AUGUSTA (AP) – Data from Maine-chartered banks and credit unions show a modest increase in home foreclosures during the first quarter. Superintendent Lloyd LaFountain III of the Bureau of Financial Institutions noted Thursday that the number of foreclosure proceedings on first mortgages being initiated rose from January through March, but completed foreclosures were down.

LaFountain said that decline was a positive development and may reflect loan modification efforts and use of homeowner assistance programs.

The bureau said 240 of 86,279 loans outstanding at the end of March, or 0.28 percent, were in foreclosure.

LaFountain said the level of foreclosures poses no threat to the strength and solvency of Maine-chartered banks and credit unions.