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First Bancorp Inc Company profile

About First Bancorp Inc

The First Bancorp, Inc. is the bank holding company of First National Bank (the Bank). The Bank provides a range of financial services to individuals and companies in coastal Maine. Its financial services include demand, time, and savings deposits; lending; ATM processing; and investment management and trust services. The Company through First National Wealth Management, a division of the Bank, offers private banking, financial planning, investment management and trust services to individuals, businesses, non-profit organizations, and municipalities. It offers a range of loans, which includes commercial real estate loan, commercial construction loans, commercial other loan, municipal loans, residential real estate term loan , residential real estate construction loan, and home equity line of credit, and consumer loan. The Bank also offers automated teller machine (ATM) processing services. The Bank offers business banking services, such as checking accounts and electronic services.

Financial summary

BRIEF: For the fiscal year ended 31 December 2021, First Bancorp Inc interest income remained flat at $77.1M. Net interest income after loan loss provision increased 24% to $66.7M. Net income increased 34% to $36.3M. Net interest income after loan loss provision reflects Net Interest Margin, Total - % increase of less than 1% to 2.95%, Net Interest Spread, Total - % increase of 2% to 2.84%, Interest and fees on loans increase of 5% to $62.2M.