The First Bancorp reports Q2 EPS 59c vs. 53c last year
Reports book value per common share $18.71 vs. $16.89 last year. The company said, "Key factors in our performance continue to be earning asset growth, non-interest income growth and controlled operating expenses. Earning assets are up $80.7 million from a year ago while margins have remained stable, resulting in a year-over-year increase of 5.8% in tax equivalent net interest income. Non-interest income increased 13.3% from the second quarter of 2018, while operating expenses continue to be controlled as demonstrated by our efficiency ratio of 50.80% for the quarter. At the same time, our asset quality metrics remain solid, with annualized net charge-offs at the lowest level since before the financial crisis. I couldn't be prouder of the entire team of banking professionals at The First Bancorp who make these outstanding results possible."