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The First Bancorp, Inc. operates as the bank holding company for First National Bank that provides a range of banking products and services to individual and corporate customers. It accepts various deposit products, including demand, NOW, time, savings, money market, and certificates of deposit accounts. The company also provides commercial loans, such as mortgage loans to finance investments in real property, which includes retail spaces, offices, industrial buildings, hotels, educational facilities, and other specific or mixed use properties; commercial real estate non-owner occupied loans; commercial construction to finance construction in a mix of owner- and nonowner occupied commercial real estate properties; and commercial and industrial loans, including revolving and term loans for financing working capital and/or capital investment. In addition, it offers commercial multifamily loans; residential real estate term and construction loans; loans to municipalities in Maine for capitalized expenditures, construction projects, or tax anticipation notes; home equity revolving and term loans; and personal lines of credit and amortizing loans for various purposes, such as autos, recreational vehicles, debt consolidation, personal expenses, or overdraft protection. Further, the company offers private banking, financial planning, investment management, and trust services to individuals, businesses, non-profit organizations, and municipalities, as well as brokerage, annuity, and various insurance products. It operates through full-service banking offices in Lincoln, Knox, Waldo, Penobscot, Hancock, and Washington counties in the Mid-Coast, Eastern, and Down East regions of Maine. The company was formerly known as First National Lincoln Corporation and changed its name to The First Bancorp, Inc. in April 2008. The First Bancorp, Inc. was founded in 1864 and is based in Damariscotta, Maine.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $95M | - | $34M | $35M | 12.1% | 17.7% | 27.2% |
| 2024 | $81M | - | $27M | $25M | 10.7% | -0.2% | -8.4% |
| 2023 | $81M | - | $30M | $34M | 12.1% | -13.3% | -24.3% |
| 2022 | $93M | - | $39M | $40M | 17.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 93.04 | 80.65 | 80.50 | 94.77 |
| Pretax Income | 47.39 | 35.70 | 32.58 | 41.94 |
| Tax Provision | 8.40 | 6.18 | 5.54 | 7.54 |
| Net Income | 38.99 | 29.52 | 27.05 | 34.39 |
| Net Income Common Stockholders | 38.99 | 29.52 | 27.05 | 34.39 |
| Interest Expense | 16.87 | 62.97 | 84.92 | 82.89 |
| Interest Income | 93.03 | 128.17 | 148.83 | 160.27 |
| Selling General And Administration | 24.38 | 23.90 | 26.62 | 29.72 |
| Normalized Income | 38.99 | 29.52 | 27.05 | 34.39 |
| Basic EPS | 3.56 | 2.68 | 2.45 | 0 |
| Diluted EPS | 3.53 | 2.66 | 2.43 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.18 | 0.17 | 0.17 | 0.18 |
| Total Unusual Items | 0 | 0 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | 38.99 | 29.52 | 27.05 | 34.39 |
| Reconciled Depreciation | 1.98 | 2.11 | 2.21 | 2.21 |
| Net Interest Income | 76.17 | 65.21 | 63.91 | 77.38 |
| Net Income From Continuing And Discontinued Operation | 38.99 | 29.52 | 27.05 | 34.39 |
| Diluted Average Shares | 11.05 | 11.10 | 11.13 | 0 |
| Basic Average Shares | 10.95 | 11.01 | 11.04 | 0 |
| Diluted NI Availto Com Stockholders | 38.99 | 29.52 | 27.05 | 34.39 |
| Net Income Including Noncontrolling Interests | 38.99 | 29.52 | 27.05 | 34.39 |
| Net Income Continuous Operations | 38.99 | 29.52 | 27.05 | 34.39 |
| Special Income Charges | 0 | 0 | 0 | 0 |
| Restructuring And Mergern Acquisition | 0 | 0 | 0 | 0 |
| Gain On Sale Of Security | 0.01 | 0 | 0.24 | 0.05 |
| Depreciation Amortization Depletion Income Statement | 0.07 | 0.03 | 0.03 | 0.03 |
| Depreciation And Amortization In Income Statement | 0.07 | 0.03 | 0.03 | 0.03 |
| Amortization | 0.07 | 0.03 | 0.03 | 0.03 |
| Amortization Of Intangibles Income Statement | 0.07 | 0.03 | 0.03 | 0.03 |
| General And Administrative Expense | 24.38 | 23.90 | 26.62 | 29.72 |
| Insurance And Claims | 1.07 | 1.96 | 2.39 | 2.72 |
| Salaries And Wages | 23.32 | 21.94 | 24.23 | 27 |
| Operating Revenue | 93.04 | 80.65 | 80.50 | 94.77 |
| Occupancy And Equipment | 8.11 | 8.71 | 8.99 | 9.27 |
| Other Non Interest Expense | 11.34 | 11.12 | 11.51 | 11.91 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| The First Bancorp, Inc.this co. | FNLC | $320M | 8.77↓ discount | 1.13 | 12.1% | - |
| Waterstone Financial, Inc. | WSBF | $325M | 10.86 | 0.90 | 7.6% | - |
| Value Line, Inc. | VALU | $324M | 14.76 | 3.01 | 20.8% | 40.33 |
| Avidbank Holdings, Inc. | AVBH | $323M | - | 1.12 | -7.0% | - |
| Chemung Financial Corporation | CHMG | $322M |
| 17.63 |
| 1.23 |
| 5.9% |
| - |
| LINKBANCORP, Inc. | LNKB | $322M | 9.54 | 1.05 | 10.9% | - |
| BayCom Corp | BCML | $320M | 12.13 | 0.92 | 7.1% | - |
| Timberland Bancorp, Inc. | TSBK | $320M | 10.54 | 1.19 | 11.1% | - |
| Norwood Financial Corp. | NWFL | $317M | 10.68 | 1.11 | 11.5% | - |
| Peer Median | - | 10.86 | 1.12 | 9.2% | 40.33 | |