First National Bank parent posts 11.9% jump in Q3 earnings

Courtesy / First Bancorp First National Bank has 18 branches in Maine, including this one in Waldoboro.

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The First Bancorp (Nasdaq: FLNC), the Damariscotta-based parent company of First National Bank, posted an 11.9% jump in first-quarter earnings and higher interest income

Unaudited net income was $10.1 million, up 11.9% from $9 million in the same period last year, representing a new quarterly earnings high mark, the company said Wednesday.

Diluted earnings per common share were up 9 cents, to 91 cents per share, or 11% above last year.

"The First Bancorp continued to perform strongly in the three months ended Sept. 30, 2022, resulting in our fifth consecutive quarter of record earnings," said Tony C. McKim, president and CEO.

He said that net interest income was the main driver of the company's earnings performance, and is up 16.6% over last year due to strong earning asset growth and expanded net interest margin.

Earning asset growth was focused in the loan portfolio which, excluding Payroll Protection Program loans, has grown $232.3 million year-to-date, or 14.3%,

McKim said that third-quarter growth was centered in commercial loans, commercial real estate loans and loans secured by residential real estate with up to four individual units.

"Our pipeline of new loans in process continues to be healthy," McKim said.

Loan growth in the third quarter was concentrated in the commercial and residential portfolios, and the bank declared a quarterly shareholder dividend of 34 cents per share.

First Bancorp, founded in 1864, is a full-service community bank with $2.71 billion in assets. The bank has 18 branches in Maine, including one in Brewer opened earlier this year. First National Bank was ranked No. 4 in a Mainebiz list of the largest Maine-based banks published in April.