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First Bancorp Inc ME

For the period ended Mar 31, 2024. Filed May 7, 2024.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 7, 2024

FNLC$36.41-0.5%Stored close · as of Nov 6, 2026
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

For the quarterly period ended March 31, 2024

Commission File Number 0-26589

THEFIRST BANCORP, INC.

(Exact name of Registrant as specified in its charter)

Maine01-0404322
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
223 Main StreetDamariscottaMaine04543
(Address of principal executive offices)(Zip code)

(207)563-3195

Registrant's telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:

Title of Each ClassTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01 per shareFNLCNASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer,a non-accelerated filer, a smaller

reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer☐ Accelerated filer ☒ Non-accelerated filer☐ Smaller reporting company☐

Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended

transition period for complying with any new or revised financial accounting standards provided pursuant to

Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes☐ No☒

Indicate the number of shares outstanding of each of the registrant's classes of common stock as of May 1, 2024

Common Stock:11,136,483 shares

Table of Contents

Part I. Financial Information1
Selected Financial Data (Unaudited)1
Item 1 – Financial Statements2
Report of Independent Registered Public Accounting Firm2
Consolidated Balance Sheets (Unaudited)3
Consolidated Statements of Income and Comprehensive Income (Unaudited)4
Consolidated Statements of Changes in Shareholders' Equity (Unaudited)5
Consolidated Statements of Cash Flows (Unaudited)6
Notes to Consolidated Financial Statements7
Note 1 – Basis of Presentation7
Note 2 –Investment Securities8
Note 3 – Loans13
Note 4 – Allowance for Credit Losses20
Note 5 – Stock-Based Compensation33
Note 6 – Preferred and Common Stock33
Note 7 – Earnings Per Share33
Note 8 – Employee Benefit Plans33
Note 9 – Other Comprehensive Income (Loss)35
Note 10 – Financial Derivative Instruments35
Note 11 – Mortgage Servicing Rights37
Note 12 – Income Taxes37
Note 13 – Certificates of Deposit38
Note 14 – Reclassifications38
Note 15 – Fair Value Disclosures38
Note 16 – Impact of Recently Issued Accounting Standards46
Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations47
Forward-Looking Statements47
Critical Accounting Policies47
Use of Non-GAAP Financial Measures49
Executive Summary50
Net Interest Income51
Average Daily Balance Sheets53
Non-Interest Income53
Non-Interest Expense54
Income Taxes54
Investments54
Debt Securities-Unrealized Loss Position56
Federal Home Loan Bank Stock58
Loans and Loans Held for Sale58
Credit Risk Management and Allowance for Credit Losses59
Non-Performing Loans and Loan Modifications63
Past Due Loans65
Potential Problem Loans and Loans in Process of Foreclosure65
Other Real Estate Owned66
Liquidity66
Deposits66
Borrowed Funds67
Capital Resources67
Off-Balance-Sheet Financial Instruments and Contractual Obligations68
Item 3 – Quantitative and Qualitative Disclosures About Market Risk70
Market-Risk Management70
Asset/Liability Management70
Interest Rate Risk Management71
Item 4 - Controls and Procedures72
Part II. Other Information73
Item 1 – Legal Proceedings73
Item 1a – Risk Factors73
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds73
Item 3 – Default Upon Senior Securities73
Item 4 – Mine Safety Disclosures73
Item 5 – Other Information73
Item 6 – Exhibits74
Signatures75
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.