First Bancorp Q1 net income $8.0M ($0.72 EPS) down 18% YoY; loans up $68M

First Bancorp, Inc /ME/

2023-Q1 EPS reported $0.72

Net income $8.0M ($0.72 diluted EPS) vs $9.7M ($0.88) in Q1 2022; margin pressure and lower fee income cited.
Net interest margin fell to 2.78% from 3.24% YoY as cost of funds rose; PTPP income down 16.5%.
Loans grew $68.2M to $1.98B (14.4% annualized); deposits up $87.8M to $2.47B.
Adopted CECL; allowance for credit losses increased to 1.18% of loans from 0.87% at Dec 2022.
Quarterly dividend $0.34/share declared; non-performing assets remain at 0.06% of total assets.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

First Bancorp, Inc /ME/ reported the three months ended March 31, 2023 results: net income $8.0 million, EPS $0.72 per diluted share.

Period: the three months ended March 31, 2023
Net income: $8.0 million
EPS: $0.72 per diluted share
Result: reported results

Exact text from the filing

Unaudited net income for the period was $8.0 million representing diluted earnings per share of $0.72

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Source: SEC EDGAR

accession 0000765207-23-000015

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