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First Bancorp Inc (FNLC)

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

Investment data

Data from SEC filings
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
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

Beta Read what these cash burn values mean

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
39.1% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 68 65 +4.6%
Opened positions 7 2 +250.0%
Closed positions 4 1 +300.0%
Increased positions 23 21 +9.5%
Reduced positions 24 21 +14.3%
13F shares Current Prev Q Change
Total value 129.61M 275.77M -53.0%
Total shares 4.31M 4.29M +0.5%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
FNLC First Bancorp Inc 738.32K $22.21M -0.2%
BLK Blackrock 705.75K $21.23M -2.1%
Vanguard 468.91K $14.11M -7.2%
Dimensional Fund Advisors 446.81K $13.44M +0.0%
Manufacturers Life Insurance Company, The 430.39K $12.95M +1.5%
STT State Street 188.72K $5.68M -3.3%
Renaissance Technologies 166.8K $5.02M +4.4%
Geode Capital Management 165.69K $4.98M +3.7%
MS Morgan Stanley 98.47K $2.96M +4.4%
BK Bank Of New York Mellon 96.16K $2.89M +5.4%
Largest transactions Shares Bought/sold Change
Waypoint Capital Advisors 56.08K +56.08K NEW
Vanguard 468.91K -36.42K -7.2%
LPLA LPL Financial 0 -16.73K EXIT
BLK Blackrock 705.75K -15.28K -2.1%
Bar Harbor Trust Services 20.18K +13.45K +200.0%
FMR 87.11K +13.1K +17.7%
Millennium Management 11.63K +11.63K NEW
BCS Barclays 10.85K -10.89K -50.1%
GS Goldman Sachs 21.32K +8.71K +69.1%
JPM JPMorgan Chase & Co. 10.88K -8.2K -43.0%

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") 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

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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