First National Bank’s parent company, the First Bancorp (Nasdaq: FNLC), reported third-quarter earnings of $7.6 million, or 68 cents per diluted share.
Results were up slightly from last year’s third quarter earnings, when the bank reported net income of $7.5 million, or 67 cents a share.Â
Tony McKim, president and CEO, noted: “While the Federal Reserve’s action to lower short term rates by 0.50% in September had minimal effect on third quarter results, we expect to continue to see gradual margin improvement in coming quarters as pressures on funding costs ease.”
Q3 results were driven by loan growth, net interest margin expansion and strong asset quality.
For the nine months ended Sept. 30, 2024, net income year-to-date was $19.8 million, with diluted earnings per share of $1.78 — putting net interest income at its highest level in six quarters.
Total assets reached $3.14 billion, an increase of $57.6 million in Q3. Loan balances grew in Q3 at an annualized rate of 10.6% to $2.31 billion.
That’s up from Sept. 30, 2023, when total assets reached $2.94 billion and loan balances were $2.079 billion.
“Growth remains centered in the loan portfolio with over $129 million in new loans granted in the third quarter,” said McKim.
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.
