Form 8-K

8-K — First Bancorp, Inc /ME/

Accession: 0000765207-26-000112

Filed: 2026-10-21

Period: 2026-10-21

CIK: 0000765207

SIC: 6021 (NATIONAL COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Documents

8-K — fnlc-20261021.htm (Primary)

EX-99.1 (a26q3earningsex991.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: fnlc-20261021.htm · Sequence: 1

fnlc-20261021

0000765207false00007652072026-10-212026-10-21

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): October 21, 2026

THE FIRST BANCORP, INC.

(Exact name of Registrant as specified in charter)

Maine

(State or other jurisdiction of incorporation)

0-26589 01-0404322

(Commission file number) (IRS employer identification no.)

Main Street Damariscotta Maine 04543

(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 Class Trading Symbol Name of each exchange on which registered

Common Stock, par value $0.01 per share FNLC NASDAQ 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 October 21, 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 September 30, 2026.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

--------

The following Exhibit is being furnished herewith:

99.1 Registrant's Press Release dated October 21, 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

October 21, 2026

Exhibit Index

--------------

Exhibit Number Description of Exhibit

99.1 Registrant's Press Release dated October 21, 2026

EX-99.1

Filename: a26q3earningsex991.htm · Sequence: 2

Document

Exhibit 99.1

The First Bancorp Announces Third Quarter Results

Earning Asset Growth and Net Interest Margin Expansion Lead to a 17.5% Increase in Third Quarter Earnings

DAMARISCOTTA, ME, October 21, 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 and nine months ended September 30, 2026. Net income for the third quarter was $10.7 million with fully diluted earnings per share of $0.95, increases of 17.5% and 16.8%, respectively, from net income of $9.1 million and diluted earnings per share of $0.81 for the quarter ended September 30, 2025. Strong earnings for the period were driven by growth in earning assets, continued net interest margin expansion, enhanced non-interest income, and disciplined expense control. Year-to-date in 2026, net income stands at $29.2 million with fully diluted earnings per share of $2.59, increases of 20.7% and 19.9%, respectively, from net income of $24.2 million and earnings per share of $2.16 for the nine months ended September 30, 2025.

Third Quarter Notable Items:

•Net Income of $10.7 million is a new quarterly earnings high mark, and represents increases of 17.5% from Q3 2025 and 11.6% from Q2 2026

•Diluted EPS of $0.95 is also a new quarterly EPS high mark, up 16.8% from Q3 2025, and up 11.6% from Q2 2026

•Net Interest Margin expanded to 2.99%, a 29-basis point increase from Q3 2025

•Loan growth in the period of $17.8 million

•Efficiency Ratio of 47.94%, improved from 50.40% in Q3 2025

•Tangible Book Value per share of $22.81, up 4.9% from Q3 2025

•Quarterly shareholder dividend paid of $0.38 per share

CEO COMMENTS

"I am pleased to report another quarter of strong year-over-year earnings growth," commented Tony C. McKim, the Company's President and Chief Executive Officer. "Net income of $10.7 million for the third quarter of 2026 represents an increase of 17.5% from the third quarter of 2025, and is a new quarterly record for The First Bancorp. Our Return on Average Assets for the period was

1.31% and our Return on Average Tangible Common Equity was 15.99%, both up nicely from 1.13% and 15.04%, respectively, a year ago."

"Our net interest margin improved for the ninth consecutive quarter, to 2.99% in the third quarter of 2026, up 11-basis points in the period and up 29-basis points from the third quarter of 2025. Margin expansion has been organic, driven by lower funding costs and supported by stable earning asset yields, which coupled with earning asset growth to produce a 12.2% lift in net interest income from the prior year quarter, and has driven a 14.4% increase year-to-date in 2026. Growth in non-interest income, notably wealth management, payments, and other operating revenue, was an additional catalyst for the bottom line. Revenue growth coupled with controlled operating expenses drove an improvement in our efficiency ratio to 47.94% for the period as compared to 50.40% a year ago."

"Total assets increased $35.7 million in the quarter, including net loan growth of $17.8 million. New loan production for the quarter was $180 million, up nearly $50 million from the second quarter. Total deposits increased $106.9 million in the period, with strong growth in non-maturity deposits leading to planned reductions in short-term time deposits and borrowings. We expect local deposit volumes to remain steady through year-end and have taken calculated steps throughout the year to protect margin gains from recent rate pressure in the market. The Company's capital position is strong, and overall liquidity continues to be more than sufficient."

Concluding, Mr. McKim shared, "We are pleased with the strong operating results produced in the third quarter. We were also pleased with asset quality improvements brought about through the resolution of several non-performing credits during the period. Our footings are solid and the Bank is well positioned to seize upon opportunities that become available."

OPERATING RESULTS Q3 2026 v. Q3 2025 (prior year quarter)

Net income was $10.7 million for the three months ended September 30, 2026, an increase of $1.6 million, or 17.5%, from the third quarter of 2025. Net interest income was $22.5 million for the three months ended September 30, 2026, an increase of $2.4 million, or 12.2%, from the third quarter of 2025. Net interest margin improved to 2.99% for the third quarter of 2026, up from 2.70% in the prior year quarter. The lift in margin was the result of stable yields on earning assets coupled with a 32-basis point decrease in the cost of total liabilities.

Total non-interest income was $5.0 million for the three months ended September 30, 2026, an increase of $503,000, or 11.2%, from the third quarter of 2025. Revenue at First National Wealth Management increased $119,000, or 8.9%, from the prior year period on strong growth in assets under management. Payments revenue increased $87,000, or 6.2%, while other operating income

increased $263,000, or 26.8%, principally from derivative fees on new loan transactions. Total non-interest expense for the three months ended September 30, 2026, was $13.5 million, an increase of $795,000, or 6.2%, from the third quarter of 2025. The period-to-period change is centered in employee salaries and benefits, resulting primarily from annual salary adjustments and higher health insurance expenses.

OPERATING RESULTS Q3 2026 v. Q2 2026 (linked quarter)

Net income was $10.7 million for the three months ended September 30, 2026, an increase of $1.1 million or 11.6% from the second quarter of 2026. Net interest income of $22.5 million for the three months ended September 30, 2026, was an increase of $1.3 million or 6.3% from the linked quarter, resulting from expansion in both average earning assets and net interest margin. Average earning assets grew $14.8 million in the third quarter, while net interest margin increased to 2.99%, an improvement of 11-basis points from the linked quarter.

Total non-interest income of $5.0 million for the third quarter of 2026 was up $317,000 from the second quarter of 2026. The increase was centered in payments revenue, which grew $115,000 on strong transaction volume, and other operating income which increased $285,000, principally on higher loan-based derivative fees. Total non-interest expense for the three months ended September 30, 2026, was $13.5 million, an increase of $172,000, or 1.3%, from the second quarter. As compared to the linked quarter, salaries and benefit expense increased $234,000 due to seasonal hiring activity and furniture & equipment expense increased $104,000, while other operating expenses fell $174,000.

LOANS, TOTAL ASSETS & FUNDING

Total assets as of September 30, 2026, were $3.25 billion, up $35.7 million in the third quarter. Earning assets increased $24.7 million consisting of $17.8 million in loan growth and $6.3 million growth in investments during the period.

Loan growth in the third quarter was centered in commercial and industrial loan balances which increased $11.1 million. Also contributing to growth were the agricultural loan and residential mortgage loan segments, up $3.2 million and $2.5 million, respectively, during the period. Commercial real estate loan balances increased $2.5 million while multifamily balances fell $1.9 million. The annualized growth rate for the portfolio as a whole was 2.92%.

Total deposits as of September 30, 2026, were $2.79 billion, an increase of $106.9 million in the quarter. Non-maturity deposits had strong growth, up $139.7 million in the third quarter, and consistent with seasonal expectations. The increase in non-maturity deposits allowed for reductions in non-local, short-term time deposits and borrowed funds. Time deposit balances were

reduced by $32.8 million and borrowings, principally short-term FHLB advances, were reduced by $69.2 million during the period. Uninsured deposits as of September 30, 2026, were estimated at 18.4% of total deposits, and 74% of uninsured deposits were fully collateralized. Available day-one liquidity was $763 million, sufficient to cover 149% of estimated uninsured deposits.

ASSET QUALITY

Overall asset quality remains satisfactory and improved in the third quarter. As of September 30, 2026, the ratio of non-performing assets to total assets was 0.44%, down from 0.54% as of June 30, 2026, and compares to 0.30% as of September 30, 2025. The ratio of non-performing loans to total loans was 0.58% as of September 30, 2026, down from 0.71% as of June 30, 2026, and compares to 0.40% as of September 30, 2025. Loans past due thirty days or more improved to 0.67% of total loans as of September 30, 2026, down from 0.93% as of June 30, 2026.

The Allowance for Credit Losses ("ACL") on loans stood at 0.98% of total loans as of September 30, 2026. ACL coverage was down modestly from the linked quarter and prior year quarter, resulting from resolution during the period of several non-performing loans that had carried specific reserves. A provision for credit losses of $845,000 was recorded in the third quarter of 2026, and net loan charge-offs in the third quarter totaled $1.6 million. Year-to-date, net charge-offs represent an annualized 0.22% of total loans.

CAPITAL

The Company’s regulatory capital position was strong as of September 30, 2026. The Leverage Capital ratio increased to an estimated 9.29% as of September 30, 2026, as compared to the 9.21% and 8.63% reported as of June 30, 2026, and as of September 30, 2025, respectively. The estimated Total Risk-Based Capital ratio was 14.27% as of September 30, 2026, as compared to the 14.23% and 13.56% reported as of June 30, 2026, and as of September 30, 2025, respectively.

The Company's tangible book value per share was $22.81 as of September 30, 2026, down from $23.25 as of June 30, 2026, and up from $21.74 as of September 30, 2025. The Tangible Common Equity ratio stood at 7.99% as of September 30, 2026, down from 8.23% as of June 30, 2026, and up from 7.70% as of September 30, 2025. The modest linked quarter decreases in tangible book value per share and tangible common equity ratio are attributable to an increase in unrealized losses on available for sale investment securities, consistent with market changes in interest rates during the quarter.

DIVIDEND

On September 24, 2026, the Company's Board of Directors declared a third quarter dividend of $0.38 per share. The dividend was paid on October 16, 2026, to shareholders of record as of October 6, 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 $3.22 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.

The First Bancorp

Selected Financial Data (Unaudited)

Dollars in thousands, except for per share amounts As of and for the nine months ended As of and for the quarter ended

9/30/2026 9/30/2025 9/30/2026 9/30/2025

Financial Data

Total Assets $ 3,251,783 $ 3,198,478 $ 3,251,783 $ 3,198,478

Total Loans 2,441,559 2,398,510 2,441,559 2,398,510

Total Investment Securities 643,085 642,961 643,085 642,961

Total Deposits 2,786,672 2,737,550 2,786,672 2,737,550

Total Shareholders’ Equity 288,149 274,566 288,149 274,566

Net Income 29,224 24,222 10,671 9,082

Per Common Share Data

Basic Earnings per Share $ 2.63 $ 2.19 $ 0.96 $ 0.82

Diluted Earnings per Share 2.59 2.16 0.95 0.81

Cash Dividends Declared 1.13 1.10 0.38 0.37

Book Value per Common Share 25.53 24.48 25.53 24.48

Tangible Book Value per Common Share 22.81 21.74 22.81 21.74

Market Value 33.34 26.26 33.34 26.26

Financial Ratios

Return on Average Equity(1)

13.38 % 12.28 % 14.33 % 13.33 %

Return on Average Tangible Common Equity(1)

14.95 % 13.91 % 15.99 % 15.04 %

Return on Average Assets(1)

1.22 % 1.02 % 1.31 % 1.13 %

Pre-tax, pre-provision Return on Assets(1)

1.58 % 1.30 % 1.71 % 1.46 %

Net Interest Margin Tax-Equivalent(1)

2.91 % 2.57 % 2.99 % 2.70 %

Dividend Payout Ratio 43.00 % 50.34 % 39.62 % 45.18 %

GAAP Efficiency Ratio 51.68 % 54.88 % 49.31 % 51.99 %

Efficiency Ratio (non-GAAP) 50.23 % 53.12 % 47.94 % 50.40 %

Asset Quality Ratios

Allowance for Credit Losses/Total Loans 0.98 % 1.05 % 0.98 % 1.05 %

Allowance to Non-Performing Loans 167.70 % 261.36 % 167.70 % 261.36 %

Non-Performing Loans to Total Loans 0.58 % 0.40 % 0.58 % 0.40 %

Non-Performing Assets to Total Assets 0.44 % 0.30 % 0.44 % 0.30 %

Capital Ratios

Leverage Capital Ratio(2)

9.29 % 8.63 % 9.29 % 8.63 %

Tier 1 Capital Ratio(2)

13.19 % 12.39 % 13.19 % 12.39 %

Total Capital Ratio(2)

14.27 % 13.56 % 14.27 % 13.56 %

Tangible Common Equity Ratio 7.99 % 7.70 % 7.99 % 7.70 %

Average Equity to Average Assets 9.13 % 8.28 % 9.14 % 8.45 %

Average Tangible Equity to Average Assets 8.17 % 7.31 % 8.19 % 7.49 %

(1)Annualized using a 365-day basis for 2026 and 2025.

(2)Estimated for current period.

The First Bancorp

Consolidated Balance Sheets (Unaudited)

In thousands of dollars, except per share data 9/30/2026 12/31/2025 9/30/2025

Assets

Cash and due from banks $ 32,117 $ 27,779 $ 31,606

Interest-bearing deposits in other banks 2,871 4,124 7,225

Securities available-for-sale 282,792 264,480 273,493

Securities held-to-maturity 352,535 355,928 362,552

Restricted equity securities, at cost 7,758 8,275 6,916

Loans held for sale 284 — 333

Loans 2,441,559 2,394,109 2,398,510

Less allowance for credit losses 23,814 25,365 25,078

Net loans 2,417,745 2,368,744 2,373,432

Accrued interest receivable 17,051 14,185 16,256

Premises and equipment 28,283 28,767 27,919

Other real estate owned 30 — —

Goodwill 30,646 30,646 30,646

Other assets 79,671 63,375 68,100

Total assets $ 3,251,783 $ 3,166,303 $ 3,198,478

Liabilities

Demand deposits $ 316,825 $ 279,912 $ 313,729

NOW deposits 712,583 689,083 638,090

Money market deposits 459,129 469,689 458,398

Savings deposits 251,295 248,805 255,806

Certificates of deposit 695,235 638,931 688,001

Certificates $100,000 to $250,000 187,607 190,676 210,741

Certificates $250,000 and over 163,998 147,656 172,785

Total deposits 2,786,672 2,664,752 2,737,550

Borrowed funds 144,882 187,821 152,968

Other liabilities 32,080 30,587 33,394

Total Liabilities 2,963,634 2,883,160 2,923,912

Shareholders' equity

Common stock 113 112 112

Additional paid-in capital 75,327 73,714 73,276

Retained earnings 256,610 240,456 234,435

Net unrealized loss on securities available-for-sale (44,110) (31,341) (33,523)

Net unrealized loss on transferred securities from available-for-sale to held-to-maturity (31) (38) (40)

Net unrealized gain on cash flow hedging derivative instruments — — 19

Net unrealized gain on postretirement costs 240 240 287

Total shareholders' equity 288,149 283,143 274,566

Total liabilities & shareholders' equity $ 3,251,783 $ 3,166,303 $ 3,198,478

Common Stock

Number of shares authorized 18,000,000 18,000,000 18,000,000

Number of shares issued and outstanding 11,285,552 11,222,363 11,214,455

Book value per common share $ 25.53 $ 25.23 $ 24.48

Tangible book value per common share $ 22.81 $ 22.49 $ 21.74

The First Bancorp

Consolidated Statements of Income (Unaudited)

In thousands of dollars, except per share data For the nine months ended For the Quarters Ended

9/30/2026 9/30/2025 9/30/2026 9/30/2025

Interest income

Interest and fees on loans $ 106,663 $ 105,135 $ 36,584 $ 36,197

Interest on deposits with other banks 100 215 32 108

Interest and dividends on investments 13,690 14,189 4,859 4,700

Total interest income 120,453 119,539 41,475 41,005

Interest expense

Interest on deposits 50,757 58,374 17,171 19,380

Interest on borrowed funds 5,344 4,899 1,803 1,567

Total interest expense 56,101 63,273 18,974 20,947

Net interest income 64,352 56,266 22,501 20,058

Credit loss expense - loans 2,414 1,434 845 690

Credit loss expense (reduction) - debt securities held to maturity 4 (10) 6 (12)

Credit loss expense - off-balance sheet credit exposures 116 154 128 22

Total credit loss expense 2,534 1,578 979 700

Net interest income after provision for credit losses 61,818 54,688 21,522 19,358

Non-interest income

Investment management and fiduciary income 4,494 3,994 1,460 1,341

Service charges on deposit accounts 1,698 1,602 553 532

Net securities gains 12 — — —

Mortgage origination and servicing income 603 635 232 219

Debit card income 4,065 3,859 1,490 1,403

Other operating income 3,218 2,516 1,243 980

Total non-interest income 14,090 12,606 4,978 4,475

Non-interest expense

Salaries and employee benefits 21,804 19,800 7,354 6,674

Occupancy expense 2,610 2,567 818 814

Furniture and equipment expense 4,555 4,391 1,558 1,491

FDIC insurance premiums 1,803 2,093 629 698

Amortization of identified intangibles 20 20 7 7

Other operating expense 9,750 8,926 3,183 3,070

Total non-interest expense 40,542 37,797 13,549 12,754

Income before income taxes 35,366 29,497 12,951 11,079

Applicable income taxes 6,142 5,275 2,280 1,997

Net Income $ 29,224 $ 24,222 $ 10,671 $ 9,082

Basic earnings per share $ 2.63 $ 2.19 $ 0.96 $ 0.82

Diluted earnings per share $ 2.59 $ 2.16 $ 0.95 $ 0.81

The First Bancorp

Five Quarter Trend - Selected Financial Data (Unaudited)

At or for the quarters ended

Dollars in thousands, except for per share amounts 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025

Financial Data

Total Assets $ 3,251,783 $ 3,216,097 $ 3,200,763 $ 3,166,303 $ 3,198,478

Total Loans 2,441,559 2,423,711 2,405,149 2,394,109 2,398,510

Total Investment Securities 643,085 636,760 619,159 628,683 642,961

Total Deposits 2,786,672 2,679,778 2,664,643 2,664,752 2,737,550

Total Shareholders’ Equity 288,149 292,960 286,784 283,143 274,566

Net Income 10,671 9,560 8,993 10,172 9,082

Per Common Share Data

Basic Earnings per Share $ 0.96 $ 0.86 $ 0.81 $ 0.92 $ 0.82

Diluted Earnings per Share 0.95 0.85 0.80 0.91 0.81

Cash Dividends Declared 0.38 0.38 0.37 0.37 0.37

Book Value per Common Share 25.53 25.97 25.44 25.23 24.48

Tangible Book Value per Common Share 22.81 23.25 22.71 22.49 21.74

Market Value 33.34 34.82 28.03 26.44 26.26

Financial Ratios

Return on Average Equity(1)

14.33 % 13.13 % 12.64 % 14.35 % 13.33 %

Return on Average Tangible Common Equity(1)

15.99 % 14.67 % 14.15 % 16.12 % 15.04 %

Return on Average Assets(1)

1.31 % 1.20 % 1.15 % 1.26 % 1.13 %

Pre-tax, pre-provision Return on Assets(1)

1.71 % 1.56 % 1.47 % 1.58 % 1.46 %

Net Interest Margin Tax-Equivalent(1)

2.99 % 2.88 % 2.86 % 2.83 % 2.70 %

Dividend Payout Ratio 39.62 % 44.19 % 45.74 % 40.39 % 45.18 %

GAAP Efficiency Ratio 49.31 % 51.80 % 54.16 % 50.81 % 51.99 %

Efficiency Ratio (non-GAAP) 47.94 % 50.33 % 52.64 % 49.33 % 50.40 %

Asset Quality Ratios

Allowance for Credit Losses/Total Loans 0.98 % 1.01 % 1.05 % 1.06 % 1.05 %

Allowance to Non-Performing Loans 167.70 % 141.87 % 155.73 % 196.95 % 261.36 %

Non-Performing Loans to Total Loans 0.58 % 0.71 % 0.67 % 0.54 % 0.40 %

Non-Performing Assets to Total Assets 0.44 % 0.54 % 0.51 % 0.41 % 0.30 %

Capital Ratios

Leverage Capital Ratio(2)

9.29 % 9.21 % 9.09 % 8.84 % 8.63 %

Tier 1 Capital Ratio(2)

13.19 % 13.11 % 12.89 % 12.84 % 12.39 %

Total Capital Ratio(2)

14.27 % 14.23 % 14.05 % 14.02 % 13.56 %

Tangible Common Equity Ratio 7.99 % 8.23 % 8.08 % 8.05 % 7.70 %

Average Equity to Average Assets 9.14 % 9.16 % 9.10 % 8.78 % 8.45 %

Average Tangible Equity to Average Assets 8.19 % 8.19 % 8.13 % 7.82 % 7.49 %

(1)Annualized using a 365-day basis for 2026 and 2025.

(2)Estimated for current period.

The First Bancorp

Five Quarter Trend - Consolidated Balance Sheets (Unaudited)

In thousands of dollars, except per share data 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025

Assets

Cash and due from banks $ 32,117 $ 29,759 $ 23,607 $ 27,779 $ 31,606

Interest-bearing deposits in other banks 2,871 2,715 30,075 4,124 7,225

Securities available-for-sale 282,792 276,032 256,788 264,480 273,493

Securities held-to-maturity 352,535 351,991 354,057 355,928 362,552

Restricted equity securities, at cost 7,758 8,737 8,314 8,275 6,916

Loans held for sale 284 190 — — 333

Loans 2,441,559 2,423,711 2,405,149 2,394,109 2,398,510

Less allowance for credit losses 23,814 24,555 25,209 25,365 25,078

Net loans 2,417,745 2,399,156 2,379,940 2,368,744 2,373,432

Accrued interest receivable 17,051 20,106 19,247 14,185 16,256

Premises and equipment 28,283 28,351 28,720 28,767 27,919

Other real estate owned 30 — — — —

Goodwill 30,646 30,646 30,646 30,646 30,646

Other assets 79,671 68,414 69,369 63,375 68,100

Total assets $ 3,251,783 $ 3,216,097 $ 3,200,763 $ 3,166,303 $ 3,198,478

Liabilities

Demand deposits $ 316,825 $ 282,691 $ 268,100 $ 279,912 $ 313,729

NOW deposits 712,583 645,223 660,511 689,083 638,090

Money market deposits 459,129 422,077 453,210 469,689 458,398

Savings deposits 251,295 250,182 247,084 248,805 255,806

Certificates of deposit 695,235 765,298 699,635 638,931 688,001

Certificates $100,000 to $250,000 187,607 170,354 184,486 190,676 210,741

Certificates $250,000 and over 163,998 143,953 151,617 147,656 172,785

Total deposits 2,786,672 2,679,778 2,664,643 2,664,752 2,737,550

Borrowed funds 144,882 214,069 195,796 187,821 152,968

Other liabilities 32,080 29,290 53,540 30,587 33,394

Total Liabilities 2,963,634 2,923,137 2,913,979 2,883,160 2,923,912

Shareholders' equity

Common stock 113 113 113 112 112

Additional paid-in capital 75,327 74,829 74,255 73,714 73,276

Retained earnings 256,610 250,254 245,001 240,456 234,435

Net unrealized loss on securities available-for-sale (44,110) (32,444) (32,790) (31,341) (33,523)

Net unrealized loss on transferred securities from available-for-sale to held-to-maturity (31) (32) (35) (38) (40)

Net unrealized gain on cash flow hedging derivative instruments — — — — 19

Net unrealized gain on postretirement costs 240 240 240 240 287

Total shareholders' equity 288,149 292,960 286,784 283,143 274,566

Total liabilities & shareholders' equity $ 3,251,783 $ 3,216,097 $ 3,200,763 $ 3,166,303 $ 3,198,478

Common Stock

Number of shares authorized 18,000,000 18,000,000 18,000,000 18,000,000 18,000,000

Number of shares issued and outstanding 11,285,552 11,278,777 11,271,014 11,222,363 11,214,455

Book value per common share $ 25.53 $ 25.97 $ 25.44 $ 25.23 $ 24.48

Tangible book value per common share $ 22.81 $ 23.25 $ 22.71 $ 22.49 $ 21.74

The First Bancorp

Five Quarter Trend - Consolidated Statements of Income (Unaudited)

For the Quarters Ended

In thousands of dollars, except per share data 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025

Interest income

Interest and fees on loans $ 36,584 $ 35,354 $ 34,725 $ 36,025 $ 36,197

Interest on deposits with other banks 32 38 30 185 108

Interest and dividends on investments 4,859 4,447 4,384 4,522 4,700

Total interest income 41,475 39,839 39,139 40,732 41,005

Interest expense

Interest on deposits 17,171 16,884 16,702 18,323 19,380

Interest on borrowed funds 1,803 1,793 1,748 1,298 1,567

Total interest expense 18,974 18,677 18,450 19,621 20,947

Net interest income 22,501 21,162 20,689 21,111 20,058

Credit loss expense - loans 845 919 650 615 690

Credit loss expense (reduction) - debt securities held to maturity 6 (1) (1) (40) (12)

Credit loss expense (reduction) - off-balance sheet credit exposures 128 17 (29) (303) 22

Total credit loss expense 979 935 620 272 700

Net interest income after provision for credit losses 21,522 20,227 20,069 20,839 19,358

Non-interest income

Investment management and fiduciary income 1,460 1,548 1,486 1,433 1,341

Service charges on deposit accounts 553 585 560 559 532

Net securities gains — — 12 — —

Mortgage origination and servicing income 232 195 176 211 219

Debit card income 1,490 1,375 1,200 1,596 1,403

Other operating income 1,243 958 1,017 935 980

Total non-interest income 4,978 4,661 4,451 4,734 4,475

Non-interest expense

Salaries and employee benefits 7,354 7,120 7,330 7,198 6,674

Occupancy expense 818 836 956 827 814

Furniture and equipment expense 1,558 1,454 1,543 1,487 1,491

FDIC insurance premiums 629 604 570 629 698

Amortization of identified intangibles 7 6 7 6 7

Other operating expense 3,183 3,357 3,210 2,984 3,070

Total non-interest expense 13,549 13,377 13,616 13,131 12,754

Income before income taxes 12,951 11,511 10,904 12,442 11,079

Applicable income taxes 2,280 1,951 1,911 2,270 1,997

Net Income $ 10,671 $ 9,560 $ 8,993 $ 10,172 $ 9,082

Basic earnings per share $ 0.96 $ 0.86 $ 0.81 $ 0.92 $ 0.82

Diluted earnings per share $ 0.95 $ 0.85 $ 0.80 $ 0.91 $ 0.81

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 nine months ended For the quarters ended

In thousands of dollars 9/30/2026 9/30/2025 9/30/2026 6/30/2026 9/30/2025

Net interest income as presented $ 64,352 $ 56,266 $ 22,501 $ 21,162 $ 20,058

Effect of tax-exempt income 2,041 2,136 703 674 727

Net interest income, tax equivalent $ 66,393 $ 58,402 $ 23,204 $ 21,836 $ 20,785

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-

equivalent adjustment to net interest income. The following table provides a reconciliation between the GAAP and non-GAAP efficiency ratio:

For the nine months ended For the quarters ended

In thousands of dollars 9/30/2026 9/30/2025 9/30/2026 6/30/2026 9/30/2025

Non-interest expense, as presented $ 40,542 $ 37,797 $ 13,549 $ 13,377 $ 12,754

Net interest income, as presented 64,352 56,266 22,501 21,162 20,058

Effect of tax-exempt interest income 2,041 2,136 703 674 727

Non-interest income, as presented 14,090 12,606 4,978 4,661 4,475

Effect of non-interest tax-exempt income 237 144 80 80 48

Net securities gains (12) — — — —

Adjusted net interest income plus non-interest income $ 80,708 $ 71,152 $ 28,262 $ 26,577 $ 25,308

Non-GAAP efficiency ratio 50.23 % 53.12 % 47.94 % 50.33 % 50.40 %

GAAP efficiency ratio 51.68 % 54.88 % 49.31 % 51.80 % 51.99 %

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 nine months ended For the quarters ended

In thousands of dollars 9/30/2026 9/30/2025 9/30/2026 6/30/2026 9/30/2025

Average shareholders' equity as presented $ 292,080 $ 263,639 $ 295,521 $ 290,332 $ 270,306

Less intangible assets (30,768) (30,794) (30,775) (30,771) (30,801)

Tangible average shareholders' equity $ 261,312 $ 232,845 $ 264,746 $ 259,561 $ 239,505

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 nine months ended For the quarters ended

In thousands of dollars 9/30/2026 9/30/2025 9/30/2026 6/30/2026 9/30/2025

Net Income, as presented $ 29,224 $ 24,222 $ 10,671 $ 9,560 $ 9,082

Add: credit loss expense 2,534 1,578 979 935 700

Add: income taxes 6,142 5,275 2,280 1,951 1,997

Pre-Tax, pre-provision net income $ 37,900 $ 31,075 $ 13,930 $ 12,446 $ 11,779

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

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