NasdaqGS:FNLC

Stock Analysis Report

Executive Summary

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.

Snowflake

Fundamentals

Excellent balance sheet established dividend payer.

Share Price & News

How has First Bancorp's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

3.2%

FNLC

3.7%

US Banks

1.8%

US Market


1 Year Return

0.9%

FNLC

1.9%

US Banks

7.3%

US Market

Return vs Industry: FNLC matched the US Banks industry which returned 1.9% over the past year.

Return vs Market: FNLC underperformed the US Market which returned 7.3% over the past year.


Shareholder returns

FNLCIndustryMarket
7 Day3.2%3.7%1.8%
30 Day1.2%0.2%-0.7%
90 Day7.9%2.5%0.06%
1 Year5.4%0.9%4.9%1.9%9.7%7.3%
3 Year33.8%19.0%51.7%41.2%46.3%36.9%
5 Year96.3%59.6%69.7%51.2%64.5%46.5%

Price Volatility Vs. Market

How volatile is First Bancorp's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is First Bancorp undervalued compared to its fair value and its price relative to the market?

12.09x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Undervalued: FNLC ($27.81) is trading above our estimate of fair value ($24.48)

Significantly Undervalued: FNLC is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: FNLC is good value based on its PE Ratio (12.1x) compared to the Banks industry average (12.6x).

PE vs Market: FNLC is good value based on its PE Ratio (12.1x) compared to the US market (17.7x).


Price to Earnings Growth Ratio

Low PEG Ratio: Insufficient data to calculate FNLC's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: FNLC is overvalued based on its PB Ratio (1.5x) compared to the US Banks industry average (1.2x).


Next Steps

Future Growth

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

-0.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FNLC's earnings are forecast to decline over the next 3 years (-0.3% per year).

Earnings vs Market: FNLC's earnings are forecast to decline over the next 3 years (-0.3% per year).

High Growth Earnings: FNLC's earnings are forecast to decline over the next 3 years.

Revenue vs Market: Insufficient data to determine if FNLC's revenue is forecast to grow faster than the US market.

High Growth Revenue: Insufficient data to determine if FNLC's revenue is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: Insufficient data to determine if FNLC's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has First Bancorp performed over the past 5 years?

11.0%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: FNLC's earnings have grown by 11% per year over the past 5 years.

Accelerating Growth: FNLC's earnings growth over the past year (16.6%) exceeds its 5-year average (11% per year).

Earnings vs Industry: FNLC earnings growth over the past year (16.6%) underperformed the Banks industry 30.5%.


Return on Equity

High ROE: FNLC's Return on Equity (12.1%) is considered low.


Return on Assets

ROA vs Industry: FNLC has a higher Return on Assets than the Banks industry average last year.


Return on Capital Employed

ROCE Improving: Insufficient data to calculate FNLC's Return on Capital Employed to determine if it has improved over the past 3 years.


Next Steps

Financial Health

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


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: FNLC has a low level of unsold assets or inventory.

Debt Coverage by Assets: FNLC's debt is not covered by short term assets (assets are 0.2x debt).


Financial Institutions Analysis

Asset Level: FNLC's level of assets compared to its equity is low.

Allowance for Bad Loans: FNLC has a low allowance for bad loans.

Low Risk Liabilities: FNLC's liabilities are made up of primarily low risk sources of funding.

Loan Level: FNLC has an acceptable proportion of non-loan assets held.

Low Risk Deposits: FNLC's loans are broadly funded by customer deposits.

Level of Bad Loans: FNLC has an appropriate level of bad loans (1.23%)


Next Steps

Dividend

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

4.31%

Current Dividend Yield


Dividend Yield vs Market

company4.3%marketbottom25%1.5%markettop25%3.7%industryaverage3.0%forecastin3Yearsn/a

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: FNLC's dividend (4.31%) is higher than the bottom 25% of dividend payers in the US market (1.45%).

High Dividend: FNLC's dividend (4.31%) is in the top 25% of dividend payers in the US market (3.72%)

Stable Dividend: FNLC's dividends per share have been stable in the past 10 years.

Growing Dividend: FNLC's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (50.8%), FNLC's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

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

4.8yrs

Average management tenure


CEO

Tony McKim (52yo)

4.8yrs

Tenure

US$858,076

Compensation

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 Natio ...


CEO Compensation Analysis

Compensation vs. Market: Tony's total compensation ($USD858.08K) is below average for companies of similar size in the US market ($USD1.79M).

Compensation vs Earnings: Tony's compensation has been consistent with company performance over the past year.


Management Age and Tenure

4.8yrs

Average Tenure

56.5yo

Average Age

Experienced Management: FNLC's management team is considered experienced (4.8 years average tenure).


Board Age and Tenure

14.8yrs

Average Tenure

66yo

Average Age

Experienced Board: FNLC's board of directors are seasoned and experienced ( 14.8 years average tenure).


Insider Trading

Insider Buying: FNLC insiders have sold more shares than they have bought in the past 3 months.


Recent Insider Transactions

SellUS$10108 Aug 19
Steven Parady
EntityIndividual
Shares4
Max PriceUS$25.25
BuyUS$4,97008 Aug 19
Steven Parady
EntityIndividual
Shares200
Max PriceUS$24.85
SellUS$27,41001 Aug 19
Charles Wootton
EntityIndividual
Role
Senior Key Executive
Executive VP & Clerk
Shares1,052.68
Max PriceUS$26.04
SellUS$43,64315 May 19
Katherine Boyd
EntityIndividual
Role
Member of the Board of Directors
Director
Shares1,697
Max PriceUS$25.72
SellUS$33,47829 Jan 19
Charles Wootton
EntityIndividual
Role
Senior Key Executive
Executive VP & Clerk
Shares1,501.69
Max PriceUS$22.29
BuyUS$9,20720 Nov 18
Mark Rosborough
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares341
Max PriceUS$27.00

Ownership Breakdown


Management Team

  • Charlie Wootton (63yo)

    Executive VP & Clerk

    • Tenure: 18.8yrs
    • Compensation: US$385.44k
  • Richard Elder (54yo)

    Executive VP

    • Tenure: 1.6yrs
    • Compensation: US$300.65k
  • Susan Norton (59yo)

    CRA Officer & Compliance Officer

    • Tenure: 0yrs
    • Compensation: US$333.18k
  • Tony McKim (52yo)

    President

    • Tenure: 4.8yrs
    • Compensation: US$858.08k

Board Members

  • Stuart Smith (66yo)

    Director

    • Tenure: 22.8yrs
    • Compensation: US$32.70k
  • Rob Gregory (66yo)

    Director

    • Tenure: 32.8yrs
    • Compensation: US$30.30k
  • Steve Ward (66yo)

    Director

    • Tenure: 1.5yrs
    • Compensation: US$145.64k
  • Bruce Tindal (69yo)

    Director

    • Tenure: 20.8yrs
    • Compensation: US$30.90k
  • Katherine Boyd (68yo)

    Director

    • Tenure: 26.8yrs
    • Compensation: US$32.70k
  • Tony McKim (52yo)

    President

    • Tenure: 4.8yrs
    • Compensation: US$858.08k
  • Mark Rosborough (71yo)

    Chairman of the Board

    • Tenure: 1.8yrs
    • Compensation: US$39.50k
  • Connie Russell (55yo)

    Director

    • Tenure: 5.7yrs
    • Compensation: US$30.90k
  • Renee Kelly (49yo)

    Director

    • Tenure: 3.8yrs
    • Compensation: US$35.85k

Company Information

The First Bancorp, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: The First Bancorp, Inc.
  • Ticker: FNLC
  • Exchange: NasdaqGS
  • Founded: 1985
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$302.956m
  • Shares outstanding: 10.89m
  • Website: https://www.thefirst.com

Number of Employees


Location

  • The First Bancorp, Inc.
  • Main Street
  • Damariscotta
  • Maine
  • 4543
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FNLCNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDJul 1999

Biography

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 depo ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/17 23:57
End of Day Share Price2019/10/17 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.