July 21, 2011
Income rises at First Bancorp
By The Mainebiz News Staff
The First Bancorp saw its net income rise more than 8% in the first half of the year due to an increase in business volume.
The Damariscotta-based company reported a net income of $6.3 million for the six months ended June 30, up 8.4% from the same period in 2010, according to a press release. President and CEO Daniel Daigneault attributed the gain to "relatively stable conditions" and growing volume. Total assets grew $23.9 million over the period, and though the loan portfolio dropped slightly, the company's investment portfolio increased by more than $26 million, and deposits are up $1 million.
For the quarter ended June 30, the company reported a net income of $3.2 million, up 1% from the same quarter in 2010.
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