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Articles 

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

November 06, 2009 | About:

First National Lincoln Corp. (NASDAQ:FNLC) filed Quarterly Report for the period ended 2009-09-30.

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 $149.8 million; its shares were traded at around $15.4 with a P/E ratio of 8.9 and P/S ratio of 1.8. The dividend yield of First National Lincoln Corp. stocks is 5.1%.

Highlight of Business Operations:

Net income for the first nine months of 2009 was $10.4 million, down $646,000 or 5.9% from the $11.0 million posted for the same period in 2008. Earnings per common share on a fully diluted basis were $0.98 for the nine months ended September 30, 2009, down $0.15 or 13.3% from the $1.13 posted for the same period in 2008. For the quarter ended September 30, 2009, net income was $2.9 million, a decrease of $942,000 or 24.6% from the third quarter of 2008 and down $872,000 or 23.2% from the previous quarter. Earnings per common share on a fully diluted basis were $0.26 for the quarter ended September 30, 2009, down $0.13 or 33.3% from the third quarter of 2008 and down $0.09 or 25.7% from the previous quarter.

Total assets are up $6.1 million or 0.5% year-to-date. The loan portfolio is down $5.5 million or 0.6%, with excellent growth in commercial loans and municipal loans offset by a decline in mortgages, and the investment portfolio is up $2.5 million or 1.0% year-to-date. On the liability side of the balance sheet, low-cost deposits are up $20.0 million or 7.7% year-to-date, which is in line with our normal seasonal pattern.

Total interest income of $48.1 million for the nine months ended September 30, 2009 is a 10.5% decrease from total interest income of $53.7 million in the comparable period of 2008. Total interest expense of $14.8 million for the first nine months of 2009 is a 44.0% decrease from total interest expense of $26.4 million for the first nine months of 2008. As a result, net interest income increased 21.7% or $5.9 million to $33.3 million for the nine months ended September 30, 2009, from the $27.4 million reported for the same period in 2008.

Total interest income of $15.2 million for the quarter ended September 30, 2009 is a 14.9% decrease from total interest income of $17.9 million in the comparable period of 2008. Total interest expense of $4.4 million for the quarter ended September 30, 2009 is a 46.7% decrease from total interest expense of $8.3 million for the same period in 2008. As a result, net interest income increased 12.4% or $1.2 million to $10.8 million for the quarter ended September 30, 2009, from the $9.6 million reported for the same period in 2008.

The Companys net interest margin on a tax-equivalent basis increased from 3.31% for the quarter ended September 30, 2008 to 3.59% for the quarter ended September 30, 2009. This increase was due to a combination of lower interest rates and growth in earning assets. Tax-exempt interest income amounted to $1,146,000 and $1,079,000 for the quarters ended September 30, 2009 and 2008, respectively.

Read the The complete Report

About the author:

10qk
Charlie Tian, Ph.D., is the founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

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