Form 8-K - Current report

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): January 24, 2024

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: 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.

January 24, 2024, 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 December 31, 2023.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

--------

The following Exhibit is being furnished herewith:

99.1 Registrant's Press Release dated January 24, 2024

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

January 24, 2024

Exhibit Index

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

Exhibit Number Description of Exhibit

99.1 Registrant's Press Release dated January 24, 2024

Exhibit 99.1

The First Bancorp Reports Results for 2023

2023 Results Driven by Strong Earning Asset Growth, Strong Deposit Growth, and Excellent Credit Quality

2023 FINANCIAL HIGHLIGHTS

•Total assets increased $207.5 million, ending the year at $2.95 billion.

•Total loans grew to $2.13 billion, an increase of $214.8 million or 11.2%, year-over-year.

•Total deposits grew to $2.60 billion, an increase of $220.8 million or 9.3% year-over-year.

•Asset Quality continued to be excellent demonstrated by a Non-Performing Assets to Total Assets ratio of 0.07%.

•Strong Liquidity with day-one capacity to cover more than 150% of uninsured deposits.

•Tangible Book Value per share of $19.12 up $1.19 per share from a year ago.

•Net income decreased $9.5 million or 24.3% from 2022, attributable primarily to a $10.4 million decrease in Net Interest Income resulting from higher funding costs.

•Efficiency Ratio (non-GAAP) remained favorable to peer at 52.43% for 2023.

DAMARISCOTTA, ME--(BUSINESS WIRE)--The First Bancorp (Nasdaq: FNLC), parent company of First National Bank, today announced operating results for the year ended December 31, 2023. Unaudited net income was $29.5 million, a decrease of 24.3% from the $39.0 million reported for the year ended December 31, 2022. Earnings per common share on a fully diluted basis were down $0.87 to $2.66 per share, a decrease of 24.6% from the prior year. The Company also announced operating results for the three months ended December 31, 2023. Unaudited net income was $6.7 million, a decrease of 27.4% from the final three months of 2022. Earnings per share on a fully diluted basis for the fourth quarter of 2023 were $0.60, down $0.23 or 27.7% from the fourth quarter of 2022.

CEO COMMENTS

“The First Bancorp ended 2023 with annual earnings of $29.5 million," commented Tony C. McKim, the Company’s President and Chief Executive Officer. "While down from a record year in 2022, we were pleased to overcome significant headwinds to earn a Pre-Tax, Pre-Provision (PTPP) (non-GAAP) Return on Average Assets of 1.29% and a PTPP Return on Average Tangible Common

Equity of 18.11%. Primary drivers of our 2023 earnings performance were a 14.4% year-over-year decrease in net interest income before loan loss provision, and controlled operating expenses. The change in net interest income was the result of significantly increased funding costs, partially offset by loan growth. Our net interest margin was 2.49% for the year, compared to 3.15% in 2022. Operating costs were tightly controlled, with a small decrease in total expenses from the prior year."

Mr. McKim continued, "Results for the fourth quarter of 2023 were on trend with the year as a whole. The Company recorded net income of $6.7 million as compared to net income of $7.5 million in the third quarter of 2023. PTPP net income in the fourth quarter of 2023 was $8.8 million, level with the third quarter. Net interest income before loan loss provision in the fourth quarter of $15.9 million was in line with the $16.0 million earned in the third quarter. Non-interest income increased $260,000 period-to-period attributable to debit card revenue. Operating expenses for the fourth quarter of 2023 increased modestly from the third quarter, up $180,000 or 1.6%."

"The year just concluded presented a number of challenges for the banking industry and The First Bancorp. The cycle of interest rate increases begun by the Federal Reserve in 2022 and sustained in 2023, coupled with concerns around the failures of several large regional banks this past spring, combined to materially increase the Bank's cost of funds which directly impacted our bottom line. Despite this challenging environment, we continued to support businesses and communities across our footprint by extending over $575 million in new loans, adding to and enhancing our digital banking capabilities, and providing best in class service to our growing customer base. Our employees are engaged in their work and in supporting their communities as demonstrated by the 11,000 hours of volunteer time given by our staff in 2023. "Our Best Days Are Ahead" is a brand phrase we've lived by for a number of years, and I believe it today as much as ever."

FINANCIAL CONDITION

Total assets at December 31, 2023 were $2.95 billion, up $207.5 million from the prior year end. Earning assets increased $203.4 million year-over-year, as loan balances grew $214.8 million, and investments declined by $11.6 million. Loan portfolio growth in 2023 was led by commercial real estate and construction loans which increased $82.9 million, including $27.7 million in the fourth quarter. Residential mortgage and construction loans increased $59.9 million year-over-year, other commercial loans increased $37.4 million and home equity line of credit balances increased by $11.0 million.

Total deposits at December 31, 2023 were $2.60 billion, up $220.8 million or 9.3% from December 31, 2022, and level with balances at September 30, 2023. Core deposits increased $18.2

million centered in money market account balances. Borrowed funds decreased $33.8 million year-to-year. Uninsured deposits were an estimated 15.7% of total deposits, and 83% of uninsured deposits were fully collateralized. Available day-one liquidity was in excess of $625 million at year-end, sufficient to cover approximately 153% of estimated uninsured deposits.

The Company’s capital position remained strong as of December 31, 2023, with an estimated total risk-based capital ratio of 13.66%, and an estimated leverage capital ratio of 8.61%. These measures compare to 13.58% and 9.01% respectively as of December 31, 2022. The Company's tangible book value was $19.12 per share as of December 31, 2023, an increase from $17.93 a year earlier, and up from $17.66 as of September 30, 2023.

ASSET QUALITY & PROVISION FOR LOAN LOSSES

Asset quality continues to be strong and stable. As of December 31, 2023, the ratio of non-performing assets to total assets was 0.07%, consistent with a ratio of 0.06% at December 31, 2022 and down from 0.09% as of September 30, 2023. The ratio of non-performing loans to total loans stood at 0.10%, consistent with 0.09% a year ago and down from 0.12% last quarter. Net charge-offs continued to be very low ending 2023 at 0.01% of total loans, down from 0.03% in 2022 and 0.02% in 2021. Past due loans were 0.18% of total loans as of December 31, 2023, a modest increase from 0.08% of total loans at December 31, 2022, and from 0.10% at September 30, 2023.

The allowance for loan losses stood at 1.13% of total loans as of December 31, 2023, up from 0.87% of total loans at December 31, 2022, and 1.12% at September 30, 2023. The Company adopted ASC 326, the CECL standard, effective January 1, 2023 incurring a $6.3 million retained earnings adjustment in the first quarter. The provision for credit losses on loans was $1.3 million in 2023, including $911,000 in the fourth quarter, as compared to $1.8 million and $450,000, respectively in 2022. Management considers the allowance to be at an appropriate level given the strong asset quality metrics at year-end.

OPERATING RESULTS

Net income for the year ended December 31, 2023 was $29.5 million, down $9.5 million or 24.3% from the year ended December 31, 2022. On a fully diluted earnings per share basis, 2023 earnings were $2.66, down $0.87 or 24.6% from the prior year. The Company’s Return on Average Assets for the year ended December 31, 2023 was 1.03%, down from 1.49% for the year ended December 31, 2022. On a PTPP (non-GAAP) basis, 2023 Return on Average Assets was 1.29%, compared to 1.87% the prior year. Return on Average Tangible Common Equity was 14.50% for the

year ended December 31, 2023, down from 19.15% for the year ended December 31, 2022. On a PTPP basis (non-GAAP), Return on Average Tangible Common Equity for 2023 was 18.11%, compared to 24.13% in 2022. The Company's Efficiency Ratio (non-GAAP) was 52.43% for the year ended December 31, 2023, compared to 45.96% in 2022. (GAAP Efficiency Ratio was 54.26% for the year ended December 31, 2023, compared to 47.19% in 2022.)

Contributing factors to the Company’s 2023 annual and fourth quarter results included:

•A narrowed balance sheet spread led to a $10.6 million decrease in tax-equivalent net interest income year-over-year, a decrease of 13.6%. In the fourth quarter of 2023, tax equivalent net interest income was down $3.6 million or 17.7% from the same period in 2022, and little changed from the third quarter of 2023, down $107,000 or 0.6%.

•Net interest margin was 2.34% for the quarter ended December 31, 2023 and 2.49% for the year then ended, as compared to 3.09% and 3.15% respectively for the same periods in 2022, and 2.40% in the third quarter of 2023. In 2023, the tax equivalent yield on earning assets increased 98 basis points to an average of 4.80%, while the cost of interest bearing liabilities increased 190 basis points to an average of 2.73%. In the fourth quarter of 2023, the tax equivalent yield on earning assets increased 13 basis points from the third quarter to an average of 5.02%, while the cost of interest bearing liabilities increased 21 basis points to an average of 3.17%.

•Non-interest income was $15.4 million for the year ended December 31, 2023, down $1.4 million or 8.5% from 2022. The year-to-year decrease in non-interest income is primarily attributable to mortgage banking activity and debit card revenue. Mortgage banking revenue dropped 42.9% from 2022, as higher interest rates slowed origination activity, negatively impacting both gain on sale income and mortgage servicing rights valuation. Debit card revenue decreased 15.2% year-over-year, attributable to one-time incentive payments received in 2022. Annual revenues at First National Wealth Management, the Bank’s trust and investment management division, were stable, up 1.2% from 2022. Service charge revenues and other income also had modest increases for the year.

•Non-interest expense for 2023 was $43.8 million, a decrease of $147,000 or 0.3% from 2022. Employee salary and benefit expense decreased $1.4 million or 5.9% from the prior year, due primarily to reduced incentive compensation accruals. A base rate increase imposed by the FDIC led to a $894,000 increase in deposit insurance premiums from the

prior year. Occupancy expense and furniture & equipment expense each had modest dollar increases from 2022.

DIVIDEND

On December 21, 2023, the Company's Board of Directors declared a fourth quarter dividend of $0.35 per share. The fourth quarter dividend represents a payout to shareholders of 57.38% of earnings per share for the period and was paid on January 19, 2024 to shareholders of record as of January 8, 2024.

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 $2.92 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
Consolidated Balance Sheets (Unaudited)

In thousands of dollars, except per share data	December 31, 2023		December 31, 2022
Assets
Cash and due from banks	$	31,942	$	22,728
Interest-bearing deposits in other banks	3,488		3,693
Securities available for sale	282,053		284,509
Securities to be held to maturity1	385,235		393,896
Restricted equity securities, at cost	3,385		3,883
Loans held for sale	—		275
Loans	2,129,454		1,914,674
Less allowance for credit losses	24,030		16,723
Net loans	2,105,424		1,897,951
Accrued interest receivable	11,894		9,829
Premises and equipment	28,684		28,277

Goodwill	30,646		30,646
Other assets	63,947		63,491
Total assets	$	2,946,698	$	2,739,178
Liabilities
Demand deposits	$	289,104	$	318,626
NOW deposits	634,543		630,416
Money market deposits	305,931		192,632
Savings deposits	299,837		369,532
Certificates of deposit	646,818		489,793
Certificates $100,000 to $250,000	251,192		259,614
Certificates $250,000 and over	172,237		118,264
Total deposits	2,599,662		2,378,877
Borrowed funds	69,652		103,483
Other liabilities	34,305		27,895
Total Liabilities	2,703,619		2,510,255
Shareholders' equity

Common stock	111		110
Additional paid-in capital	70,071		68,435
Retained earnings	211,925		204,343
Net unrealized loss on securities available for sale	(39,575)		(44,718)
Net unrealized loss on securities transferred from available for sale to held to maturity	(56)		(64)
Net unrealized gain on cash flow hedging derivative instruments	300		544
Net unrealized gain on postretirement costs	303		273
Total shareholders' equity	243,079		228,923
Total liabilities & shareholders' equity	$	2,946,698	$	2,739,178
Common Stock
Number of shares authorized	18,000,000		18,000,000
Number of shares issued and outstanding	11,098,057		11,045,186
Book value per common share	$	21.90	$	20.73
Tangible book value per common share	$	19.12	$	17.93

1December 31, 2023 net of allowance for credit losses


The First Bancorp
Consolidated Statements of Income (Unaudited)

	For the year ended				For the quarter ended
In thousands of dollars, except per share data	December 31, 2023		December 31, 2022		December 31, 2023		September 30, 2023		December 31, 2022
Interest income
Interest and fees on loans	$	108,274	$	75,805	$29,414		$28,329		$22,342
Interest on deposits with other banks	517		315		217		211		152
Interest and dividends on investments	19,383		16,915		5,191		4,714		4,586
Total interest income	128,174		93,035		34,822		33,254		27,080
Interest expense
Interest on deposits	61,004		15,359		18,620		16,992		7,169
Interest on borrowed funds	1,963		1,510		349		308		427
Total interest expense	62,967		16,869		18,969		17,300		7,596
Net interest income	65,207		76,166		15,853		15,954		19,484
Provision (reduction) for credit losses	1,184		1,750		911		(200)		450
Net interest income after provision for credit losses	64,023		74,416		15,170		16,154		19,034
Non-interest income
Investment management and fiduciary income	4,654		4,600		1,139		1,160		1,087
Service charges on deposit accounts	1,887		1,825		488		465		467
Net securities gains	—		7		—		—		—
Mortgage origination and servicing income	813		1,424		202		224		190
Debit card income	5,384		6,348		1,541		1,367		1,464
Other operating income	2,699		2,670		737		675		639
Total non-interest income	15,437		16,874		4,107		3,891		3,847
Non-interest expense
Salaries and employee benefits	21,942		23,316		5,522		5,523		6,224
Occupancy expense	3,319		3,052		825		784		754
Furniture and equipment expense	5,391		5,058		1,382		1,403		1,318
FDIC insurance premiums	1,962		1,068		533		551		330

Amortization of identified intangibles	26		69		6		7		17
Other operating expense	11,117		11,341		2,918		2,738		3,068
Total non-interest expense	43,757		43,904		11,186		11,006		11,711
Income before income taxes	35,703		47,386		8,091		9,039		11,170
Applicable income taxes	6,184		8,396		1,411		1,565		1,973
Net Income	$	29,519	$	38,990	$	6,680	$	7,474	$	9,197
Basic earnings per share	$	2.68	$	3.56	$	0.61	$	0.68	$	0.84
Diluted earnings per share	$	2.66	$	3.53	$	0.60	$	0.67	$	0.83


The First Bancorp
Selected Financial Data (Unaudited)

	As of and for the year ended						As of and for the quarter ended
Dollars in thousands, except for per share amounts	December 31, 2023			December 31, 2022			December 31, 2023			September 30, 2023			December 31, 2022

Summary of Operations
Interest Income	$	128,174		$	93,035		$	34,822		$	33,254		$	27,080
Interest Expense	62,967			16,869			18,969			17,300			7,596
Net Interest Income	65,207			76,166			15,853			15,954			19,484
Provision (reduction) for Credit Losses	1,184			1,750			683			(200)			450
Non-Interest Income	15,437			16,874			4,107			3,891			3,847
Non-Interest Expense	43,757			43,904			11,186			11,006			11,711
Net Income	29,519			38,990			6,680			7,474			9,197
Per Common Share Data
Basic Earnings per Share	$	2.68		$	3.56		$	0.61		$	0.68		$	0.84
Diluted Earnings per Share	2.66			3.53			0.60			0.67			0.83
Cash Dividends Declared	1.39			1.34			0.35			0.35			0.34
Book Value per Common Share	21.90			20.73			21.90			20.44			20.73
Tangible Book Value per Common Share	19.12			17.93			19.12			17.66			17.93
Market Value	28.22			29.94			28.22			23.50			29.94
Financial Ratios
Return on Average Equity1	12.59		%	16.63		%	11.35		%	12.67		%	16.15		%
Return on Average Tangible Common Equity1	14.50		%	19.15		%	13.08		%	14.59		%	18.71		%
Return on Average Assets1	1.03		%	1.49		%	0.90		%	1.02		%	1.34		%
Average Equity to Average Assets	8.18		%	8.94		%	7.92		%	8.07		%	8.32		%
Average Tangible Equity to Average Assets	7.10		%	7.76		%	6.87		%	7.01		%	7.18		%
Net Interest Margin Tax-Equivalent1	2.49		%	3.15		%	2.34		%	2.40		%	3.09		%
Dividend Payout Ratio	51.87		%	37.64		%	57.38		%	51.47		%	40.48		%
Allowance for Credit Losses/Total Loans	1.13		%	0.87		%	1.13		%	1.12		%	0.87		%
Non-Performing Loans to Total Loans	0.10		%	0.09		%	0.10		%	0.12		%	0.09		%
Non-Performing Assets to Total Assets	0.07		%	0.06		%	0.07		%	0.09		%	0.06		%
Efficiency Ratio	52.43		%	45.96		%	54.08		%	53.49		%	48.83		%
At Period End
Total Assets	$	2,946,698		$	2,739,178		$	2,946,698		$	2,944,139		$	2,739,178
Total Loans	2,129,454			1,914,674			2,129,454			2,079,860			1,914,674
Total Investment Securities	670,673			682,288			670,673			676,206			682,288
Total Deposits	2,599,662			2,378,877			2,599,662			2,599,937			2,378,877
Total Shareholders' Equity	243,079			228,923			243,079			226,665			228,923
1Annualized using a 365-day basis for 2023 and 2022

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 years ended				For the quarters ended
In thousands of dollars	December 31, 2023		December 31, 2022		December 31, 2023		September 30, 2023		December 31, 2022
Net interest income as presented	$	65,207	$	76,166	$	15,853	$	15,954	$	19,484
Effect of tax-exempt income	2,644		2,326		679		685		607
Net interest income, tax equivalent	$	67,851	$	78,492	$	16,532	$	16,639	$	20,091

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


	For the years ended						For the quarters ended
In thousands of dollars	December 31, 2023			December 31, 2022			December 31, 2023			September 30, 2023			December 31, 2022
Non-interest expense, as presented	$	43,757		$	43,904		$	11,186		$	11,006		$	11,711
Net interest income, as presented	65,207			76,166			15,853			15,954			19,484
Effect of tax-exempt interest income	2,644			2,326			679			685			607
Non-interest income, as presented	15,437			16,874			4,107			3,891			3,847
Effect of non-interest tax-exempt income	176			170			45			44			43
Net securities gain	—			(7)			—			—			—
Adjusted net interest income plus non-interest income	$	83,464		$	95,529		$	20,684		$	20,574		$	23,981
Non-GAAP efficiency ratio	52.43		%	45.96		%	54.08		%	53.49		%	48.83		%
GAAP efficiency ratio	54.26		%	47.19		%	56.04		%	55.46		%	50.20		%

The Company presents certain information based upon average tangible common equity instead of total average 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. generally accepted accounting principles:


	For the years ended				For the quarters ended
In thousands of dollars	December 31, 2023		December 31, 2022		December 31, 2023		September 30, 2023		December 31, 2022
Average shareholders' equity as presented	$	234,480	$	234,521	$	233,405	$	234,024	$	225,940

Less intangible assets	(30,843)		(30,892)		(30,853)		(30,853)		(30,884)
Tangible average shareholders' equity	$	203,637	$	203,629	$	202,552	$	203,171	$	195,056

To provide period-to-period comparison of operating results prior to consideration of credit loss provision and income taxes, the non-GAAP measure of Pre-Tax, Pre-Provision Net Income is presented. The following table provides a reconciliation to Net Income:


	For the years ended				For the quarters ended
In thousands of dollars	December 31, 2023		December 31, 2022		December 31, 2023		September 30, 2023		December 31, 2022
Net Income, as presented	$	29,519	$	38,990	$	6,680	$	7,474	$	9,197
Add: provision (reduction) for credit losses	1,184		1,750		683		(200)		450
Add: income taxes	6,184		8,396		1,411		1,565		1,973
Pre-Tax, pre-provision net income	$	36,887	$	49,136	$	8,774	$	8,839	$	11,620

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

Document and Entity Information	Jan. 24, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jan. 24, 2024
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