First National Bank parent company reports record earnings for Q2

File photo First Bancorp reported record quarterly earnings from March through June. The company is the parent of First National Bank, whose Waldoboro branch is shown here.

Write a Comment

By Staff

Damariscotta-based First Bancorp (Nasdaq: FNLC) on Wednesday reported that second-quarter earnings jumped 13.8% over the same period last year — and reached the highest quarterly total ever for the company, the parent of First National Bank.

Net income for the three months ending June 30 was $10 million, up from $$8.8 million for the second quarter of 2021.

Earnings per share for Q2 this year were up 11 cents to 91 cents, also an increase of 13.8% from last year’s second quarter.

Loans increased $81 million in the second quarter to $1.79 billion, First Bancorp said in a news release. The loan growth drove a 16.5% increase in interest revenue for Q2 2022, compared to a year ago, and an 18.9% increase in net interest income.

“The First Bancorp started 2022 very strongly, posting record earnings in each of the first two quarters,” said President and CEO Tony C. McKim. "Growth in net interest income, predominantly from earning asset growth, was a primary driver of our results year-to-date, more than offsetting the effects of decreased mortgage activity and the wind-down of the Payroll Protection Program.”

Assets for First Bancorp totaled $2.63 billion, up $81.7 million in the second quarter and up $179.9 million from a year ago.

Founded in 1864, First National Bank is a community bank with 18 branches along the coast from Wiscasset to Calais and inland to Bangor.