FNLC
$26.46
First Bancorp
$1.55
6.22%
Earnings Details
Quarter September 2020
Wednesday, October 21, 2020 4:15:00 PM
Tweet Share Watch
Summary

First Bancorp (FNLC) Recent Earnings

First Bancorp (FNLC) reported Quarter September 2020 earnings of $0.65 per share on revenue of $23.3 million.. Revenue fell 0.5% compared to the same quarter a year ago.

Results
Reported Earnings
$0.65
Earnings Whisper
-
Consensus Estimate
Reported Revenue
$23.3 Mil
Revenue Estimate
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

The First Bancorp Reports Third Quarter Earnings

DAMARISCOTTA, Maine--(BUSINESS WIRE)--The First Bancorp (Nasdaq: FNLC), parent company of First National Bank, today announced operating results for the three months ended September 30, 2020. Unaudited net income was $7.1 million, a new quarterly record for the Company, and up $807,000 or 12.8% from the $6.3 million reported for the three months ended September 30, 2019. Earnings per common share for the period on a fully diluted basis were up $0.07 to $0.65 per share, an increase of 12.1% from the prior year. The Company also reported results for the nine months ended September 30, 2020. Net income was $20.2 million, up $1.3 million or 7.0% from the first nine months of 2019, with earnings per share on a fully diluted basis of $1.84, up $0.11 or 6.4% from the same period in 2019.

“With great appreciation for the team of dedicated professionals at The First Bancorp, I'm pleased to report that the Company posted strong operating results in the third quarter," commented Tony C. McKim, the Company’s President and Chief Executive Officer. "Earnings of $7.1 million for the period increased $526,000 from the second quarter, and marked a new quarterly earnings record. Net interest income before loan loss provision increased $254,000 from the second quarter and $1.5 million from the third quarter of 2019. Non-interest revenue increased $204,000 from the second quarter, and $1.3 million, or 36.0%, year-over-year, driven by continued strong mortgage banking revenue. Operating expenses in the third quarter remained controlled as demonstrated by an efficiency ratio of 45.97% for the quarter, down from 52.08% for the same period a year ago."

Mr. McKim continued, "The Company continues to support our customers and community partners in addressing the impact of COVID-19. First National Bank granted over 1,700 Paycheck Protection Program (PPP) loans with more than $97 million disbursed to Maine small businesses at an average loan size of less than $60,000. We are now working with those borrowers and the Small Business Administration towards forgiveness of loan balances per program guidelines. The Bank has also worked with nearly 1,100 borrowers economically impacted by the virus, to modify or defer loan payments during this crisis.

"The lobbies of our sixteen banking offices re-opened in mid-June to serve customers under appropriate safety and social distancing protocols; currently approximately 25% of our staff continues to work remotely.

"And lastly, I am excited to share that on September 3rd, 2020 we announced the signing of an agreement to acquire a retail banking branch in Belfast, pending regulatory approval. The branch in Belfast would be our 17th and take us into Waldo County, bridging the gap between Knox and Hancock counties. We look forward to bringing First National Bank's brand of 'Dream First' banking to the area later this year."

THIRD QUARTER 2020 FINANCIAL HIGHLIGHTS

  • Net income increased 12.8% compared to the third quarter of 2019.
  • Pre-tax, pre-provision net income (non-GAAP) increased 33.1% compared to the third quarter of 2019.
  • Total Assets increased $29.5 million in the third quarter to $2.3 billion.
  • Low-cost deposits as of September 30, 2020 totaled $1.0 billion, an increase of $102.7 million in the quarter.
  • Tangible Book Value increased to $17.32 per share, up from $17.07 at June 30, 2020 and $16.39 at September 30, 2019.

FINANCIAL CONDITION

Total assets at September 30, 2020 were $2.3 billion, up $29.5 million in the third quarter and up $263.4 million from a year ago. Earning assets increased $31.5 million during the quarter and have increased $258.8 million year-over-year. Loan balances fell $15.0 million in the third quarter, while investments increased $18.6 million. Commercial real estate and construction loans increased $14.8 million during the period, offset by an $18.7 million drop in other commercial loans, a $5.5 million reduction in municipal loans, and a $4.0 million decline in home equity line of credit balances. Overall loan growth excluding PPP has totaled $42.2 million, or 3.26%, year-to-date, and $75.8 million, or 6.0%, year-over-year. PPP loans totaled $97.3 million at the end of the third quarter.

Total deposits at September 30, 2020 were $1.8 billion, up $22.9 million during the quarter, and up $139.8 million or 8.6% from September 30, 2019. Low-cost deposits increased $102.7 million in the third quarter, a level consistent with the seasonal lift experienced in the third quarter over the past several years. The increase in low-cost deposits allowed for a decrease in higher cost funding sources; Certificate of Deposit balances were down $66.7 million for the quarter.

The Company’s capital position remained strong as of September 30, 2020, with an estimated total risk-based capital ratio of 15.53%, and an estimated leverage capital ratio of 8.42%. The total capital ratio compares favorably to 15.03% as of June 30, 2020 and 15.44% as of September 30, 2019. The leverage capital ratio is level with the immediate prior quarter end, and is down from 8.82% at September 30, 2019, the result of asset growth, including the $97.3 million in PPP loan balances. The Company is eligible and enrolled to participate in the Federal Reserve's Paycheck Protection Program Liquidity Facility (PPPLF), but to date has elected not to do so. Had PPPLF been utilized to its fullest extent, the leverage capital ratio as of September 30, 2020 is estimated to have been 8.80%. Each of the Company’s capital ratios remain well in excess of regulatory requirements.

ASSET QUALITY & PROVISION FOR LOAN LOSSES

Asset quality remains stable. As of September 30, 2020, the ratio of non-performing assets to total assets was 0.43%, up slightly from 0.41% at June 30, 2020, and improved from 0.84% at September 30, 2019. Net charge-offs for the quarter were an annualized 0.15% of total loans; the year-to-date annualized charge-off rate of 0.08% of total loans is in line with the 0.07% experienced in the year ended December 31, 2019. Past due loans were 0.89% of total loans as of September 30, 2020, up modestly from 0.66% of total loans at June 30, 2020, and 0.78% as of September 30, 2019.

The provision for loan losses totaled $1.8 million in the third quarter of 2020, compared with $250,000 for the same period in 2019. Despite stable non-performing asset levels, continued positive charge-off metrics, and modest changes in the level of past due loans, management continues to view it prudent to consider the uncertainties brought about by COVID-19 and the potential impact to borrowers in its provision analysis. The allowance for loan losses stood at 1.07% of total loans as of September 30, 2020, up from the 0.97% of total loans at June 30, 2020, and 0.93% of loans at September 30, 2019. If PPP loan balances are excluded, the allowance as of September 30, 2020 would stand at 1.14% of total loans.

Through September 30, 2020, the Bank had processed 996 loan modification requests for interest-only payments or deferred payments in conformance with the CARES Act or inter-agency guidance issued in March, representing $279.7 million in loan balances, or approximately 20.8% of the loan portfolio excluding PPP balances. Of the $279.7 million total, $228.1 million were in the commercial and municipal loan portfolios, $50.5 million were residential real estate secured loans, and $1.1 million were consumer loans.

As of September 30, 2020, loans totaling $81.0 million, or 6% of all loans, remained in either their original modification or a subsequent modification.

Modification statuses in the two primary segments are summarized below:

Commercial/Municipal Loan Modifications

 

Units

 

Percentage

 

Balance (000's)

 

Percentage

Paid Off

34

 

6%

 

$6,031

 

3%

Subsequent Modification

41

 

7%

 

20,443

 

9%

Still in Original Modification

55

 

9%

 

30,188

 

13%

Out of Modification

452

 

78%

 

171,407

 

75%

Total

582

 

100%

 

$228,069

 

100%

 

 

 

 

 

 

 

 

Residential Real Estate Modifications

 

Units

 

Percentage

 

Balance (000's)

 

Percentage

Paid Off

17

 

5%

 

$3,102

 

6%

Subsequent Modification

97

 

28%

 

13,857

 

27%

Still in Original Modification

125

 

35%

 

15,565

 

31%

Out of Modification

111

 

32%

 

17,949

 

36%

Total

350

 

100%

 

$50,473

 

100%

Consumer loans totaling $967,000 also remain in modification as of September 30, 2020.

OPERATING RESULTS

Net Income for the three months ended September 30, 2020 was $7.1 million, up $807,000 or 12.8% from the three months ended September 30, 2019. The Company’s Return on Average Assets of 1.24% for the quarter was level with the third quarter of 2019. On a Pre-Tax, Pre-Provision (non-GAAP) basis, the third quarter 2020 Return on Assets was 1.79%, up from 1.52% the prior year. Return on Average Tangible Common Equity was improved year-over-year, at 14.81% for the third quarter of 2020, up from 14.01% for the third quarter of 2019. The Company's Efficiency Ratio (non-GAAP) was 45.97% in the third quarter of 2020, down from 46.23% in the immediately preceding quarter and from 52.08% in the third quarter of 2019. Year-to-date in 2020, the efficiency ratio (non-GAAP) stands at 50.00%, down from 51.12% for the first nine months of 2019. (GAAP Efficiency Ratio was 47.45% for the three months ended September 30, 2020, and 50.60% for the nine months then ended).

Contributing factors to the Company’s operating results in the three months ended September 30, 2020 included:

  • Earning asset growth led to a $1.5 million increase in net interest income from the third quarter of 2019, an increase of 11.5%.
  • Net interest margin for the third quarter of 2020 was 2.82%, down six basis points from the same period in 2019.
  • Non-interest income was $4.8 million for the three months ended September 30, 2020, up $1.3 million or 36.0% from the three months ended September 30, 2019. Strong purchase and refinance volume led to secondary market mortgage banking revenue increasing $1.3 million, or 232.3% year-over-year. Revenue increased $87,000, or 10.6% year-over-year, at First National Wealth Management, the Bank’s trust and investment management division. Service charge income and other income were both negatively impacted by lower transaction volume related to COVID-19.
  • Non-interest expense for the three months ended September 30, 2020 was $9.3 million, up $236,000 or 2.6% from the three months ended September 30, 2019. Employee salary and benefit expense increased a modest 3.4% from the prior year; a 22.2% period to period increase in Furniture & Equipment expense reflects recent building and technology investments. FDIC insurance premium was fully offset by small bank assessment credits in the third quarter of 2019; all credits having been applied, the year-to-year increase is $189,000. Third quarter 2020 savings in other operating expenses versus the prior year reflect the cost of an asset disposition in 2019.

As mentioned previously, the Bank had $97.3 million in PPP loan balances as of September 30, 2020, comprised of 1,707 loans, representing an average loan size at origination of $56,960. The Company has accrued $3.80 million in associated origination fees, of which $382,000 were recognized in interest income in the second quarter, and $468,000 were recognized in the third quarter.

DIVIDEND

On September 24, 2020 the Company's Board of Directors declared a third quarter dividend of 31 cents per share. The third quarter dividend represents a payout to shareholders of 47.69% of earnings per share for the period, and was paid on October 16, 2020 to shareholders of record as of October 6, 2020.

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 $2.27 billion in assets. The Bank provides a complete array of commercial and retail banking services through sixteen 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, 2020

December 31, 2019

September 30, 2019

Assets

 

 

 

Cash and due from banks

$

22,742

$

14,433

$

21,418

Interest-bearing deposits in other banks

48,111

11,310

16,714

Securities available for sale

340,140

360,520

326,798

Securities to be held to maturity

331,962

281,606

298,786

Restricted equity securities, at cost

10,545

8,982

8,982

Loans held for sale

6,387

154

852

Loans

1,436,646

1,297,075

1,263,459

Less allowance for loan losses

15,371

11,639

11,765

Net loans

1,421,275

1,285,436

1,251,694

Accrued interest receivable

10,249

7,167

7,636

Premises and equipment

27,110

21,305

21,232

Other real estate owned

777

279

279

Goodwill

29,805

29,805

29,805

Other assets

47,523

47,799

49,031

Total assets

$

2,296,626

$

2,068,796

$

2,033,227

Liabilities

 

 

 

Demand deposits

$

248,444

$

169,777

$

171,623

NOW deposits

492,223

393,569

400,514

Money market deposits

156,948

161,000

148,689

Savings deposits

275,513

236,141

240,691

Certificates of deposit

252,461

277,225

319,292

Certificates $100,000 to $250,000

269,881

345,241

278,050

Certificates $250,000 and over

67,589

67,513

64,431

Total deposits

1,763,059

1,650,466

1,623,290

Borrowed funds

283,787

184,955

181,417

Other liabilities

30,340

20,867

20,031

Total Liabilities

2,077,186

1,856,288

1,824,738

Shareholders' equity

 

 

 

Common stock

109

109

109

Additional paid-in capital

64,943

63,964

63,602

Retained earnings

154,783

144,839

141,509

Net unrealized gain on securities available-for-sale

5,520

3,657

3,686

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

(139)

(182)

(189)

Net unrealized gain (loss) on cash flow hedging derivative instruments

(5,800)

97

(265)

Net unrealized gain on postretirement costs

24

24

37

Total shareholders' equity

219,440

212,508

208,489

Total liabilities & shareholders' equity

$

2,296,626

$

2,068,796

$

2,033,227

Common Stock

 

 

 

Number of shares authorized

18,000,000

18,000,000

18,000,000

Number of shares issued and outstanding

10,942,959

10,899,210

10,896,331

Book value per common share

$

20.05

$

19.50

$

19.13

Tangible book value per common share

$

17.32

$

16.75

$

16.39

The First Bancorp

Consolidated Statements of Income (Unaudited)

 

For the nine months ended
September 30,

For the quarter ended
September 30,

In thousands of dollars, except per share data

2020

2019

2020

2019

Interest income

 

 

 

 

Interest and fees on loans

$

44,124

$

44,450

$

14,109

$

14,993

Interest on deposits with other banks

87

145

8

48

Interest and dividends on investments

13,775

14,399

4,389

4,863

Total interest income

57,986

58,994

18,506

19,904

Interest expense

 

 

 

 

Interest on deposits

11,613

17,739

2,866

5,983

Interest on borrowed funds

2,219

2,180

895

695

Total interest expense

13,832

19,919

3,761

6,678

Net interest income

44,154

39,075

14,745

13,226

Provision for loan losses

4,550

875

1,800

250

Net interest income after provision for loan losses

39,604

38,200

12,945

12,976

Non-interest income

 

 

 

 

Investment management and fiduciary income

2,712

2,459

909

822

Service charges on deposit accounts

1,257

1,747

375

577

Net securities gains

1,179

15

15

Mortgage origination and servicing income

3,802

1,227

1,914

576

Other operating income

4,677

4,833

1,607

1,542

Total non-interest income

13,627

10,281

4,805

3,532

Non-interest expense

 

 

 

 

Salaries and employee benefits

14,719

13,698

5,032

4,865

Occupancy expense

2,117

1,931

709

644

Furniture and equipment expense

3,438

2,969

1,184

969

FDIC insurance premiums

548

439

189

Amortization of identified intangibles

32

32

10

10

Other operating expense

8,382

7,099

2,152

2,552

Total non-interest expense

29,236

26,168

9,276

9,040

Income before income taxes

23,995

22,313

8,474

7,468

Applicable income taxes

3,836

3,474

1,379

1,180

Net Income

$

20,159

$

18,839

$

7,095

$

6,288

Basic earnings per share

$

1.86

$

1.74

$

0.65

$

0.58

Diluted earnings per share

$

1.84

$

1.73

$

0.65

$

0.58

The First Bancorp

Selected Financial Data (Unaudited)

 

As of and for the nine months ended
September 30,

 

As of and for the quarter ended
September 30,

Dollars in thousands, except for per share amounts

2020

 

2019

 

2020

 

2019

 

 

 

 

 

Summary of Operations

 

 

 

 

Interest Income

$

57,986

 

$

58,994

 

$

18,506

 

$

19,904

 

Interest Expense

13,832

 

19,919

 

3,761

 

6,678

 

Net Interest Income

44,154

 

39,075

 

14,745

 

13,226

 

Provision for Loan Losses

4,550

 

875

 

1,800

 

250

 

Non-Interest Income

13,627

 

10,281

 

4,805

 

3,532

 

Non-Interest Expense

29,236

 

26,168

 

9,276

 

9,040

 

Net Income

20,159

 

18,839

 

7,095

 

6,288

 

Per Common Share Data

 

 

 

 

Basic Earnings per Share

$

1.86

 

$

1.74

 

$

0.65

 

$

0.58

 

Diluted Earnings per Share

1.84

 

1.73

 

0.65

 

0.58

 

Cash Dividends Declared

0.92

 

0.89

 

0.31

 

0.30

 

Book Value per Common Share

20.05

 

19.13

 

20.05

 

19.13

 

Tangible Book Value per Common Share

17.32

 

16.39

 

17.32

 

16.39

 

Market Value

21.07

 

27.49

 

21.07

 

27.49

 

Financial Ratios

 

 

 

 

Return on Average Equity (a)

12.32

%

12.49

%

12.80

%

11.99

%

Return on Average Tangible Common Equity (a)

14.27

%

14.67

%

14.81

%

14.01

%

Return on Average Assets (a)

1.22

%

1.26

%

1.24

%

1.24

%

Average Equity to Average Assets

9.89

%

10.11

%

9.65

%

10.33

%

Average Tangible Equity to Average Assets

8.54

%

8.61

%

8.34

%

8.84

%

Net Interest Margin Tax-Equivalent (a)

2.93

%

2.90

%

2.82

%

2.88

%

Dividend Payout Ratio

49.46

%

51.15

%

47.69

%

51.72

%

Allowance for Loan Losses/Total Loans

1.07

%

0.93

%

1.07

%

0.93

%

Non-Performing Loans to Total Loans

0.63

%

1.33

%

0.63

%

1.33

%

Non-Performing Assets to Total Assets

0.43

%

0.84

%

0.43

%

0.84

%

Efficiency Ratio

50.00

%

51.12

%

45.97

%

52.08

%

At Period End

 

 

 

 

Total Assets

$

2,296,626

 

$

2,033,227

 

$

2,296,626

 

$

2,033,227

 

Total Loans

1,436,646

 

1,263,459

 

1,436,646

 

1,263,459

 

Total Investment Securities

682,647

 

634,566

 

682,647

 

634,566

 

Total Deposits

1,763,059

 

1,623,290

 

1,763,059

 

1,623,290

 

Total Shareholders' Equity

219,440

 

208,489

 

219,440

 

208,489

 

(a) Annualized using a 366-day basis for 2020 and a 365-day basis for 2019

 

 

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 2020 and 2019.

 

For the nine months ended

For the quarters ended

In thousands of dollars

September 30,
2020

September 30,
2019

September 30,
2020

September 30,
2019

Net interest income as presented

$

44,154

 

$

39,075

 

$

14,745

 

$

13,226

 

Effect of tax-exempt income

1,741

 

1,723

 

587

 

572

 

Net interest income, tax equivalent

$

45,895

 

$

40,798

 

$

15,332

 

$

13,798

 

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,
2020

September 30,
2019

September 30,
2020

September 30,
2019

Non-interest expense, as presented

$

29,236

 

$

26,168

 

$

9,276

 

$

9,040

 

Net interest income, as presented

44,154

 

39,075

 

14,745

 

13,226

 

Effect of tax-exempt interest income

1,741

 

1,723

 

587

 

572

 

Non-interest income, as presented

13,627

 

10,281

 

4,805

 

3,532

 

Effect of non-interest tax-exempt income

124

 

124

 

41

 

41

 

Net securities gains

(1,179)

 

(15)

 

 

(15)

 

Adjusted net interest income plus non-interest income

$

58,467

 

$

51,188

 

$

20,178

 

$

17,356

 

Non-GAAP efficiency ratio

50.00

%

51.12

%

45.97

%

52.08

%

GAAP efficiency ratio

50.60

%

53.02

%

47.45

%

53.94

%

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 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 nine months ended

For the quarters ended

In thousands of dollars

September 30,
2020

September 30,
2019

September 30,
2020

September 30,
2019

Average shareholders' equity as presented

$

218,603

 

$

201,655

 

$

220,465

 

$

208,040

 

Less intangible assets

(29,920)

 

(29,963)

 

(29,934)

 

(29,978)

 

Tangible average shareholders' equity

$

188,683

 

$

171,692

 

$

190,531

 

$

178,062

 

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,
2020

September 30,
2019

September 30,
2020

September 30,
2019

Net Income, as presented

$

20,159

 

$

18,839

 

$

7,095

 

$

6,288

 

Add: provision for loan losses

4,550

 

875

 

1,800

 

250

 

Add: income taxes

3,836

 

3,474

 

1,379

 

1,180

 

Pre-Tax, pre-provision net income

$

28,545

 

$

23,188

 

$

10,274

 

$

7,718

 

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.

Richard M. Elder
The First Bancorp's Treasurer & Chief Financial Officer
207.563.3195

Source: The First Bancorp