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First Bancorp

Nasdaq:FNLC
Snowflake Description

Excellent balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FNLC
Nasdaq
$273M
Market Cap
  1. Home
  2. US
  3. Banks
Company description

The First Bancorp, Inc. operates as the holding company for First National Bank that provides a range of banking products and services to individual and corporate customers. The last earnings update was 42 days ago. More info.


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FNLC Share Price and Events
7 Day Returns
0.2%
NasdaqGS:FNLC
0.1%
US Banks
1.2%
US Market
1 Year Returns
-14.8%
NasdaqGS:FNLC
-7.6%
US Banks
2.3%
US Market
FNLC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
First Bancorp (FNLC) 0.2% -2.7% 2.2% -14.8% 17.4% 49.3%
US Banks 0.1% 0.5% 0.7% -7.6% 45.6% 41.7%
US Market 1.2% 2% 2% 2.3% 37.9% 39.8%
1 Year Return vs Industry and Market
  • FNLC underperformed the Banks industry which returned -7.6% over the past year.
  • FNLC underperformed the Market in United States of America which returned 2.3% over the past year.
Price Volatility
FNLC
Industry
5yr Volatility vs Market

Value

 Is First Bancorp undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of First Bancorp to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for First Bancorp.

NasdaqGS:FNLC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $16.62 * 10.5%
$1.74
Book Value of Equity per Share Median Book Value from the past 5 years. $16.62
Discount Rate (Cost of Equity) See below 8.2%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:FNLC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.59
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.594 (1 + (1- 21%) (62.34%))
0.924
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.92
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.924 * 5.96%)
8.24%

Discounted Cash Flow Calculation for NasdaqGS:FNLC using Excess Returns Model Model

The calculations below outline how an intrinsic value for First Bancorp is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NasdaqGS:FNLC Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (10.5% – 8.24%) * $16.62)
$0.37
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $0.37 / (8.24% - 2.73%)
$6.71
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $16.62 + $6.71
$23.33
NasdaqGS:FNLC Discount to Share Price
Calculation Result
Value per share (USD) From above. $23.33
Current discount Discount to share price of $25.24
= -1 x ($25.24 - $23.33) / $23.33
-8.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of First Bancorp is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for First Bancorp's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are First Bancorp's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:FNLC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $2.24
NasdaqGS:FNLC Share Price ** NasdaqGS (2019-06-19) in USD $25.24
United States of America Banks Industry PE Ratio Median Figure of 600 Publicly-Listed Banks Companies 12.75x
United States of America Market PE Ratio Median Figure of 3,092 Publicly-Listed Companies 17.87x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of First Bancorp.

NasdaqGS:FNLC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:FNLC Share Price ÷ EPS (both in USD)

= 25.24 ÷ 2.24

11.26x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • First Bancorp is good value based on earnings compared to the US Banks industry average.
  • First Bancorp is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does First Bancorp's expected growth come at a high price?
Raw Data
NasdaqGS:FNLC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.26x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
-0.3%per year
United States of America Banks Industry PEG Ratio Median Figure of 272 Publicly-Listed Banks Companies 1.37x
United States of America Market PEG Ratio Median Figure of 2,128 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for First Bancorp, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on First Bancorp's assets?
Raw Data
NasdaqGS:FNLC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $18.17
NasdaqGS:FNLC Share Price * NasdaqGS (2019-06-19) in USD $25.24
United States of America Banks Industry PB Ratio Median Figure of 603 Publicly-Listed Banks Companies 1.2x
United States of America Market PB Ratio Median Figure of 5,246 Publicly-Listed Companies 1.8x
NasdaqGS:FNLC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:FNLC Share Price ÷ Book Value per Share (both in USD)

= 25.24 ÷ 18.17

1.39x

* Primary Listing of First Bancorp.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • First Bancorp is overvalued based on assets compared to the US Banks industry average.
X
Value checks
We assess First Bancorp's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. First Bancorp has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is First Bancorp expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover First Bancorp, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-0.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is First Bancorp expected to grow at an attractive rate?
  • First Bancorp's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • First Bancorp's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Unable to compare First Bancorp's revenue growth to the United States of America market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:FNLC Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:FNLC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts -0.3%
United States of America Banks Industry Earnings Growth Rate Market Cap Weighted Average 3.9%
United States of America Banks Industry Revenue Growth Rate Market Cap Weighted Average 3.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:FNLC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:FNLC Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 62 24 24
2018-12-31 61 34 24
2018-09-30 60 29 22
2018-06-30 60 32 21
2018-03-31 59 30 20
2017-12-31 58 22 20
2017-09-30 56 26 19
2017-06-30 55 24 18
2017-03-31 54 21 18
2016-12-31 54 21 18
2016-09-30 53 20 17
2016-06-30 53 20 17

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • First Bancorp's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Unable to determine if First Bancorp is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:FNLC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from First Bancorp Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:FNLC Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 2.24
2018-12-31 2.18
2018-09-30 2.07
2018-06-30 1.98
2018-03-31 1.90
2017-12-31 1.82
2017-09-30 1.75
2017-06-30 1.72
2017-03-31 1.69
2016-12-31 1.68
2016-09-30 1.63
2016-06-30 1.60

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if First Bancorp will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess First Bancorp's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
First Bancorp has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has First Bancorp performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare First Bancorp's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • First Bancorp's year on year earnings growth rate has been positive over the past 5 years.
  • First Bancorp's 1-year earnings growth exceeds its 5-year average (18.2% vs 10.8%)
  • First Bancorp's earnings growth has not exceeded the US Banks industry average in the past year (18.2% vs 40.4%).
Earnings and Revenue History
First Bancorp's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from First Bancorp Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:FNLC Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 61.94 24.19 25.08
2018-12-31 61.31 23.54 25.17
2018-09-30 60.40 22.26 25.18
2018-06-30 59.86 21.31 24.97
2018-03-31 59.07 20.46 24.54
2017-12-31 57.85 19.59 23.89
2017-09-30 56.01 18.82 23.27
2017-06-30 54.93 18.40 22.81
2017-03-31 54.35 18.14 22.42
2016-12-31 53.85 18.01 21.93
2016-09-30 53.48 17.46 21.99
2016-06-30 53.14 17.08 21.76
2016-03-31 52.07 16.53 21.58
2015-12-31 51.62 16.21 21.74
2015-09-30 51.01 15.86 21.03
2015-06-30 51.03 15.78 21.23
2015-03-31 50.71 15.46 21.20
2014-12-31 49.50 14.71 21.07
2014-09-30 48.71 14.79 21.05
2014-06-30 46.72 14.00 20.52
2014-03-31 46.02 13.35 20.49
2013-12-31 45.33 12.58 20.13
2013-09-30 44.45 12.13 19.27
2013-06-30 43.88 11.84 18.73
2013-03-31 43.41 11.89 18.07
2012-12-31 42.33 11.97 17.50
2012-09-30 41.90 11.76 16.95
2012-06-30 41.94 11.37 16.89

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • First Bancorp has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • First Bancorp used its assets more efficiently than the US Banks industry average last year based on Return on Assets.
  • Unable to establish if First Bancorp improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess First Bancorp's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
First Bancorp has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is First Bancorp's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of First Bancorp's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from First Bancorp Company Filings, last reported 2 months ago.

NasdaqGS:FNLC Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 197.79 170.42 16.93
2018-12-31 191.54 210.32 30.67
2018-09-30 184.66 265.27 75.58
2018-06-30 183.30 297.46 25.29
2018-03-31 181.37 244.23 19.28
2017-12-31 181.32 228.76 22.02
2017-09-30 179.88 234.33 24.55
2017-06-30 177.54 282.28 25.63
2017-03-31 174.85 226.47 22.76
2016-12-31 172.52 278.90 19.45
2016-09-30 175.99 268.10 38.64
2016-06-30 174.79 283.30 28.41
2016-03-31 171.55 276.53 20.91
2015-12-31 167.50 337.46 18.31
2015-09-30 167.14 297.37 19.47
2015-06-30 163.81 278.01 41.05
2015-03-31 163.52 312.58 14.19
2014-12-31 161.55 279.92 16.62
2014-09-30 159.19 258.64 17.94
2014-06-30 157.45 298.52 20.69
2014-03-31 152.42 253.52 16.83
2013-12-31 146.10 279.13 19.13
2013-09-30 146.65 266.78 20.90
2013-06-30 145.97 257.11 19.02
2013-03-31 163.67 261.19 22.46
2012-12-31 156.32 282.91 16.60
2012-09-30 156.64 304.75 15.59
2012-06-30 153.41 248.93 14.19
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • First Bancorp has an acceptable proportion of non-loan assets held.
  • First Bancorp's liabilities are made up of primarily low risk sources of funding.
  • Loans at First Bancorp are broadly funded by customer deposits.
  • First Bancorp's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • First Bancorp has a low allowance for bad loans.
  • First Bancorp has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess First Bancorp's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. First Bancorp has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is First Bancorp's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.6%
Current annual income from First Bancorp dividends.
If you bought $2,000 of First Bancorp shares you are expected to receive $92 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • First Bancorp's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • First Bancorp's dividend is above the markets top 25% of dividend payers in United States of America (3.69%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:FNLC Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
United States of America Banks Industry Average Dividend Yield Market Cap Weighted Average of 478 Stocks 2.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2011 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:FNLC Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-28 1.160 4.490
2018-12-20 1.160 4.437
2018-09-27 1.160 4.151
2018-06-28 1.160 3.933
2018-03-22 0.960 3.370
2017-12-21 0.960 3.422
2017-09-28 0.960 3.199
2017-06-29 0.960 3.588
2017-03-23 0.920 3.475
2016-12-22 0.920 3.279
2016-09-22 0.920 3.555
2016-06-23 0.920 4.187
2016-03-24 0.880 4.441
2015-12-17 0.880 4.616
2015-09-16 0.880 4.310
2015-06-17 0.880 4.656
2015-03-19 0.840 4.933
2014-12-18 0.840 4.943
2014-09-18 0.840 4.826
2014-06-19 0.840 5.022
2014-03-21 0.800 4.944
2013-12-19 0.800 4.786
2013-09-19 0.780 4.541
2013-06-20 0.780 4.549
2013-03-21 0.780 4.662
2012-12-26 0.780 4.559
2012-09-20 0.780 4.820
2012-06-21 0.780 4.668
2012-03-15 0.780 5.376
2011-12-15 0.780 5.054
2011-09-16 0.780 5.755
2011-06-15 0.780 5.572
2011-03-17 0.780 5.422
2010-12-16 0.780 5.197
2010-09-16 0.780 5.537
2010-06-17 0.780 5.809
2010-03-18 0.780 5.118
2009-12-17 0.780 5.350
2009-09-17 0.780 4.646

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of First Bancorp's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess First Bancorp's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can First Bancorp afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. First Bancorp has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of First Bancorp's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Tony McKim
COMPENSATION $858,076
AGE 51
TENURE AS CEO 4.4 years
CEO Bio

Mr. Tony C. McKim has been the Chief Executive Officer of First National Bank and The First Bancorp, Inc. since January 02, 2015. Mr. McKim has been the President of The First Bancorp, Inc. and First National Bank since June 01, 2014 and served as their Chief Operating Officer since January 14, 2005. He served as an Executive Vice President of The First Bancorp, Inc. and First National Bank from January 14, 2005 to June 01, 2014. Mr. McKim served as Executive Vice President of The First, N.A. Prior to the merger, Mr. McKim served as the President and Chief Executive Officer of FNB Bankshares and has over 16 years of experience in the banking industry. He joined FNB in 1992 as an Internal Auditor and prior to becoming President and Chief Executive Officer in February 2000, spent 8 years in numerous positions within FNBBH including Controller, Vice President, Senior Vice President, Chief Financial Officer and Chief Operating Officer. Prior to FNBBH, he spent four years in Public Accounting with Albin Randall & Bennett in Portland, Maine. He serves as the Chairman of Maine Bankers Association. He has been a Director of The First Bancorp, Inc. and the First National Bank since January 14, 2005. He is an Active Member of Hancock and Washington County communities, serving as a Member of the Board of Directors of many local, regional and state organizations including MDI Hospital, Maine Seacoast Mission, Maine Health Alliance, Coastal Acadia Development Corporation, Maine Bankers Association, Independent Bankers Trust, Acadian Youth Football League and Trenton Little League. His involvement in his local community ranges from MDI Rotary Club to Chairman of the Board of Camp Beech Cliff and Trenton Cub Scout Leader. Mr. McKim is involved in several local associations, including Harbor House and Ellsworth Business Development Corporation. He received an honors graduate at the New England School of Banking and earned a course certificate in Bank Investments and Financial Management from the University of South Carolina’s Darla Moore School of Business. Mr. McKim holds B.S. in Business Administration from the University of Maine.

CEO Compensation
  • Tony's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Tony's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the First Bancorp management team in years:

4.4
Average Tenure
55.5
Average Age
  • The tenure for the First Bancorp management team is about average.
Management Team

Tony McKim

TITLE
President
COMPENSATION
$858K
AGE
51
TENURE
4.4 yrs

Richard Elder

TITLE
Executive VP
COMPENSATION
$301K
AGE
53
TENURE
1.3 yrs

Susan Norton

TITLE
CRA Officer & Compliance Officer
COMPENSATION
$333K
AGE
58

Charlie Wootton

TITLE
Executive VP & Clerk
COMPENSATION
$385K
AGE
62
TENURE
18.4 yrs
Board of Directors Tenure

Average tenure and age of the First Bancorp board of directors in years:

14.4
Average Tenure
65
Average Age
  • The average tenure for the First Bancorp board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Mark Rosborough

TITLE
Chairman of the Board
COMPENSATION
$40K
AGE
70
TENURE
1.4 yrs

Tony McKim

TITLE
President
COMPENSATION
$858K
AGE
51
TENURE
14.4 yrs

Rob Gregory

TITLE
Director
COMPENSATION
$30K
AGE
65
TENURE
32.4 yrs

Bruce Tindal

TITLE
Director
COMPENSATION
$31K
AGE
68
TENURE
20.4 yrs

Stuart Smith

TITLE
Director
COMPENSATION
$33K
AGE
65
TENURE
22.4 yrs

Katherine Boyd

TITLE
Director
COMPENSATION
$33K
AGE
67
TENURE
26.4 yrs

Connie Russell

TITLE
Director
COMPENSATION
$31K
AGE
54
TENURE
5.3 yrs

Renee Kelly

TITLE
Director
COMPENSATION
$36K
AGE
48
TENURE
3.4 yrs

Steve Ward

TITLE
Director
COMPENSATION
$146K
AGE
65
TENURE
1.2 yrs
Who owns this company?
Recent Insider Trading
  • First Bancorp insiders have only sold shares in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
15. May 19 Sell Katherine Boyd Individual 13. May 19 13. May 19 -1,697 $25.72 $-43,643
29. Jan 19 Sell Charles Wootton Individual 24. Jan 19 24. Jan 19 -1,502 $22.29 $-33,478
20. Nov 18 Buy Mark Rosborough Individual 19. Nov 18 19. Nov 18 341 $27.00 $9,207
02. Aug 18 Sell Susan Norton Individual 02. Aug 18 02. Aug 18 -3,000 $30.29 $-90,868
27. Jul 18 Sell Steven Parady Individual 27. Jul 18 27. Jul 18 -1,000 $30.50 $-30,479
X
Management checks
We assess First Bancorp's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. First Bancorp has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Should You Be Adding First Bancorp (NASDAQ:FNLC) To Your Watchlist Today?

If, on the other hand, you like companies that have revenue, and even earn profits, then you may well be interested in First Bancorp (NASDAQ:FNLC). … First Bancorp maintained stable EBIT margins over the last year, all while growing revenue 4.8% to US$62m. … I discovered that the median total compensation for the CEOs of companies like First Bancorp with market caps between US$100m and US$400m is about US$1.1m.

Simply Wall St -

How Should Investors Feel About The First Bancorp, Inc.'s (NASDAQ:FNLC) CEO Pay?

First, this article will compare CEO compensation with compensation at similar sized companies. … See our latest analysis for First Bancorp How Does Tony McKim's Compensation Compare With Similar Sized Companies? … is worth US$281m, and total annual CEO compensation is US$858k.

Simply Wall St -

You Have To Love The First Bancorp, Inc.'s (NASDAQ:FNLC) Dividend

(NASDAQ:FNLC) be an attractive dividend share to own for the long haul? … Yet sometimes, investors buy a popular dividend stock because of its yield, and then lose money if the company's dividend doesn't live up to expectations. … In this case, First Bancorp likely looks attractive to investors, given its 4.5% dividend yield and a payment history of over ten years.

Simply Wall St -

Have Insiders Been Selling The First Bancorp, Inc. (NASDAQ:FNLC) Shares?

So we'll take a look at whether insiders have been buying or selling shares in The First Bancorp, Inc. … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … Over the last year we saw more insider selling of First Bancorp shares, than buying

Simply Wall St -

Did You Miss First Bancorp's (NASDAQ:FNLC) 48% Share Price Gain?

By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … Over half a decade, First Bancorp managed to grow its earnings per share at 13% a year. … This EPS growth is higher than the 8.1% average annual increase in the share price.

Simply Wall St -

Could The The First Bancorp, Inc. (NASDAQ:FNLC) Ownership Structure Tell Us Something Useful?

So it's nice to see some insider ownership, because it may suggest that management is owner-oriented. … Our analysis of the ownership of the company, below, shows that. … We can zoom in on the different ownership groups, to learn more about FNLC

Simply Wall St -

Does The First Bancorp, Inc.'s (NASDAQ:FNLC) CEO Pay Reflect Performance?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … How Does Tony McKim's Compensation Compare With Similar Sized Companies. … has a market cap of US$295m, and is paying total annual CEO compensation of US$736k.

Simply Wall St -

Are You Considering All The Risks For The First Bancorp, Inc.’s (NASDAQ:FNLC)?

As a small-cap bank with a market capitalisation of US$288m, The First Bancorp, Inc.’s (NASDAQ:FNLC) profit and value are directly affected by economic growth. … Risk associated with repayment is measured by bad debt which is written off as an expense, impacting First Bancorp’s bottom line. … Since the level of risky assets held by the bank impacts the attractiveness of it as an investment, I will take you through three metrics that are insightful proxies for risk.

Simply Wall St -

Financial Metrics For The First Bancorp, Inc. (NASDAQ:FNLC)

As a small-cap bank stock with a market capitalisation of US$280m, The First Bancorp, Inc.’s (NASDAQ:FNLC) risk and profitability are largely determined by the underlying economic growth of the US regions in which it operates. … Since banks make money by reinvesting its customers’ deposits in the form of loans, strong economic growth will drive the level of savings deposits and demand for loans, directly impacting the cash flows of those banks. … Strong management of leverage and liquidity could place the bank in a protected position at the face of macro headwinds.

Simply Wall St -

The First Bancorp, Inc. (NASDAQ:FNLC): 2 Days To Buy Before The Ex-Dividend Date

Have you been keeping an eye on The First Bancorp, Inc.'s (NASDAQ:FNLC) upcoming dividend of US$0.29 per share payable on the 31 January 2019? … Has its dividend been stable over the past (i.e. no missed payments or significant payout cuts)? … Is its earnings sufficient to payout dividend at the current rate

Simply Wall St -

Company Info

Description

The First Bancorp, Inc. operates as the holding company for First National Bank that provides a range of banking products and services to individual and corporate customers. The company offers various deposit products, including demand, NOW, savings, money market, and certificates of deposit accounts. It also provides commercial loan products, such as mortgage loans to finance investments in real property comprising multi-family residential, commercial/retail, office, industrial, hotel, educational, and other specific or mixed use properties; loans to finance construction of owner- and non-owner occupied commercial real estate properties; and revolving and term loan obligations to business and corporate enterprises for the purpose of financing working capital or capital investment. In addition, the company offers municipal loans for capitalized expenditures, construction projects, or tax-anticipation notes; residential term loans that include amortizing home mortgages and construction loans, which include loans for owner-occupied residential construction; home equity loans and lines of credit; and consumer loans, which are amortizing loans to individuals collateralized by automobiles, pleasure crafts, and recreation vehicles, as well as unsecured short-term time notes. Further, it provides private banking, financial planning, investment management, and trust services to individuals, businesses, non-profit organizations, and municipalities. The First Bancorp, Inc. operates through 16 full-service banking offices in Lincoln, Knox, Hancock, Washington, and Penobscot 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 1985 and is based in Damariscotta, Maine.

Details
Name: The First Bancorp, Inc.
FNLC
Exchange: NasdaqGS
Founded: 1985
$273,386,430
10,887,552
Website: http://www.thefirst.com
Address: The First Bancorp, Inc.
Main Street,
Damariscotta,
Maine, 04543,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS FNLC Common Stock Nasdaq Global Select US USD 14. Jul 1999
Number of employees
Current staff
Staff numbers
235
First Bancorp employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/20 00:24
End of day share price update: 2019/06/19 00:00
Last earnings filing: 2019/05/09
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.