Bank watch
There has been a flurry of Maine banks announcing their year-end financials, with most reporting a positive year despite 2009’s rocky economy. Here’s a roundup of how some Maine banks fared last year:
Damariscotta-based The First Bancorp, parent company of The First, saw its net income in 2009 slide 7% to $13 million, a $1 million drop over 2008, according to a press release from the company. President and CEO Daniel Daigneault attributed the decline to a higher amount of loan loss provisioning in 2009 due to the tough economy. The company did, however, see net interest income increase $5.9 million, or 15.8%, over 2008.
Northeast Bancorp, parent company of Northeast Bank in Lewiston, announced its net income for the six months that ended Dec. 31 increased 216% compared with the same period in 2008, according to a release from the company. Net income for those six months was $1,144,982 compared with $362,690 for the last six months of 2008. President and CEO Jim Delamater attributed the increase to growth in net interest margin and gains from the sale of real estate mortgages into the secondary market.
Camden National Corp. has set a record with its year-end 2009 net income of $22.8 million, a 49% increase over 2008. The company had one of its strongest lending years and recorded a loan portfolio of more than $1.5 billion, a 2% growth over 2008. But despite the record net income, the parent to Camden National Bank said its return on assets and return on equity fell below historic standards due to the recession.
And Bar Harbor Bankshares, parent company of Bar Harbor Bank & Trust, reported a 20.5% increase in its net income, rising from $7.7 million in 2008 to $9.3 million in 2009. The bank also reported that its commercial loan portfolio grew $48 million, or 15%, in 2009, according to a release.
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