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First National Lincoln Corp. Reports Operating Results (10-Q)

August 07, 2009 | About:

First National Lincoln Corp. (NASDAQ:FNLC) filed Quarterly Report for the period ended 2009-06-30.

The FIRST BANCORP headquartered in Damariscotta Maine is the holding company for The First N.A. an independent community bank in coastal Maine. The Bank provides a full range of consumer and commercial banking products and services from fourteen offices in Lincoln Knox Hancock and Washington Counties. First Advisors a division of The First provides investment advisory private banking and trust services from two offices in Lincoln and Hancock Counties. First National Lincoln Corp. has a market cap of $189.3 million; its shares were traded at around $19.48 with a P/E ratio of 10.6 and P/S ratio of 2.2. The dividend yield of First National Lincoln Corp. stocks is 4%.

Highlight of Business Operations:

Net income for the first six months of 2009 was $7.5 million, up $296,000 or 4.1% from the $7.2 million posted for the same period in 2008. Earnings per common share on a fully diluted basis were $0.72 for the six-months ended June 30, 2009, down $0.02 or 2.7% from the $0.74 posted for the same period in 2008. For the quarter ended June 30, 2009, net income was $3.8 million, an increase of $159,000 or 4.4% from the second quarter of 2008 and up $34,000 or 0.9% from the previous quarter. Earnings per common share on a fully diluted basis were $0.35 for the quarter ended June 30, 2009, down $0.02 or 5.4% from the second quarter of 2008 and from the previous quarter.

While assets are up $44.2 million or 3.3% year-to-date, assets decreased $28.5 million or 2.0% in the second quarter due to mortgages refinancing and being sold into the secondary market and called securities not being replaced. Year-to-date, the loan portfolio is virtually unchanged, with excellent growth in commercial loans offset by the decline in mortgages. Despite a decline in the second quarter, the investment portfolio is up $35.8 million or 13.6% year-to-date due to the purchase of GNMA securities. Our asset growth in 2009 has been funded with a mix of wholesale deposits and borrowed funds. Low-cost deposits are down $9.6 million or 3.7% year-to-date, and this decline is in line with our normal seasonal pattern.

Total interest income of $32.9 million for the six months ended June 30, 2009 is an 8.3% decrease from total interest income of $35.8 million in the comparable period of 2008. Total interest expense of $10.4 million for the first six months of 2009 is a 42.7% decrease from total interest expense of $18.1 million for the first six months of 2008. As a result, net interest income increased 26.8% or $4.8 million to $22.5 million for the six months ended June 30, 2009, from the $17.8 million reported for the same period in 2008.

The Companys net interest margin on a tax-equivalent basis increased from 3.23% in the first six months of 2008 to 3.68% for the six months ended June 30, 2009. This increase was due to a combination of lower interest rates and growth in earning assets. Tax-exempt interest income amounted to $2,174,000 and $2,052,000 for the six months ended June 30, 2009 and 2008, respectively.

Total interest income of $16.3 million for the quarter ended June 30, 2009 is a 7.2% decrease from total interest income of $17.5 million in the comparable period of 2008. Total interest expense of $4.8 million for the quarter ended June 30, 2009 is a 43.8% decrease from total interest expense of $8.6 million for the same period in 2008. As a result, net interest income increased 27.9% or $2.5 million to $11.4 million for the quarter ended June 30, 2009, from the $8.9 million reported for the same period in 2008.

The Companys net interest margin on a tax-equivalent basis increased from 3.21% for the quarter ended June 30, 2008 to 3.76% for the quarter ended June 30, 2009. This increase was due to a combination of lower interest rates and growth in earning assets. Tax-exempt interest income amounted to $1,107,000 and $988,000 for the quarters ended June 30, 2009 and 2008, respectively.

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