The First reports net income drop
Damariscotta-based The First Bancorp reported a 7.1% drop in net income in 2010 compared with the previous year.
The company, parent to The First bank, reported net income of $12.1 million, down $926,000 from 2009, while net interest income dropped $3.1 million, according to a press release. Earnings per common share were $1.10 for the year, down 12 cents from 2009. During the quarter ended Dec. 31, 2010, however, the company's net income rose 15% over the same quarter in 2009. Daniel Daigneault, president and CEO of The First Bancorp, cited the "extremely challenging year for all banks" for the annual decreases, and said the company performed "quite good" despite the downturn.
The company's total assets increased by $62.4 million, or 4.7%, due to growth in total investments, especially GNMA (Ginnie Mae) mortgage-backed securities. Its risk-based capital ratio is above 15%, exceeding the well-capitalized threshold of 10% set by the Federal Deposit Insurance Corp., according to the release.
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