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January 24, 2008

Damariscotta bank sees earnings jump

First National Lincoln Corp., in Damariscotta, yesterday announced that its net income for the quarter ended December 31 was roughly $3.5 million, a 17.4% increase from the same quarter in 2006.

First National, the holding company for The First, a bank with 14 offices between Lincoln and Washington counties, said the driving force behind its increase in earnings was its net interest income, which was up four percent for the year, according to a press release. In 2007, the bank's total loans increased $82 million, or 9.8%, and investments increased $41.3 million, or 22.9%.

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