The First Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017
January 18, 2018 at 02:45 am IST
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The First Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total interest income of $15,822,000 against $13,600,000 a year ago. Net interest income was $12,208,000 against $10,738,000 a year ago. Net interest income after provision for loan losses was $11,958,000 against $10,263,000 a year ago. Income before income taxes was $6,868,000 against $5,790,000 a year ago. Net income was $5,086,000 against $4,320,000 a year ago. Basic and diluted earnings per share were $0.47 against $0.40 a year ago. Return on average equity was 11.44% against 9.70% a year ago. Return on average tangible common equity was 13.79% against 11.68% a year ago. Return on average assets was 1.21% against 1.03% a year ago.
For the year, the company reported total interest income of $60,832,000 against $53,759,000 a year ago. Net interest income was $47,303,000 against $42,947,000 a year ago. Net interest income after provision for loan losses was $45,303,000 against $41,347,000 a year ago. Income before income taxes was $26,200,000 against $24,463,000 a year ago. Net income was $19,588,000 against $18,009,000 a year ago. Diluted earnings per share were $1.81 against $1.66 a year ago. Book value per common share was $16.74 against $15.98 a year ago. Return on average equity was 10.91% against 10.28% a year ago. Return on average tangible common equity was 13.11% against 12.42% a year ago. Return on average assets was 1.10% against 1.12% a year ago. Increased net interest income was the primary driver for the company's 2017 performance, the result of continued strong growth across the company's business lines.
The First Bancorp, Inc. is a bank holding company of First National Bank (the Bank). The Bank provides an array of commercial and retail banking services through 18 locations in mid-coast and eastern Maine. The Bank emphasizes personal service, and its customers are primarily small businesses and individuals to whom the Bank offers a wide variety of services, including deposit accounts and consumer, commercial and mortgage loans. In addition to traditional banking services, the Company provides investment management and trust services to individuals, businesses, and municipalities through First National Wealth Management, which is an operating division of the Bank. First National Wealth Management offers a comprehensive array of private banking, financial planning, investment management and trust services to individuals, businesses, non-profit organizations, and municipalities of varying asset size. The Bank also offers brokerage, annuity products and certain types of insurance.