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/PRNewswire/ First Bancorp (Nasdaq: FBNC), the parent company of First Bank, and Select Bancorp, Inc. ("Select") (Nasdaq: SLCT), the parent company of.
By Staff
Damariscotta-based First Bancorp (Nasdaq: FNLC), parent company of First National Bank, on Wednesday reported a 37.4% increase in earnings during the first quarter of 2021, compared to the same period last year.
Net income was $8.9 million, the highest quarterly total ever for First Bancorp, and represented a $2.4 million increase from the $6.5 million recorded for Q1 last year. Diluted earnings per share were up 21 cents to 81 cents per share, an increase of 35% from the 2020 ratio.
The Q1 earnings also represented a $2 million increase over the total during the fourth quarter of 2020.
Among the drivers for the record earnings, low-cost deposits grew $68.1 million in the first quarter to $1.14 billion, and annualized loan amount increased 11% to $40 million, the company said.
First Bancorp (Nasdaq: FNLC), the Damariscotta-based parent company of First National Bank, reported a 6.3% increase in 2020 earnings to $27.1 million, a record amount.
The company said Wednesday it had a 14% year-on-year increase in net interest income before loan loss provision, largely the result of a $269.3 million increase in earnings assets. Total assets as of the end of 2020 were $2.36 billion, up $292.4 million from a year earlier.
Non-interest revenue before securities gains rose 21.5%, amid a 166.4% increase in mortgage banking and a 10.3% jump in wealth management, the bank said. It released its results after the close of trading on Nasdaq. These accomplishments were made possible by the remarkable contributions of our entire team who worked diligently in supporting the company s customers and strategic vision over the past year, Tony C. McKim, the company s president and CEO, said in a statement. I am very proud of their efforts.
Press release content from Business Wire. The AP news staff was not involved in its creation.
The First Bancorp Reports Results for 2020
January 20, 2021 GMT
DAMARISCOTTA, Maine (BUSINESS WIRE) Jan 20, 2021
The First Bancorp (Nasdaq: FNLC), parent company of First National Bank, today announced operating results for the year ended December 31, 2020. Unaudited net income was $27.1 million, up $1.6 million or 6.3% from the $25.5 million reported for the year ended December 31, 2019. Earnings per common share on a fully diluted basis were up $0.14 to $2.48 per share, an increase of 6.0% from the prior year. The Company also announced operating results for the three months ended December 31, 2020. Unaudited net income was $7.0 million, up $284,000 or 4.2% from the final three months of 2019, with earnings per share on a fully diluted basis of $0.64, up $0.03 or 4.9% from the same period in 2019.