First National Bank parent reports 2021 earnings jumped by nearly 34%

File photo First Bancorp, parent company of First National Bank, posted a first-quarter earnings increase of 8.8%. Shown here is the Waldoboro branch.

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By Staff

The First Bancorp (Nasdaq: FNLC), the Damariscotta-based parent company of First National Bank, on Wednesday announced that 2021 earnings soared 33.7% from the previous year to $36.3 million.

Diluted earnings per share were up 82 cents to $3.30, an increase of 33.1% from the prior year, according to the company’s financial report.

For the fourth quarter of 2021, net income was $9.5 million, an increase of 37% from the final three months of 2020.

Driving the earnings performance was $170.9 million in loan growth, which led to a 10.8% year-over-year increase in net interest income before loan loss provision, First Bancorp said in a news release.

In addition, the bank reported a 14.1% year-over-year increase in non-interest revenue before securities gains, attributable mostly to debit card revenue and wealth management revenue.

“I'm very pleased to report that The First Bancorp closed 2021 with record earnings in the fourth quarter and for the year," said President and CEO Tony C. McKim. “Despite the ongoing challenges of a pandemic, our team's customer-focused, professional approach made possible the results we achieved in 2021. I am very proud of their efforts."

Last October, the holding company announced plans to open a branch office in Brewer, First National Bank's second branch in the growing Penobscot County market and 18th overall. The branch is expected to open Jan. 31.

First National was ranked No. 4 among the largest Maine-based banks in the 2022 Mainebiz Book of Lists. The bank has assets of over $2.4 billion and roughly 260 employees.