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FNLC First Bancorp Inc

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
CEO
Tony C. McKim
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
FIRST NATIONAL LINCOLN CORP /ME/
SEC CIK
IRS number
10404322

FNLC stock data

(
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Investment data

Data from SEC filings
Top 50 of 80 long holdings
End of quarter 31 Mar 21
Value
 
#Shares
 
$21.7M 743.53K
$12.33M 58.48K
$8.14M 55.34K
Vanguard
$5.96M 121.36K
$5.1M 41.75K
Vanguard
$3.25M 61.77K
$2.64M 11.19K
$2.36M 17.45K
Vanguard
$2.36M 14.18K
$1.88M 911
$1.8M 581
$1.38M 8.39K
$1.21M 8.93K
Vanguard
$1.16M 7.85K
$1.15M 47.37K
$1.08M 8.08K
$1.07M 19.17K
$1M 8.35K
$937K 4.43K
$913K 69.51K
$864K 2.18K
$827K 4.64K
$772K 10.21K
$762K 2.98K
$752K 13.61K
$744K 4.89K
$732K 3.96K
$695K 11.95K
$664K 12.83K
$661K 4.67K
$638K 2.37K
$623K 2.87K
$596K 17.51K
$594K 2.8K
$560K 15.46K
$513K 3.87K
$484K 1.59K
$479K 7.22K
$422K 1.49K
$420K 5.46K
$394K 6.15K
$387K 94.4K
$384K 4.25K
$379K 3.21K
$376K 2.72K
$371K 5.89K
$369K 4.25K
$350K 4.81K
$340K 1.52K
$337K 11.13K
Holdings list only includes long positions. Only includes long positions.

Calendar

7 May 21
2 Aug 21
19 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 20.03M 20.03M 20.03M 20.03M 20.03M 20.03M
Cash burn (monthly) 2.06M 90.67K (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 8.42M 370.41K n/a n/a n/a n/a
Cash remaining 11.61M 19.66M n/a n/a n/a n/a
Runway (months of cash) 5.6 216.8 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
30 Jul 21 McKim Tony C Common Stock Payment of exercise Dispose F No No 29.06 441 12.82K 99,466
26 Jul 21 Kimberly Swan Common Stock Buy Aquire P No No 29.18 350 10.21K 1,429.765
17 May 21 Norton Susan A Common Stock Payment of exercise Dispose F No No 29.53 147 4.34K 21,194
17 May 21 Plummer Tammy L Common Stock Payment of exercise Dispose F No No 29.53 143 4.22K 7,831

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

40.3% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 60 61 -1.6%
Opened positions 3 8 -62.5%
Closed positions 4 5 -20.0%
Increased positions 19 19
Reduced positions 24 20 +20.0%
13F shares
Current Prev Q Change
Total value 268.27M 1.38B -80.6%
Total shares 4.43M 3.76M +17.9%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
BLK Blackrock 830.07K $24.23M +6.7%
FNLC First Bancorp Inc 743.53K $21.7M NEW
Vanguard 547.57K $15.98M +0.7%
Dimensional Fund Advisors 455.2K $13.29M -1.6%
Manufacturers Life Insurance Company, The 408.16K $11.91M -0.0%
STT State Street 187.64K $5.48M -4.0%
Geode Capital Management 155.29K $4.53M +6.6%
Renaissance Technologies 150.2K $4.38M -10.8%
NTRS Northern Trust 105.71K $3.09M -9.9%
MS Morgan Stanley 94.65K $2.76M -3.9%
Largest transactions
Shares Bought/sold Change
FNLC First Bancorp Inc 743.53K +743.53K NEW
BLK Blackrock 830.07K +51.92K +6.7%
Kestra Advisory Services 0 -48.24K EXIT
WFC Wells Fargo & Co. 4.57K -20.88K -82.0%
Renaissance Technologies 150.2K -18.2K -10.8%
State Board Of Administration Of Florida Retirement System 0 -11.81K EXIT
NTRS Northern Trust 105.71K -11.65K -9.9%
Geode Capital Management 155.29K +9.57K +6.6%
Excalibur Management 0 -9.18K EXIT
Wbi Investments 18.72K +8.46K +82.4%

Financial report summary

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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") remains somewhat elevated.
  • 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 a new 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 13.5% or $7.4 million to $62.2 million for the year ended December 31, 2020 from the $54.8 million reported for the year ended December 31, 2019, with growth in earning assets responsible for the increase. The Company's net interest margin was 2.94% in 2020, compared to 2.89% in 2019.  
  • Total interest income on a tax-equivalent basis in 2020 was $79.5 million, a decrease of $1.5 million or 1.8% from the $80.9 million posted by the Company in 2019. Total interest expense in 2020 was $17.3 million, a decrease of $8.9 million or 33.9% from the $26.2 million posted by the Company in 2019. Tax-exempt interest income amounted to $8.8 million for the year ended December 31, 2020, and $8.6 million for the year ended December 31, 2019.
  • 1 Represents the change attributable to a combination of change in rate and change in volume.
Content analysis
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