First Bancorp posts 6.3% rise in annual earnings to record $27.1M
First Bancorp (Nasdaq: FNLC), the Damariscotta-based parent company of First National Bank, reported a 6.3% increase in 2020 earnings to $27.1 million, a record amount.
The company said Wednesday it had a 14% year-on-year increase in net interest income before loan loss provision, largely the result of a $269.3 million increase in earnings assets. Total assets as of the end of 2020 were $2.36 billion, up $292.4 million from a year earlier.
Non-interest revenue before securities gains rose 21.5%, amid a 166.4% increase in mortgage banking and a 10.3% jump in wealth management, the bank said. It released its results after the close of trading on Nasdaq.
"These accomplishments were made possible by the remarkable contributions of our entire team who worked diligently in supporting the company's customers and strategic vision over the past year," Tony C. McKim, the company's president and CEO, said in a statement. "I am very proud of their efforts."
He also noted that First National granted more than 1,700 loans in last year's federal Paycheck Protection Program, with more than $97 million disbursed to Maine small businesses, at an average loan size of less than $60,000.
"We are actively working with those borrowers and the Small Business Administration towards forgiveness of loan balances per program guidelines, with approximately $37 million in forgiveness payments through the end of December 2020," he added.
"Our team stands poised and ready to assist the small businesses of Maine with the just opened second round of PPP." As Mainebiz recently reported, round two of the federal loan program has a number of changes from the 2020 version, including easier tax forgiveness and expanded benefits for restaurant and lodging owners.
Acquisition adds $19M in deposits
In December, First National Bank added retail banking branch at 1 Belmont Ave. in Belfast, its first branch in Waldo County and 17th overall, through an acquisition. It purchased the former Damariscotta Bank & Trust Co. branch from Bangor Savings Bank through a holding company deal.
The branch was one of six that went to Bangor Savings as part of its acquisition of Damariscotta Bankshares Inc. (OTC: DMSQ), that got the final nod from regulators last November.
McKim said the Belfast branch transaction added about $23 million in loans and $19 million in deposits to the company's balance sheet, adding, "We welcome these new customers and employees to First National Bank and are excited to bring [First National Bank's] brand of 'Dream First' banking to Belfast and Waldo County."
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