Bank reports record quarterly income
The First Bancorp in Damariscotta yesterday reported net income of $3.6 million for the quarter ended June 30, a 12.7% increase from the $3.2 million posted for the same period last year.
The company, which operates The First N.A., a community bank with 14 branches in Lincoln, Knox, Hancock and Washington counties, also reported its second quarter net interest income increased $1.3 million, or 17.5%, compared to the same period last year, and increased $125,000, or 1.4%, compared to the previous quarter.
Daniel R. Daigneault, president and CEO of The First Bancorp, also took the opportunity to ease any worries the current market might raise about the bank’s position relative to the mortgage crisis. "To re-emphasize a point we have made in previous quarters," he said in a press release, "we have not originated sub-prime mortgages nor have we invested in securities collateralized by sub-prime loans.
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