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First Bancorp, Inc /ME/

For the period ended Mar 31, 2026. Filed May 8, 2026.

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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, 2026 · Filed May 8, 2026

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, 2026

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, 2026

Common Stock:11,275,758 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 Statements8
Note 1 – Basis of Presentation8
Note 2 –Investment Securities9
Note 3 – Loans14
Note 4 – Allowance for Credit Losses22
Note 5 – Stock-Based Compensation35
Note 6 – Preferred and Common Stock36
Note 7 – Earnings Per Share36
Note 8 – Employee Benefit Plans36
Note 9 – Other Comprehensive Income (Loss)38
Note 10 – Financial Derivative Instruments38
Note 11 – Mortgage Servicing Rights40
Note 12 – Income Taxes41
Note 13 – Certificates of Deposit41
Note 14 – Reclassifications41
Note 15 – Fair Value Disclosures41
Note 16 – Impact of Recently Issued Accounting Standards48
Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations49
Forward-Looking Statements49
Critical Accounting Policies49
Use of Non-GAAP Financial Measures51
Executive Summary52
Net Interest Income53
Average Daily Balance Sheets55
Non-Interest Income55
Non-Interest Expense56
Income Taxes56
Investments56
Debt Securities-Unrealized Loss Position58
Federal Home Loan Bank Stock59
Loans and Loans Held for Sale60
Credit Risk Management and Allowance for Credit Losses62
Non-Performing Loans and Loan Modifications66
Past Due Loans68
Potential Problem Loans and Loans in Process of Foreclosure68
Other Real Estate Owned69
Liquidity69
Deposits70
Borrowed Funds70
Capital Resources70
Off-Balance-Sheet Financial Instruments and Contractual Obligations71
Item 3 – Quantitative and Qualitative Disclosures About Market Risk73
Market-Risk Management73
Asset/Liability Management73
Interest Rate Risk Management74
Item 4 - Controls and Procedures75
Part II. Other Information76
Item 1 – Legal Proceedings76
Item 1a – Risk Factors76
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds76
Item 3 – Default Upon Senior Securities76
Item 4 – Mine Safety Disclosures76
Item 5 – Other Information76
Item 6 – Exhibits77
Signatures78
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.