The First reports near record income
The First Bancorp yesterday reported net income of $3.7 million for the quarter that ended March 31 -- the Damariscotta-based company's second highest quarterly income.
The $3.7 million net income represents a 3.8% increase from the same period last year and a 23.9% increase from the previous quarter, according to a press release from the company, which is the holding company for The First, N.A., with 14 offices in Lincoln, Knox, Hancock and Washington counties.
A 25.6% increase in net interest income over the first quarter of 2008 was the driving force behind the good results, according to Daniel R. Daigneault, president and CEO. Daigneault said the growth was funded primarily with deposits as well as the issuance of preferred stock. "Certificates of deposit - from both local and national market sources - were up $92.6 million or 17.2%, while other deposits were down $30.9 million," he said. "We also added $25.0 million in preferred stock in the first quarter as a result of our participation in the U.S. Treasury Capital Purchase Program."
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