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First Bancorp, Inc /ME/

For the period ended Jun 30, 2025. Filed Aug 8, 2025.

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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.

Jun 30, 2025 · Filed Aug 8, 2025

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 June 30, 2025

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 August 1, 2025

Common Stock:11,210,588 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)7
Notes to Consolidated Financial Statements9
Note 1 – Basis of Presentation9
Note 2 –Investment Securities10
Note 3 – Loans15
Note 4 – Allowance for Credit Losses25
Note 5 – Stock-Based Compensation39
Note 6 – Preferred and Common Stock39
Note 7 – Earnings Per Share39
Note 8 – Employee Benefit Plans40
Note 9 – Other Comprehensive Income (Loss)41
Note 10 – Financial Derivative Instruments42
Note 11 – Mortgage Servicing Rights44
Note 12 – Income Taxes44
Note 13 – Certificates of Deposit45
Note 14 – Reclassifications45
Note 15 – Fair Value Disclosures45
Note 16 – Impact of Recently Issued Accounting Standards51
Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations52
Forward-Looking Statements52
Critical Accounting Policies52
Use of Non-GAAP Financial Measures54
Executive Summary55
Net Interest Income56
Average Daily Balance Sheets59
Non-Interest Income60
Non-Interest Expense60
Income Taxes60
Investments60
Debt Securities-Unrealized Loss Position62
Federal Home Loan Bank Stock63
Loans and Loans Held for Sale64
Credit Risk Management and Allowance for Credit Losses65
Non-Performing Loans and Loan Modifications68
Past Due Loans71
Potential Problem Loans and Loans in Process of Foreclosure71
Other Real Estate Owned72
Liquidity72
Deposits73
Borrowed Funds73
Capital Resources73
Off-Balance-Sheet Financial Instruments and Contractual Obligations74
Item 3 – Quantitative and Qualitative Disclosures About Market Risk76
Market-Risk Management76
Asset/Liability Management76
Interest Rate Risk Management77
Item 4 - Controls and Procedures78
Part II. Other Information79
Item 1 – Legal Proceedings79
Item 1a – Risk Factors79
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds79
Item 3 – Default Upon Senior Securities79
Item 4 – Mine Safety Disclosures79
Item 5 – Other Information79
Item 6 – Exhibits80
Signatures81
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.