First Bancorp Inc ME

During the first six months of 2024, total deposits decreased by $21.6 million or 0.8% from December 31, 2023 levels. Low-cost deposits (demand, NOW, and savings accounts) decreased by $74.3 million or 6.1% in the first six months of 2024. Money market deposits increased $11.2 million or 3.7%, and certificates of deposit increased $41.5 million or 3.9% as depositors shifted balances to higher cost product types and brokered certificates of deposit were issued to support earning asset growth. The decrease in total deposits for the period was consistent with Management's estimates based upon historical seasonal deposit behaviors.

Between June 30, 2023 and June 30, 2024, total deposits increased by $78.2 million or 3.1%. Low-cost deposits decreased by $92.8 million or 7.5%, money market accounts increased $108.9 million or 52.3%, and certificates of deposit increased $62.1 million or 5.9%.

Estimated uninsured deposits totaled $414.4 million or 16.1% of total deposits as of June 30, 2024, and $407.4 million or 15.7% of total deposits as of December 31, 2023. The company has pledged assets as collateral covering certain deposits; these amounts were $310.9 million and $340.5 million as of June 30, 2024 and December 31, 2023, respectively.