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First Bancorp Inc (ME) (FNLC) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net income of $7.6 million, an increase of $97,000 from the same quarter the previous year. Earnings per share on a diluted basis were $0.68, up from $0.67 in the previous year.
Net interest income on a tax-equivalent basis was $17.1 million for the quarter, an increase of $480,000 compared to the same period in 2023. The net interest margin was 2.32%, down from 2.40% in the previous year.
Non-interest income for the quarter was $4.1 million, an increase of $231,000 from the same period in 2023. This was driven by increases in investment management fees and service charges.
Non-interest expense for the quarter was $12.0 million, an increase of 9.0% compared to the same period in 2023. This increase was attributed to higher salaries, employee benefits, and FDIC insurance premiums.
The allowance for credit losses on loans decreased by $31,000 from December 31, 2023, and now stands at 1.04% of loans outstanding.
The company's total assets increased by $195.9 million, or 6.6%, year-to-date. The loan portfolio increased by $177.8 million, or 8.3%, during the same period.
Total deposits increased by $103.1 million, or 4.0%, year-to-date, with low-cost deposits increasing by $9.8 million and money market balances increasing by $38.2 million.
The company's total risk-based capital ratio was 13.11% as of September 30, 2024, above the well-capitalized threshold of 10.0%.
The filing also details various financial metrics, including a return on average assets of 0.87% and a return on average tangible common equity of 12.19% for the nine months ended September 30, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the First Bancorp Inc (ME) quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.