First Bancorp Q1 net income $6.0M ($0.54 diluted), down from $0.72 YoY; loan growth 8.4% annualized

First Bancorp, Inc /ME/

2024-Q1 EPS reported $0.54

Net income $6.0M, diluted EPS $0.54 vs $0.72 in Q1 2023 and $0.60 in Q4 2023.
Net interest margin 2.22% vs 2.34% last quarter and 2.78% YoY; net interest income down 6.1% sequentially.
Loans grew $44.3M (8.4% annualized) to $2.17B; deposits declined $50.7M seasonally to $2.55B.
Asset quality remains strong: NPA/total assets 0.09%, past due 0.09%, ACL 1.11%.
Quarterly dividend declared $0.35/share, payable April 19 to holders of record April 9.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

First Bancorp, Inc /ME/ reported the three months ended March 31, 2024 results: net income $6.0 million, EPS $0.54.

Period: the three months ended March 31, 2024
Net income: $6.0 million
EPS: $0.54
Result: reported results

Exact text from the filing

The First Bancorp (Nasdaq: FNLC), parent company of First National Bank, today announced operating results for the three months ended March 31, 2024. Unaudited net income for the period was $6.0 million as compared to net income of $8.0 million for the quarter ended March 31, 2023, and net income of $6.7 million for the prior quarter ended December 31, 2023. Diluted earnings per share were $0.54, $0.72 and $0.60 for those same periods, respectively.

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Source: SEC EDGAR

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