The First Bancorp (formerly First National Lincoln Corporation), is a $2.4 billion bank holding company based in Damariscotta, Maine. The company’s subsidiary, First National Bank (formerly The First, N.A.), was established in 1864 and now has 17 branches located along Maine’s coast from Wiscasset to Calais and one inland branch in Bangor. With a strong coastal presence, the Bank is well positioned to take advantage of the mix of both new and traditional industries and the growth generally seen in Maine’s coastal counties.

Company profile
Ticker
FNLC
Exchange
Website
CEO
Tony C. McKim
Employees
Incorporated
Location
Fiscal year end
Sector
Industry (SIC)
Former names
FIRST NATIONAL LINCOLN CORP /ME/
SEC CIK
Corporate docs
IRS number
10404322
FNLC stock data
Investment data
Top 50 of 80 long holdings End of quarter 30 Jun 22 |
Value |
#Shares |
Prev Q |
Change %, QoQ |
---|---|---|---|---|
$22.19M | 736.43K | 738.32K | -0.3 | |
$10.6M | 57.54K | 55.61K | +3.5 | |
Vanguard
|
$7.92M | 194.1K | 122.43K | +58.5 |
$7.24M | 54.78K | 53.09K | +3.2 | |
$5.11M | 31.75K | 15.5K | +104.8 | |
$4.49M | 32.81K | 36.88K | -11.0 | |
$3.25M | 12.65K | 12.54K | +0.9 | |
$3.21M | 65.02K | 11.98K | +443.0 | |
Vanguard
|
$2.64M | 62.46K | 64.12K | -2.6 |
Vanguard
|
$2.33M | 15.22K | 16.82K | -9.5 |
$2.12M | 24.71K | 25.02K | -1.2 | |
$1.81M | 829 | 831 | -0.2 | |
$1.52M | 8.54K | 8.27K | +3.2 | |
$1.38M | 13.02K | 619 | +2003.4 | |
$1.25M | 8.7K | 8.64K | +0.8 | |
$1.12M | 7.96K | 7.15K | +11.4 | |
$1.03M | 9.44K | 7.71K | +22.5 | |
Vanguard
|
$1.02M | 7.1K | 7.35K | -3.4 |
$970K | 4.93K | 4.39K | +12.1 | |
$828K | 2.2K | 2.01K | +9.5 | |
$823K | 3.02K | 3.05K | -1.0 | |
$796K | 41.81K | 41.81K | 0 | |
$786K | 10.14K | 10.34K | -1.9 | |
$782K | 14.91K | 13.93K | +7.1 | |
$759K | 4.56K | 4.56K | -0.1 | |
$726K | 14.29K | 13.44K | +6.4 | |
$639K | 9.35K | 9.35K | 0 | |
$632K | 5.61K | 4.99K | +12.5 | |
$614K | 3.72K | 3.17K | +17.2 | |
$612K | 13.3K | 13.3K | 0 | |
$575K | 1.64K | 2.15K | -23.7 | |
$501K | 7.86K | 8.01K | -1.9 | |
$494K | 2K | 1.51K | +32.4 | |
$493K | 7.84K | 5.63K | +39.1 | |
$486K | 2.14K | 2.17K | -1.5 | |
$471K | 11.04K | 11.04K | 0 | |
$467K | 5.12K | 4.19K | +22.4 | |
$459K | 5.96K | 6.02K | -1.1 | |
$440K | 4.66K | 3.72K | +25.1 | |
$432K | 2.49K | 2.1K | +18.5 | |
$423K | 1.61K | 1.07K | +50.2 | |
$418K | 5.26K | 4.26K | +23.5 | |
$416K | 1.52K | 1.57K | -3.1 | |
$415K | 19.81K | 14.81K | +33.8 | |
$412K | 8.97K | 5.31K | +68.8 | |
$394K | 4.1K | 3.36K | +22.2 | |
$377K | 2.96K | 3.67K | -19.4 | |
$371K | 2.2K | 1.7K | +29.8 | |
$371K | 1.64K | 1.14K | +44.0 | |
$352K | 2.89K | 1.89K | +52.8 |
Holdings list only includes long positions.
Only includes long positions.
Calendar
5 Aug 22
12 Aug 22
31 Dec 22
Financial summary
Quarter (USD) | Jun 22 | Mar 22 | Dec 21 | Sep 21 | |
---|---|---|---|---|---|
Revenue | |||||
Cost of revenue | |||||
Operating income | |||||
Operating margin | |||||
Net income | |||||
Net profit margin | |||||
Cash on hand | |||||
Change in cash | |||||
Diluted EPS |
Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
---|---|---|---|---|---|
Revenue | |||||
Cost of revenue | |||||
Operating income | |||||
Operating margin | |||||
Net income | |||||
Net profit margin | |||||
Cash on hand | |||||
Change in cash | |||||
Diluted EPS |
Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 23.45M | 23.45M | 23.45M | 23.45M | 23.45M | 23.45M |
Cash burn (monthly) | (no burn) | 303.25K | (no burn) | (no burn) | (no burn) | (no burn) |
Cash used (since last report) | n/a | 439.07K | n/a | n/a | n/a | n/a |
Cash remaining | n/a | 23.01M | n/a | n/a | n/a | n/a |
Runway (months of cash) | n/a | 75.9 | n/a | n/a | n/a | n/a |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
4 Feb 22 | Cornelius J Russell | Common Stock | Grant | Acquire A | No | No | 0 | 250 | 0 | 1,925.267 |
4 Feb 22 | Renee W Kelly | Common Stock | Grant | Acquire A | No | No | 0 | 250 | 0 | 1,750 |
4 Feb 22 | F Stephen Ward | Common Stock | Grant | Acquire A | No | No | 0 | 250 | 0 | 43,663 |
4 Feb 22 | Kimberly Swan | Common Stock | Grant | Acquire A | No | No | 0 | 250 | 0 | 6,680.63 |
4 Feb 22 | Smith Stuart G | Common Stock | Grant | Acquire A | No | No | 0 | 250 | 0 | 103,106.086 |
Institutional ownership, Q1 2022
39.1% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 68 |
Opened positions | 7 |
Closed positions | 4 |
Increased positions | 23 |
Reduced positions | 24 |
13F shares | Current |
---|---|
Total value | 129.61M |
Total shares | 4.31M |
Total puts | 0 |
Total calls | 0 |
Total put/call ratio | – |
Largest owners | Shares | Value |
---|---|---|
FNLC First Bancorp Inc | 738.32K | $22.21M |
BLK Blackrock | 705.75K | $21.23M |
Vanguard | 468.91K | $14.11M |
Dimensional Fund Advisors | 446.81K | $13.44M |
Manufacturers Life Insurance Company, The | 430.39K | $12.95M |
STT State Street | 188.72K | $5.68M |
Renaissance Technologies | 166.8K | $5.02M |
Geode Capital Management | 165.69K | $4.98M |
MS Morgan Stanley | 98.47K | $2.96M |
BK Bank Of New York Mellon | 96.16K | $2.89M |
Financial report summary
?Risks
- Our operations, business, and financial condition have been and may continue to be impacted by the COVID-19 pandemic.
- We are subject to credit risk and may incur losses if loans are not repaid.
- Our loan portfolio includes commercial, commercial real estate and commercial construction loans that may have higher risks than other types of loans.
- Our allowance for loan losses may be insufficient and require additional provision from earnings.
- The Maine foreclosure process can be lengthy and add additional losses for the Bank.
- Our level of troubled debt restructured ("TDR") has improved but a modest level of risk remains.
- Changes in interest rates could adversely affect our net interest income and profitability.
- The value of our investment portfolio may be negatively affected by changes in interest rates and disruptions in securities markets.
- Illiquidity could impair our ability to fund operations and jeopardize our financial condition.
- Loss of lower-cost funding sources could lead to margin compression and decrease net interest income.
- The soundness of other financial institutions could adversely affect us.
- Lack of loan demand may adversely impact net interest income.
- A decline in real estate values in our primary market area could adversely impact results of operations and financial condition.
- Our investment management activities are dependent on the value of investment securities which may lead to revenue fluctuations.
- We are dependent upon the services of our management team, and if we are unable to retain the services of our management team, our business may suffer.
- Our internal control systems are inherently limited and may fail or be circumvented.
- We continually encounter technological change that may be difficult (costly) to keep up with.
- We are subject to security, transactional and operational risks relating to the use of technology that could damage our reputation and our business.
- We are subject to claims and litigation that may impact our earnings and/or our reputation.
- Damage to our reputation could significantly harm our businesses.
- Our recent results may not be indicative of our future results.
- Economic risks are not limited to the United States.
- We operate in a highly regulated environment and may be adversely affected by changes in law and regulations.
- The Dodd-Frank Act created the Consumer Financial Protection Bureau and tightened capital standards, and will continue to result in new laws and regulations that are expected to increase our costs of operations.
- Basel III Capital Rules may limit future activity.
- Significant competition in the financial services industry may impact our results.
- There may not be a robust trading market for our common stock.
- The price of our common stock may fluctuate.
- The inability to receive dividends from the Bank would negatively affect our ability to pay dividends to shareholders.
- If we do not manage our capital position strategically, our return on equity could be lower compared to our competitors as a result of our high level of capital.
- We may issue additional equity securities or engage in other transactions which dilute our book value or affect the priority of the common stock, which may adversely affect the market price of our common stock.
- Potential acquisitions may disrupt our business and dilute shareholder value.
Management Discussion
- Net interest income on a tax-equivalent basis increased 10.4% or $6.5 million to $68.6 million for the year ended December 31, 2021 from the $62.2 million reported for the year ended December 31, 2020, with growth in earning assets responsible for the increase. The Company's net interest margin was 2.95% in 2021, compared to 2.94% in 2020.
- Total interest income on a tax-equivalent basis in 2021 was $79.4 million, a decrease of $49,000 or 0.1% from the $79.5 million posted by the Company in 2020. Total interest expense in 2021 was $10.8 million, a decrease of $6.5 million or 37.6% from the $17.3 million posted by the Company in 2020. Tax-exempt interest income amounted to $8.7 million for the year ended December 31, 2021, and $8.8 million for the year ended December 31, 2020.
- 1 Represents the change attributable to a combination of change in rate and change in volume.
Content analysis
?Positive | ||
Negative | ||
Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
H.S. freshman Avg
|
New words:
accommodative, aggressively, backstop, bolster, ceased, chose, CLLD, eventual, inflationary, mark, mentioned, monetary, occupancy, pressure, removal, risen, strongly, tight, unchanged
Removed:
chosen, Delta
Financial reports
Current reports
8-K
Results of Operations and Financial Condition
20 Jul 22
8-K
The First Bancorp Declares Second Quarter Dividend
30 Jun 22
8-K
Submission of Matters to a Vote of Security Holders
3 May 22
8-K
Results of Operations and Financial Condition
20 Apr 22
8-K
The First Bancorp Declares First Quarter Dividend
31 Mar 22
8-K
The First Bancorp Reports Results for 2021
19 Jan 22
8-K
The First Bancorp Declares Fourth Quarter Dividend
30 Dec 21
8-K
Entry into a Material Definitive Agreement
20 Oct 21
8-K
Results of Operations and Financial Condition
20 Oct 21
8-K
The First Bancorp Declares Third Quarter Dividend
30 Sep 21
Registration and prospectus
S-8
Registration of securities for employees
14 May 20
S-3/A
Shelf registration (amended)
31 May 16
S-8
Registration of securities for employees
27 Jan 16
424B5
Prospectus supplement for primary offering
25 Mar 13
424B5
Prospectus supplement for primary offering
24 Mar 13
S-8
Registration of securities for employees
20 May 10
424B3
Prospectus supplement
2 Mar 09
S-3
Shelf registration
8 Feb 09
S-8
Registration of securities for employees
2 Feb 05
Other
UPLOAD
Letter from SEC
20 Oct 15
CORRESP
Correspondence with SEC
22 Sep 15
UPLOAD
Letter from SEC
8 Sep 15
CORRESP
Correspondence with SEC
16 Jul 15
CORRESP
Correspondence with SEC
5 Jul 15
UPLOAD
Letter from SEC
28 Jun 15
UPLOAD
Letter from SEC
16 Sep 12
CORRESP
Correspondence with SEC
4 Sep 12
UPLOAD
Letter from SEC
23 Aug 12
EFFECT
Notice of effectiveness
7 Aug 11
Ownership
13F-HR
Quarterly holdings report by institutional manager
14 Jul 22
13F-HR
Quarterly holdings report by institutional manager
25 Apr 22
5
First Bancorp / Kimberly Swan ownership change
14 Feb 22
4
First Bancorp / Mark N Rosborough ownership change
7 Feb 22
4
First Bancorp / ROBERT B GREGORY ownership change
7 Feb 22
4
First Bancorp / BRUCE B TINDAL ownership change
4 Feb 22
4
First Bancorp / STUART G SMITH ownership change
4 Feb 22
4
First Bancorp / Kimberly Swan ownership change
4 Feb 22
4
First Bancorp / Renee W Kelly ownership change
4 Feb 22
4
First Bancorp / F STEPHEN WARD ownership change
4 Feb 22
Reddit threads
Daily Discussion Thread - July 20th, 2022
20 Jul 22
Daily Discussion Thread - July 19th, 2022
19 Jul 22
Daily Discussion Thread - July 18th, 2022
18 Jul 22
Daily Discussion Thread - July 8th, 2022
8 Jul 22
Daily Discussion Thread - July 7th, 2022
7 Jul 22
Daily Discussion Thread - July 6th, 2022
6 Jul 22
Daily Discussion Thread - July 5th, 2022
5 Jul 22
Daily Discussion Thread - April 20th, 2022
20 Apr 22
Daily Discussion Thread - April 19th, 2022
19 Apr 22
Daily Discussion Thread - April 18th, 2022
18 Apr 22