Joe Gladue's questions to First Bancorp, Inc /ME/ (FNLC) leadership • Q2 2016
Question
Joe Gladue of Merion Capital Group requested an update on the TDF-guaranteed loans that were on non-accrual, specifically asking about any favorable trends in the underlying cash flows of the associated hotel properties.
Answer
CEO Aurelio Aleman reported that two of the three hotel loans have remained current on payments from their own operational cash flows, while the third has not. He stated it is too early to assess the impact of the upcoming low season and that the loans will likely remain on non-performing status until the government's situation with the Government Development Bank (GDB) is fully resolved.