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Joe Gladue

Research Analyst at Merion Investment Management LP

Joe Gladue is the Director of Research at Merion Capital Group, specializing in banking and M&A activity within the financial services sector. He has an extensive track record covering companies such as First Bancorp, Inc. and has over 30 years of industry experience, with more than 25 years focused specifically on banking research. Previously, Gladue held director-level research roles at major firms including Legg Mason and B. Riley before joining Merion Capital Group—a boutique investment research firm—in 2012. He is recognized for his deep sector expertise and is a recipient of industry accolades such as the Refinitiv StarMine Analyst Award, underscoring his credentials and professional standing.

Joe Gladue's questions to First Bancorp, Inc /ME/ (FNLC) leadership

Question · Q2 2016

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.

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