The First Bancorp, Inc. Announces Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 18, 2017 at 04:15 pm
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The First Bancorp, Inc. announced consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total interest income of $13,600,000 compared with $13,038,000 for the same period a year ago. Net interest income was $10,738,000 compared with $10,645,000 for the same period a year ago. Income before income taxes was $5,790,000 compared with $5,014,000 for the same period a year ago. Net income was $4,320,000 compared with $3,769,000 for the same period a year ago. Diluted earnings per share was $0.40 compared with $0.35 for the same period a year ago. Book value per common share was $15.98 compared with $15.58 for the same period a year ago. Tangible book value per common share was $13.20 compared with $12.78 for the same period a year ago. Return on average equity was 9.70% compared with 8.85% for the same period a year ago. Return on average tangible common equity was 11.68% compared with 10.77% for the same period a year ago. Return on average assets was 1.03% compared with 0.96% for the same period a year ago.
For the full year, the company reported total interest income of $53,759,000 compared with $50,810,000 for the same period a year ago. Net interest income was $42,947,000 compared with $40,936,000 for the same period a year ago. Income before income taxes was $24,463,000 compared with $21,720,000 for the same period a year ago. Net income was $18,009,000 compared with $16,206,000 for the same period a year ago. Diluted earnings per share was $1.66 compared with $1.51 for the same period a year ago. Book value per common share was $15.98 compared with $15.58 for the same period a year ago. Tangible book value per common share was $13.20 compared with $12.78 for the same period a year ago. Return on average equity was 10.28% compared with 9.74% for the same period a year ago. Return on average tangible common equity was 12.42% compared with 11.90% for the same period a year ago. Return on average assets was 1.12% compared with 1.07% for the same period a year ago.
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.
THE FIRST BANCORP, INC. 
