STOCK TITAN
  1. Home
  2. Sec-filings
  3. FNLC
  4. [8-K] First Bancorp, Inc /ME/ Reports Material Event

Earnings jump at The First Bancorp (NASDAQ: FNLC) as margin widens

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

The First Bancorp, Inc. reported strong unaudited results for the quarter ended March 31, 2026. Net income rose to $9.0 million, up 27.1% from a year earlier, with diluted EPS increasing to $0.80 from $0.63. Net interest income grew to $20.7 million, and the tax-equivalent net interest margin expanded to 2.86%, driven by higher earning-asset yields and lower funding costs. Non-interest income increased to $4.5 million, while non-interest expense rose to $13.6 million, improving the non-GAAP efficiency ratio to 52.64% from 56.93%.

Total assets reached $3.20 billion, with loans of $2.41 billion and deposits of $2.66 billion, which were flat versus year-end as lower non-maturity balances were offset by higher time deposits and borrowings. Asset quality remained acceptable but weaker, with non-performing assets at 0.51% of total assets and non-performing loans at 0.67% of total loans, both higher than a year ago. Capital remained solid, with an estimated leverage ratio of 9.09% and total risk-based capital ratio of 14.04%. The company declared a quarterly dividend of $0.37 per share.

Positive

  • Strong earnings growth and margin expansion: Q1 2026 net income rose 27.1% year over year to $9.0 million, diluted EPS increased 26.2% to $0.80, and the tax-equivalent net interest margin widened to 2.86% from 2.48%, reflecting improved profitability and balance sheet mix.

Negative

  • Noticeable deterioration in asset quality metrics: Non-performing assets increased to 0.51% of total assets and non-performing loans to 0.67% of total loans as of March 31, 2026, from 0.19% and 0.25% a year earlier, indicating higher, though still low, problem-credit levels.

Insights

Q1 2026 shows robust earnings growth, wider margins, and strong capital.

The First Bancorp delivered Q1 2026 net income of $8.993M, up 27.1% year over year, with diluted EPS climbing to $0.80. Net interest income increased to $20.7M as the tax-equivalent net interest margin widened to 2.86%, reflecting better earning-asset yields and lower liability costs.

Non-interest income rose to $4.5M, supported by higher wealth management and other operating income, while non-interest expense grew modestly to $13.6M. This produced a non-GAAP efficiency ratio of 52.64%, an improvement from 56.93% in Q1 2025, indicating better cost effectiveness despite growth investments.

Balance sheet trends were stable, with total assets at $3.20B and deposits at $2.66B. Capital remained strong, including an estimated leverage ratio of 9.09% and total risk-based capital ratio of 14.04% as of March 31, 2026. Investors can reference upcoming quarterly disclosures for how margin, credit quality, and loan growth trends evolve through 2026.

Credit metrics have weakened but remain at low absolute levels.

Asset quality stayed satisfactory overall, but non-performing assets increased to 0.51% of total assets as of March 31, 2026, versus 0.19% a year earlier. Non-performing loans rose to 0.67% of total loans from 0.25%, indicating some emerging stress from a very low base.

The Allowance for Credit Losses on loans was 1.05% of total loans, largely unchanged from prior periods, with Q1 2026 credit loss expense of $620K. Net charge-offs were $806K, or 0.034% of total loans, including $671K of previously reserved credits.

Regulatory capital ratios remained strong, with an estimated total capital ratio of 14.04%. Subsequent filings will show whether the upward trend in non-performing assets moderates or continues, and how provisioning responds relative to loan growth and credit migration during 2026.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q1 2026 Net Income $8.993M Quarter ended March 31, 2026; up 27.1% YoY
Q1 2026 Diluted EPS $0.80 Quarter ended March 31, 2026; up from $0.63 in Q1 2025
Tax-Equivalent Net Interest Margin 2.86% Q1 2026, up from 2.48% in Q1 2025
Total Assets $3.2008B As of March 31, 2026
Total Loans $2.4051B As of March 31, 2026
Non-Performing Loans Ratio 0.67% Non-performing loans to total loans as of March 31, 2026
Leverage Capital Ratio 9.09% Estimated as of March 31, 2026
Quarterly Dividend $0.37/share Declared March 26, 2026 for Q1 2026
Net interest margin financial
"Net Interest Margin expanded to 2.86%, a 38 basis point increase from Q1 2025"
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
Efficiency Ratio financial
"Efficiency Ratio of 52.64%, improved from 56.93% in Q1 2025"
A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.
Allowance for Credit Losses financial
"The Allowance for Credit Losses ("ACL") on loans stood at 1.05% of total loans"
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
Non-performing assets financial
"the ratio of non-performing assets to total assets was 0.51%"
Loans or other credit exposures that are not producing expected income because borrowers have stopped making scheduled payments for a significant period (commonly around 90 days). Think of it like a business lending money that has gone quiet — the cash flow stops while the lender still carries the debt on its books. High levels of non-performing assets matter to investors because they reduce a lender’s earnings, tie up capital that could be used for growth, and signal higher risk of future losses.
Tangible Book Value per share financial
"Tangible Book Value per share rose to $22.71, up 11.1% from Q1 2025"
Tangible book value per share is the company's total physical and financial assets minus its liabilities and intangible items (like goodwill and brand value), divided by the number of outstanding shares. It gives investors a conservative, per‑share estimate of what would remain if the business sold only its hard assets and paid its debts—useful for judging whether a stock is priced above or below its underlying, tangible worth, like valuing a property by its bricks and cash rather than its reputation.
Pre-tax, pre-provision net income financial
"Pre-Tax, pre-provision net income | $ | 11,524"
A bank profitability measure that shows earnings before income taxes and before the reserves set aside for potential loan losses (provisions). It isolates core operating profit so investors can see how the business is performing before one-time tax effects and anticipated credit problems, much like checking an engine’s horsepower before loading the car — useful for comparing performance across periods and peers and judging resilience to loan losses.
Net income $8.993M +27.1% YoY
Diluted EPS $0.80 +26.2% YoY
Tax-equivalent net interest margin 2.86% +0.38 percentage points YoY
Understanding 8-K Material Events →
0000765207false00007652072026-04-222026-04-22


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 22, 2026

THE FIRST BANCORP, INC.
(Exact name of Registrant as specified in charter)

Maine
(State or other jurisdiction of incorporation)
0-2658901-0404322
(Commission file number)(IRS employer identification no.)
Main StreetDamariscottaMaine04543
(Address of principal executive offices)(Zip Code)

(207) 563-3195
(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligations
of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))

Securities registered pursuit to Section 12(b) of the Exchange 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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 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. ☐


TABLE OF CONTENTS

Item 2.02 Results of Operations and Financial Condition     Page 1

Item 9.01 Financial Statements and Exhibits.         Page 1

Signatures                      Page 2

Exhibit Index                 Page 3



Item 2.02 Results of Operations and Financial Condition.

On April 22, 2026, the Registrant issued the press release filed herewith as Exhibit 99.1 with information regarding the results of operations and financial condition of the First Bancorp, Inc. for the quarter ended March 31, 2026.




Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.
--------

The following Exhibit is being furnished herewith:

99.1 Registrant's Press Release dated April 22, 2026




SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



THE FIRST BANCORP, INC.


By: /s/ Richard M. Elder
---------------------
Richard M. Elder
Executive Vice President & Chief Financial Officer

April 22, 2026











































Exhibit Index
--------------

Exhibit Number Description of Exhibit


99.1 Registrant's Press Release dated April 22, 2026



Exhibit 99.1
The First Bancorp Announces First Quarter Results
Net Interest Margin Expansion and Improved Efficiency
Drive a 27% Increase in First Quarter Earnings
DAMARISCOTTA, ME, April 22, 2026--(BUSINESS WIRE) --The First Bancorp (Nasdaq: FNLC), ("the Company", "we", "us", "our"), parent company of First National Bank, today reported unaudited results for the quarter ended March 31, 2026. Net income for the period was $9.0 million with fully diluted earnings per share of $0.80, as compared to net income of $7.1 million and diluted earnings per share of $0.63 for the three months ended March 31, 2025.
First Quarter Notable Items:
•Net Income of $9.0 million is an increase of 27.1% as compared to Q1 2025
•Diluted EPS of $0.80 is an increase of 26.2% from Q1 2025
•Net Interest Margin expanded to 2.86%, a 38 basis point increase from Q1 2025
•Loan growth in the period of $11.0 million
•Efficiency Ratio of 52.64%, improved from 56.93% in Q1 2025
•Tangible Book Value per share rose to $22.71, up 11.1% from Q1 2025
•Quarterly shareholder dividend of $0.37 per share

CEO COMMENTS
"I am pleased to report continued year-over-year quarterly earnings growth to kick off 2026," commented Tony C. McKim, the Company's President and Chief Executive Officer. "Net income of $9.0 million for the first quarter is an increase of 27.1% from the first quarter of 2025. Our Return on Average Assets for the period was 1.15% and our Return on Average Tangible Common Equity was 14.15%, both up nicely from 0.91% and 12.64%, respectively, a year ago.
"Earnings growth has been driven by continued expansion of our net interest margin, coupled with increased non-interest revenue and controlled expenses. Our margin improved for the seventh consecutive quarter, to 2.86% for the first quarter of 2026, up 38 basis points from the first quarter of 2025, with the improvement stemming from a combination of earning asset yield enhancement focused in the loan portfolio and reduced funding costs.
"Total assets increased $34 million in the quarter, including net loan growth of $11 million. New loan production for the quarter was $116 million. Total deposits were flat as non-maturity
1






deposits followed a typical seasonal pattern, falling $58.6 million during the period, and were replaced by short-term time deposits and borrowings. Our capital position strengthened as compared to both the prior year quarter and the immediate prior quarter, and overall liquidity remains more than sufficient."
Concluding, Mr. McKim shared, "We are pleased to carry forward last year's earnings momentum into 2026 with positive first quarter results. The entire team at First National Bank is focused on delivering exceptional banking experiences to our growing customer base and building value for the communities and stakeholders we serve."
OPERATING RESULTS Q1 2026 v. Q1 2025 (prior year quarter)
Net income was $9.0 million for the three months ended March 31, 2026, an increase of $1.9 million or 27.1% from the first quarter of 2025. Net interest income was $20.7 million for the three months ended March 31, 2026, an increase of $2.9 million or 16.2% from the first quarter of 2025. Net interest margin improved to 2.86% for the first quarter of 2026, up from 2.48% in the prior year quarter. The lift in margin was the result of a 5 basis point increase in the tax equivalent yield on earning assets coupled with a 38 basis point decrease in the cost of total liabilities. Earning assets averaged a yield of 5.33% for the three months ended March 31, 2026, while total liabilities carried an average cost of 2.89%.
Total non-interest income was $4.5 million for the three months ended March 31, 2026, an increase of $449,000, or 11.2% from the first quarter of 2025. The increase was centered in Wealth Management revenue which was up $169,000 or 12.8% from the prior year, and other operating income which increased $228,000 or 28.9%. Total non-interest expense for the three months ended March 31, 2026, was $13.6 million, an increase of $772,000, or 6.0%, from the first quarter of 2025. The period-to-period change is centered in employee salaries and benefits, resulting from annual salary adjustments, lower deferred salaries, and higher health insurance expenses. The Company's efficiency ratio for the first quarter of 2026 was 52.64%, improved from 56.93% in the prior year quarter.
OPERATING RESULTS Q1 2026 v. Q4 2025 (linked quarter)
Net income was $9.0 million for the three months ended March 31, 2026, a decrease of $1.2 million or 11.6% from the fourth quarter of 2025. Net interest income of $20.7 million for the three months ended March 31, 2026, was a decrease of $422,000 or 2.0% from the linked quarter, attributable primarily to Q4 2025 having two more days of net interest income accrual than Q1 2026. The net interest margin increased to 2.86% in the first quarter of 2026, an improvement of 3 basis points from the linked quarter.
2






Total non-interest income of $4.5 million for the first quarter of 2026 was down $283,000 from the fourth quarter of 2025. The change is centered in a $396,000 decrease in Debit Card income stemming from seasonally lower transaction volume and recognition of an annual program incentive payment in the linked quarter. Other operating income increased $82,000, principally from loan-based derivative fees, and revenue increased $53,000 at First National Wealth Management. Total non-interest expense for the three months ended March 31, 2026 was $13.6 million, an increase of $485,000, or 3.7%, from the linked quarter.
LOANS, TOTAL ASSETS & FUNDING
Total assets as of March 31, 2026, were $3.20 billion, up $34.5 million in the first quarter. Earning assets grew $27.8 million with loan growth of $11.0 million during the period. Investment balances fell $9.5 million in the quarter while overnight funds sold increased by $26.0 million.
Loan balances grew at a modest pace in the first quarter, the net effect of new loan production, scheduled amortization, and payoffs during the period. The residential mortgage and home equity loan segments each contributed to loan portfolio growth, up $4.0 million and $4.9 million, respectively in the first quarter. Commercial and industrial loan balances increased $16.1 million, while commercial real estate loan balances and multifamily loan balances decreased by $5.3 million and $8.5 million, respectively.
Total deposits as of March 31, 2026 were $2.66 billion, unchanged from year-end 2025. Non-maturity deposits fell $58.6 million in the first quarter, in line with expectations. Time deposits increased $58.5 million and borrowed funds increased $8.0 million during the period. Uninsured deposits as of March 31, 2026 were estimated at 18.2% of total deposits, and 75% of uninsured deposits were fully collateralized. Available day-one liquidity was $721 million, sufficient to cover 149% of estimated uninsured deposits.
ASSET QUALITY
Overall asset quality remains satisfactory. As of March 31, 2026, the ratio of non-performing assets to total assets was 0.51%, compared to 0.41% as of December 31, 2025, and 0.19% as of March 31, 2025. The ratio of non-performing loans to total loans was 0.67% as of March 31, 2026, compared to 0.54% as of December 31, 2025, and 0.25% as of March 31, 2025. Loans past due thirty days or more were 1.14% of total loans as of March 31, 2026.
The Allowance for Credit Losses ("ACL") on loans stood at 1.05% of total loans as of March 31, 2026, in line with both the linked quarter and prior year quarter. A provision for credit losses of $620,000 was recorded in the first quarter of 2026. Net loan charge-offs in the first quarter totaled
3






$806,000, or 0.034% of total loans. Net charge-offs included $671,000 in loans that had been individually analyzed and were fully reserved.
CAPITAL
The Company’s regulatory capital position was strong as of March 31, 2026. The Leverage Capital ratio increased to an estimated 9.09% as of March 31, 2026, as compared to the 8.84% and 8.40% reported as of December 31, 2025, and as of March 31, 2025, respectively. The estimated Total Risk-Based Capital ratio was 14.04% as of March 31, 2026, as compared to the 14.02% and 13.12% reported as of December 31, 2025, and as of March 31, 2025, respectively.
The Company's tangible book value per share was $22.71 as of March 31, 2026, up from $22.49 as of December 31, 2025, and up from $20.44 as of March 31, 2025. The Tangible Common Equity ratio increased to 8.08% as of March 31, 2026, up from 8.05% as of December 31, 2025, and 7.25% as of March 31, 2025.
DIVIDEND
On March 26, 2026, the Company's Board of Directors declared a first quarter dividend of $0.37 per share. The dividend was paid on April 17, 2026, to shareholders of record as of April 7, 2026.
ABOUT THE FIRST BANCORP
The First Bancorp, the parent company of First National Bank, is based in Damariscotta, Maine. Founded in 1864, First National Bank is a full-service community bank with $3.17 billion in assets. The Bank provides a complete array of commercial and retail banking services through eighteen locations in mid-coast and eastern Maine. First National Wealth Management, a division of the Bank, provides investment management and trust services to individuals, businesses, and municipalities. More information about The First Bancorp, First National Bank and First National Wealth Management may be found at www.thefirst.com.

4






The First Bancorp
Quarterly Selected Financial Data (Unaudited)
At or for the quarters ended
Dollars in thousands, except for per share amounts3/31/202612/31/20259/30/20256/30/20253/31/2025
Financial Data
Total Assets$3,200,763 $3,166,303 $3,198,478 $3,199,510 $3,187,372 
Total Loans2,405,149 2,394,109 2,398,510 2,394,007 2,383,150 
Total Investment Securities619,159 628,683 642,961 653,855 656,844 
Total Deposits2,664,643 2,664,752 2,737,550 2,705,337 2,711,335 
Total Shareholders’ Equity286,784 283,143 274,566 265,492 259,681 
Net Income8,993 10,172 9,082 8,063 7,077 
Per Common Share Data
Basic Earnings per Share$0.81 $0.92 $0.82 $0.73 $0.64 
Diluted Earnings per Share0.80 0.91 0.81 0.72 0.63 
Cash Dividends Declared0.37 0.37 0.37 0.37 0.36 
Book Value per Common Share25.44 25.23 24.48 23.69 23.19 
Tangible Book Value per Common Share22.71 22.49 21.74 20.94 20.44 
Market Value28.03 26.44 26.26 25.41 24.72 
Financial Ratios
Return on Average Equity(1)
12.64 %14.35 %13.33 %12.31 %11.13 %
Return on Average Tangible Common Equity(1)
14.15 %16.12 %15.04 %13.95 %12.64 %
Return on Average Assets(1)
1.15 %1.26 %1.13 %1.01 %0.91 %
Pre-tax, pre-provision Return on Assets(1)
1.47 %1.58 %1.46 %1.30 %1.15 %
Net Interest Margin Tax-Equivalent(1)
2.86 %2.83 %2.70 %2.52 %2.48 %
Dividend Payout Ratio45.74 %40.39 %45.18 %50.89 %56.34 %
GAAP Efficiency Ratio54.16 %50.81 %51.99 %54.13 %58.91 %
Efficiency Ratio (non-GAAP)52.64 %49.33 %50.40 %52.39 %56.93 %
Asset Quality Ratios
Allowance for Credit Losses/Total Loans1.05 %1.06 %1.05 %1.04 %1.05 %
Allowance to Non-Performing Loans155.73 %196.95 %261.36 %411.13 %414.88 %
Non-Performing Loans to Total Loans0.67 %0.54 %0.40 %0.25 %0.25 %
Non-Performing Assets to Total Assets0.51 %0.41 %0.30 %0.19 %0.19 %
Capital Ratios
Leverage Capital Ratio(2)
9.09 %8.84 %8.63 %8.48 %8.40 %
Tier 1 Capital Ratio(2)
12.89 %12.84 %12.39 %12.15 %11.96 %
Total Capital Ratio(2)
14.04 %14.02 %13.56 %13.31 %13.12 %
Tangible Common Equity Ratio8.08 %8.05 %7.70 %7.41 %7.25 %
Average Equity to Average Assets9.10 %8.78 %8.45 %8.23 %8.15 %
Average Tangible Equity to Average Assets8.13 %7.82 %7.49 %7.27 %7.17 %
(1)Annualized using a 365-day basis for 2026 and 2025.
(2)Estimated for current period.

5






The First Bancorp
Consolidated Balance Sheets (Unaudited)
In thousands of dollars, except per share data3/31/202612/31/20259/30/20256/30/20253/31/2025
Assets
Cash and due from banks$23,607 $27,779 $31,606 $27,360 $26,432 
Interest-bearing deposits in other banks30,075 4,124 7,225 3,253 2,938 
Securities available-for-sale256,788 264,480 273,493 278,248 280,764 
Securities held-to-maturity354,057 355,928 362,552 367,873 368,571 
Restricted equity securities, at cost8,314 8,275 6,916 7,734 7,509 
Loans held for sale— — 333 — — 
Loans2,405,149 2,394,109 2,398,510 2,394,007 2,383,150 
Less allowance for credit losses25,209 25,365 25,078 24,829 25,114 
Net loans2,379,940 2,368,744 2,373,432 2,369,178 2,358,036 
Accrued interest receivable19,247 14,185 16,256 19,386 17,923 
Premises and equipment28,720 28,767 27,919 28,198 28,626 
Goodwill30,646 30,646 30,646 30,646 30,646 
Other assets69,369 63,375 68,100 67,634 65,927 
Total assets$3,200,763 $3,166,303 $3,198,478 $3,199,510 $3,187,372 
Liabilities
Demand deposits$268,100 $279,912 $313,729 $291,150 $267,876 
NOW deposits660,511 689,083 638,090 590,536 613,245 
Money market deposits453,210 469,689 458,398 388,214 398,966 
Savings deposits247,084 248,805 255,806 256,584 261,732 
Certificates of deposit699,635 638,931 688,001 774,521 754,558 
Certificates $100,000 to $250,000184,486 190,676 210,741 231,926 241,536 
Certificates $250,000 and over151,617 147,656 172,785 172,406 173,422 
Total deposits2,664,643 2,664,752 2,737,550 2,705,337 2,711,335 
Borrowed funds195,796 187,821 152,968 196,170 185,444 
Other liabilities53,540 30,587 33,394 32,511 30,912 
Total Liabilities2,913,979 2,883,160 2,923,912 2,934,018 2,927,691 
Shareholders' equity
Common stock113 112 112 112 112 
Additional paid-in capital74,255 73,714 73,276 72,795 72,355 
Retained earnings245,001 240,456 234,435 229,511 225,592 
Net unrealized loss on securities available-for-sale(32,790)(31,341)(33,523)(37,237)(38,702)
Net unrealized loss on transferred securities from available-for-sale to held-to-maturity(35)(38)(40)(60)(45)
Net unrealized gain on cash flow hedging derivative instruments— — 19 84 82 
Net unrealized gain on postretirement costs240 240 287 287 287 
Total shareholders' equity286,784 283,143 274,566 265,492 259,681 
Total liabilities & shareholders' equity$3,200,763 $3,166,303 $3,198,478 $3,199,510 $3,187,372 
6






Common Stock
Number of shares authorized18,000,000 18,000,000 18,000,000 18,000,000 18,000,000 
Number of shares issued and outstanding11,271,014 11,222,363 11,214,455 11,205,861 11,196,881 
Book value per common share$25.44 $25.23 $24.48 $23.69 $23.19 
Tangible book value per common share$22.71 $22.49 $21.74 $20.94 $20.44 
7






The First Bancorp
Quarterly Consolidated Statements of Income (Unaudited)
For the Quarters Ended
In thousands of dollars, except per share data3/31/202612/31/20259/30/20256/30/20253/31/2025
Interest income
Interest and fees on loans$34,725 $36,025 $36,197 $35,014 $33,924 
Interest on deposits with other banks30 185 108 51 56 
Interest and dividends on investments4,384 4,522 4,700 4,760 4,729 
     Total interest income39,139 40,732 41,005 39,825 38,709 
Interest expense
Interest on deposits16,702 18,323 19,380 19,725 19,269 
Interest on borrowed funds1,748 1,298 1,567 1,691 1,641 
     Total interest expense18,450 19,621 20,947 21,416 20,910 
Net interest income20,689 21,111 20,058 18,409 17,799 
Credit loss expense - loans650 615 690 348 396 
Credit loss expense (reduction) - debt securities held to maturity(1)(40)(12)1 1 
Credit loss expense (reduction) - off-balance sheet credit exposures(29)(303)22 137 (5)
     Total credit loss expense 620 272 700 486 392 
Net interest income after provision for credit losses20,069 20,839 19,358 17,923 17,407 
Non-interest income
Investment management and fiduciary income1,486 1,433 1,341 1,336 1,317 
Service charges on deposit accounts560 559 532 539 531 
Net securities gains 12 — — — — 
Mortgage origination and servicing income176 211 219 221 195 
Debit card income1,200 1,596 1,403 1,286 1,170 
Other operating income1,017 935 980 747 789 
     Total non-interest income4,451 4,734 4,475 4,129 4,002 
Non-interest expense
Salaries and employee benefits7,330 7,198 6,674 6,276 6,850 
Occupancy expense956 827 814 876 877 
Furniture and equipment expense1,543 1,487 1,491 1,438 1,462 
FDIC insurance premiums570 629 698 701 694 
Amortization of identified intangibles7 6 7 6 7 
Other operating expense3,210 2,984 3,070 2,902 2,954 
     Total non-interest expense13,616 13,131 12,754 12,199 12,844 
Income before income taxes10,904 12,442 11,079 9,853 8,565 
Applicable income taxes1,911 2,270 1,997 1,790 1,488 
Net Income$8,993 $10,172 $9,082 $8,063 $7,077 
Basic earnings per share$0.81 $0.92 $0.82 $0.73 $0.64 
Diluted earnings per share$0.80 $0.91 $0.81 $0.72 $0.63 

8






Use of Non-GAAP Financial Measures
Certain information in this release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management uses these “non-GAAP” measures in its analysis of the Company's performance (including for purposes of determining the compensation of certain executive officers and other Company employees) and believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods and with other financial institutions, as well as demonstrating the effects of significant gains and charges in the current period, in light of the disclosure practices employed by many other publicly-traded financial institutions. The Company believes that a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. Management believes that investors may use these non-GAAP financial measures to analyze financial performance without the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
In several places net interest income is calculated on a fully tax-equivalent basis. Specifically included in interest income was tax-exempt interest income from certain investment securities and loans. An amount equal to the tax benefit derived from this tax-exempt income has been added back to the interest income total which, as adjusted, increased net interest income accordingly. Management believes the disclosure of tax-equivalent net interest income information improves the clarity of financial analysis, and is particularly useful to investors in understanding and evaluating the changes and trends in the Company's results of operations. Other financial institutions commonly present net interest income on a tax-equivalent basis. This adjustment is considered helpful in the comparison of one financial institution's net interest income to that of another institution, as each will have a different proportion of tax-exempt interest from its earning assets. Moreover, net interest income is a component of a second financial measure commonly used by financial institutions, net interest margin, which is the ratio of net interest income to average earning assets. For purposes of this measure as well, other financial institutions generally use tax-equivalent net interest income to provide a better basis of comparison from institution to institution. The Company follows these practices.
The following table provides a reconciliation of tax-equivalent financial information to the Company's consolidated financial statements, which have been prepared in accordance with GAAP. A 21.0% tax rate was used in both 2026 and 2025.
 For the quarters ended
In thousands of dollars3/31/202612/31/20253/31/2025
Net interest income as presented$20,689 $21,111 $17,799 
Effect of tax-exempt income663 701 711 
Net interest income, tax equivalent$21,352 $21,812 $18,510 
The Company presents its efficiency ratio using non-GAAP information which is most commonly used by financial institutions. The GAAP-based efficiency ratio is non-interest expenses divided by net interest income plus non-interest income from the Consolidated Statements of Income. The non-GAAP efficiency ratio excludes securities losses and provision for credit losses on securities from non-interest expenses, excludes securities gains from non-interest income, and adds the tax-
9






equivalent adjustment to net interest income. The following table provides a reconciliation between the GAAP and non-GAAP efficiency ratio:
 For the quarters ended
In thousands of dollars3/31/202612/31/20253/31/2025
Non-interest expense, as presented$13,616 $13,131 $12,844 
Net interest income, as presented20,689 21,111 17,799 
Effect of tax-exempt interest income663 701 711 
Non-interest income, as presented4,451 4,734 4,002 
Effect of non-interest tax-exempt income77 70 48 
Net securities gains(12)— — 
Adjusted net interest income plus non-interest income$25,868 $26,616 $22,560 
Non-GAAP efficiency ratio52.64 %49.33 %56.93 %
GAAP efficiency ratio54.16 %50.81 %58.91 %
The Company presents certain information based upon tangible common equity instead of total shareholders' equity. The difference between these two measures is the Company's intangible assets, specifically goodwill from prior acquisitions. Management, banking regulators and many stock analysts use the tangible common equity ratio and the tangible book value per common share in conjunction with more traditional bank capital ratios to compare the capital adequacy of banking organizations with significant amounts of goodwill or other intangible assets, typically stemming from the use of the purchase accounting method in accounting for mergers and acquisitions. The following table provides a reconciliation of average tangible common equity to the Company's consolidated financial statements, which have been prepared in accordance with U.S. GAAP:
 For the quarters ended
In thousands of dollars3/31/202612/31/20253/31/2025
Average shareholders' equity as presented$288,560 $268,059 $257,807 
Less intangible assets(30,775)(30,791)(30,801)
Tangible average shareholders' equity$257,785 $237,268 $227,006 
To provide period-to-period comparison of operating results prior to consideration of credit loss provision and income taxes, the non-GAAP measure of PTPP Net Income is presented. The following table provides a reconciliation to Net Income:
For the quarters ended
In thousands of dollars3/31/202612/31/20253/31/2025
Net Income, as presented$8,993 $10,172 $7,077 
Add: credit loss expense620 272 392 
Add: income taxes1,911 2,270 1,488 
Pre-Tax, pre-provision net income$11,524 $12,714 $8,957 







10






Forward-Looking and Cautionary Statements
Except for the historical information and discussions contained herein, statements contained in this release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results and events to differ materially, as discussed in the Company's filings with the Securities and Exchange Commission.
Category: Earnings
Source: The First Bancorp

The First Bancorp
Richard M. Elder, EVP, Chief Financial Officer
207-563-3195
rick.elder@thefirst.com

11

Source: View Original Filing on SEC EDGAR

FAQ

How did The First Bancorp (FNLC) perform financially in Q1 2026?

The First Bancorp reported Q1 2026 net income of $8.993 million, up 27.1% from a year earlier. Diluted earnings per share increased to $0.80 from $0.63, reflecting stronger net interest income, higher non-interest revenue, and better operating efficiency.

What happened to The First Bancorp (FNLC) net interest margin in Q1 2026?

Net interest margin on a tax-equivalent basis improved to 2.86% in Q1 2026, up from 2.48% in Q1 2025. This expansion came from higher yields on earning assets and a 38-basis-point reduction in the average cost of total liabilities.

How strong are The First Bancorp (FNLC) capital ratios as of March 31, 2026?

As of March 31, 2026, The First Bancorp reported an estimated leverage capital ratio of 9.09% and a total risk-based capital ratio of 14.04%. These levels indicate a solid capital position relative to regulatory minimums and support continued balance sheet growth.

How did asset quality at The First Bancorp (FNLC) change by March 31, 2026?

Asset quality remained acceptable but weaker year over year. Non-performing assets were 0.51% of total assets and non-performing loans were 0.67% of total loans, both higher than March 31, 2025, while the loan loss allowance stayed at 1.05% of loans.

What dividend did The First Bancorp (FNLC) declare for Q1 2026?

On March 26, 2026, The First Bancorp’s board declared a quarterly dividend of $0.37 per share. The dividend was paid on April 17, 2026 to shareholders of record as of April 7, 2026, continuing the company’s pattern of regular cash distributions.

Filing Exhibits & Attachments

4 documents

Press Releases

Other Documents