First Bancorp, Inc /ME/ FNLC
The First Bancorp, Inc. (the "Company") was incorporated under the laws of the State of Maine on January 15, 1985, for the purpose of becoming the parent holding company of The First National Bank of Damariscotta, which was chartered as a national bank under the laws of the United States on May 30, 1864. At the Company's Annual Meeting of Shareholders on April 30, 2008, the Company's name was changed from First National Lincoln Corporation to The First Bancorp, Inc.
On January 14, 2005, the acquisition of FNB Bankshares ("FNB") of Bar Harbor, Maine, was completed, adding seven banking offices and one investment management office in Hancock and Washington counties of Maine. FNB's subsidiary, The First National Bank of Bar Harbor, was merged into The First National Bank of Damariscotta at closing, and from January 31, 2005 until January 28, 2016, the combined banks operated under the name: The First, N.A. On January 28, 2016, the Board of Directors voted to change the name of The First, N.A. to First National Bank (the "Bank").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $160.3M | $148.8M | $128.2M | $93.0M | $77.1M | $77.1M | $78.7M | $70.5M | $60.8M | $53.8M |
| Interest expense | $77.4M | $63.9M | $65.2M | $76.2M | $10.8M | $17.3M | $26.2M | $20.3M | $13.5M | $10.8M |
| Pre-tax income | $41.9M | $32.6M | $35.7M | $47.4M | $43.9M | $32.2M | $30.3M | $27.8M | $26.2M | $24.5M |
| Income tax | $7.5M | $5.5M | $6.2M | $8.4M | $7.6M | $5.1M | $4.7M | $4.3M | $6.6M | $6.5M |
| Net income | $34.4M | $27.0M | $29.5M | $39.0M | $36.3M | $27.1M | $25.5M | $23.5M | $19.6M | $18.0M |
| EPS, basic | 3.10 | 2.45 | 2.68 | 3.56 | 3.33 | 2.50 | 2.36 | 2.18 | 1.82 | 1.68 |
| EPS, diluted | 3.07 | 2.43 | 2.66 | 3.53 | 3.30 | 2.48 | 2.34 | 2.17 | 1.81 | 1.66 |
| Shares, diluted (wtd. avg.) | $11.2M | $11.1M | $11.1M | $11.0M | $11.0M | $10.9M | $10.9M | $10.9M | $10.8M | $10.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $27.4M | $27.8M | $31.9M | $22.7M | $20.6M | $26.2M | $14.4M | $19.1M | $19.2M | $17.4M |
| Property, plant and equipment | — | — | — | — | $28.9M | $27.3M | $21.3M | $22.1M | $22.5M | $22.2M |
| Goodwill | $30.6M | $30.6M | $30.6M | $30.6M | $30.6M | $30.6M | $29.8M | $29.8M | $29.8M | $29.8M |
| Total assets | $3.20B | $3.08B | $2.98B | $2.81B | $2.55B | $2.44B | $2.14B | $1.99B | $1.87B | $1.76B |
| Short-term debt | $92.3M | $51.3M | $69.7M | $103.4M | $81.3M | $206.9M | $174.8M | $145.2M | $113.6M | $158.8M |
| Long-term debt | $95.5M | $95.0M | $0 | $84.0K | $55.1M | $55.1M | $10.1M | $65.1M | $115.1M | $120.1M |
| Total liabilities | $2.88B | $2.90B | $2.70B | $2.51B | $2.28B | $2.14B | $1.86B | $1.75B | $1.66B | $1.54B |
| Retained earnings | $240.5M | $222.8M | $211.9M | $204.3M | $180.4M | $158.4M | $144.8M | $132.5M | $121.1M | $111.7M |
| Total equity | $265.5M | $244.7M | $243.1M | $228.9M | $245.7M | $223.7M | $212.5M | $191.5M | $181.3M | $172.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $37.8M | $26.0M | $36.9M | $41.2M | $56.7M | $22.7M | $26.1M | $33.8M | $22.3M | $21.2M |
| Depreciation and amortisation | $2.2M | $2.2M | $2.1M | $2.0M | $2.0M | $2.2M | $1.9M | $1.8M | $1.9M | $1.7M |
| Stock-based compensation | $966.0K | $895.0K | $820.0K | $809.0K | $856.0K | $652.0K | $565.0K | $381.0K | $392.0K | $298.0K |
| Capital expenditure | $3.2M | $1.5M | $2.6M | $1.4M | $3.8M | $2.5M | $1.6M | $1.5M | $2.5M | $2.1M |
| Investing cash flow | -$3.0M | -$217.4M | -$199.8M | -$247.6M | -$201.7M | -$250.1M | -$116.3M | -$112.1M | -$130.1M | -$148.2M |
| Financing cash flow | -$34.7M | $187.1M | $172.1M | $208.5M | $139.5M | $239.2M | $85.5M | $78.2M | $109.6M | $130.1M |
| Dividends paid | $16.3M | $15.8M | $15.4M | $14.8M | $13.9M | $13.3M | $13.0M | $12.1M | $11.5M | $9.8M |
| Buybacks | $282.0K | $212.0K | $250.0K | $277.0K | $253.0K | $156.0K | $183.0K | $168.0K | $154.0K | $129.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000765207-26-000067.
Others in SIC 6021
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|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO | $953.33B | 17.9x | 2.8% |
| BAC | BANK OF AMERICA CORP /DE/ | $438.31B | 16.5x | 6.8% |
| WFC | WELLS FARGO & COMPANY/MN | $272.07B | 14.4x | -3.8% |
| C | CITIGROUP INC | $240.92B | 19.7x | 5.6% |
| COF | CAPITAL ONE FINANCIAL CORP | $136.66B | 54.5x | 36.3% |
| USB | US BANCORP \DE\ | $98.73B | 13.7x | 4.4% |
| PNC | PNC FINANCIAL SERVICES GROUP, INC. | $97.98B | 14.8x | 7.2% |
| TFC | TRUIST FINANCIAL CORP | $63.10B | 13.5x | -2.1% |