Business
The First Bancorp Third Quarter Earnings Increase 27.0%
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 September 30, 2021. Unaudited net income was $9.0 million, up $1.9 million or 27.0% from the $7.1 million reported for the three months ended September 30, 2020, representing a new quarterly earnings high mark for the Company. Earnings per common share for the period on a fully diluted basis were up $0.17 to $0.82 per share, an increase of 26.2% from the prior year. The Company also reported results for the nine months ended September 30, 2021. Net income was $26.7 million, up $6.6 million or 32.6% from the first nine months of 2020, and representing a new high mark for nine month earnings. Year-to-date earnings per share on a fully diluted basis were $2.43, up $0.59 or 32.1% from the same period in 2020.\n\n“The First Bancorp continues to execute on its strategic initiatives as evidenced by record quarterly and year-to-date earnings\", commented Tony C. McKim, the Company’s President and Chief Executive Officer. \"Growth on both sides of the balance sheet has exceeded expectations to date in 2021. Loan balances net of Paycheck Protection Program (PPP) loans were up $43.7 million in the third quarter, an annualized growth rate of 11.3%, while low-cost deposit growth continued to be very strong, increasing $138.9 million during the period. Loan growth was centered in commercial real estate, construction, and residential mortgage loans. Low-cost deposit growth was focused in municipal and business accounts, and allowed for a further reduction in wholesale funding.\n\n\"Our earnings formula remains focused on growing earning assets, enhancing fee income and controlling operating expenses, while opportunistically investing in people, markets and technology. Interest income from the loan portfolio combined with lower funding costs produced a 15.4% increase in net interest income for the quarter ended September 30, 2021 compared to a year ago. Our fee-based business lines continue to produce strong results, with wealth management income in the third quarter up 24.9% from the same period a year ago, and debit card revenue up 25.2%. As expected, mortgage banking revenues were down from the extraordinary results of 2020's third quarter, off 46.2% year-over-year. Con...