First Bancorp Q2 net income falls to $7.4M ($0.67 EPS) on margin compression

First Bancorp, Inc /ME/

2023-Q2 EPS reported $1.39

Net income $7.4M, down 7.2% from Q1 2023 and 26% from Q2 2022; diluted EPS $0.67 vs $0.91 a year ago.
Net interest margin 2.46%, down from 3.13% YoY and 2.78% in Q1; net interest income $15.9M (-8.8% QoQ).
Loans grew $78.1M in Q2 to $2.06B (annualized 15.4%); deposits up $33.2M to $2.50B.
Dividend raised to $0.35/share from $0.34, payable July 20, 2023; payout ratio 52.2%.
Non-performing assets to total assets stable at 0.06%; ACL 1.14% of loans.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

First Bancorp, Inc /ME/ reported three months ended June 30, 2023 results: net income $7.4 million, EPS $0.67.

Period: three months ended June 30, 2023
Net income: $7.4 million
EPS: $0.67
Result: reported results

Exact text from the filing

Unaudited net income for the period was $7.4 million representing diluted earnings per share of $0.67.

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Source: SEC EDGAR

accession 0000765207-23-000038

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