Business
The First Bancorp Reports Second Quarter Net Income Up 2.7%
DAMARISCOTTA, Maine--(BUSINESS WIRE)-- The First Bancorp (Nasdaq: FNLC), parent company of First National Bank, today announced operating results for the
About this update from First Bancorp, Inc (me)
[{"type":"text","content":" DAMARISCOTTA, Maine--(BUSINESS WIRE)--\nThe First Bancorp (Nasdaq: FNLC), parent company of First National Bank, today announced operating results for the three months ended June 30, 2020. Unaudited net income was $6.6 million, up $174,000 or 2.7% from the $6.4 million reported for the three months ended June 30, 2019. Earnings per common share for the period on a fully diluted basis were up $0.01 to $0.60 per share, an increase of 1.7% from the prior year. The Company also reported results for the six months ended June 30, 2020. Net income was $13.1 million, up $513,000 or 4.1% from the first six months of 2019, with earnings per share on a fully diluted basis of $1.20, up $0.05 or 4.3% from the same period in 2019.\n\n\n“I’m pleased to report that The First Bancorp performed strongly in the second quarter despite the ongoing operational and business climate challenges brought about by the COVID-19 virus,” commented Tony C. McKim, the Company’s President and Chief Executive Officer. \"Net income of $6.6 million was achieved by successes across all business lines. Growth in earning assets combined with stable interest rate margins led to a $1.5 million, or 11.9%, increase in net interest income before loan loss provision versus the second quarter of 2019, while non-interest revenue increased $1.0 million, or 27.6%, year-over-year, driven largely by a surge in mortgage refinance activity which produced a $1.0 million increase in mortgage banking revenue versus the second quarter of 2019. Operating expenses in the second quarter increased a modest 2.1% from a year ago. Also of note was further asset quality improvement as demonstrated by the ratio of non-performing loans to total loans which fell to 0.57% as of June 30, 2020 from 0.75% as of March 31, 2020 and 1.23% as of June 30, 2019.\"\n\n\nMr. McKim continued, \"We are very proud of the efforts the Company has made, and continues to make, in support of our customers and community partners in addressing the impact of COVID-19. First National Bank has been an active lender in the Paycheck Protection Program (PPP) with over $96 million in loans granted to Maine small businesses, at an average loan size of under $60,000. We have also worked with over 900 borrowers economically impacted by the virus, to modify or defer loan payments during this crisis. As of early July the lobbies...