Banks report mixed results
The First Bancorp, parent company of The First, has announced a net income of $13 million for 2009, a 7% drop over 2008.
The Damariscotta-based company saw its net income slide $1 million compared with the year before, 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 see net interest income increase $5.9 million, or 15.8%, over 2008.
In other banking news, 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.
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