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FNLC First Bancorp Inc

The First Bancorp, Inc. (Maine) is a bank holding company, which engages in the provision of financial services. Its services include time and savings deposits, lending, automated teller machine processing, investment management, and trust services. The company was founded on January 15, 1985 and is headquartered in Damariscotta, ME.

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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Calendar

5 Mar 21
18 Apr 21
19 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 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.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
26 Mar 21 Wootton Charles A Common Stock Payment of exercise Dispose F No No 28.7 1,256 36.05K 15,099.729
26 Mar 21 Parady Steven Common Stock Payment of exercise Dispose F No No 28.7 350 10.05K 52,890.131
1 Feb 21 Wootton Charles A Common Stock Payment of exercise Dispose F No No 24.22 515 12.47K 16,355.729
28 Jan 21 Bruce B Tindal Common Stock Grant Aquire A No No 0 250 0 20,896.703

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

34.2% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 61 58 +5.2%
Opened positions 8 5 +60.0%
Closed positions 5 5
Increased positions 19 7 +171.4%
Reduced positions 20 28 -28.6%
13F shares
Current Prev Q Change
Total value 1.38B 130.63M +959.1%
Total shares 3.76M 3.65M +3.0%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
BLK Blackrock 778.15K $19.76M +5.6%
Vanguard 543.66K $13.81M +0.7%
Dimensional Fund Advisors 462.42K $11.75M -1.1%
Manufacturers Life Insurance Company, The 408.21K $10.37M -0.3%
STT State Street 195.38K $4.96M -1.0%
Renaissance Technologies 168.4K $4.28M -5.9%
Geode Capital Management 145.73K $3.7M +4.6%
NTRS Northern Trust 117.36K $2.98M -3.8%
MS Morgan Stanley 98.46K $2.5M +5.4%
BK Bank Of New York Mellon 75.08K $1.91M -6.9%
Largest transactions
Shares Bought/sold Change
Kestra Advisory Services 48.24K +48.24K NEW
BLK Blackrock 778.15K +41.11K +5.6%
JPM JPMorgan Chase & Co. 32.82K +20.9K +175.3%
Context BH Capital Management 0 -14.67K EXIT
Renaissance Technologies 168.4K -10.5K -5.9%
Excalibur Management 9.18K +9.18K NEW
HBCYF HSBC 8.13K +8.13K NEW
SF Stifel Financial 30.42K +8K +35.7%
Nuveen Asset Management 54.18K +7.24K +15.4%
Tower Research Capital 4.12K -7.09K -63.2%

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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