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The First Bancorp’s 2012 Earnings Per Share Up 7.0% Over 2011

Stocks in this article: FNLC

The First Bancorp, headquartered in Damariscotta, Maine, is the holding company for The First, N.A. Founded in 1864, The First is an independent community bank serving Mid-Coast and Down East Maine with 15 offices in Lincoln, Knox, Hancock and Washington Counties. The Bank provides a full range of consumer and commercial banking products and services. First Advisors, a division of The First, provides investment advisory, private banking and trust services from three offices in Lincoln and Hancock Counties.

The First Bancorp

Consolidated Balance Sheets (Unaudited)

       
In thousands of dollars   12/31/2012       12/31/2011  
Assets      
Cash and due from banks $14,958 $14,115
Interest-bearing deposits in other banks 1,638 -
Securities available for sale 291,614 286,202
Securities to be held to maturity 143,320 122,661
Restricted equity securities, at cost 14,448 15,443
Loans held for sale 1,035 -
Loans 869,284 864,988
Less allowance for loan losses   12,500       13,000  
Net loans 856,784 851,988
Accrued interest receivable 4,912 4,835
Premises and equipment 23,013 18,842
Other real estate owned 7,593 4,094
Goodwill 27,684 27,684
Other assets   28,402       27,003  
Total assets   $1,415,401       $1,372,867  
Liabilities
Demand deposits $90,252 $75,750
NOW deposits 147,309 122,775
Money market deposits 80,983 79,015
Savings deposits 135,250 114,617
Certificates of deposit 199,265 216,836
Certificates $100,000 to $250,000 277,571 309,841
Certificates $250,000 and over   28,220       22,499  
Total deposits 958,850 941,333
Borrowed funds 282,905 265,663
Other liabilities   17,226       15,013  
Total Liabilities   1,258,981       1,222,009  
Shareholders' equity
Preferred stock 12,402 12,303
Common stock 98 98
Additional paid-in capital 46,314 45,829
Retained earnings 89,789 85,314
Net unrealized gain on securities available-for-sale 7,940 7,401
Net unrealized loss on postretirement benefit costs   (123 )     (87 )
Total shareholders' equity   156,420       150,858  
Total liabilities & shareholders' equity   $1,415,401       $1,372,867  
Common Stock
Number of shares authorized 18,000,000 18,000,000
Number of shares issued and outstanding   9,859,914       9,812,180  
Book value per common share $14.61 $14.12
Tangible book value per common share   $11.80       $11.30  
 
The First Bancorp

Consolidated Statements of Income and Comprehensive Income (Unaudited)

 
 
  For the years ended   For the quarters ended
In thousands of dollars, except per share data   12/31/2012     12/31/2011     12/31/2012     12/31/2011  
Interest income    
Interest and fees on loans $37,026 $39,805 $9,020 $9,717
Interest on deposits with other banks 4 12 1 1
Interest and dividends on investments   14,795     15,885     3,673     3,838  
Total interest income   51,825     55,702     12,694     13,556  
Interest expense
Interest on deposits 8,396 9,746 2,026 2,268
Interest on borrowed funds   4,542     4,963     1,175     1,248  
Total interest expense   12,938     14,709     3,201     3,516  
Net interest income 38,887 40,993 9,493 10,040
Provision for loan losses   7,835     10,550     1,535     4,950  
Net interest income after provision for loan losses   31,052     30,443     7,958     5,090  
Non-interest income
Investment management and fiduciary income 1,636 1,506 406 366
Service charges on deposit accounts 2,671 2,688 676 656
Net securities gains 1,968 3,293 1 3,056
Mortgage origination and servicing income 1,395 1,138 541 293
Other operating income   3,601     3,125     1,091     788  
Total non-interest income   11,271     11,750     2,715     5,159  
Non-interest expense
Salaries and employee benefits 12,691 12,245 3,206 2,990
Occupancy expense 1,641 1,583 394 389
Furniture and equipment expense 2,235 2,144 585 479
FDIC insurance premiums 1,212 1,391 303 286
Amortization of identified intangibles 283 283 71 71
Other operating expense   7,960     8,392     1,960     2,153  
Total non-interest expense   26,022     26,038     6,519     6,368  
Income before income taxes 16,301 16,155 4,154 3,881
Applicable income taxes   3,519     3,791     831     859  
Net Income   $12,782     $12,364     $3,323     $3,022  
Basic earnings per share $1.23 $1.14 $0.32 $0.29
Diluted earnings per share   $1.22     $1.14     $0.32     $0.29  
Other comprehensive income, net of tax
Net unrealized gain (loss) on securities available for sale 539 9,458 (1,548 ) (754 )
Unrecognized postretirement benefit transition obligation   (36 )   (14 )   (51 )   4  
Other comprehensive income   503     9,444     (1,599 )   (750 )
Comprehensive income   $13,285     $21,808     $1,724     $2,272  
 
The First Bancorp

Selected Financial Data (Unaudited)

 
                 
Dollars in thousands,   For the years ended   For the quarters ended
except for per share amounts   12/31/2012   12/31/2011   12/31/2012   12/31/2011
   
Summary of Operations
Interest Income $51,825 $55,702 $12,694 $13,556
Interest Expense 12,938 14,709 3,201 3,516
Net Interest Income 38,887 40,993 9,493 10,040
Provision for Loan Losses 7,835 10,550 1,535 4,950
Non-Interest Income 11,271 11,750 2,715 5,159
Non-Interest Expense 26,022 26,038 6,519 6,368
Net Income   12,782   12,364   3,323   3,022
Per Common Share Data
Basic Earnings per Share $1.23 $1.14 $0.32 $0.29
Diluted Earnings per Share 1.22 1.14 0.32 0.29
Cash Dividends Declared 0.780 0.780 0.195 0.195
Book Value per Common Share 14.61 14.12 14.61 14.12
Tangible Book Value per Common Share 11.80 11.30 11.80 11.30
Market Value   16.47   15.37   16.47   15.37
Financial Ratios
Return on Average Equity (a) 8.91% 9.37% 9.05% 8.61%
Return on Average Tangible Common Equity (a) 10.42% 11.05% 10.57% 10.11%
Return on Average Assets (a) 0.90% 0.87% 0.93% 0.86%
Average Equity to Average Assets 10.96% 10.72% 11.14% 10.88%
Average Tangible Equity to Average Assets 9.01% 8.77% 9.19% 8.89%
Net Interest Margin Tax-Equivalent (a) 3.14% 3.27% 3.07% 3.27%
Dividend Payout Ratio 63.41% 68.42% 60.94% 67.24%
Allowance for Loan Losses/Total Loans 1.44% 1.50% 1.44% 1.50%
Non-Performing Loans to Total Loans 2.20% 3.21% 2.20% 3.21%
Non-Performing Assets to Total Assets 1.89% 2.32% 1.89% 2.32%
Efficiency Ratio   50.53%   49.75%   49.93%   49.30%
At Period End
Total Assets $1,415,401 $1,372,867 $1,415,401 $1,372,867
Total Loans 869,284 864,988 869,284 864,988
Total Investment Securities 449,382 424,306 449,382 424,306
Total Deposits 958,850 941,333 958,850 941,333
Total Shareholders’ Equity   156,420   150,858   156,420   150,858
(a) Annualized using a 366-day basis in 2012 and 365-day basis in 2011
 

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 and believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrating the effects of significant gains and charges in the current period. 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.

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