The First Bancorp, a publicly traded bank based in Damariscotta, earned the highest quarterly profit in its history during the three months that ended March 31, the company said Thursday.
The First, which is traded on the Nasdaq exchange under the symbol FNLC, reported a quarterly net income of $4.2 million, or 39 cents per share, up 22 percent from the same quarter a year earlier. The bank’s quarterly profit was 1.6 percent above its previous record of $4.1 million, set in the third quarter of 2014.
Two factors responsible for the record profit were solid loan growth and tightly controlled operating expenses, the bank said in a news release.
Total loan volume was up $70.3 million, or 8.1 percent, compared with the same period of 2014, with commercial loans posting the highest increase in outstanding balances, the bank said.
Shares of First Bancorp were trading at $16.92 as of market close Thursday, up 8 cents for the day.
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