[Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) [Selected Financial Data (Unaudited)](index=4&type=section&id=Selected%20Financial%20Data%20(Unaudited)) The First Bancorp, Inc. reported significant Q1 2021 year-over-year improvements, with net income up 37.4% to $8.9 million, diluted EPS at $0.81, and improved asset quality and efficiency Q1 2021 vs Q1 2020 Financial Highlights (in thousands USD) | Metric | Q1 2021 | Q1 2020 | Change | | :--- | :--- | :--- | :--- | | Net Income | $8,922,000 | $6,495,000 | +37.4% | | Diluted EPS | $0.81 | $0.60 | +35.0% | | Cash Dividends Declared | $0.31 | $0.30 | +3.3% | | Total Assets | $2,436,868,000 | $2,136,396,000 | +14.1% | | Total Loans | $1,516,772,000 | $1,344,208,000 | +12.8% | | Total Deposits | $1,953,557,000 | $1,644,612,000 | +18.8% | Q1 2021 vs Q1 2020 Key Ratios | Ratio | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Return on Average Equity | 15.85% | 12.03% | | Return on Average Assets | 1.54% | 1.24% | | Net Interest Margin (Tax-Equivalent) | 2.99% | 3.12% | | Non-Performing Loans to Total Loans | 0.46% | 0.75% | | Efficiency Ratio (Non-GAAP) | 45.52% | 58.12% | [Financial Statements (Unaudited)](index=5&type=section&id=Item%201%20%E2%80%93%20Financial%20Statements) Unaudited Q1 2021 consolidated financial statements show significant growth and improved profitability, with total assets at $2.44 billion, net income at $8.9 million, and strong cash flows [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2021, total assets increased 14.1% to $2.44 billion, driven by growth in net loans to $1.50 billion and total deposits to $1.95 billion Balance Sheet Summary (in thousands) | Account | March 31, 2021 | December 31, 2020 | March 31, 2020 | | :--- | :--- | :--- | :--- | | Total Assets | $2,436,868 | $2,361,236 | $2,136,396 | | Net Loans | $1,500,178 | $1,460,508 | $1,332,350 | | Total Deposits | $1,953,557 | $1,844,611 | $1,644,612 | | Total Shareholders' Equity | $228,184 | $223,726 | $215,257 | [Consolidated Statements of Income and Comprehensive Income](index=7&type=section&id=Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) For Q1 2021, net income increased 37.4% to $8.9 million, driven by a 6.4% rise in net interest income to $15.9 million and a 25.5% increase in non-interest income to $5.3 million Income Statement Summary (in thousands) | Account | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Net Interest Income | $15,873 | $14,918 | | Provision for Loan Losses | $525 | $400 | | Total Non-Interest Income | $5,298 | $4,221 | | Total Non-Interest Expense | $9,874 | $11,043 | | **Net Income** | **$8,922** | **$6,495** | | Diluted EPS | $0.81 | $0.60 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2021, net cash from operating activities significantly increased to $19.0 million, while investing activities used $98.4 million, and financing activities provided $73.1 million, primarily from deposits Cash Flow Summary (in thousands) | Activity | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $19,044 | $2,852 | | Net Cash used by Investing Activities | ($98,353) | ($50,132) | | Net Cash from Financing Activities | $73,126 | $53,964 | | **Net (Decrease) in Cash** | **($6,183)** | **$6,684** | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies and disclosures, covering the $690 million investment portfolio, improved $1.52 billion loan portfolio credit quality, COVID-19 impacts, and the upcoming LIBOR transition - The company's primary market, the State of Maine, relies significantly on tourism, which was adversely impacted by COVID-19 in 2020. The ongoing impact remains uncertain[25](index=25&type=chunk) - The company is preparing for the cessation of LIBOR, with a working group formed to manage the transition. Several derivative contracts with notional values totaling **$165 million** have maturity dates beyond the LIBOR phase-out in June 2023[125](index=125&type=chunk)[305](index=305&type=chunk) - The company has deferred the adoption of the new Current Expected Credit Loss (CECL) model (ASU 2016-13) as a Smaller Reporting Company, with implementation planned for fiscal years beginning after December 15, 2022[159](index=159&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=50&type=section&id=Item%202%20%E2%80%93%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reported record Q1 2021 operating results, with net income of $8.9 million, 37.4% YoY growth, improved asset quality, and a well-capitalized balance sheet with $2.44 billion in assets - Net income for Q1 2021 was a record **$8.9 million**, up **37.4%** from Q1 2020, driven by increased net interest income, strong non-interest revenue, and controlled operating expenses[181](index=181&type=chunk)[182](index=182&type=chunk) - Asset quality showed positive trends, with non-performing assets at **0.30% of total assets** as of March 31, 2021, down from 0.49% a year prior[186](index=186&type=chunk) - The company's non-GAAP efficiency ratio improved significantly to **45.52%** for Q1 2021, compared to 58.12% for the same period in 2020, which was elevated due to one-time charges[188](index=188&type=chunk) [Critical Accounting Policies](index=50&type=section&id=Critical%20Accounting%20Policies) Management identifies critical accounting policies requiring significant estimates, including allowance for loan losses, goodwill, MSRs, and derivatives, with MSR valuation sensitive to prepayment rates and ongoing COVID-19 risks - The most significant estimates and assumptions are related to the Allowance for Loan Losses, Goodwill, Mortgage Servicing Rights, Fair Value of Securities, and Derivative Financial Instruments[166](index=166&type=chunk)[167](index=167&type=chunk)[168](index=168&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk) - The valuation of mortgage servicing rights is highly dependent on the anticipated loan prepayment rate assumption; an increase in prepayment speed lowers the MSR valuation[170](index=170&type=chunk) [Results of Operations](index=54&type=section&id=Results%20of%20Operations) In Q1 2021, net interest income rose 6.4% to $15.9 million, non-interest income surged 25.5% to $5.3 million driven by mortgage banking, and non-interest expense decreased 10.6% to $9.9 million - Net interest income on a tax-equivalent basis increased by **$1.0 million (6.3%)** YoY, driven by earning asset growth and recognition of PPP loan origination fees[183](index=183&type=chunk) - Non-interest income increased by **$1.1 million (25.5%)** YoY, led by a **$1.5 million (290.3%)** increase in mortgage banking revenue[184](index=184&type=chunk)[197](index=197&type=chunk) - Non-interest expense decreased by **$1.2 million (10.6%)** YoY, mainly due to **$1.76 million** in one-time charges in Q1 2020 related to restructuring interest rate swaps[185](index=185&type=chunk)[120](index=120&type=chunk)[198](index=198&type=chunk) [Financial Condition](index=57&type=section&id=Financial%20Condition) As of March 31, 2021, financial condition strengthened with total assets at $2.44 billion, loan portfolio growth of 2.7%, improved credit quality, strong liquidity from 18.8% deposit growth, and well-capitalized ratios - The loan portfolio increased by **$40.0 million (2.7%)** in Q1 2021, with growth centered in commercial real estate and other commercial loans, including PPP loans[187](index=187&type=chunk)[218](index=218&type=chunk) - Low-cost deposits (demand, NOW, savings) grew by **$68.1 million (6.3%)** in Q1 2021 and **$370.9 million (48.0%)** year-over-year, largely due to economic stimulus programs[187](index=187&type=chunk)[284](index=284&type=chunk) - The company remains well-capitalized, with a total risk-based capital ratio of **14.83%** as of March 31, 2021, comfortably exceeding the 10.0% well-capitalized threshold[187](index=187&type=chunk)[289](index=289&type=chunk)[290](index=290&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=77&type=section&id=Item%203%20%E2%80%93%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages interest rate risk via ALCO, using gap analysis and simulations; a 200 basis point rate increase projects a 0.1% rise in net interest income, while a 100 basis point decrease projects a 1.5% decline Interest Rate Sensitivity Analysis (Change in Net Interest Income) | Scenario | Year 1 Projection | Year 2 Projection | | :--- | :--- | :--- | | Rates Decrease by 1.0% | -1.5% | -9.3% | | Rates Increase by 2.0% | +0.1% | +1.0% | - The company's interest rate risk exposure is considered reasonable and is well within the ALCO's policy limit of a maximum **10.0%** decrease in net interest income for a **2.0%** rate move[301](index=301&type=chunk) [Controls and Procedures](index=79&type=section&id=Item%204%20-%20Controls%20and%20Procedures) As of March 31, 2021, management concluded the company's disclosure controls and procedures were effective at a reasonable assurance level, with no material changes to internal control over financial reporting - Management concluded that the Company's disclosure controls and procedures were effective at the reasonable assurance level as of March 31, 2021[307](index=307&type=chunk) - There were no changes in the Company's internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, these controls[307](index=307&type=chunk) [Part II. Other Information](index=80&type=section&id=Part%20II.%20Other%20Information) [Risk Factors](index=80&type=section&id=Item%201A%20%E2%80%93%20Risk%20Factors) The primary risk factor is the ongoing COVID-19 pandemic, posing risks to business operations, loan quality, and the investment portfolio, particularly impacting Maine's tourism-reliant economy - The COVID-19 pandemic continues to pose significant risks, including potential declines in credit quality, reduced loan demand, and negative impacts on the investment portfolio[310](index=310&type=chunk)[311](index=311&type=chunk)[313](index=313&type=chunk) - The company's primary market in Maine is heavily reliant on tourism, which makes the regional economy particularly vulnerable to pandemic-related disruptions, potentially leading to a disproportionate adverse effect on the company[312](index=312&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=81&type=section&id=Item%202%20%E2%80%93%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2021, the company repurchased 8,557 shares of common stock at an average price of $25.03 per share, outside of a publicly announced plan Common Stock Repurchases Q1 2021 | Month | Shares Purchased | Average Price Per Share | | :--- | :--- | :--- | | January 2021 | 5,776 | $24.40 | | February 2021 | 1,175 | $25.10 | | March 2021 | 1,606 | $28.70 | | **Total** | **8,557** | **$25.03** |

Employment and Workforce - As of December 31, 2020, the Company had 255 employees and a full-time equivalency of 250 employees[64]. Financial Position and Investments - The Company had $313.4 million in available for sale investment securities and $365.6 million in held to maturity investment securities as of December 31, 2020[80]. - The Company’s investment management revenues are directly tied to the asset values of investments managed, which may fluctuate due to market conditions[86]. - The company has complied with the fully phased Basel III capital requirements well in advance of the completion date as of December 31, 2020[105]. Market and Economic Risks - Changes in interest rates could adversely affect net interest income and profitability, impacting earnings if interest rates on deposits rise faster than those on loans[79]. - A decline in real estate values in the primary market area could negatively impact the quality of the loan portfolio and demand for products and services[85]. - The Company may experience margin compression and decreased net interest income if lower-cost funding sources are lost due to customer behavior[82]. - The Company has experienced limited impact from COVID-19 on its loan portfolio to date, but uncertainty remains regarding future effects on borrowers and delinquencies[100]. - The company may face adverse effects from the transition away from LIBOR, which could impact its financial assets and liabilities linked to this benchmark[102]. Regulatory and Compliance Issues - The company is subject to increased regulatory scrutiny and potential changes in laws, particularly due to the Dodd-Frank Act, which may increase operational costs[104]. - The company operates in a highly regulated environment, and failure to meet minimum regulatory capital guidelines could adversely affect its financial condition[103]. - Regulatory restrictions on the payment of dividends by the Bank could impact the Company's ability to service debt and pay obligations[111]. Competition and Market Dynamics - The company faces significant competition from various financial service providers, including commercial banks, credit unions, and asset managers, which may impact its market share and income[107]. - The soundness of other financial institutions could adversely affect the Company due to interrelated financial services relationships[83]. Operational Risks - The Company faces risks related to technological changes, which could increase costs and impact competitiveness if not effectively managed[89]. - The company is exposed to risks associated with data breaches and cyberattacks, which could lead to financial liability and reputational harm[93]. - The company has ongoing information security training programs and works with third-party consultants to mitigate risks related to information security[93]. - The Company faces risks from quarterly fluctuations in operating and financial results, which may vary from investor expectations[111]. Capital Management and Shareholder Impact - If the Company does not manage its capital position strategically, the return on equity could be lower compared to competitors, potentially delaying the goal of increasing earnings per share and book value per share[112]. - The Company may issue additional equity securities, which could dilute book value and adversely affect the market price of common stock[113]. - The Company is not restricted from issuing additional shares of common stock, which could lead to dilution for existing shareholders[113]. - The Board of Directors has the authority to issue preferred stock, which could have preferences over common stock and adversely affect common shareholders[113]. - The inability to receive dividends from the Bank could hinder the Company's ability to pay dividends to shareholders, as dividends from the Bank are the principal source of funds for common stock dividends[111]. Acquisitions and Business Strategy - Potential acquisitions may disrupt business operations and dilute shareholder value, with risks including the payment of premiums over book and market values[114]. - Acquisitions may not realize expected revenue increases or cost savings, potentially having a material adverse effect on the Company[114]. - The company has maintained reserves for certain claims and legal actions, which could impact its earnings and reputation if not resolved favorably[95].

Financial Performance - Net income for the nine months ended September 30, 2020, was $20,159,000, compared to $18,839,000 in 2019, representing a growth of 7.0%[14] - Basic earnings per common share increased to $1.86 for the nine months ended September 30, 2020, up from $1.74 in 2019[14] - Net income for the nine months ended September 30, 2020, was reported at $20,159,000, resulting in a basic EPS of $1.86 and diluted EPS of $1.84[105] - For the quarter ended September 30, 2020, net income was $7,095,000, leading to a basic and diluted EPS of $0.65[105] - Net income for the nine months ended September 30, 2020 was $20.2 million, up $1.3 million or 7.0% from the same period in 2019[180] Asset Growth - Total assets increased to $2,296,626,000 as of September 30, 2020, up from $2,068,796,000 at December 31, 2019, representing a growth of 11.0%[13] - The company's total assets as of September 30, 2020, were $2.210594 billion, up from $1.994874 billion as of September 30, 2019, representing an increase of 10.8%[199] - Total deposits grew to $1,763,059,000 as of September 30, 2020, compared to $1,650,466,000 at the end of 2019, reflecting a growth of 6.8%[13] - Total shareholders' equity increased to $219,440,000 as of September 30, 2020, up from $208,489,000 at the end of September 2019, reflecting a growth of 5.0%[18] Loan and Deposit Metrics - Net loans reached $1,421,275,000, an increase of 10.6% from $1,285,436,000 at the end of 2019[13] - The company's loan portfolio as of September 30, 2020, totaled $1,436,646,000, an increase from $1,297,075,000 as of December 31, 2019, representing a year-over-year growth of approximately 10.7%[39] - The company experienced a net cash used by investing activities of $214,584,000 for the nine months ended September 30, 2020, compared to $70,264,000 for the same period in 2019[18] - The company reported a net increase in demand, savings, and money market accounts of $212,641,000 for the nine months ended September 30, 2020[18] Non-Interest Income and Expenses - Net interest income for the nine months ended September 30, 2020, was $44,154,000, compared to $39,075,000 for the same period in 2019, reflecting a growth of 12.0%[14] - Total non-interest income rose to $13,627,000 for the nine months ended September 30, 2020, up from $10,281,000 in 2019, marking a 32.8% increase[14] - Total non-interest expense for the nine months ended September 30, 2020, was $29,236,000, compared to $26,168,000 in 2019, indicating a rise of 11.7%[14] Loan Loss Provisions - Provision for loan losses increased to $4,550,000 for the nine months ended September 30, 2020, compared to $875,000 for the same period in 2019, indicating a significant rise in risk assessment[14] - The allowance for loan losses as of September 30, 2020, totaled $15,371,000, including specific reserves of $890,000 and general reserves of $1,826,000[67] - The provision for loan losses for the first nine months of 2020 was $4.6 million, significantly up from $875,000 in the same period in 2019[187] Securities and Investments - As of September 30, 2020, the fair value of investment securities was $340,140,000, compared to $360,520,000 as of December 31, 2019, indicating a decrease of approximately 5.6%[26] - The total amortized cost of securities available for sale was $333,152,000, with unrealized gains of $8,157,000 and unrealized losses of $1,169,000[26] - The company’s investment policy limits investments to government debt obligations, time deposits, and highly rated corporate bonds[205] Impaired Loans - The total recorded investment in impaired loans was $19.34 billion, with an unpaid principal balance of $21.65 billion, resulting in a related allowance of $890 million[44] - Impaired loans decreased to $789 million as of September 30, 2020, down from $6,579 million as of December 31, 2019, a significant decline of approximately 88%[150] - The specific reserves for TDRs as of September 30, 2020, amounted to $395,000, compared to $1,683,000 for 82 loans as of September 30, 2019[51] Regulatory and Compliance - The Company's total risk-based capital ratio was 15.44% as of September 30, 2020, above the well-capitalized threshold of 10.0%[189] - The company has established a systematic methodology for determining the allowance for loan losses, which includes a quarterly review process[60] - The implementation of ASU No. 2016-13 is anticipated to have a material impact on the Company's consolidated financial statements upon adoption[158] Miscellaneous - The company approved a new 2020 Equity Incentive Plan, reserving 400,000 shares for stock options and other equity-based awards to attract and retain personnel[101] - The company utilized a weighted average discount rate of 3.00% for determining the accumulated benefit obligation and net periodic benefit cost[110] - The Bank incurred one-time charges of $1.76 million in Q1 2020 related to the restructuring of interest rate swap positions[121]

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, 2020 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.) Main Street Damariscotta Maine 04543 (Address of principal executive o ...

Financial Performance - Net income for Q1 2020 was $6,495,000, reflecting a 5.5% increase from $6,156,000 in Q1 2019[16]. - Basic earnings per common share increased to $0.60 for Q1 2020, up from $0.57 in Q1 2019, marking a growth of 5.3%[16]. - Net interest income for the three months ended March 31, 2020, was $14,918,000, an increase of 15.6% compared to $12,899,000 for the same period in 2019[16]. - Total non-interest income rose to $4,221,000 in Q1 2020, a 34.3% increase from $3,144,000 in Q1 2019[16]. - The total comprehensive income for the three months ended March 31, 2020, was $5,866,000, compared to $9,206,000 for the same period in 2019, indicating a decline in overall income[21]. - The efficiency ratio for the first quarter of 2020 was 58.12%, up from 50.45% in the same period of 2019, impacted by restructuring charges[183]. Asset and Equity Growth - Total assets increased to $2,136,396,000 as of March 31, 2020, up from $2,068,796,000 at December 31, 2019, representing a growth of 3.3%[14]. - The total shareholders' equity reached $215,257,000 as of March 31, 2020, compared to $212,508,000 at December 31, 2019, an increase of 1.3%[14]. - Total shareholders' equity increased to $215,257,000 as of March 31, 2020, up from $197,787,000 at the end of 2019, reflecting a growth of approximately 8.8%[21]. - The book value per common share rose to $19.71 as of March 31, 2020, compared to $19.50 at December 31, 2019, an increase of 1.1%[14]. Loan Portfolio and Quality - As of March 31, 2020, the company's total loan portfolio amounted to $1,344,208,000, an increase from $1,297,075,000 as of December 31, 2019, representing a growth of approximately 3.9%[36]. - The company reported a total of $21,829,000 in past-due loans as of March 31, 2020, with 90+ days past due loans amounting to $10,321,000[37]. - Non-accrual loans as of March 31, 2020, totaled $10,048,000, a decrease from $16,649,000 as of December 31, 2019[40]. - The allowance for impaired loans with a recorded allowance was $992,000 as of March 31, 2020[42]. - The total past-due loans as of March 31, 2019, were $11,280,000, with $3,017,000 being 90+ days past due[40]. Investment Securities - As of March 31, 2020, the total amortized cost of investment securities was $341,592,000, with an estimated fair value of $349,248,000, reflecting a net unrealized loss of $352,000[29]. - The total investment securities amounted to $664,514,000, an increase from $651,108,000 at December 31, 2019[202]. - The total securities available for sale decreased to $312,928,000 as of March 31, 2020, down from $360,520,000 at December 31, 2019[202]. - The total securities to be held to maturity increased to $341,592,000 as of March 31, 2020, compared to $281,606,000 at December 31, 2019[202]. Allowance for Loan Losses - The allowance for loan losses as of March 31, 2020, totaled $11,858,000, with specific reserves of $992,000 and general reserves of $1,899,000[61]. - The provision for loan losses was $400,000 for Q1 2020, compared to $375,000 in Q1 2019, indicating a slight increase in risk management[16]. - The qualitative portion of the allowance for loan losses increased to 0.51% of related loans as of March 31, 2020, compared to 0.48% as of December 31, 2019, reflecting a $585,000 increase due to macroeconomic impacts from the COVID-19 pandemic[64]. Impact of COVID-19 - The company noted that the ongoing COVID-19 pandemic may adversely impact its financial position and future operations, particularly in the tourism-dependent State of Maine[24]. - The company expects more severe impacts from COVID-19 in Q2 2020 and beyond, although Q1 results were not significantly affected[175]. Interest Rate Management - The Bank's interest rate risk management strategy aims to minimize fluctuations in earnings and cash flows due to interest rate volatility[115]. - The Bank incurred one-time charges of $1.76 million during Q1 2020 related to the restructuring of interest rate swap positions[117]. - As of March 31, 2020, the total notional amount of interest rate swap agreements was $220 million, with a fair value loss of $6.042 million[117]. Non-Interest Income and Expense - Non-interest income for the three months ended March 31, 2020 was $4.2 million, an increase of $1.1 million or 34.3% year-over-year, with a 15.7% increase in investment management income and a 70.3% increase in mortgage banking revenue[193]. - Non-interest expense for the same period was $11.0 million, up $2.6 million or 31.5% from the previous year, primarily due to $1.8 million in charges for restructuring interest rate swap positions[194].

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, 2019 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 ...

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 September 30, 2019 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.) Main Street Damariscotta Maine 04543 (Address of principal execut ...

THE FIRST BANCORP, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 (Exact name of Registrant as specified in its charter) FORM 10-Q Maine 01-0404322 ☒ Quarterly Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 For the quarterly period ended June 30, 2019 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Commission File Number 0-26589 Main Street Damariscotta Maine 04543 (Address of principal executive o ...

Financial Performance - Net income for Q1 2019 was $6,156,000, an increase of 11.8% from $5,506,000 in Q1 2018[16]. - Basic earnings per common share rose to $0.57 in Q1 2019, compared to $0.51 in Q1 2018, marking an increase of 11.8%[16]. - The company reported a comprehensive income of $9,206,000 for Q1 2019, significantly higher than $2,573,000 in Q1 2018[16]. - Net interest income for the three months ended March 31, 2019, was $12,899,000, compared to $12,409,000 for the same period in 2018, reflecting a growth of 3.9%[16]. - Non-interest income for Q1 2019 was $3,144,000, slightly up from $3,132,000 in Q1 2018, showing a marginal increase of 0.4%[16]. - Total interest income for Q1 2019 was $19.3 million, an increase of $2.8 million or 17.1% compared to Q1 2018[189]. - The efficiency ratio improved to 50.45% in Q1 2019 from 53.75% in Q1 2018, indicating better cost management[180]. Assets and Deposits - Total assets increased to $1,991,345,000 as of March 31, 2019, up from $1,871,815,000 a year earlier, representing an increase of 6.4%[14]. - Total deposits increased to $1,606,875,000 as of March 31, 2019, up from $1,428,192,000 a year earlier, indicating a growth of 12.5%[14]. - Total cash and cash equivalents at the end of Q1 2019 were $15,270,000, down from $16,559,000 at the end of Q1 2018[21]. - The company reported a total of $11,280,000 in past-due loans as of March 31, 2019, with 90+ days past due loans amounting to $3,017,000[35]. - The company's loan portfolio as of March 31, 2019, totaled $1,264,639,000, an increase from $1,238,283,000 as of December 31, 2018[34]. Loan Losses and Provisions - The allowance for loan losses was $11,490,000 as of March 31, 2019, compared to $10,957,000 a year earlier, reflecting a 4.9% increase[14]. - The provision for loan losses was $375,000 in Q1 2019, down from $500,000 in Q1 2018[21]. - The total specific reserves for loans evaluated individually for impairment in the real estate segment as of March 31, 2019, were $233,000[60]. - The total balance of loans classified as TDRs as of March 31, 2019, was $1,129,000, with 10 loans more than 30 days past due[46]. - The specific reserves for TDRs as of March 31, 2019, amounted to $1,607,000, compared to $1,568,000 as of December 31, 2018[44]. Securities and Investments - The amortized cost of securities available for sale was $327,224,000 with an estimated fair value of $325,276,000 as of March 31, 2019[27]. - The fair value of pledged securities was $189,711,000, down from $222,829,000 on December 31, 2018[27]. - The total unrealized losses for securities available for sale amounted to $5,595,000 as of March 31, 2019[30]. - The company reported a gross realized loss of $0 for the three months ended March 31, 2019[28]. - The estimated fair value of total loans as of March 31, 2019, was $1,229,685,000, compared to $1,193,788,000 as of December 31, 2018, indicating an increase of approximately 3.0%[145]. Capital and Equity - Total shareholders' equity increased to $197,787,000 at the end of Q1 2019 from $191,542,000 at the end of Q1 2018[21]. - The company's total risk-based capital ratio increased to 14.96%, well above the 10.0% threshold for well-capitalized institutions[186]. - Return on average tangible common equity was 15.09% for Q1 2019, compared to 14.69% for the same period in 2018[187]. - The company declared cash dividends of $3,149,000 in Q1 2019, compared to $2,603,000 in Q1 2018[21]. Regulatory and Compliance - The company is currently evaluating the impact of ASU No. 2016-13, which may have a material impact on its consolidated financial statements, and has formed an implementation committee for this purpose[154]. - The Company adopted ASU No. 2014-09 on January 1, 2018, utilizing the modified retrospective approach, concluding that the new standard will have minimal impact on its consolidated financial statements[150]. - The amendments in ASU No. 2018-13, which revise disclosure requirements for fair value measurements, will not have a material impact on the Company's consolidated financial statements[162]. Miscellaneous - The company recognized $123,000 in expense for restricted stock grants in the three months ended March 31, 2019, leaving $1,046,000 in unrecognized expense[96]. - The company has not made any changes to its accounting policies or methodology for estimating the allowance for loan losses during the three months ended March 31, 2019[90]. - The company placed five loans on TDR status during the three months ended March 31, 2019, with a recorded investment of $573,000[48].

FORM 10-K [X] Annual Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 For the Fiscal Year ended December 31, 2018 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.) MAIN STREET, DAMARISCOTTA, MAINE 04543 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 (Address of principal executive o ...