First Bancorp, Inc /ME/
For the period ended Jun 30, 2025. Filed Aug 8, 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.
Jun 30, 2025 · Filed Aug 8, 2025
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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 June 30, 2025
Commission File Number 0-26589
THEFIRST BANCORP, INC.
(Exact name of Registrant as specified in its charter)
| Maine | 01-0404322 |
|---|---|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| 223 Main Street | Damariscotta | Maine | 04543 |
|---|---|---|---|
| (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 Class | Trading Symbol | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $0.01 per share | FNLC | NASDAQ 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 August 1, 2025
Common Stock:11,210,588 shares
Table of Contents
| Part I. Financial Information | 1 |
|---|---|
| Selected Financial Data (Unaudited) | 1 |
| Item 1 – Financial Statements | 2 |
| Report of Independent Registered Public Accounting Firm | 2 |
| 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) | 7 |
| Notes to Consolidated Financial Statements | 9 |
| Note 1 – Basis of Presentation | 9 |
| Note 2 –Investment Securities | 10 |
| Note 3 – Loans | 15 |
| Note 4 – Allowance for Credit Losses | 25 |
| Note 5 – Stock-Based Compensation | 39 |
| Note 6 – Preferred and Common Stock | 39 |
| Note 7 – Earnings Per Share | 39 |
| Note 8 – Employee Benefit Plans | 40 |
| Note 9 – Other Comprehensive Income (Loss) | 41 |
| Note 10 – Financial Derivative Instruments | 42 |
| Note 11 – Mortgage Servicing Rights | 44 |
| Note 12 – Income Taxes | 44 |
| Note 13 – Certificates of Deposit | 45 |
| Note 14 – Reclassifications | 45 |
| Note 15 – Fair Value Disclosures | 45 |
| Note 16 – Impact of Recently Issued Accounting Standards | 51 |
| Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations | 52 |
| Forward-Looking Statements | 52 |
| Critical Accounting Policies | 52 |
| Use of Non-GAAP Financial Measures | 54 |
| Executive Summary | 55 |
| Net Interest Income | 56 |
| Average Daily Balance Sheets | 59 |
| Non-Interest Income | 60 |
| Non-Interest Expense | 60 |
| Income Taxes | 60 |
| Investments | 60 |
| Debt Securities-Unrealized Loss Position | 62 |
| Federal Home Loan Bank Stock | 63 |
| Loans and Loans Held for Sale | 64 |
| Credit Risk Management and Allowance for Credit Losses | 65 |
| Non-Performing Loans and Loan Modifications | 68 |
| Past Due Loans | 71 |
| Potential Problem Loans and Loans in Process of Foreclosure | 71 |
| Other Real Estate Owned | 72 |
| Liquidity | 72 |
| Deposits | 73 |
| Borrowed Funds | 73 |
| Capital Resources | 73 |
| Off-Balance-Sheet Financial Instruments and Contractual Obligations | 74 |
|---|---|
| Item 3 – Quantitative and Qualitative Disclosures About Market Risk | 76 |
| Market-Risk Management | 76 |
| Asset/Liability Management | 76 |
| Interest Rate Risk Management | 77 |
| Item 4 - Controls and Procedures | 78 |
| Part II. Other Information | 79 |
| Item 1 – Legal Proceedings | 79 |
| Item 1a – Risk Factors | 79 |
| Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds | 79 |
| Item 3 – Default Upon Senior Securities | 79 |
| Item 4 – Mine Safety Disclosures | 79 |
| Item 5 – Other Information | 79 |
| Item 6 – Exhibits | 80 |
| Signatures | 81 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.