The First Bancorp in Damariscotta ended 2011 with $12.4 million in net income, a 2% rise over 2010, despite a slide in the last quarter of the year.
The company's year-end income was up $248,000 over 2010, according to a press release. In the fourth quarter, however, its net income dropped 1.8% from the same period in 2010. The company's total assets decreased $20.3 million over 2011, but average assets were up $64.7 million. Average loans in 2011 were $43.5 million lower than 2010, but average investments were nearly $110 million higher than in 2010. Total deposits were $51 million higher in 2011.
"As the global economy struggles for the fourth straight year, I am pleased that The First Bancorp posted improved operating results in 2011 compared to 2010," said President and CEO Daniel Daigneault. He said the bank also repaid $12.5 million of preferred stock issued by the U.S. Treasury under its Capital Purchase Program, half of what the bank received in 2009. Its capital ratios continue to remain strong, Daigneault said.