The First Bancorp Reports Record Quarterly Results
The First Bancorp (Nasdaq: FNLC), the parent company of First National Bank, today announced operating results for the quarter
ended June 30, 2016. Net income was $4.6 million, up $550,000 or 13.5% from the second quarter of 2015 and earnings per common
share on a fully diluted basis of $0.43 were up $0.05 or 13.2% from the same period in 2015. The Company also announced unaudited
results for the six months ended June 30, 2016. Net income was $9.1 million, up $878,000 or 10.6% from the same period in 2015 and
earnings per common share on a fully diluted basis of $0.84 were up $0.07 or 9.1% from the same period in 2015.
“This was the best quarter in the Company’s history,” Tony C. McKim, the Company’s President and Chief Executive Officer
observed, “with net income $121,000 above the record set in the first quarter of this year. It was also the fourth of the past six
quarters which set a new net income record. Increased net interest income has been the key element in our strong performance in
2016, and has been driven by strong growth in earning assets. We also increased the dividend in the second quarter to 23 cents per
share per quarter and we continue to pay out more than half of our net income to our shareholders in the form of cash
dividends.
“Total assets are up $56.6 million year to date and $68.1 million from a year ago,” noted President McKim. “Total loans
increased $49.6 million or 5.0% year to date, and year over year, total loans are up $75.1 million or 7.8%. After topping the $1.0
billion mark in the first quarter of this year, the loan portfolio continued to see very healthy demand in the second quarter. The
majority of our loan growth has been in commercial and municipal loans, with modest growth in other loan categories. The investment
portfolio is down $5.3 million from year end as a result of sale of securities in the first quarter. On the funding side of the
balance sheet, low-cost deposits are up $77.1 million or 15.0% year over year and $13.9 million or 2.4% since year end.
“Net interest income on a tax equivalent basis for the first six months of 2016 was up $1.8 million or 8.7% from the same period
in 2015,” President McKim continued, “with almost all of the increase attributable to growth in earning assets, specifically in the
loan portfolio, and a small amount attributable to an improved net interest margin of 3.14% in 2016 versus 3.08% in 2015 due to
lower funding costs. Non-interest income for the first six months of 2016 was down $522,000 or 8.0% from the first six months of
2015 due to a lower level of gains from sale of securities. Non-interest expense for the first six months of 2016 was only $200,000
or 1.4% above the same period in 2015, primarily due to increased marketing costs as part of the Bank’s rebranding campaign.
“Our credit quality metrics are excellent,” President McKim said. “Non-performing assets stood at 0.47% of total assets as of
June 30, 2016 - well below the 0.72% level of non-performing assets a year ago, and down from 0.57% at year end. Past-due loans
were 1.04% of total loans at June 30, 2016, down from 1.14% a year ago. We provisioned $750,000 for loan losses in the first six
months of 2016, a $150,000 decrease from the $900,000 we provisioned in the first six months of 2015. The allowance for loan losses
stood at 0.98% of total loans as of June 30, 2016, down from 1.00% at December 31, 2015 and down from 1.03% a year ago.”
“All of these positive factors can be seen in our operating ratios,” observed F. Stephen Ward, the Company’s Chief Financial
Officer. “Our return on average assets was 1.16% for the first six months of 2016 compared to 1.12% return for the first six months
of 2015, and our return on average tangible common equity was 12.85% compared to 12.35% for the same periods, respectively. At
50.15% for the first six months of 2016 compared to 53.71% for the first six months of 2015, our efficiency ratio remains well
below the Bank’s UBPR peer group average which stood at 64.88% as of March 31, 2016.
“The First Bancorp’s price per share was $21.54 at June 30, 2016, up $1.07 from December 31, 2015, and with dividends
reinvested, our total return for the first six months of 2016 was 7.59%,” Mr. Ward noted. “We outperformed the broad market during
this period, as measured by the S&P 500 which had a total return with dividends reinvested of 3.84%, as well the Russell 2000
in which we are included, which had a total return of 2.21%. We also outperformed the banking industry, with total returns year to
date of -1.12% for the KBW Regional Bank Index and -3.08% for the Nasdaq Bank Index.”
“The Board of Directors increased the quarterly dividend to 23 cents per share in the second quarter of 2016,” President McKim
commented. “Based on the June 30, 2016 closing price of $21.54 per share, our annualized dividend yield is a very healthy 4.27%.
The dividend continues to be one of the major reasons people invest in our stock and strong operating results enable us to
periodically increase our dividend as well. That said, at all times we balance the dividend payout level with retaining sufficient
earnings to remain well capitalized and support future asset growth.
“I am very pleased with our performance for the first half of 2016,” President McKim concluded, “The $1.8 million increase in
net interest income on a tax-equivalent basis posted in the first six months of 2016, compared to the same period in 2015, was
driven by the significant pickup in loan demand which began in the second half of 2015, and when combined with excellent credit
quality, we have had two quarters in a row with record net income. While the Maine and national economies are doing very well, we
continue to watch what is happening in other parts of the world, which is beyond our control. What is within our control, however,
is the tremendous team of people we have at First National Bank. It is their dedication to superior customer service that results
in our ongoing success.”
| |
| The First Bancorp |
| Consolidated Balance Sheets
(Unaudited) |
| |
| In thousands of dollars, except per share data |
|
June 30, 2016 |
|
December 31, 2015 |
|
June 30, 2015 |
| Assets |
|
|
|
|
|
|
| Cash and due from banks |
|
$ |
20,838 |
|
|
$ |
14,299 |
|
|
$ |
16,481 |
|
| Interest-bearing deposits in other banks |
|
7,568 |
|
|
4,013 |
|
|
24,565 |
|
| Securities available for sale |
|
241,327 |
|
|
223,039 |
|
|
213,814 |
|
| Securities to be held to maturity |
|
216,272 |
|
|
240,023 |
|
|
249,250 |
|
| Restricted equity securities, at cost |
|
14,441 |
|
|
14,257 |
|
|
13,912 |
|
| Loans held for sale |
|
1,553 |
|
|
349 |
|
|
— |
|
| Loans |
|
1,038,213 |
|
|
988,638 |
|
|
963,109 |
|
| Less allowance for loan losses |
|
10,198 |
|
|
9,916 |
|
|
9,908 |
|
| Net loans |
|
1,028,015 |
|
|
978,722 |
|
|
953,201 |
|
| Accrued interest receivable |
|
6,372 |
|
|
4,912 |
|
|
6,180 |
|
| Premises and equipment |
|
21,118 |
|
|
21,816 |
|
|
21,946 |
|
| Other real estate owned |
|
1,129 |
|
|
1,532 |
|
|
2,192 |
|
| Goodwill |
|
29,805 |
|
|
29,805 |
|
|
29,805 |
|
| Other assets |
|
33,016 |
|
|
32,043 |
|
|
21,994 |
|
| Total assets |
|
$ |
1,621,454 |
|
|
$ |
1,564,810 |
|
|
$ |
1,553,340 |
|
| Liabilities |
|
|
|
|
|
|
| Demand deposits |
|
$ |
130,168 |
|
|
$ |
130,566 |
|
|
$ |
107,244 |
|
| NOW deposits |
|
254,136 |
|
|
242,638 |
|
|
221,964 |
|
| Money market deposits |
|
73,030 |
|
|
92,994 |
|
|
102,219 |
|
| Savings deposits |
|
208,826 |
|
|
206,009 |
|
|
186,777 |
|
| Certificates of deposit |
|
237,382 |
|
|
158,529 |
|
|
161,518 |
|
| Certificates $100,000 to $250,000 |
|
199,599 |
|
|
175,077 |
|
|
278,429 |
|
| Certificates $250,000 and over |
|
42,568 |
|
|
37,376 |
|
|
38,172 |
|
| Total deposits |
|
1,145,709 |
|
|
1,043,189 |
|
|
1,096,323 |
|
| Borrowed funds |
|
283,095 |
|
|
337,457 |
|
|
278,013 |
|
| Other liabilities |
|
17,862 |
|
|
16,666 |
|
|
15,195 |
|
| Total Liabilities |
|
1,446,666 |
|
|
1,397,312 |
|
|
1,389,531 |
|
| Shareholders' equity |
|
|
|
|
|
|
| Common stock |
|
108 |
|
|
108 |
|
|
107 |
|
| Additional paid-in capital |
|
60,284 |
|
|
59,862 |
|
|
59,475 |
|
| Retained earnings |
|
110,820 |
|
|
106,673 |
|
|
103,448 |
|
| Net unrealized gain on securities available-for-sale |
|
4,000 |
|
|
1,123 |
|
|
988 |
|
| Net unrealized loss on transferred securities |
|
(133 |
) |
|
(112 |
) |
|
(84 |
) |
| Net unrealized loss on cash flow hedging derivative instruments |
|
(135 |
) |
|
— |
|
|
— |
|
| Net unrealized loss on postretirement benefit costs |
|
(156 |
) |
|
(156 |
) |
|
(125 |
) |
| Total shareholders' equity |
|
174,788 |
|
|
167,498 |
|
|
163,809 |
|
| Total liabilities & shareholders' equity |
|
$ |
1,621,454 |
|
|
$ |
1,564,810 |
|
|
$ |
1,553,340 |
|
| Common Stock |
|
|
|
|
|
|
| Number of shares authorized |
|
18,000,000 |
|
|
18,000,000 |
|
|
18,000,000 |
|
| Number of shares issued and outstanding |
|
10,782,226 |
|
|
10,753,855 |
|
|
10,741,228 |
|
| Book value per common share |
|
$ |
16.21 |
|
|
$ |
15.58 |
|
|
$ |
15.25 |
|
| Tangible book value per common share |
|
$ |
13.42 |
|
|
$ |
12.78 |
|
|
$ |
12.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| The First Bancorp |
| Consolidated Statements of Income
(Unaudited) |
| |
|
|
|
|
|
|
|
|
|
For the six months ended
June 30,
|
|
|
For the quarters ended
June 30,
|
| In thousands of dollars, except per share data |
|
2016 |
|
2015 |
|
|
2016 |
|
2015 |
| Interest income |
|
|
|
|
|
|
|
|
|
| Interest and fees on loans |
|
$ |
19,738 |
|
|
$ |
18,012 |
|
|
|
$ |
10,004 |
|
|
$ |
9,157 |
| Interest on deposits with other banks |
|
8 |
|
|
13 |
|
|
|
5 |
|
|
8 |
| Interest and dividends on investments |
|
7,130 |
|
|
6,914 |
|
|
|
3,591 |
|
|
3,409 |
| Total interest income |
|
26,876 |
|
|
24,939 |
|
|
|
13,600 |
|
|
12,574 |
| Interest expense |
|
|
|
|
|
|
|
|
|
| Interest on deposits |
|
2,844 |
|
|
2,759 |
|
|
|
1,491 |
|
|
1,316 |
| Interest on borrowed funds |
|
2,352 |
|
|
2,400 |
|
|
|
1,158 |
|
|
1,180 |
| Total interest expense |
|
5,196 |
|
|
5,159 |
|
|
|
2,649 |
|
|
2,496 |
| Net interest income |
|
21,680 |
|
|
19,780 |
|
|
|
10,951 |
|
|
10,078 |
| Provision for loan losses |
|
750 |
|
|
900 |
|
|
|
375 |
|
|
400 |
| Net interest income after provision for loan losses |
|
20,930 |
|
|
18,880 |
|
|
|
10,576 |
|
|
9,678 |
| Non-interest income |
|
|
|
|
|
|
|
|
|
| Investment management and fiduciary income |
|
1,214 |
|
|
1,158 |
|
|
|
651 |
|
|
617 |
| Service charges on deposit accounts |
|
1,183 |
|
|
1,237 |
|
|
|
609 |
|
|
658 |
| Net securities gains (losses) |
|
531 |
|
|
1,395 |
|
|
|
(5 |
) |
|
— |
| Mortgage origination and servicing income |
|
638 |
|
|
705 |
|
|
|
509 |
|
|
508 |
| Other operating income |
|
2,404 |
|
|
1,997 |
|
|
|
1,242 |
|
|
1,051 |
| Total non-interest income |
|
5,970 |
|
|
6,492 |
|
|
|
3,006 |
|
|
2,834 |
| Non-interest expense |
|
|
|
|
|
|
|
|
|
| Salaries and employee benefits |
|
7,205 |
|
|
7,160 |
|
|
|
3,607 |
|
|
3,440 |
| Occupancy expense |
|
1,146 |
|
|
1,216 |
|
|
|
568 |
|
|
571 |
| Furniture and equipment expense |
|
1,597 |
|
|
1,552 |
|
|
|
801 |
|
|
782 |
| FDIC insurance premiums |
|
421 |
|
|
446 |
|
|
|
207 |
|
|
216 |
| Amortization of identified intangibles |
|
22 |
|
|
36 |
|
|
|
11 |
|
|
11 |
| Other operating expense |
|
4,054 |
|
|
3,835 |
|
|
|
2,051 |
|
|
1,960 |
| Total non-interest expense |
|
14,445 |
|
|
14,245 |
|
|
|
7,245 |
|
|
6,980 |
| Income before income taxes |
|
12,455 |
|
|
11,127 |
|
|
|
6,337 |
|
|
5,532 |
| Applicable income taxes |
|
3,328 |
|
|
2,878 |
|
|
|
1,713 |
|
|
1,458 |
| Net Income |
|
$ |
9,127 |
|
|
$ |
8,249 |
|
|
|
$ |
4,624 |
|
|
$ |
4,074 |
| Basic earnings per share |
|
$ |
0.85 |
|
|
$ |
0.77 |
|
|
|
$ |
0.43 |
|
|
$ |
0.38 |
| Diluted earnings per share |
|
$ |
0.84 |
|
|
$ |
0.77 |
|
|
|
$ |
0.43 |
|
|
$ |
0.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| The First Bancorp |
| Selected Financial Data
(Unaudited) |
| |
|
|
|
|
|
|
|
|
|
As of and for the six months ended
June 30,
|
|
|
As of and for the quarters
ended June 30,
|
|
Dollars in thousands, except for per share
amounts
|
|
2016 |
|
2015 |
|
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
|
| Summary of Operations |
|
|
|
|
|
|
|
|
|
| Interest Income |
|
$ |
26,876 |
|
|
$ |
24,939 |
|
|
|
$ |
13,600 |
|
|
$ |
12,574 |
|
| Interest Expense |
|
5,196 |
|
|
5,159 |
|
|
|
2,649 |
|
|
2,496 |
|
| Net Interest Income |
|
21,680 |
|
|
19,780 |
|
|
|
10,951 |
|
|
10,078 |
|
| Provision for Loan Losses |
|
750 |
|
|
900 |
|
|
|
375 |
|
|
400 |
|
| Non-Interest Income |
|
5,970 |
|
|
6,492 |
|
|
|
3,006 |
|
|
2,834 |
|
| Non-Interest Expense |
|
14,445 |
|
|
14,245 |
|
|
|
7,245 |
|
|
6,980 |
|
| Net Income |
|
9,127 |
|
|
8,249 |
|
|
|
4,624 |
|
|
4,074 |
|
| Per Common Share Data |
|
|
|
|
|
|
|
|
|
| Basic Earnings per Share |
|
$ |
0.85 |
|
|
$ |
0.77 |
|
|
|
$ |
0.43 |
|
|
$ |
0.38 |
|
| Diluted Earnings per Share |
|
0.84 |
|
|
0.77 |
|
|
|
0.43 |
|
|
0.38 |
|
| Cash Dividends Declared |
|
0.450 |
|
|
0.430 |
|
|
|
0.230 |
|
|
0.220 |
|
| Book Value per Common Share |
|
16.21 |
|
|
15.25 |
|
|
|
16.21 |
|
|
15.25 |
|
| Tangible Book Value per Common Share |
|
13.42 |
|
|
12.45 |
|
|
|
13.42 |
|
|
12.45 |
|
| Market Value |
|
21.54 |
|
|
19.44 |
|
|
|
21.54 |
|
|
19.44 |
|
| Financial Ratios |
|
|
|
|
|
|
|
|
|
| Return on Average Equity (a) |
|
10.61 |
% |
|
10.09 |
% |
|
|
10.67 |
% |
|
9.87 |
% |
| Return on Average Tangible Common Equity (a) |
|
12.85 |
% |
|
12.35 |
% |
|
|
12.89 |
% |
|
12.07 |
% |
| Return on Average Assets (a) |
|
1.16 |
% |
|
1.12 |
% |
|
|
1.17 |
% |
|
1.09 |
% |
| Average Equity to Average Assets |
|
10.92 |
% |
|
11.13 |
% |
|
|
10.92 |
% |
|
11.00 |
% |
| Average Tangible Equity to Average Assets |
|
9.02 |
% |
|
9.09 |
% |
|
|
9.04 |
% |
|
9.00 |
% |
| Net Interest Margin Tax-Equivalent (a) |
|
3.14 |
% |
|
3.08 |
% |
|
|
3.15 |
% |
|
3.07 |
% |
| Dividend Payout Ratio |
|
52.94 |
% |
|
55.84 |
% |
|
|
53.49 |
% |
|
57.89 |
% |
| Allowance for Loan Losses/Total Loans |
|
0.98 |
% |
|
1.03 |
% |
|
|
0.98 |
% |
|
1.03 |
% |
| Non-Performing Loans to Total Loans |
|
0.62 |
% |
|
0.93 |
% |
|
|
0.62 |
% |
|
0.93 |
% |
| Non-Performing Assets to Total Assets |
|
0.47 |
% |
|
0.72 |
% |
|
|
0.47 |
% |
|
0.72 |
% |
| Efficiency Ratio |
|
50.15 |
% |
|
53.71 |
% |
|
|
48.92 |
% |
|
50.83 |
% |
| At Period End |
|
|
|
|
|
|
|
|
|
| Total Assets |
|
$ |
1,621,454 |
|
|
$ |
1,553,340 |
|
|
|
$ |
1,621,454 |
|
|
$ |
1,553,340 |
|
| Total Loans |
|
1,038,213 |
|
|
963,109 |
|
|
|
1,038,213 |
|
|
963,109 |
|
| Total Investment Securities |
|
472,040 |
|
|
476,976 |
|
|
|
472,040 |
|
|
476,976 |
|
| Total Deposits |
|
1,145,709 |
|
|
1,096,323 |
|
|
|
1,145,709 |
|
|
1,096,323 |
|
| Total Shareholders' Equity |
|
174,788 |
|
|
163,809 |
|
|
|
174,788 |
|
|
163,809 |
|
| (a) Annualized using a 366-day basis for 2016 and a
365-day basis for 2015. |
| |
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.
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 35.0% tax rate was used in both 2016 and 2015.
|
|
|
|
|
|
|
|
For the six months ended |
|
|
For the quarters ended |
| In thousands of dollars |
|
June 30, 2016 |
|
|
June 30, 2015 |
|
|
June 30, 2016 |
|
|
June 30, 2015 |
| Net interest income as presented |
|
$ |
21,680 |
|
|
|
$ |
19,780 |
|
|
|
$ |
10,951 |
|
|
|
$ |
10,078 |
| Effect of tax-exempt income |
|
1,506 |
|
|
|
1,557 |
|
|
|
759 |
|
|
|
774 |
| Net interest income, tax equivalent |
|
$ |
23,186 |
|
|
|
$ |
21,337 |
|
|
|
$ |
11,710 |
|
|
|
$ |
10,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company presents its efficiency ratio using non-GAAP information which is most commonly used by financial institutions. The
GAAP-based efficiency ratio is noninterest expenses divided by net interest income plus noninterest income from the Consolidated
Statements of Income. The non-GAAP efficiency ratio excludes securities losses and other-than-temporary impairment charges from
noninterest expenses, excludes securities gains from noninterest 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, 2016 |
|
|
June 30, 2015 |
|
|
June 30, 2016 |
|
|
June 30, 2015 |
| Non-interest expense, as presented |
|
$ |
14,445 |
|
|
|
$ |
14,245 |
|
|
|
$ |
7,245 |
|
|
|
$ |
6,980 |
|
| Net interest income, as presented |
|
21,680 |
|
|
|
19,780 |
|
|
|
10,951 |
|
|
|
10,078 |
|
| Effect of tax-exempt income |
|
1,506 |
|
|
|
1,557 |
|
|
|
759 |
|
|
|
774 |
|
| Non-interest income, as presented |
|
5,970 |
|
|
|
6,492 |
|
|
|
3,006 |
|
|
|
2,834 |
|
| Effect of non-interest tax-exempt income |
|
178 |
|
|
|
90 |
|
|
|
89 |
|
|
|
45 |
|
| Net securities (gains) losses |
|
(531 |
) |
|
|
(1,395 |
) |
|
|
5 |
|
|
|
— |
|
| Adjusted net interest income plus non-interest income |
|
$ |
28,803 |
|
|
|
$ |
26,524 |
|
|
|
$ |
14,810 |
|
|
|
$ |
13,731 |
|
| Non-GAAP efficiency ratio |
|
50.15 |
% |
|
|
53.71 |
% |
|
|
48.92 |
% |
|
|
50.83 |
% |
| GAAP efficiency ratio |
|
52.24 |
% |
|
|
54.22 |
% |
|
|
51.91 |
% |
|
|
54.06 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company presents certain information based upon average tangible common equity instead of total average shareholders'
equity. The difference between these two measures is the Company's preferred stock and 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.
generally accepted accounting principles:
|
|
|
|
|
|
|
|
For the six months ended |
|
|
For the quarters ended |
| In thousands of dollars |
|
June 30, 2016 |
|
|
June 30, 2015 |
|
|
June 30, 2016 |
|
|
June 30, 2015 |
| Average shareholders' equity as presented |
|
$ |
172,950 |
|
|
|
$ |
164,837 |
|
|
|
$ |
174,345 |
|
|
|
$ |
165,527 |
|
| Less intangible assets |
|
(30,098 |
) |
|
|
(30,143 |
) |
|
|
(30,085 |
) |
|
|
(30,151 |
) |
| Tangible average shareholders' equity |
|
$ |
142,852 |
|
|
|
$ |
134,694 |
|
|
|
$ |
144,260 |
|
|
|
$ |
135,376 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
Additional Information
For more information, please contact F. Stephen Ward, The First Bancorp's Treasurer & Chief Financial Officer, at
207.563.3272.
The First Bancorp
F. Stephen Ward, 207-563-3272
Treasurer & Chief Financial Officer
View source version on businesswire.com: http://www.businesswire.com/news/home/20160720006384/en/