First Bancorp profits down slightly in Q3

Posted Oct. 20, 2011, at 10:13 a.m.
Last modified Oct. 20, 2011, at 10:53 a.m.

Damariscotta-based The First Bancorp said Thursday that its third-quarter profits of $3 million, down slightly from the same period a year ago.

The First, which has 14 branches in Lincoln, Knox, Hancock and Washington Counties, said third quarter profits in 2010 were 5.9 percent higher. Profits were also down from the second quarter, again, by 5.9 percent, or $188,000.

“Although net income for the third quarter is down slightly from the previous quarter and the third quarter of 2010, The First Bancorp continues to outperform our peer group with solid operating results,” said Daniel R. Daigneault, president and CEO. “At the same time, credit quality remains stable, and our capital ratios well exceed regulatory requirements.

Daigneault said improved employment numbers and a stabilizing real estate market will lead the way to a stronger economy.

“We are fortunate that the unemployment rate in Maine at 7.6 percent remains well below the national unemployment rate at 9.1 percent,” he said. “Real estate prices along the Maine coast, however, remain weak, and we feel it will still be some time before they return to pre-2008 levels.”

The First employs 225 in Maine, and trades on the NASDAQ under the symbol FNLC.

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