The First has best Q2 in three years
Damariscotta-based The First Bancorp reported a 4.1% rise in net income for the second quarter of the year, though income for the first half of the year fell slightly over 2011.
The company, parent of The First bank, reported a net income of $3.3 million for Q2, up $130,000 from the same quarter last year, according to a press release. President and CEO Daniel Daigneault said the results are "the best quarterly earnings we have posted in the past three years," marking the first time Q2 income has topped $3.2 million in two years. Strong mortgage origination income from high levels of refinancing helped boost non-interest income 22.3% in the quarter (after deducting securities gains). The bank, however, said the weak economy is still having an impact, keeping interest rates low, compressing margins and lowering net interest income.
For the six months ended June 30, however, net income of $6.2 million was down 1.6% over the same six-month period last year. Total assets were up $51.9 million year to date, and the loan portfolio also increased $16.8 million.
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