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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, 2024

Commission File Number 0-26589



THE FIRST 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, 2024
Common Stock: 11,136,483 shares




Table of Contents
Note 10 Financial Derivative Instruments
Debt Securities-Unrealized Loss Position
Capital Resources









Part I. Financial Information
Selected Financial Data (Unaudited)
The First Bancorp, Inc. and Subsidiary
Dollars in thousands,
As of and for the three months ended March 31,
except for per share amounts
20242023
Summary of Operations
Interest Income$34,988 $28,914 
Interest Expense20,108 11,439 
Net Interest Income14,880 17,475 
Provision (reduction) for Credit Losses(513)550 
Non-Interest Income3,640 3,569 
Non-Interest Expense11,761 10,850 
Net Income6,021 7,971 
Per Common Share Data
Basic Earnings per Share$0.55 $0.73 
Diluted Earnings per Share0.54 0.72 
Cash Dividends Declared0.35 0.34 
Book Value per Common Share21.80 20.63 
Tangible Book Value per Common Share2
19.03 17.84 
Market Value24.64 25.89 
Financial Ratios
Return on Average Equity1
9.92 %13.61 %
Return on Average Tangible Common Equity1,2
11.36 %15.64 %
Return on Average Assets1
0.82 %1.16 %
Average Equity to Average Assets8.26 %8.56 %
Average Tangible Equity to Average Assets2
7.22 %7.45 %
Net Interest Margin Tax-Equivalent1,2
2.22 %2.78 %
Dividend Payout Ratio63.64 %46.58 %
Allowance for Credit Losses/Total Loans1.11 %1.18 %
Non-Performing Loans to Total Loans0.12 %0.09 %
Non-Performing Assets to Total Assets0.09 %0.06 %
Efficiency Ratio2
61.15 %49.98 %
At Period End
Total Assets$2,978,170 $2,811,820 
Total Loans2,173,746 1,982,847 
Total Investment Securities659,837 683,961 
Total Deposits2,548,988 2,466,701 
Total Shareholders' Equity242,624 228,461 
1Annualized using a 366-day basis in 2024 and a 365-day basis in 2023.
2These ratios use non-GAAP financial measures. See Management's Discussion and Analysis of Financial Condition and Results of Operations for additional disclosures and information.
1



Item 1 – Financial Statements










Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders
The First Bancorp, Inc.

Results of Review of Interim Financial Information

We have reviewed the accompanying interim consolidated financial information of The First Bancorp, Inc. and Subsidiary as of March 31, 2024 and 2023 and for the three-month periods then ended, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for them to be in conformity with accounting principles generally accepted in the United States of America.

Basis for Review Results

This consolidated interim financial information is the responsibility of the Company's management. We conducted our review in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.


/s/ Berry Dunn McNeil & Parker, LLC
Portland, Maine
May 7, 2024
2



Consolidated Balance Sheets (Unaudited)
The First Bancorp, Inc. and Subsidiary
March 31, 2024December 31, 2023March 31, 2023
Assets
Cash and cash equivalents$23,875,000 $31,942,000 $27,458,000 
Interest bearing deposits in other banks2,911,000 3,488,000 2,773,000 
Securities available for sale274,451,000 282,053,000 288,242,000 
Securities held-to-maturity (net of ACL), fair value of $327,816,000 at March 31, 2024, $338,570,000 at December 31, 2023 and $344,053,000 at March 31, 2023)
379,453,000 385,235,000 391,845,000 
Restricted equity securities, at cost5,933,000 3,385,000 3,874,000 
Loans2,173,746,000 2,129,454,000 1,982,847,000 
Less allowance for credit losses24,207,000 24,030,000 23,458,000 
Net loans2,149,539,000 2,105,424,000 1,959,389,000 
Accrued interest receivable15,970,000 11,894,000 12,142,000 
Premises and equipment, net28,435,000 28,684,000 28,286,000 
Goodwill30,646,000 30,646,000 30,646,000 
Other assets66,957,000 63,947,000 67,165,000 
Total assets$2,978,170,000 $2,946,698,000 $2,811,820,000 
Liabilities
Demand deposits$262,652,000 $289,104,000 $293,123,000 
NOW deposits618,554,000 634,543,000 623,523,000 
Money market deposits321,822,000 305,931,000 194,183,000 
Savings deposits280,533,000 299,837,000 346,205,000 
Certificates of deposit1,065,427,000 1,070,247,000 1,009,667,000 
Total deposits2,548,988,000 2,599,662,000 2,466,701,000 
Borrowed funds – short term84,779,000 69,652,000 83,800,000 
Borrowed funds – long term70,000,000  81,000 
Other liabilities31,779,000 34,305,000 32,777,000 
Total liabilities2,735,546,000 2,703,619,000 2,583,359,000 
Shareholders' equity
Common stock, one cent par value per share
111,000 111,000 111,000 
Additional paid-in capital70,506,000 70,071,000 68,830,000 
Retained earnings213,839,000 211,925,000 202,036,000 
Accumulated other comprehensive income (loss)
Net unrealized loss on securities available-for-sale(42,816,000)(39,575,000)(40,537,000)
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity(54,000)(56,000)(60,000)
Net unrealized gain (loss) on cash flow hedging derivative instruments735,000 300,000 (2,192,000)
Net unrealized gain on postretirement costs303,000 303,000 273,000 
Total shareholders' equity242,624,000 243,079,000 228,461,000 
Total liabilities & shareholders' equity$2,978,170,000 $2,946,698,000 $2,811,820,000 
Common Stock
Number of shares authorized18,000,000 18,000,000 18,000,000 
Number of shares issued and outstanding11,130,933 11,098,057 11,074,182 
Book value per common share$21.80 $21.90 $20.63 
Tangible book value per common share$19.03 $19.12 $17.84 
See Report of Independent Registered Public Accounting Firm. The accompanying notes are an integral part of these consolidated financial statements.
3



Consolidated Statements of Income and Comprehensive Income (Unaudited)
The First Bancorp, Inc. and Subsidiary
For the three months ended March 31,
20242023
Interest income
Interest and fees on loans (includes YTD tax-exempt income of $521,000 for March 31, 2024 and $329,000 for March 31, 2023)
$30,204,000 $24,125,000 
Interest on deposits with other banks78,000 40,000 
Interest and dividends on investments (includes YTD tax-exempt income of $1,995,000 for March 31, 2024 and $2,002,000 for March 31, 2023)
4,706,000 4,749,000 
     Total interest income34,988,000 28,914,000 
Interest expense
Interest on deposits19,177,000 10,917,000 
Interest on borrowed funds931,000 522,000 
     Total interest expense20,108,000 11,439,000 
Net interest income14,880,000 17,475,000 
Provision for credit losses - loans99,000 550,000 
Provision (reduction) for credit losses - debt securities HTM(252,000) 
Provision (reduction) for credit losses - off-balance sheet credit exposures(360,000) 
     Total provision (reduction) for credit losses(513,000)550,000 
Net interest income after provision for credit losses15,393,000 16,925,000 
Non-interest income
Investment management and fiduciary income1,188,000 1,146,000 
Service charges on deposit accounts499,000 437,000 
Mortgage origination and servicing income, net of amortization130,000 192,000 
Debit card income1,186,000 1,185,000 
Other operating income637,000 609,000 
     Total non-interest income3,640,000 3,569,000 
Non-interest expense
Salaries and employee benefits6,057,000 5,720,000 
Occupancy expense866,000 868,000 
Furniture and equipment expense1,389,000 1,303,000 
FDIC insurance premiums564,000 344,000 
Amortization of identified intangibles7,000 7,000 
Other operating expense2,878,000 2,608,000 
     Total non-interest expense11,761,000 10,850,000 
Income before income taxes7,272,000 9,644,000 
Income tax expense1,251,000 1,673,000 
NET INCOME$6,021,000 $7,971,000 
Basic earnings per common share$0.55 $0.73 
Diluted earnings per common share$0.54 $0.72 
Other comprehensive income (loss) net of tax
Net unrealized (loss) gain on securities available for sale, net of taxes$(3,241,000)$4,181,000 
Net unrealized gain on transferred securities, net of taxes2,000 4,000 
Net unrealized gain (loss) on hedging derivative instruments435,000 (2,736,000)
      Other comprehensive (loss) gain(2,804,000)1,449,000 
Comprehensive income $3,217,000 $9,420,000 
See Report of Independent Registered Public Accounting Firm. The accompanying notes are an integral part of these consolidated financial statements.
4



Consolidated Statements of Changes in Shareholders' Equity (Unaudited)
The First Bancorp, Inc. and Subsidiary
Three Month Period Ended March 31, 2024 and 2023
Common stock and
additional paid-in capital
Retained
earnings
Accumulated
other
comprehensive
income (loss)
Total
shareholders'
equity
SharesAmount
Balance at December 31, 202211,045,186 $68,545,000 $204,343,000 $(43,965,000)$228,923,000 
Net income— — 7,971,000 — 7,971,000 
Net unrealized gain on securities available for sale, net of tax— — — 4,181,000 4,181,000 
Net unrealized gain on securities transferred from available for sale to held to maturity, net of tax— — — 4,000 4,000 
Net unrealized loss on hedging derivative instruments, net of tax— — — (2,736,000)(2,736,000)
Comprehensive income— — 7,971,000 1,449,000 9,420,000 
Cash dividends declared ($0.34 per share)
— — (3,764,000)— (3,764,000)
Equity compensation expense— 184,000 — — 184,000 
Payment to repurchase common stock(11,824)— (237,000)— (237,000)
Issuance of restricted stock33,610 — — — — 
Proceeds from sale of common stock7,210 212,000 — — 212,000 
Adoption of ASU No. 2016-13(6,277,000)(6,277,000)
Balance at March 31, 202311,074,182$68,941,000 $202,036,000 $(42,516,000)$228,461,000 
Balance at December 31, 202311,098,057$70,182,000 $211,925,000 $(39,028,000)$243,079,000 
Net income— — 6,021,000 — 6,021,000 
Net unrealized loss on securities available for sale, net of tax— — — (3,241,000)(3,241,000)
Net unrealized gain on securities transferred from available for sale to held to maturity, net of tax— — — 2,000 2,000 
Net unrealized gain on hedging derivative instruments, net of tax— — — 435,000 435,000 
Comprehensive income (loss) — — 6,021,000 (2,804,000)3,217,000 
Cash dividends declared ($0.35 per share)
— — (3,896,000)— (3,896,000)
Equity compensation expense— 231,000 — — 231,000 
Payment to repurchase common stock(8,031)— (211,000)— (211,000)
Issuance of restricted stock32,859 — — — — 
Proceeds from sale of common stock8,048204,000 — — 204,000 
Balance at March 31, 202411,130,933$70,617,000 $213,839,000 $(41,832,000)$242,624,000