2011 profitable for First Bancorp

The First Bancorp saw a profitable 2011, with net income of $12.4 million.

That was up 2 percent, or $248,000, from 2010, according to the Damariscotta-based banks’ financial statements, filed Wednesday.

For the fourth quarter, the bank saw profits of $3 million, down slightly ($55,000) from the same quarter in 2010.

“As the global economy struggles for the fourth straight year, I am pleased that The First Bancorp posted improved operating results in 2011 compared to 2010,” said President and CEO Daniel R. Daigneault.

“Looking to 2012 and beyond, jobs and housing values will be the two most important factors for economic improvement,” Daigneault continued. “Maine’s unemployment rate – at 7.0 percent – remains well below the national unemployment rate at 8.5 percent, however real estate prices, especially along the Maine coast, remain weak. As we wait for unemployment to drop and housing prices to rebound, we will focus on improving asset quality, maintaining strong capital ratios, and producing a return on assets and a return on equity well above our peer group.”

The First Bancorp is the holding company for The First, N.A. which serves Mid-Coast and Down East Maine with 14 offices in Lincoln, Knox, Hancock and Washington Counties. The company trades under the symbol “FNLC” on the NASDAQ.