First Bancorp, Inc /ME/

Listed Company

FNLCCIK 0000765207NasdaqAcceleratedNational Commercial BanksMaineFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$34.39M

Total Assets

$3.17B

Equity

$283.14M

Shares Out

11.27M

Op. Cash Flow

$37.81M

+ 13F Filer

Business

First Bancorp, Inc. is a financial holding company whose principal asset is First National Bank and which provides commercial banking and related financial services. It offers deposit accounts, consumer, commercial and mortgage loans, private banking, investment management, trust services, and, through a partnership, brokerage, annuity and certain insurance products. Key operating units include First National Bank, First National Wealth Management and First National Investment Services. The company serves primarily small and medium-sized businesses and individuals in the Mid-Coast and Eastern Maine market via its branch network, digital and mobile channels, and third-party partnerships.

Summary from filing dated 2025-03-07

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and fees on loans (includes tax-exempt income of $2,878,000 in 2025, $2,518,000 in 2024, and $1,913,000 in 2023)	141	129	108	76	62
Interest on deposits with other banks	400,000	550,000	517,000	315,000	72,000
Interest and dividends on investments (includes tax-exempt income of $7,793,000 in 2025, $7,940,000 in 2024, and $8,032,000 in 2023)	19	19	19	17	15
Total interest income	160	149	128	93	77
Interest on deposits	77	79	61	15	7
Interest on borrowed funds	6	6	2	2	3
Total interest expense	83	85	63	17	—
Net interest income	77	64	65	76	66
Credit loss expense - loans	2	1	1	2	−375,000
Credit loss reduction - debt securities HTM	−50,000	−238,000	−4,000	0	0
Credit loss reduction - off-balance sheet credit exposures	−149,000	−541,000	−142,000	0	0
Total credit loss expense	2	525,000	1	2	−375,000
Net interest income after provision for credit losses	76	63	64	74	67
Other operating income	3	3	3	3	3
Total non-interest income	17	16	15	17	19
Salaries and employee benefits	27	24	22	23	21
Occupancy expense	3	3	3	3	3
Furniture and equipment expense	6	6	5	5	5
FDIC insurance premiums	3	2	2	1	824,000
Amortization of identified intangibles	26,000	26,000	26,000	69,000	69,000
Other operating expense	12	12	11	11	12
Total non-interest expense	51	47	44	44	42
Income before income taxes	42	33	36	47	44
Applicable tax expense	8	6	6	8	8
Net income	34	27	30	39	36
Basic earnings per common share (usd per share)	3.1	2.45	2.68	3.56	3.33
Diluted earnings per common share (usd per share)	3.07	2.43	2.66	3.53	3.3
Net unrealized gain (loss) on securities available for sale, net of taxes	11	−3	5	−43	−7
Net unrealized gain on transferred securities, net of taxes	9,000	9,000	8,000	—	—
Net unrealized loss on hedging derivative instruments	−157,000	−143,000	−244,000	544,000	5
Net unrecognized (loss) gain on postretirement benefits	−47,000	−16,000	30,000	168,000	77,000
Other comprehensive gain (loss)	11	−3	5	−42	−2
Comprehensive income	46	24	34	−3	35

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-09-30	FY 2025 2025-06-30	FY 2025 2025-03-31	FY 2024 2024-12-31
Cash and cash equivalents	28	32	27	26	28
Interest-bearing deposits in other banks	4	7	3	3	22
Securities available for sale	264	—	—	—	275
Securities to be held to maturity (net of ACL), fair value of $315,482,000 at December 31, 2025, and $314,993,000 at December 31, 2024	356	—	—	—	370
Restricted equity securities, at cost	8	—	—	—	7
Loans	2,394	—	—	—	2,341
Less allowance for credit losses	25	—	—	—	25
Net loans	2,369	—	—	—	2,316
Accrued interest receivable	14	—	—	—	14
Premises and equipment, net	29	—	—	—	28
Other real estate owned	0	—	—	—	173,000
Goodwill	31	—	—	—	31
Other assets	63	—	—	—	67
Total assets	3,166	3,198	3,200	3,187	3,157
Demand deposits	280	—	—	—	292
NOW deposits	689	—	—	—	676
Money market deposits	470	—	—	—	377
Savings deposits	249	—	—	—	265
Certificates of deposit	977	—	—	—	1,115
Total deposits	2,665	2,738	2,705	2,711	2,725
Borrowed funds short term	92	—	—	—	51
Borrowed funds long term	96	—	—	—	95
Other liabilities	31	33	33	31	33
Total liabilities	2,883	—	—	—	2,905
Commitments and contingent liabilities	—	—	—	—	—
Common stock, one cent par value per share	112,000	—	—	—	112,000
Additional paid-in capital	74	—	—	—	72
Retained earnings	240	—	—	—	223
Net unrealized loss on securities available for sale	−31	—	—	—	−43
Net unrealized loss on securities transferred from available for sale to held to maturity	−38,000	—	—	—	−47,000
Net unrealized gain on cash flow hedging derivative instruments	0	—	—	—	157,000
Net unrealized gain on postretirement costs	240,000	—	—	—	287,000
Total shareholders' equity	283	275	265	260	252
Total liabilities and shareholders' equity	3,166	3,198	3,200	3,187	3,157
Number of shares authorized (in shares)	18	—	—	—	18
Number of shares issued (in shares)	11	—	—	—	11
Number of shares outstanding (in shares)	11	—	—	—	11
Book value per common share (usd per share)	25.23	—	—	—	22.63
Tangible book value per common share (usd per share)	22.49	—	—	—	19.87

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	2	2	2	2	2
Change in deferred taxes	81,000	20,000	−1	−127,000	999,000
Loans originated for resale	−9	−6	−4	−22	−106
Proceeds from sales and transfers of loans	9	6	4	23	114
Net gain on sales of loans	−194,000	−143,000	−92,000	−406,000	−3
Net amortization of investment premiums	568,000	596,000	111,000	914,000	2
Net gain on sale of other real estate owned	−33,000	0	−42,000	1,000	−91,000
Provision for losses on other real estate owned	0	35,000	0	0	—
Equity compensation expense	966,000	895,000	820,000	809,000	856,000
Net increase in other assets and accrued interest	−947,000	−5	−680,000	−21	19
Net (decrease) increase in other liabilities	−3	−923,000	5	17	−9
Net (loss) gain on disposal of premises and equipment	−10,000	4,000	33,000	−15,000	−2,000
Amortization of investments in tax credit structures	1	1	303,000	305,000	309,000
Net acquisition amortization	26,000	26,000	26,000	69,000	69,000
Net cash provided by operating activities	38	26	37	41	57
Decrease (increase) in interest-bearing deposits in other banks	18	−19	205,000	63	−11
Proceeds from maturities, payments, calls of securities available for sale	38	30	98	42	104
Proceeds from maturities, payments, calls and sales of securities held to maturity	15	18	8	17	80
Proceeds from sales of other real estate owned	206,000	0	106,000	50,000	999,000
Purchases of securities available for sale	−14	−27	−89	−62	−141
Purchases of securities to be held to maturity	−1	−3	0	−41	−85
(Purchase) redemption of restricted equity securities	−1	−4	498,000	—	—
Net increase in loans	−55	−212	−215	−268	−171
Capital expenditures	−3	−1	−3	−1	−4
Proceeds from sale of premises and equipment	22,000	4,000	3,000	38,000	3,000
Net cash used in investing activities	−3	−217	−200	−248	−202
Net increase in demand, savings, and money market accounts	77	81	18	−46	318
Net (decrease) increase in certificates of deposit	−138	45	203	301	−39
Advances on long-term borrowings	500,000	95	0	0	0
Repayment on long-term borrowings	0	0	−84,000	−55	−7,000
Net increase (decrease) in short-term borrowings	41	−18	−34	22	−126
Payment to repurchase common stock	−282,000	−212,000	−250,000	−277,000	−253,000
Proceeds from sale of common stock	916,000	867,000	817,000	796,000	689,000
Dividends paid	−16	−16	−15	−15	−14
Net cash (used) provided by financing activities	−35	187	172	208	139
Net increase (decrease) in cash and cash equivalents	143,000	−4	9	2	−6
Interest paid	83	84	62	16	11
Income taxes paid	6	5	6	8	7
Net transfer from loans to other real estate owned	0	208,000	0	0	0
Change in net unrealized loss on available for sale securities, net of tax	−11	−3	5	−43	−7

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 212 positions

Reported AUM

$109.21M

Holdings

212

Top sector

$109.21M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$109.21M	100.0%

Top holdings

Issuer	Ticker	Shares	Value	%
FIRST BANCORP INC	—	452.0K	$13.60M	12.4%
FIRST BANCORP INC	—	286.3K	$8.61M	7.9%
APPLE INC	—	29.0K	$5.06M	4.6%
VANGUARD	—	18.3K	$4.36M	4.0%
VANGUARD	—	87.3K	$4.19M	3.8%
ISHARES	—	6.4K	$2.92M	2.7%
MICROSOFT CORP	—	9.4K	$2.90M	2.6%
VANGUARD	—	10.0K	$2.13M	1.9%
VANGUARD	—	8.4K	$2.00M	1.8%
VANGUARD	—	42.3K	$1.95M	1.8%