fnlc-20251022
0000765207false00007652072025-10-222025-10-22


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): October 22, 2025

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 October 22, 2025, 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, 2025.




Item 9.01 Financial Statements and Exhibits.

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

The following Exhibit is being furnished herewith:

99.1 Registrant's Press Release dated October 22, 2025




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 22, 2025











































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

Exhibit Number Description of Exhibit


99.1 Registrant's Press Release dated October 22, 2025



Exhibit 99.1
The First Bancorp Announces Third Quarter Results
Strong Net Income Growth, Net Interest Margin Expansion, and Growth in
Non-Maturity Deposits Highlight Third Quarter Performance
DAMARISCOTTA, ME, October 22, 2025--(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 September 30, 2025. Net income for the period was $9.1 million with fully diluted earnings per share of $0.81. The Company also reported unaudited results for the nine months ended September 30, 2025, with net income for the period of $24.2 million and fully diluted earnings per share of $2.16.
Third Quarter Notable Items:
•Net Income of $9.1 million represents:
◦growth of 20.0% as compared to Q3 2024; diluted EPS growth of 19.3%
◦growth of 12.6% as compared to Q2 2025; diluted EPS growth of 12.5%
•Net Interest Margin expanded to 2.70% and is:
◦an increase of 38 basis points from Q3 2024
◦an increase of 18 basis points from Q2 2025
•Non-Maturity Deposit growth of $139.5 million
•Efficiency Ratio improved to 50.40%
•Tangible Book Value per share rose to $21.74, up 7.3% from Q3 2024
•Quarterly shareholder dividend of $0.37 per share

CEO COMMENTS
"I am pleased to report strong results for the third quarter of 2025," commented Tony C. McKim, the Company's President and Chief Executive Officer. "Net income of $9.1 million for the quarter is an increase of 20.0% from the third quarter of 2024, and through nine months, earnings have increased 22.6% from a year ago. Our Return on Average Assets for the period was 1.13% and stands at 1.02% year-to-date.
"Earnings growth year-to-date has been driven by expansion of our net interest margin, the pace of which accelerated in the third quarter. Our margin for the third quarter improved to
1






2.70%, up 18 basis points in the period, attributable to earning asset yield enhancement in the loan portfolio, coupled with reduced funding costs.
"Balance sheet activity was mostly focused on local deposit growth in the third quarter. We saw stronger than expected growth in non-maturity deposits, which were up nearly $140 million during the period. This growth allowed for replacement of higher cost wholesale time deposits and borrowings, a key contributor in lowering overall funding costs," continued Mr. McKim. "Overall asset quality remains favorable, while our capital and liquidity positions continue to be solid."
Concluding, Mr. McKim shared "We were particularly pleased to recently be recognized as one the Best Places to Work in Maine, an award which speaks to the special culture at The First Bancorp and how that collaborative culture continually helps us achieve our purpose for our customers."
OPERATING RESULTS Q3 2025 v. Q3 2024 (prior year quarter)
Net income was $9.1 million for the three months ended September 30, 2025, an increase of $1.5 million or 20.0% from the third quarter of 2024. Net interest income was $20.1 million for the three months ended September 30, 2025, an increase of $3.7 million or 22.3% from the third quarter of 2024. Net interest margin improved to 2.70% for the third quarter of 2025, up from 2.32% in the prior year quarter. The lift in margin was the result of a 15 basis point increase in the tax equivalent yield on earning assets coupled with a 27 basis point decrease in the cost of total liabilities. Earning assets averaged a yield of 5.43% for the three months ended September 30, 2025, while total liabilities carried an average cost of 3.21%.
Total non-interest income was $4.5 million for the three months ended September 30, 2025, an increase of $353,000, or 8.6% from the third quarter of 2024 centered in Wealth Management revenue, and other operating income. Total non-interest expense for the three months ended September 30, 2025, was $12.8 million, an increase of $754,000, or 6.3%, from the third quarter of 2024. The period-to-period change is largely attributable to employee salaries and benefits, resulting from salary costs, lower deferred salaries, and normalization of incentive compensation accruals. The Company's efficiency ratio for the third quarter of 2025 was 50.40%, improved from 56.37% in the prior year quarter.
OPERATING RESULTS Q3 2025 v. Q2 2025 (linked quarter)
Net income was $9.1 million for the three months ended September 30, 2025, an increase of $1.0 million or 12.6% from the second quarter of 2025. Net interest income of $20.1 million for the three months ended September 30, 2025, was an increase of $1.6 million or 9.0% from the linked quarter. The net interest margin of 2.70% in the third quarter of 2025 was an improvement of 18
2






basis points driven by a 9 basis point increase in the tax equivalent yield on earning assets and a 7 basis point decrease in funding costs period-to-period.
Total non-interest income of $4.5 million for the three months ended September 30, 2025, was up $346,000 from the linked quarter. The change is centered in a $117,000 increase in Debit Card income and a $233,000 lift in other operating income, principally loan-based derivative fees. Total non-interest expense for the three months ended September 30, 2025 was $12.8 million, an increase of $555,000, or 4.5%, from the linked quarter. The change is mostly attributable to employee salaries and benefits, which included seasonal hiring activity.
LOANS, TOTAL ASSETS & FUNDING
Total assets as of September 30, 2025, were $3.20 billion, down $1.0 million in the third quarter and up $55.9 million from a year ago. Earning assets were essentially flat, down $1.8 million during the quarter comprised primarily of an increase in loans of $4.5 million and a net reduction of overnight funds sold and investments of $6.1 million. Over the past year, earning assets have increased by $58.9 million, centered in loan growth of $91.3 million and net reduction of overnight funds sold and investments of $36.6 million.
Loan balances grew at a modest pace in the third 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 $7.5 million and $2.7 million, respectively in the third quarter, while municipal loans grew $5.7 million. Commercial real estate balances decreased by $7.5 million, and commercial and industrial balances fell $4.5 million.
Total deposits at September 30, 2025 were $2.74 billion, up $32.2 million during the period. Non-maturity deposits exceeded seasonal growth expectations, increasing $139.5 million in the third quarter. This lift allowed for a reduction in wholesale time deposits and borrowings, with time deposits down $107.3 million and borrowed funds, principally short term FHLB advances, down $43.2 million during the period. Uninsured deposits as of September 30, 2025, were estimated at 19.7% of total deposits, and 68% of uninsured deposits were fully collateralized. Available day-one liquidity was $702 million, sufficient to cover 130% of estimated uninsured deposits.
ASSET QUALITY
Overall asset quality remains favorable. As of September 30, 2025, the ratio of non-performing assets to total assets was 0.30%, compared to 0.19% as of June 30, 2025 and 0.08% as of September 30, 2024. The ratio of non-performing loans to total loans was 0.40% as of
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September 30, 2025, compared to 0.25% as of June 30, 2025 and 0.11% as of September 30, 2024. Loans past due thirty days or more were 0.69% of total loans as of September 30, 2025.
The Allowance for Credit Losses ("ACL") on loans stood at 1.05% of total loans as of September 30, 2025, in-line with both the linked quarter and prior year quarter. A provision for credit losses of $700,000 was recorded in the third quarter of 2025, focused in a $690,000 provision to the allowance for credit losses on loans. Net loan charge-offs in the third quarter totaled $441,000 resulting in an annualized year-to-date net charge-off rate of 0.07% of total loans.
CAPITAL
The Company’s regulatory capital position was strong as of September 30, 2025. The Leverage Capital ratio increased to an estimated 8.66% as of September 30, 2025, as compared to the 8.48% and 8.53% reported as of June 30, 2025, and as of September 30, 2024, respectively. The estimated Total Risk-Based Capital ratio was 13.60% as of September 30, 2025, as compared to the 13.31% and 13.11% reported as of June 30, 2025, and as of September 30, 2024, respectively. The Company's tangible book value per share was $21.74 as of September 30, 2025, up from $20.94 as of June 30, 2025 and up from $20.27 as of September 30, 2024. An improved unrealized loss position on available-for-sale securities contributed to the Tangible Common Equity ratio increasing to 7.70% as of September 30, 2025, up from 7.41% as of June 30, 2025 and 7.26% as of September 30, 2024.
DIVIDEND
On September 25, 2025, the Company's Board of Directors declared a third quarter dividend of $0.37 per share. The dividend was paid on October 16, 2025, to shareholders of record as of October 6, 2025.
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.

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The First Bancorp
Quarterly Selected Financial Data (Unaudited)
At or for the quarters ended
Dollars in thousands, except for per share amounts9/30/20256/30/20253/31/202512/31/20249/30/2024
Financial Data
Total Assets$3,198,478 $3,199,510 $3,187,372 $3,157,010 $3,142,563 
Total Loans2,398,510 2,394,007 2,383,150 2,340,940 2,307,253 
Total Investment Securities642,961 653,855 656,844 651,587 669,076 
Total Deposits2,737,550 2,705,337 2,711,335 2,725,251 2,702,718 
Total Shareholders’ Equity274,566 265,492 259,681 252,493 256,783 
Net Income9,082 8,063 7,077 7,282 7,571 
Per Common Share Data
Basic Earnings per Share$0.82 $0.73 $0.64 $0.66 $0.69 
Diluted Earnings per Share0.81 0.72 0.63 0.65 0.68 
Cash Dividends Declared0.37 0.37 0.36 0.36 0.36 
Book Value per Common Share24.48 23.69 23.19 22.63 23.03 
Tangible Book Value per Common Share21.74 20.94 20.44 19.87 20.27 
Market Value26.26 25.41 24.72 27.35 26.32 
Financial Ratios
Return on Average Equity(1)
13.33 %12.31 %11.13 %11.27 %11.86 %
Return on Average Tangible Common Equity(1)
15.04 %13.95 %12.64 %12.81 %13.50 %
Return on Average Assets(1)
1.13 %1.01 %0.91 %0.92 %0.98 %
Pre-tax, pre-provision Return on Assets(1)
1.46 %1.30 %1.15 %1.24 %1.10 %
Net Interest Margin Tax-Equivalent(1)
2.70 %2.52 %2.48 %2.42 %2.32 %
Dividend Payout Ratio45.18 %50.89 %56.34 %54.71 %52.55 %
GAAP Efficiency Ratio51.99 %54.13 %58.91 %55.23 %58.47 %
Efficiency Ratio (non-GAAP)50.40 %52.39 %56.93 %53.39 %56.37 %
Asset Quality Ratios
Allowance for Credit Losses/Total Loans1.05 %1.04 %1.05 %1.06 %1.04 %
Allowance to Non-Performing Loans261.36 %411.13 %414.88 %585.41 %961.00 %
Non-Performing Loans to Total Loans0.40 %0.25 %0.25 %0.18 %0.11 %
Non-Performing Assets to Total Assets0.30 %0.19 %0.19 %0.14 %0.08 %
Capital Ratios
Leverage Capital Ratio(2)
8.66 %8.48 %8.40 %8.47 %8.53 %
Tier 1 Capital Ratio(2)
12.43 %12.15 %11.96 %12.04 %11.97 %
Total Capital Ratio(2)
13.60 %13.31 %13.12 %13.22 %13.11 %
Tangible Common Equity Ratio7.70 %7.41 %7.25 %7.09 %7.26 %
Average Equity to Average Assets8.45 %8.23 %8.15 %8.17 %8.24 %
Average Tangible Equity to Average Assets7.49 %7.27 %7.17 %7.19 %7.24 %
(1)Annualized using a 365-day basis for 2025 and a 366-day basis for 2024.
(2)Estimated for current period.

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The First Bancorp
Consolidated Balance Sheets (Unaudited)
In thousands of dollars, except per share data9/30/20256/30/20253/31/202512/31/20249/30/2024
Assets
Cash and due from banks$31,606 $27,360 $26,432 $27,636 $35,136 
Interest-bearing deposits in other banks7,225 3,253 2,938 22,100 17,199 
Securities available-for-sale273,493 278,248 280,764 274,680 285,021 
Securities held-to-maturity362,552 367,873 368,571 369,704 377,635 
Restricted equity securities, at cost6,916 7,734 7,509 7,203 6,420 
Loans held for sale333 — — — — 
Loans2,398,510 2,394,007 2,383,150 2,340,940 2,307,253 
Less allowance for credit losses25,078 24,829 25,114 24,871 23,999 
Net loans2,373,432 2,369,178 2,358,036 2,316,069 2,283,254 
Accrued interest receivable16,256 19,386 17,923 13,976 14,600 
Premises and equipment27,919 28,198 28,626 27,855 27,449 
Other real estate owned— — — 173 173 
Goodwill30,646 30,646 30,646 30,646 30,646 
Other assets68,100 67,634 65,927 66,968 65,030 
Total assets$3,198,478 $3,199,510 $3,187,372 $3,157,010 $3,142,563 
Liabilities
Demand deposits$313,729 $291,150 $267,876 $292,255 $312,956 
NOW deposits638,090 590,536 613,245 676,107 651,242 
Money market deposits458,398 388,214 398,966 376,627 344,102 
Savings deposits255,806 256,584 261,732 265,451 269,092 
Certificates of deposit688,001 774,521 754,558 702,632 693,948 
Certificates $100,000 to $250,000210,741 231,926 241,536 225,106 251,910 
Certificates $250,000 and over172,785 172,406 173,422 187,073 179,468 
Total deposits2,737,550 2,705,337 2,711,335 2,725,251 2,702,718 
Borrowed funds152,968 196,170 185,444 146,278 151,027 
Other liabilities33,394 32,511 30,912 32,988 32,035 
Total Liabilities2,923,912 2,934,018 2,927,691 2,904,517 2,885,780 
Shareholders' equity
Common stock112 112 112 112 111 
Additional paid-in capital73,276 72,795 72,355 71,832 71,389 
Retained earnings234,435 229,511 225,592 222,823 219,559 
Net unrealized loss on securities available-for-sale(33,523)(37,237)(38,702)(42,671)(34,394)
Net unrealized loss on transferred securities from available-for-sale to held-to-maturity(40)(60)(45)(47)(49)
Net unrealized gain (loss) on cash flow hedging derivative instruments19 84 82 157 (136)
Net unrealized gain on postretirement costs287 287 287 287 303 
Total shareholders' equity274,566 265,492 259,681 252,493 256,783 
Total liabilities & shareholders' equity$3,198,478 $3,199,510 $3,187,372 $3,157,010 $3,142,563 
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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 outstanding11,214,455 11,205,861 11,196,881 11,155,528 11,148,066 
Book value per common share$24.48 $23.69 $23.19 $22.63 $23.03 
Tangible book value per common share$21.74 $20.94 $20.44 $19.87 $20.27 
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The First Bancorp
Quarterly Consolidated Statements of Income (Unaudited)
For the Quarters Ended
In thousands of dollars, except per share data9/30/20256/30/20253/31/202512/31/20249/30/2024
Interest income
Interest and fees on loans$36,197 $35,014 $33,924 $33,899 $33,498 
Interest on deposits with other banks108 51 56 360 56 
Interest and dividends on investments4,700 4,760 4,729 4,740 4,733 
     Total interest income41,005 39,825 38,709 38,999 38,287 
Interest expense
Interest on deposits19,380 19,725 19,269 20,300 20,118 
Interest on borrowed funds1,567 1,691 1,641 1,146 1,767 
     Total interest expense20,947 21,416 20,910 21,446 21,885 
Net interest income20,058 18,409 17,799 17,553 16,402 
Credit loss expense (reduction) - loans690 348 396 1,246 (580)
Credit loss expense (reduction) - debt securities held to maturity(12)1 1 (28)76 
Credit loss expense (reduction) - off-balance sheet credit exposures22 137 (5)(54)(134)
     Total credit loss expense (reduction) 700 486 392 1,164 (638)
Net interest income after provision for credit losses19,358 17,923 17,407 16,389 17,040 
Non-interest income
Investment management and fiduciary income1,341 1,336 1,317 1,274 1,232 
Service charges on deposit accounts532 539 531 496 511 
Mortgage origination and servicing income219 221 195 282 193 
Debit card income1,403 1,286 1,170 1,572 1,365 
Other operating income980 747 789 812 821 
     Total non-interest income4,475 4,129 4,002 4,436 4,122 
Non-interest expense
Salaries and employee benefits6,674 6,276 6,850 6,462 6,126 
Occupancy expense814 876 877 841 823 
Furniture and equipment expense1,491 1,438 1,462 1,440 1,416 
FDIC insurance premiums698 701 694 629 636 
Amortization of identified intangibles7 6 7 6 7 
Other operating expense3,070 2,902 2,954 2,767 2,992 
     Total non-interest expense12,754 12,199 12,844 12,145 12,000 
Income before income taxes11,079 9,853 8,565 8,680 9,162 
Applicable income taxes1,997 1,790 1,488 1,398 1,591 
Net Income$9,082 $8,063 $7,077 $7,282 $7,571 
Basic earnings per share$0.82 $0.73 $0.64 $0.66 $0.69 
Diluted earnings per share$0.81 $0.72 $0.63 $0.65 $0.68 

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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 2025 and 2024.
 For the nine months endedFor the quarters ended
In thousands of dollars9/30/20259/30/20249/30/20256/30/20259/30/2024
Net interest income as presented$56,266 $46,357 $20,058 $18,409 $16,402 
Effect of tax-exempt income2,136 2,072 727 $698 717 
Net interest income, tax equivalent$58,402 $48,429 $20,785 $19,107 $17,119 
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 nine months endedFor the quarters ended
In thousands of dollars9/30/20259/30/20249/30/20256/30/20259/30/2024
Non-interest expense, as presented$37,797 $35,011 $12,754 $12,199 $12,000 
Net interest income, as presented56,266 46,357 20,058 18,409 16,402 
Effect of tax-exempt interest income2,136 2,072 727 698 717 
Non-interest income, as presented12,606 11,919 4,475 4,129 4,122 
Effect of non-interest tax-exempt income144 136 48 48 45 
Adjusted net interest income plus non-interest income$71,152 $60,484 $25,308 $23,284 $21,286 
Non-GAAP efficiency ratio53.12 %57.88 %50.40 %52.39 %56.37 %
GAAP efficiency ratio54.88 %60.08 %51.99 %54.13 %58.47 %
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 endedFor the quarters ended
In thousands of dollars9/30/20259/30/20249/30/20256/30/20259/30/2024
Average shareholders' equity as presented$263,639 $247,463 $270,306 $260,248 $253,911 
Less intangible assets(30,794)(30,820)(30,801)(30,798)(30,827)
Tangible average shareholders' equity$232,845 $216,643 $239,505 $229,450 $223,084 
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 endedFor the quarters ended
In thousands of dollars9/30/20259/30/20249/30/20256/30/20259/30/2024
Net Income, as presented$24,222 $19,763 $9,082 $8,063 $7,571 
Add: credit loss expense (reduction) 1,578 (639)700 486 (638)
Add: income taxes5,275 4,141 1,997 1,790 1,591 
Pre-Tax, pre-provision net income$31,075 $23,265 $11,779 $10,339 $8,524 





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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
[email protected]

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