The First Bancorp (FNLC) Q4 2023 earnings summary

Executive summary

• FY2023 net income was $29.5M, down 24.3% YoY; lower net interest income from higher funding costs was partly offset by loan growth and controlled expenses.

• Assets grew $207.5M to $2.95B; loans increased $214.8M, while investments declined $11.6M YoY.

Financial highlights

• FY2023 net interest income was $65.2M, down from $76.2M in 2022; Q4 net interest income was $15.9M vs. $19.5M YoY.

• FY2023 net income was $29.5M vs. $39.0M; diluted EPS was $2.66 vs. $3.53. Q4 net income was $6.7M vs. $9.2M; diluted EPS was $0.60 vs. $0.83.

• FY2023 non-interest expense was $43.8M, slightly below $43.9M in 2022; non-interest income was $15.4M vs. $16.9M.

Key financial ratios and metrics

• FY2023 net interest margin, tax-equivalent, was 2.49% vs. 3.15% in 2022; Q4 NIM was 2.34% vs. 3.09% YoY.

• FY2023 ROAA was 1.03% vs. 1.49%; PTPP ROAA was 1.29% vs. 1.87%.

• FY2023 return on average tangible common equity was 14.50% vs. 19.15%; PTPP return was 18.11% vs. 24.13%.

• FY2023 efficiency ratio was 52.43% vs. 45.96%; tangible book value per share rose to $19.12 from $17.93.