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Stock impact report

The First Bancorp Reports First Quarter Net Income of $6.5 Million

First Bancorp, Inc (ME) (FNLC) 
Company Research Source: Business Wire
DAMARISCOTTA, Maine--(BUSINESS WIRE)--The First Bancorp (Nasdaq: FNLC), parent company of First National Bank, today announced operating results for the three months ended March 31, 2020. Unaudited net income was $6.5 million, up $339,000 or 5.5% from the $6.2 million reported for the three months ended March 31, 2019. Earnings per common share on a fully diluted basis were up $0.03 to $0.60 per share, an increase of 5.3% from the prior year.“Against a backdrop of unprecedented challenges brought about by the outbreak of COVID-19, I’m pleased to share that The First Bancorp posted strong operating results in the first quarter” commented Tony C. McKim, the Company’s President and Chief Executive Officer. “Earning asset growth was again a driving factor in our performance, as was growth in non-interest income. Earning assets increased $55.8 million in the first quarter and are $135.2 million or 7.1% higher than a year ago. Growth, improved margins, and the recovery of interest on re Show less Read more
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