Damariscotta-based First Bancorp reports slight Q2 gains, despite pandemic
First Bancorp (Nasdaq: FNLC), the Damariscotta-based parent company of First National Bank, reported modest increases in earnings and assets during its second quarter — its first since the start of the pandemic.
Net income rose 2.7% to $6.6 million and earnings per share increased by 1 cent to 60 cents per share for the three months ending June 30, a 1.7% increase over the same period in 2019.
Net income was $13.1 million, up $513,000 or 4.1% from the first six months of 2019, with earnings per share of $1.20, up 5 cents or 4.3% from the same period in 2019.
Total assets increased $130.7 million in the second quarter to $2.3 billion. The company said its ratio of non-performing assets went down from 0.83% to 0.41% over the past year.
First Bancorp said in a news release that it's made over $96 million in loans to Maine small businesses through the federal Paycheck Protection Program, which originated in late March. Outstanding loans increased $107.4 million this quarter and $202.5 million from last year, not including the PPP loans.
"We are very proud of the efforts the company has made, and continues to make, in support of our customers and community partners in addressing the impact of COVID-19," said First Bancorp President and CEO Tony C. McKim.
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