Brian Klock's questions to First Bancorp, Inc /ME/ (FNLC) leadership • Q2 2016
Question
Brian Klock of Keefe, Bruyette & Woods asked if the company could sustain its growth in pre-tax, pre-provision earnings into the second half of the year and inquired about the carrying value of OREO properties, questioning if PROMESA might improve the prospects for selling them.
Answer
CEO Aurelio Aleman affirmed the company's goal is to maintain pre-tax, pre-provision earnings above the $50 million level. CFO Orlando Berges noted that commercial OREO is carried at approximately $0.40 on the dollar. Mr. Aleman agreed that post-PROMESA, they anticipate a better second half for OREO sales, driven by increased activity and interest in their commercial properties.