0000765207false00007652072023-07-192023-07-19


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): July 19, 2023


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: None

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 July 19, 2023, 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 June 30, 2023.




Item 9.01 Financial Statements and Exhibits.

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

The following Exhibit is being furnished herewith:

99.1 Registrant's Press Release dated July 19, 2023




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

July 19, 2023











































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

Exhibit Number Description of Exhibit


99.1 Registrant's Press Release dated July 19, 2023



Exhibit 99.1
The First Bancorp Announces Second Quarter Earnings
DAMARISCOTTA, ME--(BUSINESS WIRE)--The First Bancorp (Nasdaq: FNLC), parent company of First National Bank, today announced operating results for the three months ended June 30, 2023. Unaudited net income for the period was $7.4 million representing diluted earnings per share of $0.67. The Company also reported results for the six months ended June 30, 2023. Net income year-to-date in 2023 was $15.4 million, with diluted earnings per share of $1.39. Compared to prior periods, earnings for the second quarter of 2023 were down from the net income of $10.0 million and diluted earnings per share of $0.91 reported in the second quarter of 2022, and down from the net income of $8.0 million and diluted earnings per share of $0.72 reported for the first quarter of 2023. Total assets have increased $135.6 million year-to-date to reach $2.87 billion, supported by total deposits of $2.50 billion, borrowings of $114.5 million and common equity of $232.0 million.
"The First Bancorp and First National Bank continued to successfully execute on multiple fronts in the second quarter," commented Tony C. McKim, the Company's President and Chief Executive Officer. "We again experienced strong loan growth, adding $78.1 million in balances during the quarter, representing an annualized growth rate of 15.4%. Most of this increase was within our commercial loan portfolio, distributed among the commercial real estate, commercial & industrial, and multifamily segments. We remain diligent in loan pricing and were able to grow balances at interest rates that reflect the current market. In addition to commercial loans, we also saw nice increases in municipal, residential mortgage, and home equity loan balances in the second quarter. The pipeline of loans in process remains healthy, positioning the Bank for continued earning asset growth in the second half of the year.
"The loan portfolio is well diversified with levels of commercial real estate exposure well below regulatory guidance, and we are committed to maintaining underwriting standards that are prudent and conservative. Our focus on asset quality continues to be reflected in the Bank's strong metrics. The ratio of non-performing assets to total assets was just 0.06% as of June 30, 2023, unchanged from the preceding quarter, and past due loans remained low at 0.14% of total loans."
Mr. McKim continued, "Following industry disruptions in the first quarter, focus remains on bank deposits and overall funding. I'm pleased to report that our funding remains stable and diverse. Local non-maturity deposit levels were virtually unchanged during the second quarter, and we saw a very modest $4.1 million decrease in local time deposits. Total deposits grew $33.2 million during
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the period. The Bank's uninsured deposits were approximately 14.1% of total deposits as of June 30, 2023, with 93% of the uninsured total being fully collateralized by investment securities held in the Bank's portfolio. Our liquidity position remains strong, with immediately accessible funding in excess of $500 million as of quarter-end."
Turning to second quarter results, Mr. McKim remarked “Higher funding costs again negatively impacted our bottom line in the second quarter. The impact of an inverted yield curve on short-term rates, coupled with heightened competition for local deposits, resulted in a more than five-fold increase in interest expense in the second quarter of 2023 compared to a year ago. This caused a decrease in our net interest margin from 3.13% in the second quarter of 2022, and from 2.78% in the first quarter of 2023, to 2.46% for the current period, and led to an 8.8% decrease in net interest income for the period as compared to the first quarter of 2023. Non-interest income in the second quarter increased 8.4% from the first quarter, including an 8.9% increase in debit card revenue and a 5.5% increase in wealth management revenue. Operating expenses remain controlled and were flat versus the first quarter. Our teams continue to provide exceptional service to the Bank's growing customer base, to generate strong and diverse loan growth, and to adapt to rapidly shifting depositor preferences."
SECOND QUARTER 2023 FINANCIAL HIGHLIGHTS
•Net Income of $7.4 million is a decrease of 7.2% from the quarter ended March 31, 2023,
•Loan balances increased $78.1 million in the second quarter to $2.06 billion.
•Total deposits were $2.50 billion as of June 30, 2023, an increase of 1.3% from March 31, 2023.
•Asset quality continues to be very strong as of June 30, 2023 with a ratio of Non-Performing Assets to Total Assets of just 0.06%, unchanged from March 31, 2023.
•Tangible Book Value per share increased to $18.15 as of June 30, 2023, up $0.31 per share for the period
•A quarterly shareholder dividend of $0.35 per share was declared, an increase of one cent per share from $0.34 declared and paid in each of the past four quarters.



2

FINANCIAL CONDITION
Total assets at June 30, 2023, were $2.87 billion, up $63.0 million in the second quarter and up $244.5 million from a year ago. Earning assets increased $69.1 million during the quarter comprised primarily of an increase in loans of $78.1 million. As compared to June 30, 2022, earning assets have increased by $241.1 million centered in loan growth of $272.6 million, a decrease in the carrying value of investments of $12.6 million, and a reduction in interest earning cash balances of $18.9 million.
Loan growth in the second quarter was broad-based, centered in commercial loans which increased by $43.6 million during the period. Owner-occupied commercial real estate balances grew by $16.1 million, non-owner occupied commercial real estate by $11.9 million, commercial & industrial loans by $12.2 million, and multi-family by $12.0 million; commercial construction balances decreased by $8.6 million as a number of projects converted to permanent financing. Residential term loans increased by $38.3 million in the second quarter while residential construction loans decreased by $21.9 million. Municipal loan balances increased by $11.1 million and home equity balances grew $6.1 million during the period.
Total deposits at June 30, 2023 were $2.50 billion, up $33.2 million during the quarter, and up $247.8 million or 11.0% from June 30, 2022. Certificates of deposit increased by $40.0 million in the second quarter, while low-cost deposits decreased by $20.9 million, centered in NOW and Savings account balances, reflecting a depositor shift towards Money Market and CD offerings. Borrowings, principally from the FHLB, increased by $30.6 million. The Bank typically experiences a modest level of local deposit outflow annually in the first and second quarters based upon seasonal factors. Local deposits as of June 30, 2023, were down 1.32% from 2022 year-end, and down 0.26% from the end of the first quarter, both well within a normal range.
The Company’s regulatory capital position remained strong as of June 30, 2023, with an estimated total risk-based capital ratio of 13.87%, an increase from the total capital ratios of 13.72% as of March 31, 2023, and 13.63% as of June 30, 2022. The Company's leverage capital ratio was an estimated 8.68% as of June 30, 2023, as compared to the 8.75% and 8.92% reported as of March 31, 2023, and as of June 30, 2022, respectively. The Company's tangible book value per share, which includes unrealized losses on available for sale securities, was $18.15 as of June 30, 2023, up from $17.84 at March 31, 2023. The Tangible Common Equity ratio was 7.07% as of June 30, 2023, down slightly from 7.11% as of March 31, 2023.

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ASSET QUALITY & PROVISION FOR CREDIT LOSSES
Asset quality is very strong. As of June 30, 2023, the ratio of non-performing assets to total assets was 0.06%, unchanged from March 31, 2023, and down from 0.18% at June 30, 2022. Net charge-offs year-to-date in 2023 were an annualized 0.005% of total loans, as compared to 0.03% in 2022 and there are no loans in the process of foreclosure. Past due loans remain low and were 0.14% of total loans as of June 30, 2023, a slight increase from 0.08% of total loans at March 31, 2023, and a slight decrease from 0.18% as of June 30, 2022.
The provision for credit losses totaled $30,000 in the second quarter of 2023 under CECL methodology, compared with $450,000 for the same period in 2022 under the incurred loss method. The effects of improved economic projections and strong asset quality offset the effects of loan growth and other factors in the second quarter model, resulting in a modest provision for the period. The ACL stood at 1.14% of total loans and 1,400% of non-performing loans as of June 30, 2023, as compared to an ACL of 1.18% of total loans and 1,303% of non-performing loans at March 31, 2023, and an allowance for loan losses of 0.91% of total loans and 337% of non-performing loans as of June 30, 2022.
OPERATING RESULTS - Second Quarter of 2023 vs. First Quarter of 2023
Net Income for the three months ended June 30, 2023, was $7.4 million, a decrease of $577,000 or 7.2% from the three months ended March 31, 2023. On a PTPP (non-GAAP) basis, net income for the period was $9.0 million, down $1.2 million or 12.1%. The Company’s Return on Average Assets of 1.04% for the quarter was down from 1.16%; the second quarter 2023 PTPP Return on Average Assets was 1.26%, down from 1.49% in the prior quarter. Return on Average Tangible Common Equity was 14.67% for the period, compared to 15.64%. The Company's Efficiency Ratio (non-GAAP) was 52.89% in the second quarter of 2023, up from 49.98% in the first quarter of 2023.
Contributing factors to the Company’s operating results in the three months ended June 30, 2023, included:
•Net interest income was $15.9 million, down $1.5 million or 8.8% from the first quarter of 2023.
◦Net interest margin for the second quarter of 2023 was 2.46%, down from 2.78%.
◦The average tax equivalent yield on earning assets increased from 4.54% to 4.72%
◦The average cost of total liabilities increased from 2.09% to 2.66%
•Non-interest income before securities gains or losses was $3.9 million, an increase of $301,000 or 8.4%. Each primary business line contributing to non-interest income
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experienced period-to-period gains, led by a $106,000 increase in debit card income. Revenue increased $63,000 or 5.5% from the first quarter of 2023 at First National Wealth Management, the Bank’s trust and investment management division.
•Non-interest expense for the quarter ended June 30, 2023, was flat at $10.8 million. Employee expenses were down $543,000, while the cost of FDIC insurance increased by $190,000, and other operating expenses increased by $376,000. FDIC expense increased due to a base rate increase impacting all banks and other balance sheet factors; other operating expenses include a $131,000 provision for off balance sheet commitments.
DIVIDEND
On June 29, 2023, the Company's Board of Directors declared a second quarter dividend of $0.35 per share. The second quarter dividend is an increase of one cent per share, and represents a payout to shareholders of 52.2% of earnings per share for the period. The dividend will be paid on July 20, 2023, to shareholders of record as of July 10, 2023.
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 $2.85 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
Consolidated Balance Sheets (Unaudited)
In thousands of dollars, except per share dataJune 30, 2023December 31, 2022June 30, 2022
Assets
Cash and due from banks$25,077 $22,728 $23,453 
Interest-bearing deposits in other banks3,978 3,693 22,871 
Securities available-for-sale278,355 284,509 301,737 
Securities held-to-maturity1
389,987 393,896 379,693 
Restricted equity securities, at cost5,227 3,883 4,720 
Loans held for sale— 275 689 
Loans2,060,953 1,914,674 1,788,355 
Less allowance for credit losses23,465 16,723 16,201 
Net loans2,037,488 1,897,951 1,772,154 
Accrued interest receivable13,598 9,829 10,262 
Premises and equipment27,808 28,277 29,010 
Other real estate owned64 — 51 
Goodwill30,646 30,646 30,646 
Other assets62,587 63,491 55,068 
Total assets$2,874,815 $2,739,178 $2,630,354 
Liabilities
Demand deposits$296,950 $318,626 $324,354 
NOW deposits615,370 630,416 640,497 
Money market deposits208,262 192,632 206,313 
Savings deposits329,651 369,532 376,448 
Certificates of deposit667,552 489,793 340,876 
Certificates $100,000 to $250,000252,720 259,614 282,180 
Certificates $250,000 and over129,357 118,264 81,354 
Total deposits2,499,862 2,378,877 2,252,022 
Borrowed funds114,481 103,483 126,588 
Other liabilities28,469 27,895 24,059 
Total Liabilities2,642,812 2,510,255 2,402,669 
Shareholders' equity
Common stock111 110 110 
Additional paid-in capital69,240 68,435 67,627 
Retained earnings205,539 204,343 192,565 
Net unrealized loss on securities available-for-sale(43,781)(44,718)(32,795)
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity(59)(64)(73)
Net unrealized gain on hedging derivative instruments680 544 146 
Net unrealized gain on postretirement costs273 273 105 
Total shareholders' equity232,003 228,923 227,685 
Total liabilities & shareholders' equity$2,874,815 $2,739,178 $2,630,354 
Common Stock
Number of shares authorized18,000,000 18,000,000 18,000,000 
Number of shares issued and outstanding11,081,800 11,045,186 11,030,236 
Book value per common share$20.94 $20.73 $20.64 
Tangible book value per common share$18.15 $17.93 $17.84 
1June 30, 2023 net of allowance for credit losses
6

The First Bancorp
Consolidated Statements of Income (Unaudited)
In thousands of dollars, except per share dataFor the six months endedFor the quarter ended
June 30, 2023June 30, 2022June 30, 2023March 31, 2023June 30, 2022
Interest income
Interest and fees on loans$50,531 $33,899 $26,406 $24,125 $17,286 
Interest on deposits with other banks89 71 49 40 62 
Interest and dividends on investments9,488 7,994 4,739 4,749 4,083 
     Total interest income60,108 41,964 31,194 28,914 21,431 
Interest expense
Interest on deposits25,392 4,026 14,475 10,917 2,401 
Interest on borrowed funds1,306 620 784 522 332 
     Total interest expense26,698 4,646 15,259 11,439 2,733 
Net interest income33,410 37,318 15,935 17,475 18,698 
Provision for credit losses580 900 30 550 450 
Net interest income after provision for credit losses32,830 36,418 15,905 16,925 18,248 
Non-interest income
Investment management and fiduciary income2,355 2,426 1,209 1,146 1,229 
Service charges on deposit accounts934 904 497 437 467 
Net securities gains (losses)— 1 — — (1)
Mortgage origination and servicing income387 878 195 192 380 
Debit card income2,476 2,756 1,291 1,185 1,326 
Other operating income1,287 1,347 678 609 679 
     Total non-interest income7,439 8,312 3,870 3,569 4,080 
Non-interest expense
Salaries and employee benefits10,897 11,335 5,177 5,720 5,398 
Occupancy expense1,710 1,578 842 868 749 
Furniture and equipment expense2,606 2,474 1,303 1,303 1,239 
FDIC insurance premiums878 440 534 344 222 
Amortization of identified intangibles13 35 6 7 18 
Other operating expense5,592 4,960 2,984 2,608 2,546 
     Total non-interest expense21,696 20,822 10,846 10,850 10,172 
Income before income taxes18,573 23,908 8,929 9,644 12,156 
Applicable income taxes3,208 4,206 1,535 1,673 2,159 
Net Income$15,365 $19,702 $7,394 $7,971 $9,997 
Basic earnings per share$1.40 $1.80 $0.67 $0.73 $0.91 
Diluted earnings per share$1.39 $1.79 $0.67 $0.72 $0.91 





7

The First Bancorp
Selected Financial Data (Unaudited)
   
Dollars in thousands, except for per share amountsAs of and for the six months endedAs of and for the quarter ended
June 30, 2023June 30, 2022June 30, 2023March 31, 2023June 30, 2022
Summary of Operations
Interest Income$60,108 $41,964 $31,194 $28,914 $21,431 
Interest Expense26,698 4,646 15,259 11,439 2,733 
Net Interest Income33,410 37,318 15,935 17,475 18,698 
Provision for Credit Losses580 900 30 550 450 
Non-Interest Income7,439 8,312 3,870 3,569 4,080 
Non-Interest Expense21,696 20,822 10,846 10,850 10,172 
Net Income15,365 19,702 7,394 7,971 9,997 
Per Common Share Data
Basic Earnings per Share$1.40 $1.80 $0.67 $0.73 $0.91 
Diluted Earnings per Share1.39 1.79 0.67 0.72 0.91 
Cash Dividends Declared0.69 0.66 0.35 0.34 0.34 
Book Value per Common Share20.94 20.64 20.94 20.63 20.64 
Tangible Book Value per Common Share18.15 17.84 18.15 17.84 17.84 
Market Value24.34 30.13 24.34 25.89 30.13 
Financial Ratios
Return on Average Equity1
13.17 %16.61 %12.73 %13.61 %17.29 %
Return on Average Tangible Common Equity1
15.16 %19.07 %14.67 %15.64 %19.94 %
Return on Average Assets1
1.10 %1.55 %1.04 %1.16 %1.54 %
Average Equity to Average Assets8.37 %9.35 %8.20 %8.56 %8.91 %
Average Tangible Equity to Average Assets7.28 %8.14 %7.11 %7.45 %7.73 %
Net Interest Margin Tax-Equivalent1
2.62 %3.18 %2.46 %2.78 %3.13 %
Dividend Payout Ratio49.29 %36.67 %52.24 %46.58 %37.36 %
Allowance for Credit Losses/Total Loans1.14 %0.91 %1.14 %1.18 %0.91 %
Non-Performing Loans to Total Loans0.08 %0.27 %0.08 %0.09 %0.27 %
Non-Performing Assets to Total Assets0.06 %0.18 %0.06 %0.06 %0.18 %
Efficiency Ratio51.39 %44.45 %52.89 %49.98 %43.49 %
At Period End
Total Assets$2,874,815 $2,630,354 $2,874,815 $2,811,820 $2,630,354 
Total Loans2,060,953 1,788,355 2,060,953 1,982,847 1,788,355 
Total Investment Securities673,569 686,150 673,569 683,961 686,150 
Total Deposits2,499,862 2,252,022 2,499,862 2,466,701 2,252,022 
Total Shareholders' Equity232,003 227,685 232,003 228,461 227,685 
1Annualized using a 365-day basis for both 2023 and 2022.

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 2023 and 2022.
 For the six months endedFor the quarters ended
In thousands of dollarsJune 30, 2023June 30, 2022June 30, 2023March 31, 2023June 30, 2022
Net interest income as presented$33,410 $37,318 $15,935 $17,475 $18,698 
Effect of tax-exempt income1,280 1,127 661 $620 570 
Net interest income, tax equivalent$34,690 $38,445 $16,596 $18,095 $19,268 
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 other-than-temporary impairment charges 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 six months endedFor the quarters ended
In thousands of dollarsJune 30, 2023June 30, 2022June 30, 2023March 31, 2023June 30, 2022
Non-interest expense, as presented$21,696 $20,822 $10,846 $10,850 $10,172 
Net interest income, as presented33,410 37,318 15,935 17,475 18,698 
Effect of tax-exempt interest income1,280 1,127 661 620 570 
Non-interest income, as presented7,439 8,312 3,870 3,569 4,080 
Effect of non-interest tax-exempt income86 84 43 44 43 
Net securities (gains) losses— (1)— — 1 
Adjusted net interest income plus non-interest income$42,215 $46,840 $20,509 $21,708 $23,392 
Non-GAAP efficiency ratio51.39 %44.45 %52.89 %49.98 %43.49 %
GAAP efficiency ratio53.11 %45.63 %54.76 %51.56 %44.66 %
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 six months endedFor the quarters ended
In thousands of dollarsJune 30, 2023June 30, 2022June 30, 2023March 31, 2023June 30, 2022
Average shareholders' equity as presented$235,242 $239,267 $232,991 $237,518 $231,980 
Less intangible assets(30,850)(30,910)(30,853)(30,853)(30,919)
Tangible average shareholders' equity$204,392 $208,357 $202,138 $206,665 $201,061 
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 six months endedFor the quarters ended
In thousands of dollarsJune 30, 2023June 30, 2022June 30, 2023March 31, 2023June 30, 2022
Net Income, as presented$15,365 $19,702 $7,394 $7,971 $9,997 
Add: provision for credit losses580 900 30 550 450 
Add: income taxes3,208 4,206 1,535 1,673 2,159 
Pre-Tax, pre-provision net income$19,153 $24,808 $8,959 $10,194 $12,606 



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

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v3.23.2
Document and Entity Information
Jul. 19, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jul. 19, 2023
Entity Registrant Name FIRST BANCORP, INC
Entity Central Index Key 0000765207
Amendment Flag false
Entity Incorporation, State or Country Code ME
Entity File Number 0-26589
Entity Tax Identification Number 01-0404322
Entity Address, Address Line One Main Street
Entity Address, City or Town Damariscotta
Entity Address, State or Province ME
Entity Address, Postal Zip Code 04543
City Area Code 207
Local Phone Number 563-3195
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
First Bancorp (NASDAQ:FNLC)
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