficiency ratio

 

60.95

%

 

52.80

%

 

58.50

%

 

63.50

%

 

54.13

%

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 six months ended

For the quarters ended

In thousands of dollars

June 30, 2024

June 30, 2023

June 30, 2024

March 31, 2024

June 30, 2023

Average shareholders' equity as presented

$

244,202

 

$

235,242

 

$

244,321

 

$

244,083

 

$

232,991

 

Less intangible assets

 

(30,824

)

 

(30,850

)

 

(30,827

)

 

(30,827

)

 

(30,853

)

Tangible average shareholders' equity

$

213,378

 

$

204,392

 

$

213,494

 

$

213,256

 

$

202,138

 

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 six months ended

For the quarters ended

In thousands of dollars

June 30, 2024

June 30, 2023

June 30, 2024

March 31, 2024

June 30, 2023

Net Income, as presented

$

12,192

 

$

15,365

$

6,171

$

6,021

 

$

7,394

Add: provision (reduction) for credit losses

 

(1

)

 

701

 

512

 

(513

)

 

151

Add: income taxes

 

2,550

 

 

3,208

 

1,299

 

1,251

 

 

1,535

Pre-Tax, pre-provision net income

$

14,741

 

$

19,274

$

7,982

$

6,759

 

$

9,080

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/20240724963296/en/

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