The First Bancorp(US:FNLC)2019-05-09 13:06Financial Performance - Net income for Q1 2019 was $6,156,000, an increase of 11.8% from $5,506,000 in Q1 2018[16]. - Basic earnings per common share rose to $0.57 in Q1 2019, compared to $0.51 in Q1 2018, marking an increase of 11.8%[16]. - The company reported a comprehensive income of $9,206,000 for Q1 2019, significantly higher than $2,573,000 in Q1 2018[16]. - Net interest income for the three months ended March 31, 2019, was $12,899,000, compared to $12,409,000 for the same period in 2018, reflecting a growth of 3.9%[16]. - Non-interest income for Q1 2019 was $3,144,000, slightly up from $3,132,000 in Q1 2018, showing a marginal increase of 0.4%[16]. - Total interest income for Q1 2019 was $19.3 million, an increase of $2.8 million or 17.1% compared to Q1 2018[189]. - The efficiency ratio improved to 50.45% in Q1 2019 from 53.75% in Q1 2018, indicating better cost management[180]. Assets and Deposits - Total assets increased to $1,991,345,000 as of March 31, 2019, up from $1,871,815,000 a year earlier, representing an increase of 6.4%[14]. - Total deposits increased to $1,606,875,000 as of March 31, 2019, up from $1,428,192,000 a year earlier, indicating a growth of 12.5%[14]. - Total cash and cash equivalents at the end of Q1 2019 were $15,270,000, down from $16,559,000 at the end of Q1 2018[21]. - The company reported a total of $11,280,000 in past-due loans as of March 31, 2019, with 90+ days past due loans amounting to $3,017,000[35]. - The company's loan portfolio as of March 31, 2019, totaled $1,264,639,000, an increase from $1,238,283,000 as of December 31, 2018[34]. Loan Losses and Provisions - The allowance for loan losses was $11,490,000 as of March 31, 2019, compared to $10,957,000 a year earlier, reflecting a 4.9% increase[14]. - The provision for loan losses was $375,000 in Q1 2019, down from $500,000 in Q1 2018[21]. - The total specific reserves for loans evaluated individually for impairment in the real estate segment as of March 31, 2019, were $233,000[60]. - The total balance of loans classified as TDRs as of March 31, 2019, was $1,129,000, with 10 loans more than 30 days past due[46]. - The specific reserves for TDRs as of March 31, 2019, amounted to $1,607,000, compared to $1,568,000 as of December 31, 2018[44]. Securities and Investments - The amortized cost of securities available for sale was $327,224,000 with an estimated fair value of $325,276,000 as of March 31, 2019[27]. - The fair value of pledged securities was $189,711,000, down from $222,829,000 on December 31, 2018[27]. - The total unrealized losses for securities available for sale amounted to $5,595,000 as of March 31, 2019[30]. - The company reported a gross realized loss of $0 for the three months ended March 31, 2019[28]. - The estimated fair value of total loans as of March 31, 2019, was $1,229,685,000, compared to $1,193,788,000 as of December 31, 2018, indicating an increase of approximately 3.0%[145]. Capital and Equity - Total shareholders' equity increased to $197,787,000 at the end of Q1 2019 from $191,542,000 at the end of Q1 2018[21]. - The company's total risk-based capital ratio increased to 14.96%, well above the 10.0% threshold for well-capitalized institutions[186]. - Return on average tangible common equity was 15.09% for Q1 2019, compared to 14.69% for the same period in 2018[187]. - The company declared cash dividends of $3,149,000 in Q1 2019, compared to $2,603,000 in Q1 2018[21]. Regulatory and Compliance - The company is currently evaluating the impact of ASU No. 2016-13, which may have a material impact on its consolidated financial statements, and has formed an implementation committee for this purpose[154]. - The Company adopted ASU No. 2014-09 on January 1, 2018, utilizing the modified retrospective approach, concluding that the new standard will have minimal impact on its consolidated financial statements[150]. - The amendments in ASU No. 2018-13, which revise disclosure requirements for fair value measurements, will not have a material impact on the Company's consolidated financial statements[162]. Miscellaneous - The company recognized $123,000 in expense for restricted stock grants in the three months ended March 31, 2019, leaving $1,046,000 in unrecognized expense[96]. - The company has not made any changes to its accounting policies or methodology for estimating the allowance for loan losses during the three months ended March 31, 2019[90]. - The company placed five loans on TDR status during the three months ended March 31, 2019, with a recorded investment of $573,000[48].