Search the web
Welcome, Guest
[Sign Out, My Account]

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
FNLC > SEC Filings for FNLC > Form 8-K on 28-Mar-2013All Recent SEC Filings

Show all filings for FIRST BANCORP, INC /ME/ | Request a Trial to NEW EDGAR Online Pro



Entry into a Material Definitive Agreement, Financial Statements and Exhi

Item 1.01. Entry into a Material Definitive Agreement.

Pursuant to a Letter Agreement with the United States Treasury dated March 27, 2013, The First Bancorp, Inc., a Maine corporation (the "Company"), has repurchased $2.5 million of the Company's Fixed Rate Cumulative Perpetual Preferred Stock, Series A, having a liquidation preference of $1,000 per share. This stock was issued to the United States Treasury on January 9, 2009 under its Capital Purchase Program. The repurchase transaction was approved by the Federal Reserve Bank of Boston, the Company's primary regulator, based on the Company's projected capital ratios and needs.

After the repurchase, the Company has $10.0 million outstanding of Fixed Rate Cumulative Perpetual Preferred Stock, Series A, that was issued to the United States Treasury in 2009. In conjunction with the 2009 preferred stock issuance, the Company also issued a Warrant to the United States Treasury, exercisable for up to 225,904 shares of Common Stock at an exercise price of $16.60 per share. The Warrant was unchanged as a result of the repurchase transaction and remains outstanding.

Based on the Company's December 31, 2012 capital levels, the leverage capital ratio declines to 8.28% from 8.46% before the repurchase. The tier one risk-based capital ratio drops from 14.80% to 14.48% and the total risk-based capital ratio drops from 16.05% to 15.74%. These are all well above the FDIC minimum requirements of 5.00%, 6.00% and 10.00%, respectively, to be considered "well-capitalized". The following table presents the Company's actual capital ratios as of December 31, 2012 and pro-forma capital ratios after the repurchase:

                                          Actual          Pro-Forma After          FDIC
                                    Before Repurchase       Repurchase       Well-Capitalized
Tier One Capital                   $      117,603,000   $    115,103,000
Total Capital                             127,557,000        125,057,000
Average Assets for Leverage Ratio       1,390,707,000      1,390,707,000
Risk-Based Assets                         794,740,000        794,740,000

Leverage Capital Ratio                           8.46 %             8.28 %            5.00 %
Tier One Risk-Based Capital Ratio               14.80 %            14.48 %            6.00 %
Total Risk-Based Capital Ratio                  16.05 %            15.74 %           10.00 %



(d) Exhibits

No. Description

10.1 Letter Agreement, dated March 27, 2013, between the Company and the United States Department of the Treasury for the repurchase of 2,500 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A, having a liquidation preference of $1,000 per share.


  Add FNLC to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for FNLC - All Recent SEC Filings
Sign Up for a Free Trial to the NEW EDGAR Online Pro
Detailed SEC, Financial, Ownership and Offering Data on over 12,000 U.S. Public Companies.
Actionable and easy-to-use with searching, alerting, downloading and more.
Request a Trial      Sign Up Now

Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.