First Bancorp, Inc /ME/
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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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.
Sep 30, 2026 · Filed Nov 5, 2026
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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. As of September 30, 2026, the Bank had $284,000 in loans held for sale. This compares to no loans held for sale at December 31, 2025 and $333,000 in loans held for sale at September 30, 2025.
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 nine months of 2026, with total loans at $2.44 billion at September 30, 2026, up $47.5 million or 2.0% from total loans of $2.39 billion at December 31, 2025. Commercial loan balances changed little in aggregate, up $484,000 during the period. Within specific commercial loan segments, owner-occupied commercial real estate increased $2.2 million and commercial & industrial loans increased $28.3 million, while non-owner occupied commercial real estate decreased $12.3 million, multifamily decreased $21.0 million, and construction loan balances decreased $2.1 million. Residential loans increased by $18.5 million and home equity loans increased by $17.5 million in the first nine months of 2026.
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 September 30, 2026 and 2025 and December 31, 2025:
| Dollars in thousands · September 30, 2026 · December 31, 2025 · September 30, 2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Commercial | |||||||||
| Real estate owner occupied | $380,463 | 15.6 | % | $378,263 | 15.8 | % | $375,263 | 15.6 | % |
| Real estate non-owner occupied | 396,888 | 16.3 | % | 409,177 | 17.1 | % | 414,481 | 17.3 | % |
| Construction | 32,901 | 1.3 | % | 35,025 | 1.5 | % | 51,753 | 2.1 | % |
| C&I | 405,195 | 16.6 | % | 376,907 | 15.7 | % | 376,911 | 15.7 | % |
| Multifamily | 137,909 | 5.6 | % | 158,910 | 6.6 | % | 136,515 | 5.7 | % |
| Agriculture | 53,555 | 2.2 | % | 48,145 | 2.0 | % | 55,489 | 2.3 | % |
| Municipal | 62,778 | 2.6 | % | 52,074 | 2.2 | % | 68,593 | 2.9 | % |
| Residential | |||||||||
| Term | 751,934 | 30.8 | % | 739,188 | 30.9 | % | 730,624 | 30.5 | % |
| Construction | 41,110 | 1.7 | % | 35,332 | 1.5 | % | 32,779 | 1.4 | % |
| Home Equity | |||||||||
| Revolving and term | 159,733 | 6.5 | % | 142,219 | 5.9 | % | 137,018 | 5.7 | % |
| Consumer | 19,093 | 0.8 | % | 18,869 | 0.8 | % | 19,084 | 0.8 | % |
| Total loans | $2,441,559 | 100.0 | % | $2,394,109 | 100.0 | % | $2,398,510 | 100.0 | % |
The following table sets forth certain information regarding the contractual maturities of the Bank's loan portfolio as of September 30, 2026:
| Dollars in thousands | < 1 Year | 1 - 5 Years | 5 - 10 Years | > 10 Years | Total |
|---|---|---|---|---|---|
| Commercial | |||||
| Real estate owner occupied | $7,548 | $146,679 | $24,812 | $201,424 | $380,463 |
| Real estate non-owner occupied | 2,755 | 151,987 | 29,524 | 212,622 | 396,888 |
| Construction | 1,110 | 18,202 | 5,472 | 8,117 | 32,901 |
| C&I | 57,454 | 220,501 | 17,764 | 109,476 | 405,195 |
| Multifamily | 16,893 | 41,583 | 435 | 78,998 | 137,909 |
| Agriculture | 4,899 | 20,276 | 8,466 | 19,914 | 53,555 |
| Municipal | 13,562 | 17,260 | 11,532 | 20,424 | 62,778 |
| Residential | |||||
| Term | 3,381 | 91,952 | 37,295 | 619,306 | 751,934 |
| Construction | 1,741 | 10,059 | — | 29,310 | 41,110 |
| Home Equity | |||||
| Revolving and term | 4,542 | 19,680 | 6,800 | 128,711 | 159,733 |
| Consumer | 9,174 | 4,803 | 661 | 4,455 | 19,093 |
| Total loans | $123,059 | $742,982 | $142,761 | $1,432,757 | $2,441,559 |
The following table provides a listing of loans by class, between variable and fixed rates as of September 30, 2026:
| Fixed-Rate · Adjustable-Rate · Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Dollars in thousands · Amount · % of total · Amount · % of total · Amount · % of total | |||||||||
| Commercial | |||||||||
| Real estate owner occupied | $78,896 | 3.2 | % | $301,567 | 12.4 | % | $380,463 | 15.6 | % |
| Real estate non-owner occupied | 122,489 | 5.0 | % | 274,399 | 11.3 | % | 396,888 | 16.3 | % |
| Construction | 16,823 | 0.7 | % | 16,078 | 0.6 | % | 32,901 | 1.3 | % |
| C&I | 150,262 | 6.2 | % | 254,933 | 10.4 | % | 405,195 | 16.6 | % |
| Multifamily | 19,719 | 0.8 | % | 118,190 | 4.8 | % | 137,909 | 5.6 | % |
| Agriculture | 8,132 | 0.3 | % | 45,423 | 1.9 | % | 53,555 | 2.2 | % |
| Municipal | 62,590 | 2.6 | % | 188 | 0.0 | % | 62,778 | 2.6 | % |
| Residential | |||||||||
| Term | 453,605 | 18.6 | % | 298,329 | 12.2 | % | 751,934 | 30.8 | % |
| Construction | 10,858 | 0.4 | % | 30,252 | 1.3 | % | 41,110 | 1.7 | % |
| Home Equity | |||||||||
| Revolving and Term | 24,532 | 1.0 | % | 135,201 | 5.5 | % | 159,733 | 6.5 | % |
| Consumer | 10,143 | 0.3 | % | 8,950 | 0.5 | % | 19,093 | 0.8 | % |
| Total loans | $958,049 | 39.1 | % | $1,483,510 | 60.9 | % | $2,441,559 | 100.0 | % |
Loan Concentrations
As of September 30, 2026, the Bank had one concentration of loans in one particular industry that exceeded 10% of its total loan portfolio: (1) loans to lessors of residential buildings and dwellings, totaling $245.2 million, or 10.04% of total loans. This compares to one concentration of loans in one particular industry that exceeded 10% of its total loan portfolio as of September 30, 2025: (1) loans to lessors of residential buildings and dwellings, $265.1 million, or 11.05% of total loans.
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