The First Bancorp Announces First Quarter Earnings

The First Bancorp (Nasdaq: FNLC), parent company of First National Bank, today announced operating results for the three months ended March 31, 2023. Unaudited net income for the period was $8.0 million representing diluted earnings per share of $0.72, as compared to net income of $9.7 million and diluted earnings per share of $0.88 in the first quarter of 2022. Non-recurring revenues in the first quarter of 2022, including Payroll Protection Program ("PPP") fees and debit card program incentives, accounted for $1.4 million of the year-to-year change, or $0.13 per diluted share, and a decrease in mortgage banking revenue, another $306,000, or $0.03 per share. Removing these effects, net income was approximately flat versus the prior year period. Earnings were down from the fourth quarter of 2022 when the Company reported net income of $9.2 million and diluted earnings per share of $0.83. The primary change quarter-to-quarter was a decline in net interest income of $2.0 million, or $0.18 per diluted share, the result of margin pressure on the funding side of the balance sheet. Rate driven competition for local deposits and rising costs for wholesale funding were the primary factors behind the margin pressure experienced in the period.

"The FDIC's well publicized closure and subsequent sale of several banks in March has cast a spotlight on our industry and resulted in market turbulence," commented Tony C. McKim, the Company's President and Chief Executive Officer. "The First Bancorp and First National Bank are well positioned to withstand these disruptions. We are well-capitalized, with exceptional asset quality, and a funding base that is stable and diverse."

Mr. McKim continued, "Contrary to national data showing deposits leaving the banking system, our total deposits increased in the first quarter, and we have not had to rely upon borrowings outside of the normal course of business. The Bank's uninsured deposits were estimated at just 16.4% of total deposits as of March 31, 2023, with sources of immediately available liquidity sufficient to cover the entire uninsured total. In addition, with adoption of the Current Expected Credit Loss ("CECL") methodology this quarter, our Allowance for Credit Losses ("ACL") has increased to 1.18% of total loans, adding further strength to our balance sheet as we head into potential economic uncertainty."

Turning to the first quarter's results, Mr. McKim remarked “The First Bancorp achieved solid operating results for the first three months of 2023, though down from the levels posted over the past several quarters. Our decrease in earnings from the fourth quarter is the result of a lower net interest margin due to increased funding costs. We began to experience increased funding cost pressure late in the fourth quarter of 2022, and that trend has continued with higher costs year-to-date for both local and wholesale deposits. Our net interest margin was 2.78% for the first quarter of 2023, down from the PPP aided 3.24% a year ago, and down from 3.09% in the fourth quarter of 2022. Earning asset growth helped to partially offset the effects of margin contraction and this growth was focused in the loan portfolio, which has grown $68.2 million year-to-date, an annualized rate of 14.4%. First quarter growth was centered in commercial loans, commercial real estate loans and loans secured by one-to-four family residential real estate. Our pipeline of new loans in process continues to be healthy."

Mr. McKim continued, "Non-interest income was also under pressure in the first quarter, down 15.7% compared to a year ago, and down 7.2% from the fourth quarter of 2022. Compared to a year ago, mortgage banking revenues fell $306,000 and debit card revenue fell $245,000; compared to the fourth quarter of 2022, debit card revenue fell $279,000. Debit card interchange revenue has been reasonably steady, and the quarterly revenue changes are mostly attributable to the timing of annual incentive payments. Operating expenses remain controlled, increasing a modest 1.9% from a year ago and decreasing 7.4% from the fourth quarter of 2022. Our efficiency ratio for the quarter was 49.98%, up from 45.42% for the same period a year ago, and from 48.83% in the fourth quarter of 2022."

FIRST QUARTER 2023 FINANCIAL HIGHLIGHTS

  • Net Income of $8.0 million is a decrease of 17.9% from the quarter ended March 31, 2022, and a decrease of 13.3% from the quarter ended December 31, 2022,
  • Pre-tax, Pre-Provision ("PTPP") Net Income (non-GAAP) decreased 16.5% compared to the first quarter of 2022 and decreased 12.3% from the fourth quarter of 2022.
  • Loan balances increased $68.2 million in the first quarter to $1.98 billion.
  • Total deposits were $2.47 billion as of March 31, 2023, an increase of 3.7% from December 31, 2022.
  • Asset quality remained very strong as of March 31, 2023 with a ratio of Non-Performing Assets to Total Assets of just 0.06%, and a ratio of Past Due Loans to Total Loans of 0.10%.
  • A quarterly shareholder dividend of $0.34 per share was declared.

FINANCIAL CONDITION

Total assets at March 31, 2023, were $2.81 billion, up $72.6 million in the first quarter and up $263.2 million from a year ago. Earning assets increased $68.9 million during the quarter comprised primarily of an increase in loans of $68.2 million. As compared to March 31, 2022, earning assets have increased by $248.5 million centered in loan growth of $275.5 million, a decrease in the carrying value of investments of $11.6 million, and a reduction in interest earning cash balances of $15.7 million.

Loan growth in the first quarter was concentrated in the commercial and residential portfolios. Commercial loans increased by $50.6 million during the period, led by increases in owner-occupied commercial real estate of $28.6 million, non-owner occupied commercial real estate of $20.8 million and commercial & industrial loans of $20.3 million; commercial construction balances decreased by $21.2 million as a number of projects converted to permanent financing. Residential term loans increased by $9.4 million in the first quarter while residential construction loans increased by $2.8 million.

Total deposits at March 31, 2023 were $2.47 billion, up $87.8 million during the quarter, and up $308.2 million or 14.3% from March 31, 2022. Certificates of deposit increased by $142.0 million in the first quarter, while low-cost deposits decreased by $55.7 million, centered in Demand and Savings account balances. Borrowings decreased by $19.6 million. The Bank typically experiences a modest level of local deposit outflow annually in the first quarter based upon seasonal factors. Local deposits as of March 31, 2023 were down 1.75% from 2022 year-end, well within a normal range.

The Company’s regulatory capital position remained strong as of March 31, 2023, with an estimated total risk-based capital ratio of 13.81%, in line with the total capital ratio of 13.58% as of December 31, 2022, and 14.08% as of March 31, 2022. The Company adopted ASC 326, the CECL standard, in the first quarter of 2023, incurring a retained earnings adjustment of $6.3 million. This adjustment resulted in the Company's leverage capital ratio decreasing to an estimated 8.75% as of March 31, 2023 from the 9.01% and 8.96% reported as of December 31, 2022, and as of March 31, 2022, respectively. The Company's tangible book value per share after CECL adjustment, which includes unrealized losses on available for sale securities, was $17.84 as of March 31, 2023, down modestly from $17.93 at December 31, 2022. The Tangible Common Equity ratio was 7.11% as of March 31, 2023, down from 7.31% as of December 31, 2022, with the period-to-period change based mostly in the CECL adjustment.

ASSET QUALITY & PROVISION FOR CREDIT LOSSES

Asset quality continues to be very strong. As of March 31, 2023, the ratio of non-performing assets to total assets was 0.06%, level with December 31, 2022, and down from 0.20% at March 31, 2022. Net charge-offs year-to-date in 2023 were an annualized 0.01% of total loans, as compared to 0.03% in 2022. Past due loans were 0.10% of total loans as of March 31, 2023, in line with 0.08% of total loans at December 31, 2022, and improved from 0.25% as of March 31, 2022.

The provision for credit losses totaled $550,000 in the first quarter of 2023 under CECL methodology, compared with $450,000 for the same period in 2022 under the incurred loss method. The Company has modeled its ACL using a discounted cash flow approach applied to each segment of the loan portfolio. The ACL stood at 1.18% of total loans and 1,303% of non-performing loans as of March 31, 2023, as compared to an allowance for loan losses of 0.87% of total loans and 953% of non-performing loans at December 31, 2022, and 0.92% of total loans and 312% of non-performing loans as of March 31, 2022.

OPERATING RESULTS - First Quarter of 2023 vs. Fourth Quarter of 2022

Net Income for the three months ended March 31, 2023, was $8.0 million, a decrease of $1.2 million or 13.3% from the three months ended December 31, 2022. On a PTPP (non-GAAP) basis, net income for the period was $10.2 million, down $1.4 million or 12.3%. The Company’s Return on Average Assets of 1.16% for the quarter was down from 1.34%; the first quarter 2023 PTPP Return on Average Assets was 1.49%, down from 1.70% in the prior quarter. Return on Average Tangible Common Equity was 15.64% for the period, compared to 18.71%. The Company's Efficiency Ratio (non-GAAP) was 49.98% in the first quarter of 2023, up modestly from 48.83% in the fourth quarter of 2022.

Contributing factors to the Company’s operating results in the three months ended March 31, 2023, included:

  • Net interest income was $17.5 million, down $2.0 million or 10.3% from the fourth quarter of 2022.
    • Net interest margin for the first quarter of 2023 was 2.78%, down from 3.09%.
    • The average tax equivalent yield on earning assets increased from 4.26% to 4.54%
    • The average cost of total liabilities increased from 1.42% to 2.09%
  • Non-interest income before securities gains or losses was $3.6 million, a decrease of $278,000 or 7.2% from the fourth quarter of 2022. In addition to the debit card and mortgage banking factors mentioned previously, revenue increased $59,000 or 5.4% from the fourth quarter of 2022 at First National Wealth Management, the Bank’s trust and investment management division, and service charge revenue decreased by $30,000.
  • Non-interest expense for the quarter ended March 31, 2023 was $10.9 million, a decrease of $861,000, or 7.4% from the fourth quarter of 2022. Primary contributors to the expense reduction were employee expenses and other operating expenses; occupancy expenses increased due mostly to seasonal factors.

DIVIDEND

On March 30, 2023, the Company's Board of Directors declared a first quarter dividend of $0.34 per share. The first quarter dividend represents a payout to shareholders of 46.6% of earnings per share for the period, and will be paid on April 20, 2023, to shareholders of record as of April 10, 2023.

ABOUT THE FIRST BANCORP

The First Bancorp, the parent company of First National Bank, is based in Damariscotta, Maine. Founded in 1864, First National Bank is a full-service community bank with $2.78 billion in assets. The Bank provides a complete array of commercial and retail banking services through eighteen locations in mid-coast and eastern Maine. First National Wealth Management, a division of the Bank, provides investment management and trust services to individuals, businesses, and municipalities. More information about The First Bancorp, First National Bank and First National Wealth Management may be found at www.thefirst.com.

 

The First Bancorp

Consolidated Balance Sheets (Unaudited)

 

In thousands of dollars, except per share data

March 31, 2023

December 31, 2022

March 31, 2022

Assets

 

 

 

Cash and due from banks

$

27,458

 

$

22,728

 

$

22,051

 

Interest-bearing deposits in other banks

 

2,773

 

 

3,693

 

 

18,427

 

Securities available-for-sale

 

288,242

 

 

284,509

 

 

313,015

 

Securities held-to-maturity1

 

391,845

 

 

393,896

 

 

377,183

 

Restricted equity securities, at cost

 

3,874

 

 

3,883

 

 

5,402

 

Loans held for sale

 

 

 

275

 

 

400

 

Loans

 

1,982,847

 

 

1,914,674

 

 

1,707,348

 

Less allowance for credit losses

 

23,458

 

 

16,723

 

 

15,766

 

Net loans

 

1,959,389

 

 

1,897,951

 

 

1,691,582

 

Accrued interest receivable

 

12,142

 

 

9,829

 

 

9,737

 

Premises and equipment

 

28,286

 

 

28,277

 

 

29,137

 

Goodwill

 

30,646

 

 

30,646

 

 

30,646

 

Other assets

 

67,165

 

 

63,491

 

 

51,027

 

Total assets

$

2,811,820

 

$

2,739,178

 

$

2,548,607

 

Liabilities

 

 

 

Demand deposits

$

293,123

 

$

318,626

 

$

321,971

 

NOW deposits

 

623,523

 

 

630,416

 

 

658,151

 

Money market deposits

 

194,183

 

 

192,632

 

 

197,176

 

Savings deposits

 

346,205

 

 

369,532

 

 

371,294

 

Certificates of deposit

 

592,052

 

 

489,793

 

 

225,304

 

Certificates $100,000 to $250,000

 

278,151

 

 

259,614

 

 

329,790

 

Certificates $250,000 and over

 

139,464

 

 

118,264

 

 

54,853

 

Total deposits

 

2,466,701

 

 

2,378,877

 

 

2,158,539

 

Borrowed funds

 

83,881

 

 

103,483

 

 

133,712

 

Other liabilities

 

32,777

 

 

27,895

 

 

22,710

 

Total Liabilities

 

2,583,359

 

 

2,510,255

 

 

2,314,961

 

Shareholders' equity

 

 

 

Common stock

 

111

 

 

110

 

 

110

 

Additional paid-in capital

 

68,830

 

 

68,435

 

 

67,246

 

Retained earnings

 

202,036

 

 

204,343

 

 

186,324

 

Net unrealized loss on securities available-for-sale

 

(40,537

)

 

(44,718

)

 

(20,061

)

Net unrealized loss on securities transferred from available-for-sale to held-to-maturity

 

(60

)

 

(64

)

 

(78

)

Net unrealized gain (loss) on hedging derivative instruments

 

(2,192

)

 

544

 

 

 

Net unrealized gain on postretirement costs

 

273

 

 

273

 

 

105

 

Total shareholders' equity

 

228,461

 

 

228,923

 

 

233,646

 

Total liabilities & shareholders' equity

$

2,811,820

 

$

2,739,178

 

$

2,548,607

 

Common Stock

 

 

 

Number of shares authorized

 

18,000,000

 

 

18,000,000

 

 

18,000,000

 

Number of shares issued and outstanding

 

11,074,182

 

 

11,045,186

 

 

11,024,086

 

Book value per common share

$

20.63

 

$

20.73

 

$

21.19

 

Tangible book value per common share

$

17.84

 

$

17.93

 

$

18.39

 

1March 31, 2023 net of allowance for credit losses

 
 

The First Bancorp

Consolidated Statements of Income (Unaudited)

 

 

 

 

In thousands of dollars, except per share data

For the quarter ended

March 31, 2023

December 31, 2022

March 31, 2022

Interest income

 

 

 

Interest and fees on loans

$

24,125

$

22,342

$

16,613

Interest on deposits with other banks

 

40

 

152

 

9

Interest and dividends on investments

 

4,749

 

4,586

 

3,911

Total interest income

 

28,914

 

27,080

 

20,533

Interest expense

 

 

 

Interest on deposits

 

10,917

 

7,169

 

1,625

Interest on borrowed funds

 

522

 

427

 

288

Total interest expense

 

11,439

 

7,596

 

1,913

Net interest income

 

17,475

 

19,484

 

18,620

Provision for credit losses

 

550

 

450

 

450

Net interest income after provision for credit losses

 

16,925

 

19,034

 

18,170

Non-interest income

 

 

 

Investment management and fiduciary income

 

1,146

 

1,087

 

1,197

Service charges on deposit accounts

 

437

 

467

 

437

Net securities gains

 

 

 

2

Mortgage origination and servicing income

 

192

 

190

 

498

Debit card income

 

1,185

 

1,464

 

1,430

Other operating income

 

609

 

639

 

668

Total non-interest income

 

3,569

 

3,847

 

4,232

Non-interest expense

 

 

 

Salaries and employee benefits

 

5,720

 

6,224

 

5,937

Occupancy expense

 

868

 

754

 

829

Furniture and equipment expense

 

1,303

 

1,318

 

1,235

FDIC insurance premiums

 

344

 

330

 

218

Amortization of identified intangibles

 

7

 

17

 

17

Other operating expense

 

2,608

 

3,068

 

2,414

Total non-interest expense

 

10,850

 

11,711

 

10,650

Income before income taxes

 

9,644

 

11,170

 

11,752

Applicable income taxes

 

1,673

 

1,973

 

2,047

Net Income

$

7,971

$

9,197

$

9,705

Basic earnings per share

$

0.73

$

0.84

$

0.89

Diluted earnings per share

$

0.72

$

0.83

$

0.88

 

 

 

 

 

The First Bancorp

Selected Financial Data (Unaudited)

 

 

 

 

Dollars in thousands, except for per share amounts

As of and for the quarter ended

March 31, 2023

December 31, 2022

March 31, 2022

 

 

 

 

Summary of Operations

 

 

 

Interest Income

$

28,914

 

$

27,080

 

$

20,533

 

Interest Expense

 

11,439

 

 

7,596

 

 

1,913

 

Net Interest Income

 

17,475

 

 

19,484

 

 

18,620

 

Provision for Credit Losses

 

550

 

 

450

 

 

450

 

Non-Interest Income

 

3,569

 

 

3,847

 

 

4,232

 

Non-Interest Expense

 

10,850

 

 

11,711

 

 

10,650

 

Net Income

 

7,971

 

 

9,197

 

 

9,705

 

Per Common Share Data

 

 

 

Basic Earnings per Share

$

0.73

 

$

0.84

 

$

0.89

 

Diluted Earnings per Share

 

0.72

 

 

0.83

 

 

0.88

 

Cash Dividends Declared

 

0.34

 

 

0.34

 

 

0.32

 

Book Value per Common Share

 

20.63

 

 

20.73

 

 

21.19

 

Tangible Book Value per Common Share

 

17.84

 

 

17.93

 

 

18.39

 

Market Value

 

25.89

 

 

29.94

 

 

30.08

 

Financial Ratios

 

 

 

Return on Average Equity1

 

13.61

%

 

16.15

%

 

15.96

%

Return on Average Tangible Common Equity1

 

15.64

%

 

18.71

%

 

18.25

%

Return on Average Assets1

 

1.16

%

 

1.34

%

 

1.56

%

Average Equity to Average Assets

 

8.56

%

 

8.32

%

 

9.80

%

Average Tangible Equity to Average Assets

 

7.45

%

 

7.18

%

 

8.57

%

Net Interest Margin Tax-Equivalent1

 

2.78

%

 

3.09

%

 

3.24

%

Dividend Payout Ratio

 

46.58

%

 

40.48

%

 

35.96

%

Allowance for Credit Losses/Total Loans

 

1.18

%

 

0.87

%

 

0.92

%

Non-Performing Loans to Total Loans

 

0.09

%

 

0.09

%

 

0.30

%

Non-Performing Assets to Total Assets

 

0.06

%

 

0.06

%

 

0.20

%

Efficiency Ratio

 

49.98

%

 

48.83

%

 

45.42

%

At Period End

 

 

 

Total Assets

$

2,811,820

 

$

2,739,178

 

$

2,548,607

 

Total Loans

 

1,982,847

 

 

1,914,674

 

 

1,707,348

 

Total Investment Securities

 

683,961

 

 

682,288

 

 

695,600

 

Total Deposits

 

2,466,701

 

 

2,378,877

 

 

2,158,539

 

Total Shareholders' Equity

 

228,461

 

 

228,923

 

 

233,646

 

1Annualized using a 365-day basis for both 2023 and 2022.

Use of Non-GAAP Financial Measures

Certain information in this release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management uses these “non-GAAP” measures in its analysis of the Company's performance (including for purposes of determining the compensation of certain executive officers and other Company employees) and believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods and with other financial institutions, as well as demonstrating the effects of significant gains and charges in the current period, in light of the disclosure practices employed by many other publicly-traded financial institutions. The Company believes that a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. Management believes that investors may use these non-GAAP financial measures to analyze financial performance without the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

In several places net interest income is calculated on a fully tax-equivalent basis. Specifically included in interest income was tax-exempt interest income from certain investment securities and loans. An amount equal to the tax benefit derived from this tax-exempt income has been added back to the interest income total which, as adjusted, increased net interest income accordingly. Management believes the disclosure of tax-equivalent net interest income information improves the clarity of financial analysis, and is particularly useful to investors in understanding and evaluating the changes and trends in the Company's results of operations. Other financial institutions commonly present net interest income on a tax-equivalent basis. This adjustment is considered helpful in the comparison of one financial institution's net interest income to that of another institution, as each will have a different proportion of tax-exempt interest from its earning assets. Moreover, net interest income is a component of a second financial measure commonly used by financial institutions, net interest margin, which is the ratio of net interest income to average earning assets. For purposes of this measure as well, other financial institutions generally use tax-equivalent net interest income to provide a better basis of comparison from institution to institution. The Company follows these practices.

The following table provides a reconciliation of tax-equivalent financial information to the Company's consolidated financial statements, which have been prepared in accordance with GAAP. A 21.0% tax rate was used in both 2023 and 2022.

 

 

For the quarters ended

In thousands of dollars

March 31, 2023

December 31, 2022

March 31, 2022

Net interest income as presented

$

17,475

$

19,484

$

18,620

Effect of tax-exempt income

 

620

$

607

 

557

Net interest income, tax equivalent

$

18,095

$

20,091

$

19,177

The Company presents its efficiency ratio using non-GAAP information which is most commonly used by financial institutions. The GAAP-based efficiency ratio is non-interest expenses divided by net interest income plus non-interest income from the Consolidated Statements of Income. The non-GAAP efficiency ratio excludes securities losses and other-than-temporary impairment charges from non-interest expenses, excludes securities gains from non-interest income, and adds the tax-equivalent adjustment to net interest income. The following table provides a reconciliation between the GAAP and non-GAAP efficiency ratio:

 

For the quarters ended

In thousands of dollars

March 31, 2023

December 31, 2022

March 31, 2022

Non-interest expense, as presented

$

10,850

 

$

11,711

 

$

10,650

 

Net interest income, as presented

 

17,475

 

 

19,484

 

 

18,620

 

Effect of tax-exempt interest income

 

620

 

 

607

 

 

557

 

Non-interest income, as presented

 

3,569

 

 

3,847

 

 

4,232

 

Effect of non-interest tax-exempt income

 

44

 

 

43

 

 

42

 

Net securities gains

 

 

 

 

 

(2

)

Adjusted net interest income plus non-interest income

$

21,708

 

$

23,981

 

$

23,449

 

Non-GAAP efficiency ratio

 

49.98

%

 

48.83

%

 

45.42

%

GAAP efficiency ratio

 

51.56

%

 

50.20

%

 

46.60

%

The Company presents certain information based upon tangible common equity instead of total shareholders' equity. The difference between these two measures is the Company's intangible assets, specifically goodwill from prior acquisitions. Management, banking regulators and many stock analysts use the tangible common equity ratio and the tangible book value per common share in conjunction with more traditional bank capital ratios to compare the capital adequacy of banking organizations with significant amounts of goodwill or other intangible assets, typically stemming from the use of the purchase accounting method in accounting for mergers and acquisitions. The following table provides a reconciliation of average tangible common equity to the Company's consolidated financial statements, which have been prepared in accordance with U.S. GAAP:

 

 

For the quarters ended

In thousands of dollars

March 31, 2023

December 31, 2022

March 31, 2022

Average shareholders' equity as presented

$

237,518

 

$

225,940

 

$

246,635

 

Less intangible assets

 

(30,853

)

 

(30,884

)

 

(30,919

)

Tangible average shareholders' equity

$

206,665

 

$

195,056

 

$

215,716

 

The following table provides a reconciliation of period ending tangible common equity to the Company's consolidated financial statements:

 

 

Period Ending

In thousands of dollars, except per share data

March 31, 2023

December 31, 2022

March 31, 2022

Shareholders' equity

$

228,461

 

$

228,923

 

$

233,646

 

Less intangible assets

 

(30,849

)

 

(30,856

)

 

(30,856

)

Tangible common equity

 

197,612

 

 

198,067

 

 

202,790

 

Add unrealized losses on available-for-sale securities, net of tax

 

40,537

 

 

44,718

 

 

20,061

 

Adjusted tangible common equity

$

238,149

 

$

242,785

 

$

222,851

 

Adjusted tangible book value per share

$

21.50

 

$

21.98

 

$

20.21

 

To provide period-to-period comparison of operating results prior to consideration of credit loss provision and income taxes, the non-GAAP measure of PTPP Net Income is presented. The following table provides a reconciliation to Net Income:

 

For the quarters ended

In thousands of dollars

March 31, 2023

December 31, 2022

March 31, 2022

Net Income, as presented

$

7,971

$

9,197

$

9,705

Add: provision for credit losses

 

550

 

450

 

450

Add: income taxes

 

1,673

 

1,973

 

2,047

Pre-Tax, pre-provision net income

$

10,194

$

11,620

$

12,202

Forward-Looking and Cautionary Statements

Except for the historical information and discussions contained herein, statements contained in this release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results and events to differ materially, as discussed in the Company's filings with the Securities and Exchange Commission.

Category: Earnings

Source: The First Bancorp

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