First National Bank parent reports Q2 earnings uptick, though down from last year

File photo The First Bancorp, the Damariscotta-based parent of First National Bank, reported financial results for the second quarter on Wednesday.

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By William Hall

First National Bank's parent company, the First Bancorp (Nasdaq: FNLC), on Wednesday reported second-quarter earnings of $6.2 million or 55 cents per diluted share — upticks of 2.5% and 2.4% respectively from results for the prior three months.

Compared to results for second quarter of 2023, the most recent earnings fell 16.5% and earnings per diluted share were down 17.1%.

Tony C. McKim, president and CEO, noted that on a pre-tax, pre-provision basis, earnings during Q2 this year increased $1.2 million, or 18.1%, from the first-quarter total.

"We continue to responsibly grow our balance sheet while enjoying strong asset quality, capital, and liquidity positions. Asset growth has been focused in the loan portfolio and comes from what has been a long-term formula for success — building relationships and lending to creditworthy borrowers under well-structured terms," he said in a news release.

"Rather than retreating from certain activities due to a challenging operating environment, we have continued our commitment to serving customers and supporting communities throughout our footprint."

Over $200 million in new loans were originated in the second quarter, he said, resulting in a loan portfolio expansion of $73.9 million.

Total assets for the company on June 30, 2024, were $3.08 billion, up $106.8 million in the second quarter and up $210.1 million from a year ago.

First National Bank, headquartered in Damariscotta, was ranked No. 5 among the largest Maine-based banks in the 2024 Mainebiz Book of Lists. That ranking was determined by bank assets on June 30, 2023.