Core Viewpoint - The First Bancorp has declared a quarterly cash dividend of 37 cents per share for the first quarter of 2026, reflecting a strong financial position and commitment to returning value to shareholders [1][2]. Dividend Declaration - The dividend of 37 cents per share is payable on April 17, 2026, to shareholders of record as of April 7, 2026 [1]. - The annualized dividend of $1.48 per share represents an attractive yield of 5.31%, based on a closing price of $27.88 per share on March 25, 2026 [2]. Company Overview - The First Bancorp, headquartered in Damariscotta, Maine, is the parent company of First National Bank, which was founded in 1864 [2]. - The bank serves the Mid-Coast and Down East Maine regions with eighteen offices across several counties, providing a full range of consumer and commercial banking products and services [2]. - First National Wealth Management, a division of First National Bank, offers investment management and trust services from five offices in the region [2].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 For the Fiscal Year ended December 31, 2025 Commission File Number 0-26589 THE FIRST 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 o ...

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Core Insights - The First Bancorp, Inc. (FNLC) is the holding company for the First National Bank in Maine, with a stable share price since the last article was published despite a significant increase in net income [1] Group 1: Company Overview - The First Bancorp, Inc. operates as a holding company for the First National Bank in Maine [1] - The bank's share price has remained relatively flat over the recent period [1] Group 2: Financial Performance - There has been a substantial increase in net income for the bank, indicating positive financial performance [1]

Core Insights - The First Bancorp, Inc. (FNLC) is the holding company for the First National Bank in Maine, with a stable share price since the last article was published despite a substantial increase in net income [1] Company Overview - The First Bancorp, Inc. operates as a holding company for the First National Bank in Maine, focusing on maintaining a stable share price while achieving significant growth in net income [1] Investment Strategy - The Investment Doctor emphasizes a diversified portfolio consisting of both dividend and growth stocks, targeting European small-cap investments with a 5-7 year horizon [1] - The investment group European Small Cap Ideas provides exclusive access to actionable research on European investment opportunities, focusing on high-quality small-cap ideas for capital gains and dividend income [1] Portfolio Features - The investment group offers two model portfolios: the European Small Cap Ideas portfolio and the European REIT Portfolio, along with weekly updates and educational content [1] - An active chat room is available for discussions on the latest developments regarding portfolio holdings [1]

Financial Performance - Net income for the quarter ended September 30, 2025, was $9,082,000, up 19.9% from $7,571,000 for the same quarter in 2024[16]. - Net income for the nine months ended September 30, 2025, was $24,222,000, an increase from $19,763,000 in the same period of 2024, representing a growth of approximately 22.8%[22]. - Basic earnings per common share increased to $2.19 for the nine months ended September 30, 2025, compared to $1.79 for the same period in 2024, reflecting a growth of 22.3%[16]. - Diluted EPS for the quarter ended September 30, 2025, was $0.81, compared to $0.68 in the same quarter of 2024, indicating a growth of 19.1%[116]. - On a PTPP basis, earnings for the nine months ended September 30, 2025, were $31.1 million, up $7.8 million, or 33.6% from the prior year[185]. Asset and Loan Growth - Total assets increased to $3,198,478,000 as of September 30, 2025, compared to $3,157,010,000 at December 31, 2024, reflecting a growth of 1.0%[15]. - Net loans reached $2,373,432,000, up from $2,316,069,000 at the end of 2024, representing a 2.5% increase[15]. - The loan portfolio grew by $57.6 million, or 2.5%, in the nine months ended September 30, 2025, with commercial loans increasing by $21.4 million[191]. - The loan portfolio totaled $2,398,510,000 as of September 30, 2025, reflecting a growth from $2,340,940,000 at December 31, 2024[51]. Income and Expenses - Total interest income for the nine months ended September 30, 2025, was $119,539,000, an increase of 8.0% from $109,833,000 for the same period in 2024[16]. - Net interest income after provision for credit losses was $54,688,000 for the nine months ended September 30, 2025, compared to $46,996,000 for the same period in 2024, marking a 16.0% increase[16]. - Non-interest income for the nine months ended September 30, 2025, was $12,606,000, up from $11,919,000 for the same period in 2024, representing a growth of 5.8%[16]. - Total non-interest expense for the nine months ended September 30, 2025, was $37,797,000, compared to $35,011,000 for the same period in 2024, an increase of 7.9%[16]. Deposits and Shareholder Equity - Total deposits rose to $2,737,550,000 as of September 30, 2025, compared to $2,725,251,000 at December 31, 2024, indicating a slight increase of 0.4%[15]. - The total shareholders' equity at September 30, 2025, was $274,566,000, an increase from $256,783,000 at September 30, 2024, marking a growth of approximately 6.9%[19]. Credit Quality and Allowance for Credit Losses - The total ending allowance balance for credit losses as of September 30, 2025, was $186,000, down from $224,000 a year earlier[44]. - The provision for credit losses on loans for the first nine months of 2025 was $1.4 million, significantly up from $58,000 in the same period of 2024[190]. - Non-performing assets stood at 0.30% of total assets as of September 30, 2025, up from 0.14% as of December 31, 2024[189]. - Total past-due loans were 0.69% of total loans as of September 30, 2025, up from 0.40% as of December 31, 2024[189]. Securities and Investments - As of September 30, 2025, the amortized cost of investment securities was $678,664,000, with an estimated fair value of $590,067,000, reflecting unrealized losses of $88,597,000[31]. - The fair value of investment securities is estimated at $273,493,000 as of September 30, 2025, with $219,417,000 in mortgage-backed securities[153]. - The total fair value of AFS debt securities in an unrealized loss position was $238,089,000, with unrealized losses amounting to $42,854,000[39]. Loan Modifications and Foreclosures - Loan modifications for borrowers experiencing financial difficulty totaled $1,391,000 in payment deferrals, $307,000 in term extensions, and $4,034,000 in rate modifications during the three months ended September 30, 2025[61]. - Loans in process of foreclosure as of September 30, 2025, total $998,000, compared to $192,000 as of December 31, 2024[68]. Economic and Market Conditions - The Federal Open Market Committee (FOMC) has lowered short-term interest rates in September and October, signaling potential further cuts depending on inflation targets[29]. - The company anticipates that changes in economic conditions and regulatory environments may impact future performance and financial results[166].

Financial Performance - Net income for the six months ended June 30, 2025, was $15,140,000, reflecting a 24.1% increase from $12,192,000 in the prior year[16]. - Basic earnings per common share increased to $1.37, up from $1.10, representing a growth of 24.5%[16]. - The company reported a comprehensive income of $20,488,000 for the six months ended June 30, 2025, significantly higher than $8,836,000 in the prior year[16]. - Net income for the six months ended June 30, 2025, was $15,140,000, an increase of 24.9% compared to $12,192,000 for the same period in 2024[19]. - The company reported a net cash provided by operating activities of $9,547,000 for the six months ended June 30, 2025, compared to $4,881,000 for the same period in 2024, indicating a significant improvement[19]. - The company reported a total of $1,865 million in loan modifications involving payment deferral and term extension during the three months ended June 30, 2025[51]. Asset and Loan Growth - Total assets increased to $3,199,510,000 as of June 30, 2025, up from $3,157,010,000 at December 31, 2024, representing a growth of 1.1%[15]. - Net loans rose to $2,369,178,000, compared to $2,316,069,000 at the end of 2024, marking an increase of 2.3%[15]. - The total loan portfolio amounted to $2,394,007,000, an increase from $2,340,940,000 at December 31, 2024, and $2,247,670,000 at June 30, 2024, reflecting a year-over-year growth of 6.5%[43]. - The loan portfolio increased by $53.1 million or 2.3% in the six months ended June 30, 2025[182]. Interest Income and Expenses - Total interest income for the six months ended June 30, 2025, was $78,534,000, up 9.2% from $71,546,000 in the same period of 2024[16]. - Net interest income after provision for credit losses increased to $35,330,000, a rise of 17.5% from $29,956,000 year-over-year[16]. - Total interest paid increased to $42,250,000 for the six months ended June 30, 2025, compared to $40,905,000 in 2024, reflecting a rise of 3.3%[20]. - Net interest income rose by $6.3 million or 20.9% to $36.2 million for the six months ended June 30, 2025, compared to $30.0 million for the same period in 2024[188]. Deposits and Equity - Total deposits decreased slightly to $2,705,337,000 from $2,725,251,000, a decline of 0.7%[15]. - Total shareholders' equity increased to $265,492,000 as of June 30, 2025, up from $244,668,000 at June 30, 2024, reflecting a growth of 8.4%[18]. - Cash dividends declared per share increased from $0.71 to $0.73, representing a 2.8% increase year-over-year[19]. Credit Quality and Allowance for Credit Losses - The allowance for credit losses (ACL) is determined using a discounted cash flow approach, considering historical losses and economic forecasts[58]. - The total ending balance of the Allowance for Credit Losses (ACL) was $24,829,000, a slight decrease from $24,871,000 at the beginning of the period[96]. - The ACL for commercial real estate owner-occupied loans was $5,195,000 as of June 30, 2025, reflecting a specific reserve based on historical loss experience[71]. - The total non-accrual loans amounted to $6,039 million, a decrease from $6,248 million on December 31, 2024, representing a reduction of approximately 3.35%[48]. Securities and Investments - As of June 30, 2025, the total amortized cost of investment securities was $325,381,000, with an estimated fair value of $278,248,000, reflecting unrealized losses of $47,630,000[26]. - The total fair value of AFS debt securities in an unrealized loss position was $240,853,000, with unrealized losses amounting to $(47,630,000)[33]. - The company invests only in investment-grade securities, with no credit losses recognized on currently held securities[163]. - The total securities held by the company amounted to $653.9 million as of June 30, 2025, compared to $651.6 million at December 31, 2024, and $658.1 million at June 30, 2024[203]. Economic Outlook and Market Conditions - The company reported a favorable market response to a domestic budget package that included spending reforms and tax cuts, which has helped reduce volatility[24]. - The future economic outlook remains uncertain due to potential tariffs and ongoing trade negotiations, which could impact the company's operating results[24]. - The overall health of the economy, including unemployment rates and housing prices, significantly impacts the credit quality of the loan portfolio[66]. Non-Interest Income and Expenses - Non-interest income for the six months ended June 30, 2025, was $8,131,000, an increase of 4.3% compared to $7,797,000 in the same period of 2024[16]. - Non-interest expense for the six months ended June 30, 2025, was $25.0 million, up $2.0 million or 8.8% from the same period in 2024[179]. - The expense related to the 401(k) plan for the six months ended June 30, 2025, was $564,000, a slight decrease from $585,000 in the same period of 2024[106].

Financial Performance - Net income for the first quarter of 2025 was $7,077,000, reflecting a 17.6% increase from $6,021,000 in the first quarter of 2024[16]. - Basic earnings per common share increased to $0.64 for Q1 2025, compared to $0.55 for Q1 2024, representing a growth of 16.4%[16]. - Net interest income for the three months ended March 31, 2025, was $17,799,000, up 19.3% from $14,880,000 in the same period of 2024[16]. - Non-interest income increased to $4,002,000 for Q1 2025, up from $3,640,000 in Q1 2024, indicating a growth of 9.9%[16]. - Non-interest expense rose to $12,844,000 in Q1 2025, compared to $11,761,000 in Q1 2024, an increase of 9.2%[16]. - The company reported income taxes on operating earnings of $1.5 million, an increase of $237,000 from the same period in 2024[189]. - Return on average assets improved to 0.91% and return on average tangible common equity increased to 12.64% for the three months ended March 31, 2025, compared to 0.82% and 11.36% in 2024[179]. Asset and Loan Growth - Total assets increased to $3,187,372,000 as of March 31, 2025, up from $3,157,010,000 at December 31, 2024, representing a growth of 0.9%[15]. - Net loans rose to $2,358,036,000, compared to $2,316,069,000 at the end of 2024, marking an increase of 1.8%[15]. - The loan portfolio totaled $2,383,150,000 as of March 31, 2025, reflecting an increase from $2,340,940,000 at December 31, 2024, and $2,173,746,000 at March 31, 2024[45]. - The total past-due loans amounted to $7,972,000 as of March 31, 2025, with 4,652,000 classified as 90+ days past due[48]. - The total current loans as of March 31, 2024, were $2,173,746,000, with $2,048,000 in total past due[49]. Deposits and Equity - Total deposits decreased slightly to $2,711,335,000 as of March 31, 2025, from $2,725,251,000 at the end of 2024, a decline of 0.5%[15]. - Shareholders' equity increased to $259,681,000 as of March 31, 2025, up from $252,493,000 at the end of 2024, a growth of 2.5%[15]. - Cash dividends declared increased to $0.36 per share for Q1 2025, compared to $0.35 per share in Q1 2024[17]. Credit Quality and Allowance for Credit Losses - The allowance for credit losses (ACL) for loans stood at 1.05% of loans outstanding as of March 31, 2025, compared to 1.06% at the end of 2024[175]. - The total allowance for credit losses (ACL) is $25,114,000, with specific reserves on loans evaluated individually at $1,029,000[71]. - The provision for credit losses on loans for Q1 2025 was $396,000, an increase from $99,000 in Q1 2024[175]. - The total non-accrual loans as of March 31, 2025, reached $6,053,000, with $1,348,000 having an allowance for credit loss[51]. Securities and Investments - The fair value of available-for-sale securities was estimated at $280,764,000 as of March 31, 2025, down from $274,680,000 at the end of 2024[27]. - The net unrealized loss on securities available for sale was $40.864 million as of March 31, 2025[186]. - The company reported AFS debt securities in an unrealized loss position with a fair value of $247.7 million and unrealized losses of $49.4 million as of March 31, 2025[202]. - The total fair value of securities available for sale is $280,764,000, with $18,950,000 in U.S. Government-sponsored agencies and $226,877,000 in mortgage-backed securities[140]. Operational Efficiency - Cash flows from operating activities provided $2,180,000 in Q1 2025, a significant recovery from a cash outflow of $1,497,000 in Q1 2024[19]. - The company reported a change in net unrealized loss on available-for-sale securities of $(3,969,000) in Q1 2025, contrasting with a gain of $3,241,000 in Q1 2024[20]. - The total pledged loans for collateral agreements reached $631,410,000 as of March 31, 2025, compared to $565,047,000 at March 31, 2024[46]. Market Conditions and Risks - Interest paid increased to $20,843,000 in Q1 2025, up from $19,521,000 in Q1 2024, reflecting rising interest rates[20]. - The company holds high credit quality municipal debt obligations, primarily rated A- or higher, with a history of zero to near-zero credit loss[36]. - The company categorizes commercial loans using an internal risk rating system with eight levels, from "Strong" to "Doubtful"[78][85].

Financial Position and Investment - As of December 31, 2024, the company had $274.7 million in available for sale investment securities and $369.9 million in held to maturity investment securities[86]. - Any significant impairment charges in the investment portfolio could adversely affect the company’s liquidity and regulatory capital ratios[86]. - The company’s investment management revenues are directly tied to the asset values of investments, which may fluctuate due to market conditions[91]. Interest Rate and Economic Conditions - The company’s net interest income may be adversely affected if interest rates on deposits increase faster than those on loans, potentially impacting earnings[85]. - A decrease in loan demand during weak economic conditions could significantly impact the commercial loan portfolio and net interest income[89]. - Economic conditions, including inflation and interest rate changes, may adversely affect the company's financial condition and results[107]. Regulatory Environment - The company operates in a highly regulated environment, and changes in laws and regulations could adversely affect its results of operations or financial condition[108]. - The Dodd-Frank Act and the establishment of the Consumer Financial Protection Bureau have introduced new regulations that may impact the company's revenues and increase operational costs[109]. - New government regulations could result in more stringent ESG oversight, affecting compliance costs and operational expenses[121]. - Changes in accounting standards and regulations may impact the company's financial reporting and compliance costs[120]. Competition and Market Conditions - The company has experienced significant competition in the financial services industry, which may impact its market share and income from loans and deposits[113]. - The average monthly trading volume of the company's common stock was 341,788 shares for the year ended December 31, 2024, indicating limited trading activity[114]. - The company's common stock price is subject to fluctuations due to various factors, including quarterly operating results and general economic conditions[115]. Capital Management and Shareholder Impact - The inability to receive dividends from the Bank could negatively affect the company's ability to pay dividends to shareholders[117]. - The company must strategically manage its capital position to maintain a competitive return on equity and avoid lower stock prices[118]. - The company may issue additional equity securities, which could dilute book value and adversely affect the market price of common stock[119]. - The company is not restricted from issuing additional shares of common stock, which could lead to dilution for existing shareholders[119]. - The company’s Board of Directors has the authority to issue preferred stock without shareholder approval, which could affect common stockholder rights[119]. Operational and Technological Risks - The company faces risks related to technological changes and must invest in new technology to remain competitive, which could increase operational costs[94]. - The company is exposed to operational risks from other financial institutions, which could lead to market-wide liquidity problems[90]. - The company has implemented security measures to protect against potential cyberattacks, but risks remain due to the evolving nature of such threats[95]. Legal and Reputational Risks - The company faces potential financial liability and reputational damage from claims and litigation, which could adversely affect its financial condition and results of operations[100]. - The company maintains reserves for certain claims when deemed appropriate, but unresolved legal actions may take years to resolve and could impact financial performance[100]. ESG Considerations - Environmental, social, and governance (ESG) oversight may influence stock price and increase compliance costs, impacting overall operational costs[120]. - Investors are increasingly focused on ESG factors, which may impact the trading price of the company's common stock if actions are deemed unsatisfactory[121]. Acquisition Risks - Potential acquisitions may disrupt business and dilute shareholder value, with risks associated with paying premiums over book and market values[122]. - Acquisitions could fail to realize expected revenue increases and cost savings, leading to a material adverse effect on the company[122].

Financial Performance - Net income for the nine months ended September 30, 2024, was $19,763,000, a decrease of 13.8% from $22,839,000 in the same period of 2023[10]. - Basic earnings per common share decreased to $1.79 for the nine months ended September 30, 2024, down from $2.08 in the prior year[10]. - Comprehensive income for the nine months ended September 30, 2024, was $24,515,000, compared to $14,577,000 in the same period of 2023, indicating a significant increase of approximately 68%[16]. - Net income for the nine months ended September 30, 2024, was $19,763,000, a decrease from $22,839,000 in the same period of 2023, representing a decline of approximately 9%[16]. - The company reported a net cash provided by operating activities of $14,638,000 for the nine months ended September 30, 2024, down from $26,193,000 in 2023, a decrease of about 44.8%[16]. - The pre-tax, pre-provision net income for the nine months ended September 30, 2024, was $23,265,000, compared to $28,113,000 for the same period in 2023, showing a decrease of about 17.5%[163]. - Net income for the nine months ended September 30, 2024 was $19.8 million, down 13.5% from the same period in 2023[164]. - Earnings per common share on a fully diluted basis were $1.78 for the nine months ended September 30, 2024, a decrease of 13.9% from $2.06 in 2023[164]. Asset Growth - Total assets increased to $3,142,563,000 as of September 30, 2024, up from $2,944,139,000 a year earlier, representing a growth of 6.7%[7]. - Total assets as of September 30, 2024, amounted to $3,017,045,000, an increase from $2,839,908,000 in the same period of 2023[173]. - Total deposits rose to $2,702,718,000, reflecting an increase of 3.9% from $2,599,937,000 a year ago[7]. - Total deposits increased to $2,574,655,000 for the nine months ended September 30, 2024, compared to $2,468,328,000 in the same period of 2023[173]. - The balance of common stock and additional paid-in capital increased to $71,500,000 as of September 30, 2024, from $69,760,000 at the end of September 2023, an increase of approximately 2.5%[14]. - Total shareholders' equity increased to $256,783,000 as of September 30, 2024, up from $226,665,000 at the end of September 2023, reflecting a growth of about 13.3%[14]. Loan Portfolio - Net loans reached $2,283,254,000, an increase of 10.9% compared to $2,056,538,000 as of September 30, 2023[7]. - As of September 30, 2024, total loan balances reached $2,307,253,000, an increase from $2,129,454,000 as of December 31, 2023, representing a growth of approximately 8.4%[41]. - The commercial real estate owner-occupied loans amounted to $348,287,000, up from $314,819,000 at the end of 2023, reflecting a growth of 15.1%[41]. - The agriculture loan segment was newly established, with balances of $51,274,000 as of September 30, 2024, compared to $45,230,000 at the end of 2023, indicating a growth of 4.6%[41]. - The residential term loans segment reported balances of $698,068,000, which is an increase from $674,855,000 at the end of 2023, representing a growth of 3.6%[41]. - The commercial and industrial (C&I) loans segment saw balances of $368,415,000, up from $315,026,000 at the end of 2023, marking a growth of 16.0%[41]. - The total qualifying loans used to collateralize borrowings from the FHLBB increased to $622,370,000 as of September 30, 2024, compared to $561,574,000 at the end of 2023, representing a growth of 10.8%[41]. Credit Quality and Allowance for Credit Losses - The allowance for credit losses (ACL) is determined using a discounted cash flow approach, considering historical losses and economic forecasts[62]. - The total reserves for credit losses amounted to $23,999,000 as of September 30, 2024, with general reserves based on historical loss experience at $20,870,000[66]. - The allowance for credit losses (ACL) on off-balance sheet credit exposures is recognized as a liability and included within other liabilities on the consolidated balance sheet[69]. - The total ending allowance balance for credit losses was $768,000 for the nine months ended September 30, 2024, reflecting a reduction in credit loss expense of $(487,000)[70]. - The total ACL on loans is considered appropriate to address potential credit losses inherent in the loan portfolio as of September 30, 2024[198]. - The ACL as a percentage of outstanding loans was 1.04% as of September 30, 2024, down from 1.13% as of December 31, 2023, and 1.12% as of September 30, 2023[201]. - The breakdown of the ACL by loan class shows that real estate non-owner occupied loans accounted for 17.7% of total loans as of September 30, 2024[199]. Non-Interest Income and Expenses - Total interest income for the nine months ended September 30, 2024, was $109,833,000, an increase of 17.7% compared to $93,352,000 in 2023[10]. - Total non-interest income increased to $11,919,000 for the nine months ended September 30, 2024, compared to $11,330,000 in the same period of 2023[10]. - Total non-interest expense rose to $35,011,000 for the nine months ended September 30, 2024, up from $32,571,000 in 2023, indicating a 7.5% increase[10]. - Non-interest income for the nine months ended September 30, 2024 was $11.9 million, an increase of 5.2% from the prior year[165]. - Non-interest expense for the nine months ended September 30, 2024, rose by 7.5% to $35.0 million, driven by an 8.2% increase in salaries and employee benefits[176]. Securities and Investment Portfolio - The company reported a net unrealized gain on securities available for sale of $5,181,000 for the nine months ended September 30, 2024, compared to a loss of $9,134,000 in the prior year[10]. - The total amortized cost of U.S. Treasury and Agency securities in the available-for-sale category was $26,040,000, with unrealized losses of $5,305,000, resulting in a fair value of $20,735,000[23]. - The company reported a total of $377,859,000 in amortized cost for securities to be held to maturity, with an estimated fair value of $333,575,000, indicating unrealized losses of $44,654,000[24]. - The total fair value of investment securities was $282,053,000, with $385,669,000 at amortized cost as of December 31, 2023[29]. - The company has the intent and ability to hold AFS securities until recovery of their amortized cost, which may occur at maturity[187]. - The company’s evaluation of securities for impairment considers factors such as the financial condition and credit rating of the issuer, as well as market price volatility[185]. Market and Economic Conditions - The company expressed concerns regarding the national commercial real estate market and its potential impact on the banking industry due to ongoing economic uncertainties[22]. - The Federal Open Market Committee (FOMC) cut interest rates by 0.5% in September 2024, with further rate actions remaining uncertain[158]. - The company’s management continues to monitor geopolitical tensions and their potential impact on economic conditions, which could affect operating results[158]. - The company faces various risks including economic conditions, interest rate volatility, and competition, which could impact future performance and financial results[153].