First Bancorp Inc (ME) (FNLC) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing an increase in total assets to $3.157 billion, up from $2.947 billion at the end of the previous year. This growth was primarily driven by a $211.5 million increase in the loan portfolio, which ended the year at $2.341 billion.
Net interest income on a tax-equivalent basis decreased by 1.7% to $66.7 million for the year, as the Company's net interest margin declined to 2.29% from 2.49% in 2023. The decrease was largely due to higher funding costs.
Non-interest income rose by 5.9% to $16.36 million, with increases in wealth management revenue and other operating income contributing to the growth.
Non-interest expenses increased by 7.8% to $47.2 million, driven by higher employee salary and benefit expenses, as well as increased deposit insurance premiums.
The provision for credit losses on loans was $1.3 million, consistent with the prior year. The allowance for credit losses stood at 1.06% of total loans, down from 1.13% at the end of 2023.
Net income for the year was $27.0 million, a decrease of 8.4% from the previous year, with earnings per share on a fully diluted basis at $2.43, down from $2.66 in 2023.
The Company declared cash dividends of $1.43 per share for the year, representing a payout ratio of 58.44% of basic earnings per share.
Asset quality remained strong, with non-performing loans at 0.18% of total loans and net charge-offs at 0.02% of average loans.
First National Wealth Management, the Bank's trust and investment management division, managed assets valued at $1.290 billion as of December 31, 2024, up from $1.254 billion a year earlier.
The Company's capital ratios remained solid, with a total risk-based capital ratio of 13.22%, well above the regulatory requirement for well-capitalized institutions.
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) annual 10-K report dated March 7, 2025. To report an error, please email [email protected].