First National Bank parent earnings up 37% for Q1, with increases in loans, deposits
Damariscotta-based First Bancorp (Nasdaq: FNLC), parent company of First National Bank, on Wednesday reported a 37.4% increase in earnings during the first quarter of 2021, compared to the same period last year.
Net income was $8.9 million, the highest quarterly total ever for First Bancorp, and represented a $2.4 million increase from the $6.5 million recorded for Q1 last year. Diluted earnings per share were up 21 cents to 81 cents, an increase of 35% from the 2020 ratio.
The Q1 earnings also represented a $2 million increase over the total during the fourth quarter of 2020.
Among the drivers for the record earnings, low-cost deposits grew $68.1 million in the first quarter to $1.14 billion, and annualized loan amount increased 11% to $40 million, the company said.
Total assets increased $75.6 million in the first quarter to $2.44 billion.
President and CEO Tony C. McKim said in a news release, “I'm very pleased to report that The First Bancorp kicked off 2021 with its strongest ever earnings quarter … The extraordinary efforts of our entire team through the COVID-19 pandemic are shown in the company's first quarter results.”
Founded in 1864, First National Bank is a full-service community bank that provides commercial and retail banking services through 17 locations in midcoast and eastern Maine.
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