First Bancorp, Inc /ME/
For the period ended Mar 31, 2025. Filed May 9, 2025.
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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, 2025 · Filed May 9, 2025
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Loans and Loans Held for Sale
Loans Held for Sale
Loans held for sale are carried at the lower of cost or market value. There were no loans held for sale as of March 31, 2025 and 2024 and December 31, 2024.
Loans
The Company provides loans to customers within our market area, the State of Maine, with very limited exposures outside of Maine. Loans are originated primarily via our network of branch offices, along with an online channel for residential mortgage loans.
The loan portfolio increased during the first three months of 2025, with total loans at $2.38 billion at March 31, 2025, up $42.2 million or 1.8% from total loans of $2.34 billion at December 31, 2024. Commercial loans increased $30.9 million or 2.2% between December 31, 2024 and March 31, 2025, municipal loans decreased $6.7 million or 10.9%, and both residential term loans and home equity lines of credit increased $8.5 million.
The loan portfolio is segmented into eleven classes. Commercial loans comprise six of the classes: commercial real estate owner occupied, commercial real estate non-owner occupied, commercial construction, C&I, multifamily and agriculture. Residential mortgage loans comprise two of the classes: residential real estate term and residential real estate construction. The remaining classes are municipal loans, home equity loans, and consumer loans. Further descriptions of each class, and the risk factors associated with each, are included in Note 4 of the accompanying financial statements.
The following table summarizes the loan portfolio, by class, at March 31, 2025 and 2024 and December 31, 2024.
| Dollars in thousands · March 31, 2025 · December 31, 2024 · March 31, 2024 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Commercial | |||||||||
| Real estate owner occupied | $370,465 | 15.5 | % | $358,588 | 15.3 | % | $327,496 | 15.1 | % |
| Real estate non-owner occupied | 413,530 | 17.4 | % | 403,899 | 17.3 | % | 399,658 | 18.4 | % |
| Construction | 76,402 | 3.2 | % | 99,717 | 4.3 | % | 85,817 | 3.9 | % |
| C&I | 379,767 | 16.0 | % | 365,817 | 15.6 | % | 321,855 | 14.8 | % |
| Multifamily | 131,036 | 5.5 | % | 108,732 | 4.6 | % | 101,344 | 4.7 | % |
| Agriculture | 48,705 | 2.0 | % | 52,219 | 2.2 | % | 45,064 | 2.1 | % |
| Municipal | 55,104 | 2.3 | % | 61,827 | 2.6 | % | 54,746 | 2.5 | % |
| Residential | |||||||||
| Term | 719,348 | 30.2 | % | 710,807 | 30.4 | % | 678,093 | 31.1 | % |
| Construction | 35,427 | 1.5 | % | 35,481 | 1.5 | % | 34,824 | 1.6 | % |
| Home Equity | |||||||||
| Revolving and term | 131,522 | 5.5 | % | 123,063 | 5.3 | % | 105,814 | 4.9 | % |
| Consumer | 21,844 | 0.9 | % | 20,790 | 0.9 | % | 19,035 | 0.9 | % |
| Total loans | $2,383,150 | 100.0 | % | $2,340,940 | 100.0 | % | $2,173,746 | 100.0 | % |
The following table sets forth certain information regarding the contractual maturities of the Bank's loan portfolio as of March 31, 2025.
| Dollars in thousands | < 1 Year | 1 - 5 Years | 5 - 10 Years | > 10 Years | Total |
|---|---|---|---|---|---|
| Commercial | |||||
| Real estate owner occupied | $5,645 | $90,555 | $33,617 | $240,648 | $370,465 |
| Real estate non-owner occupied | 14,290 | 65,246 | 32,382 | 301,612 | 413,530 |
| Construction | 7,251 | 26,099 | 3,077 | 39,975 | 76,402 |
| C&I | 62,317 | 190,067 | 37,701 | 89,682 | 379,767 |
| Multifamily | 98 | 18,793 | 1,019 | 111,126 | 131,036 |
| Agriculture | 2,121 | 16,067 | 11,251 | 19,266 | 48,705 |
| Municipal | 7,751 | 16,828 | 12,998 | 17,527 | 55,104 |
| Residential | |||||
| Term | 170 | 42,859 | 36,408 | 639,911 | 719,348 |
| Construction | 1,759 | 4,334 | — | 29,334 | 35,427 |
| Home Equity | |||||
| Revolving and term | 6,112 | 8,463 | 8,142 | 108,805 | 131,522 |
| Consumer | 8,143 | 7,425 | 1,328 | 4,948 | 21,844 |
| Total loans | $115,657 | $486,736 | $177,923 | $1,602,834 | $2,383,150 |
The following table provides a listing of loans by class, between variable and fixed rates as of March 31, 2025.
| Fixed-Rate · Adjustable-Rate · Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Dollars in thousands · Amount · % of total · Amount · % of total · Amount · % of total | |||||||||
| Commercial | |||||||||
| Real estate owner occupied | $64,870 | 2.7 | % | $305,595 | 12.8 | % | $370,465 | 15.5 | % |
| Real estate non-owner occupied | 112,910 | 4.7 | % | 300,620 | 12.7 | % | 413,530 | 17.4 | % |
| Construction | 30,130 | 1.3 | % | 46,272 | 1.9 | % | 76,402 | 3.2 | % |
| C&I | 146,673 | 6.2 | % | 233,094 | 9.8 | % | 379,767 | 16.0 | % |
| Multifamily | 12,251 | 0.5 | % | 118,785 | 5.0 | % | 131,036 | 5.5 | % |
| Agriculture | 10,229 | 0.4 | % | 38,476 | 1.6 | % | 48,705 | 2.0 | % |
| Municipal | 54,895 | 2.3 | % | 209 | 0.0 | % | 55,104 | 2.3 | % |
| Residential | |||||||||
| Term | 468,908 | 19.7 | % | 250,440 | 10.5 | % | 719,348 | 30.2 | % |
| Construction | 17,510 | 0.7 | % | 17,917 | 0.8 | % | 35,427 | 1.5 | % |
| Home Equity | |||||||||
| Revolving and Term | 22,315 | 0.9 | % | 109,207 | 4.6 | % | 131,522 | 5.5 | % |
| Consumer | 14,682 | 0.6 | % | 7,162 | 0.3 | % | 21,844 | 0.9 | % |
| Total loans | $955,373 | 40.0 | % | $1,427,777 | 60.0 | % | $2,383,150 | 100.0 | % |
Loan Concentrations
As of March 31, 2025 and 2024, the Bank had two concentration of loans in two particular industries that exceeded 10% of its total loan portfolio: (1) loans to hotels (except Casino hotels) and motels, totaling $253.4 million, or 10.63% and $231.5 million, or 10.65% of total loans, respectively; and (2) loans to lessors of residential buildings and dwellings, totaling $266.7 million, or 11.19% and $229.5 million, or 10.56% of total loans, respectively.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.