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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 September 30, 2023

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.)
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 and posted on its corporate Web site,
 if any, every, Interactive Data File required to be submitted and posted 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 and post such files).
Yes    No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, non-accelerated filer, or a smaller
reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting 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 November 1, 2023
Common Stock: 11,093,965 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 nine months ended September 30,As of and for the quarter ended September 30,
except for per share amounts
2023202220232022
Summary of Operations
Interest Income$93,352 $65,955 $33,254 $23,991 
Interest Expense43,998 9,273 17,300 4,627 
Net Interest Income49,354 56,682 15,954 19,364 
Provision (reduction) for Credit Losses501 1,300 (200)400 
Non-Interest Income11,330 13,027 3,891 4,715 
Non-Interest Expense32,571 32,193 11,006 11,371 
Net Income22,839 29,793 7,474 10,091 
Per Common Share Data
Basic Earnings per Share$2.08 $2.73 $0.68 $0.92 
Diluted Earnings per Share2.06 2.70 0.67 0.91 
Cash Dividends Declared1.04 1.00 0.35 0.34 
Book Value per Common Share20.44 19.92 20.44 19.92 
Tangible Book Value per Common Share2
17.66 17.13 17.66 17.13 
Market Value23.50 27.55 23.50 27.55 
Financial Ratios
Return on Average Equity1
13.00 %16.78 %12.67 %17.13 %
Return on Average Tangible Common Equity1,2
14.97 %19.29 %14.59 %19.73 %
Return on Average Assets1
1.08 %1.54 %1.02 %1.51 %
Average Equity to Average Assets8.27 %9.16 %8.07 %8.80 %
Average Tangible Equity to Average Assets2
7.18 %7.96 %7.01 %7.64 %
Net Interest Margin Tax-Equivalent1,2
2.54 %3.17 %2.40 %3.14 %
Dividend Payout Ratio50.00 %36.63 %51.47 %36.96 %
Allowance for Credit Losses/Total Loans1.12 %0.88 %1.12 %0.88 %
Non-Performing Loans to Total Loans0.12 %0.10 %0.12 %0.10 %
Non-Performing Assets to Total Assets0.09 %0.07 %0.09 %0.07 %
Efficiency Ratio2
51.88 %44.99 %53.49 %46.02 %
At Period End
Total Assets$2,944,139 $2,735,065 $2,944,139 $2,735,065 
Total Loans2,079,860 1,857,975 2,079,860 1,857,975 
Total Investment Securities676,206 669,688 676,206 669,688 
Total Deposits2,599,937 2,369,949 2,599,937 2,369,949 
Total Shareholders' Equity226,665 219,917 226,665 219,917 
1Annualized using a 365-day basis in both 2023 and 2022.
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 September 30, 2023 and 2022 and for the three-month and nine-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
November 3, 2023
2



Consolidated Balance Sheets (Unaudited) The First Bancorp, Inc. and Subsidiary
September 30, 2023December 31, 2022September 30, 2022
Assets
Cash and cash equivalents$29,894,000 $22,728,000 $27,408,000 
Interest bearing deposits in other banks38,366,000 3,693,000 65,786,000 
Securities available for sale284,972,000 284,509,000 283,268,000 
Securities held-to-maturity, net of allowance for credit losses of $432,000 at September 30, 20231 (fair value of $311,864,000 at September 30, 2023, $339,011,000 at December 31, 2022 and $313,796,000 at September 30, 2022)
387,374,000 393,896,000 381,906,000 
Restricted equity securities, at cost3,860,000 3,883,000 4,514,000 
Loans held for sale268,000 275,000  
Loans2,079,860,000 1,914,674,000 1,857,975,000 
Less allowance for credit losses23,322,000 16,723,000 16,387,000 
Net loans2,056,538,000 1,897,951,000 1,841,588,000 
Accrued interest receivable12,038,000 9,829,000 8,176,000 
Premises and equipment, net28,868,000 28,277,000 28,548,000 
Goodwill30,646,000 30,646,000 30,646,000 
Other assets71,315,000 63,491,000 63,225,000 
Total assets$2,944,139,000 $2,739,178,000 $2,735,065,000 
Liabilities
Demand deposits$323,375,000 $318,626,000 $356,867,000 
NOW deposits683,180,000 630,416,000 656,865,000 
Money market deposits271,056,000 192,632,000 188,729,000 
Savings deposits313,160,000 369,532,000 381,312,000 
Certificates of deposit1,009,166,000 867,671,000 786,176,000 
Total deposits2,599,937,000 2,378,877,000 2,369,949,000 
Borrowed funds – short term82,993,000 103,399,000 118,258,000 
Borrowed funds – long term 84,000 85,000 
Other liabilities34,544,000 27,895,000 26,856,000 
Total liabilities2,717,474,000 2,510,255,000 2,515,148,000 
Shareholders' equity
Common stock, one cent par value per share
111,000 110,000 110,000 
Additional paid-in capital69,649,000 68,435,000 68,028,000 
Retained earnings209,132,000 204,343,000 198,902,000 
Accumulated other comprehensive income (loss)
Net unrealized loss on securities available-for-sale(53,852,000)(44,718,000)(47,661,000)
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity(58,000)(64,000)(67,000)
Net unrealized gain on cash flow hedging derivative instruments1,410,000 544,000 500,000 
Net unrealized gain on postretirement costs273,000 273,000 105,000 
Total shareholders' equity226,665,000 228,923,000 219,917,000 
Total liabilities & shareholders' equity$2,944,139,000 $2,739,178,000 $2,735,065,000 
Common Stock
Number of shares authorized18,000,000 18,000,000 18,000,000 
Number of shares issued and outstanding11,089,290 11,045,186 11,038,224 
Book value per common share$20.44 $20.73 $19.92 
Tangible book value per common share$17.66 $17.93 $17.13 
1December 31, 2022 and September 30, 2022 had no allowance for credit losses
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 (Loss) (Unaudited)
The First Bancorp, Inc. and Subsidiary
For the nine months ended September 30,For the quarter ended September 30,
2023202220232022
Interest income
Interest and fees on loans (includes YTD tax-exempt income of $1,362,000 for September 30, 2023 and $879,000 for September 30, 2022)
$78,860,000 $53,463,000 $28,329,000 $19,564,000 
Interest on deposits with other banks300,000 163,000 211,000 92,000 
Interest and dividends on investments (includes YTD tax-exempt income of $6,030,000 for September 30, 2023 and $5,588,000 for September 30, 2022)
14,192,000 12,329,000 4,714,000 4,335,000 
     Total interest income93,352,000 65,955,000 33,254,000 23,991,000 
Interest expense
Interest on deposits42,384,000 8,190,000 16,992,000 4,164,000 
Interest on borrowed funds1,614,000 1,083,000 308,000 463,000 
     Total interest expense43,998,000 9,273,000 17,300,000 4,627,000 
Net interest income49,354,000 56,682,000 15,954,000 19,364,000 
Provision (reduction) for credit losses - loans419,000 1,300,000 (161,000)400,000 
Provision (reduction) for credit losses - debt securities HTM(7,000) 3,000  
Provision (reduction) for credit losses - off-balance sheet credit exposures89,000  (42,000) 
     Total provision for credit losses501,000 1,300,000 (200,000)400,000 
Net interest income after provision for credit losses48,853,000 55,382,000 16,154,000 18,964,000 
Non-interest income
Investment management and fiduciary income3,515,000 3,513,000 1,160,000 1,087,000 
Service charges on deposit accounts1,399,000 1,358,000 465,000 454,000 
Net securities gains  7,000  6,000 
Mortgage origination and servicing income, net of amortization611,000 1,234,000 224,000 356,000 
Debit card income3,843,000 4,884,000 1,367,000 2,128,000 
Other operating income1,962,000 2,031,000 675,000 684,000 
     Total non-interest income11,330,000 13,027,000 3,891,000 4,715,000 
Non-interest expense
Salaries and employee benefits16,420,000 17,092,000 5,523,000 5,757,000 
Occupancy expense2,494,000 2,298,000 784,000 720,000 
Furniture and equipment expense4,009,000 3,740,000 1,403,000 1,266,000 
FDIC insurance premiums1,429,000 738,000 551,000 298,000 
Amortization of identified intangibles20,000 52,000 7,000 17,000 
Other operating expense8,199,000 8,273,000 2,738,000 3,313,000 
     Total non-interest expense32,571,000 32,193,000 11,006,000 11,371,000 
Income before income taxes27,612,000 36,216,000 9,039,000 12,308,000 
Income tax expense4,773,000 6,423,000 1,565,000 2,217,000 
NET INCOME$22,839,000 $29,793,000 $7,474,000 $10,091,000 
Basic earnings per common share$2.08 $2.73 $0.68 $0.92 
Diluted earnings per common share$2.06 $2.70 $0.67 $0.91 
Other comprehensive income (loss) net of tax
Net unrealized loss on securities available for sale, net of taxes$(9,134,000)$(45,943,000)$(10,071,000)$(14,866,000)
Net unrealized gain on transferred securities, net of taxes6,000 20,000 1,000 6,000 
Net unrealized gain on hedging derivative instruments866,000 500,000 730,000 354,000 
      Other comprehensive loss(8,262,000)(45,423,000)(9,340,000)(14,506,000)
Comprehensive income (loss)$14,577,000 $(15,630,000)$(1,866,000)$(4,415,000)
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
Nine Month Period Ended September 30, 2023 and 2022
Common stock and
additional paid-in capital
Retained
earnings
Accumulated
other
comprehensive
income (loss)
Total
shareholders'
equity
SharesAmount
Balance at December 31, 202110,998,765 $66,940,000 $180,417,000 $(1,700,000)$245,657,000 
Net income— — 29,793,000 — 29,793,000 
Net unrealized loss on securities available for sale, net of tax— — — (45,943,000)(45,943,000)
Net unrealized gain on securities transferred from available for sale to held to maturity, net of tax— — — 20,000 20,000 
Net unrealized gain on cash flow hedging derivative instruments, net of tax— — — 500,000 500,000 
Comprehensive income (loss) — — 29,793,000 (45,423,000)(15,630,000)
Cash dividends declared ($1.00 per share)
— — (11,032,000)— (11,032,000)
Equity compensation expense— 610,000 — — 610,000 
Payment to repurchase common stock(8,640)— (276,000)— (276,000)
Issuance of restricted stock28,745 — — — — 
Proceeds from sale of common stock19,354 588,000 — — 588,000 
Balance at September 30, 202211,038,224$68,138,000 $198,902,000 $(47,123,000)$219,917,000 
Balance at December 31, 202211,045,186$68,545,000 $204,343,000 $(43,965,000)$228,923,000 
Net income— — 22,839,000 — 22,839,000 
Net unrealized loss on securities available for sale, net of tax— — — (9,134,000)(9,134,000)
Net unrealized gain on securities transferred from available for sale to held to maturity, net of tax— — — 6,000 6,000 
Net unrealized gain on hedging derivative instruments, net of tax— — — 866,000 866,000 
Comprehensive income (loss) — — 22,839,000 (8,262,000)14,577,000 
Cash dividends declared ($1.04 per share)
— — (11,525,000)— (11,525,000)
Equity compensation expense— 607,000 — — 607,000 
Payment to repurchase common stock(12,629)— (248,000)— (248,000)
Issuance of restricted stock33,610 — — — — 
Proceeds from sale of common stock23,123608,000 — — 608,000 
Adoption of ASU No. 2016-13— — (6,277,000)— (6,277,000)
Balance at September 30, 202311,089,290$69,760,000 $209,132,000 $(52,227,000)$226,665,000 

5



Three Month Period Ended September 30, 2023 and 2022
Common stock and
additional paid-in capital
Retained
earnings
Accumulated
other
comprehensive income (loss)
Total
shareholders'
equity
SharesAmount
Balance at June 30, 202211,030,236$67,737,000 $192,565,000 $(32,617,000)$227,685,000 
Net income— — 10,091,000 — 10,091,000 
Net unrealized loss on securities available for sale, net of tax— — — (14,866,000)(14,866,000)
Net unrealized gain on securities transferred from available for sale to held to maturity, net of tax— — — 6,000 6,000 
Net unrealized gain on cash flow hedging derivative instruments, net of tax— — — 354,000 354,000 
Comprehensive income (loss)— — 10,091,000 (14,506,000)(4,415,000)
Cash dividends declared ($0.34 per share)
— — (3,754,000)— (3,754,000)
Equity compensation expense— 198,000 — — 198,000 
Issuance of restricted stock1,250 — — — — 
Proceeds from sale of common stock6,738