October 25, 2007
FNLC posts earnings gain
First National Lincoln Corp., the Damariscotta-based parent company of The First, yesterday posted third-quarter net income of $3.4 million, a 7.5% increase from the roughly $3.2 million posted for the same quarter last year.
The driving force for the company's increase in earnings was its net interest income, which was up $419,000, or 5.4%, over the same quarter last year and $545,000, or 7.2%, over the prior quarter, according to a press release. Daniel R. Daigneault, the company's president and CEO, attributed the growth to an increase in earning assets during the third quarter, with total loans increasing $14.5 million and investments increasing $19.7 million from June 30, 2007, and to a widening of the net interest margin. "The third quarter of 2007 was a record quarter for First National Lincoln Corporation," Daigneault said in the release.
The company also reported net income for the year through September 30 of $9.6 million, a 3.1% increase from the $9.3 million posted for the same period in 2006.
The driving force for the company's increase in earnings was its net interest income, which was up $419,000, or 5.4%, over the same quarter last year and $545,000, or 7.2%, over the prior quarter, according to a press release. Daniel R. Daigneault, the company's president and CEO, attributed the growth to an increase in earning assets during the third quarter, with total loans increasing $14.5 million and investments increasing $19.7 million from June 30, 2007, and to a widening of the net interest margin. "The third quarter of 2007 was a record quarter for First National Lincoln Corporation," Daigneault said in the release.
The company also reported net income for the year through September 30 of $9.6 million, a 3.1% increase from the $9.3 million posted for the same period in 2006.
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