BUSINESS WIRE<\/a>)–
\nThe First Bancorp (Nasdaq: FNLC), parent company of First National Bank, today announced operating results for the three months ended March 31, 2021. Unaudited net income was $8.9 million, up $2.4 million or 37.4% from the $6.5 million reported for the three months ended March 31, 2020. Earnings per common share for the period on a fully diluted basis were up $0.21 to $0.81 per share, an increase of 35.0% from the prior year.\n<\/p>\n\n\u201cI’m very pleased to report that The First Bancorp kicked off 2021 with its strongest ever earnings quarter”, commented Tony C. McKim, the Company\u2019s President and Chief Executive Officer. “Net Income of $8.9 million for the first quarter increased $2.4 million from the same period a year ago, and $2.0 million from the fourth quarter of 2020. Strong performances from all of our business lines led to year-over-year and quarter-over-quarter gains in both net interest income and non-interest income. Net interest income before loan loss provision increased $955,000 or 6.4% from the first quarter of 2020, and $194,000 or 1.2% from the fourth quarter of 2020. Non-interest revenue before securities gains increased $1.7 million, or 49.3% from the prior year, and $663,000 or 14.7% from the preceding quarter. Earnings were achieved without the benefit resulting from reversal of credit loss reserves; loan growth led to a loan loss provision of $525,000 for the quarter.”\n<\/p>\n
\n“The extraordinary efforts of our entire team through the COVID-19 pandemic are shown in the Company’s first quarter results”, continued Mr. McKim. “Growth in net interest income is attributable to the tremendous work of our lending and deposit gathering teams who significantly grew the base of earning assets and attracted low-cost, local deposits to not only fund growth but to also lessen our dependence on wholesale funding. In the first quarter, loan balances were up $40.0 million, an annualized growth rate of 11%, and low-cost deposits were up $68.1 million. The outstanding contribution of our operational support teams in bolstering this growth also deserves to be mentioned. The increase in non-interest income was driven primarily by continued strong mortgage banking results, along with increased revenues from wealth management and debit card activity. Revenue growth was achieved while also maintaining an excellent efficiency ratio of 45.52% for the quarter, down from 58.12% for the same period a year ago, and from 50.00% in the fourth quarter of 2020.”\n<\/p>\n
\nWith regard to the Company’s ongoing response to the pandemic, Mr. McKim remarked, “we continue to support our customers and communities in addressing the impact of COVID-19. In 2020 First National Bank granted over 1,700 Paycheck Protection Program (PPP) loans with more than $97 million disbursed to Maine small businesses. As of March 31, 2021 more than 80% of these balances have been forgiven per program guidelines. To date in 2021, the Bank has granted an additional $50 million in PPP loans to over 1,100 eligible borrowers at an average loan size of less than $45,000. Over the past year we have worked with more than 1,150 borrowers economically impacted by the virus, to modify or defer loan payments during this crisis. We have also continued to support our communities, particularly our most vulnerable residents, an example being the donation of $16,500 to 28 food pantries during the first quarter. The Bank’s branch lobbies re-opened on January 19th after operating drive-up only for a few weeks during the holiday outbreaks, and approximately 20% of our staff continue to work remotely.”\n<\/p>\n
FIRST QUARTER 2021 FINANCIAL HIGHLIGHTS<\/span><\/b><\/p>\n\n- \nNet income of $8.9 million is a new quarterly earnings record for the Company\n<\/li>\n
- \nPre-tax, Pre-Provision net income (non-GAAP) increased 39.5% compared to the first quarter of 2020 and 15.8% compared to the fourth quarter of 2020\n<\/li>\n
- \nTotal assets increased $75.6 million in the first quarter to $2.44 billion\n<\/li>\n
- \nLow-cost deposits grew $68.1 million in the first quarter to $1.14 billion\n<\/li>\n
- \nAnnualized loan growth of 11.0% and annualized low-cost deposit growth of 25.7%\n<\/li>\n
- \nNo release of credit loss reserves\n<\/li>\n
- \nTangible Book Value increased to $17.96 per share, up from $17.60 at December 31, 2020 and $16.97 at March 31, 2020.\n<\/li>\n<\/ul>\n
FINANCIAL CONDITION<\/span><\/b><\/p>\n\nTotal assets at March 31, 2021 were $2.44 billion, up $75.6 million in the first quarter and up $300.5 million from a year ago. Earning assets increased $86.8 million during the quarter and have increased $300.2 million year-over-year. Loan balances increased $40.0 million in the first quarter, an annualized growth rate of 11.0%, while investment balances remained essentially flat. Within the loan portfolio, commercial loans increased $37.2 million in the first quarter, municipal loans increased $5.7 million, and residential loans increased $1.4 million; home equity line of credit balances decreased $2.5 million. Excluding PPP, loans increased $37.5 million in the first quarter, an annualized growth rate of 10.7%. PPP loans totaled $62.7 million as of March 31, 2021.\n<\/p>\n
\nTotal deposits at March 31, 2021 were $1.95 billion, up $108.9 million during the quarter, and up $308.9 million or 18.8% from March 31, 2020. Aided by federal stimulus payments, low-cost deposits increased $68.1 million in the first quarter. Certificate of Deposit balances were up $28.7 million for the quarter, while wholesale borrowings decreased by $32.4 million.\n<\/p>\n
\nThe Company\u2019s capital position remained strong as of March 31, 2021, with an estimated total risk-based capital ratio of 14.90%, and an estimated leverage capital ratio of 8.54%. The total capital ratio compares to 14.82% as of December 31, 2020 and 15.08% as of March 31, 2020. The leverage capital ratio compares to 8.49% as of December 31, 2020 and 8.78% as of March 31, 2020.\n<\/p>\n
ASSET QUALITY & PROVISION FOR LOAN LOSSES<\/span><\/b><\/p>\n\nAsset quality continues to trend positively. As of March 31, 2021, the ratio of non-performing assets to total assets was 0.30%, down slightly from 0.32% at December 31, 2020, and improved from 0.49% at March 31, 2020. Net charge-offs for the quarter were an annualized 0.05% of total loans, down from the 0.10% of total loans experienced in 2020. Past due loans were 0.37% of total loans as of March 31, 2021, down from 0.57% of total loans at December 31, 2020, and 1.62% as of March 31, 2020.\n<\/p>\n
\nThe provision for loan losses totaled $525,000 in the first quarter of 2021, compared with $400,000 for the same period in 2020. The Company continues to view it prudent to consider the uncertainties brought about by COVID-19 and the potential impact to borrowers in its provision analysis. The allowance for loan losses stood at 1.09% of total loans as of March 31, 2021, down slightly from the 1.10% of total loans at December 31, 2020, and up from 0.88% of loans at March 31, 2020. If PPP loan balances are excluded, the allowance as of March 31, 2021 would stand at 1.14% of total loans.\n<\/p>\n
\nAs of March 31, 2021, the Bank had 197 loans totaling $50.6 million and representing 3.3% of the total portfolio that were in an active modification for interest-only payments or deferred payments in conformance with inter-agency guidance issued in March 2020, the CARES Act of March 2020, or the Supplemental Appropriations Act passed in December 2020. Modified loans were down from $62.2 million or 4.2% of total loans as of December 31, 2020. Of the $50.6 million that remained in modification, commercial loans comprised $32.0 million; $25.1 million of these commercial loan balances are scheduled to exit modification in the second quarter of 2021. The remaining $18.6 million is comprised of residential mortgage or other retail credit, with $14.9 million scheduled to exit modification in the second quarter of 2021.\n<\/p>\n
OPERATING RESULTS<\/span><\/b><\/p>\n\nNet Income for the three months ended March 31, 2021 was $8.9 million, up $2.4 million or 37.4% from the three months ended March 31, 2020. The Company\u2019s Return on Average Assets of 1.54% for the quarter was up from the 1.24% posted during first quarter of 2020. On a Pre-Tax, Pre-Provision (non-GAAP) basis, the first quarter 2021 Return on Assets was 1.95%, up from 1.56% the prior year. Return on Average Tangible Common Equity was improved year-over-year, at 18.34% for the first quarter of 2021, up from 13.95% for the first quarter of 2020. The Company’s Efficiency Ratio (non-GAAP) was 45.52% in the first quarter of 2021, down from 50.00% in the immediately preceding quarter and from 58.12% in the first quarter of 2020.\n<\/p>\n
\nContributing factors to the Company\u2019s operating results in the three months ended March 31, 2021 included:\n<\/p>\n
\n- \nEarning asset growth spurred a $955,000 increase in net interest income from the first quarter of 2020, an increase of 6.4%.\n<\/li>\n
- \nNet interest margin for the first quarter of 2021 was 2.99%, down from 3.12% for the same period in 2020.\n<\/li>\n
- \nNon-interest income before securities gains was $5.2 million for the three months ended March 31, 2021, up $1.7 million or 49.3% from the three months ended March 31, 2020, and $663,000 or 14.7% from the fourth quarter of 2020.<\/p>\n
\n- \nMortgage banking revenue increased $1.5 million or 290.3% year-over-year, and $684,000 or 53.3% from the immediately preceding quarter, based on strong gain on sale results and partial release of impairment reserve for mortgage servicing rights;\n<\/li>\n
- \nRevenue increased $171,000 or 19.1% year-over-year, and $117,000 or 12.3% from the preceding quarter at First National Wealth Management, the Bank\u2019s trust and investment management division;\n<\/li>\n
- \nDebit card revenue increased $244,000 or 24.2% from the first quarter of 2020, contributing to an increase in other operating income of $316,000, or 21.2%.\n<\/li>\n<\/ul>\n<\/li>\n
- \nNon-interest expense for the three months ended March 31, 2021 was $9.9 million, down $1.2 million or 10.6% from the three months ended March 31, 2020.<\/p>\n
\n- \nEmployee salary and benefit expenses increased a modest 2.0% from the first quarter of 2020;\n<\/li>\n
- \nFurniture & Equipment expense increased 8.9% from the first quarter of 2020 reflecting technology investments over the past year;\n<\/li>\n
- \nOther Operating Expenses decreased $1.4 million versus prior year; costs associated with restructuring certain interest rate swap positions were recognized in the first quarter of 2020.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
\nAs mentioned previously, the Bank had $62.7 million in PPP loan balances as of March 31, 2021, comprised of the remaining 319 loans totaling $17.6 million originated in 2020 (PPP1) and 955 loans totaling $45.1 million originated in 2021 (PPP2). The Company received $3.8 million in associated origination fees from PPP1; to date, $3.4 million of these fees have been recognized in interest income, including $1.2 million in the first quarter of 2021. The Company expects to recognize most of the remaining $362,000 in PPP1 fees in the second quarter of 2021. Under PPP2, the Company has received $3.2 million in associated origination fees as of March 31, 2021 of which $84,000 was recognized in the first quarter of 2021.\n<\/p>\n
DIVIDEND<\/span><\/b><\/p>\n\nOn March 25, 2021 the Company’s Board of Directors declared a first quarter dividend of $0.31 per share. The first quarter dividend represents a payout to shareholders of 37.8% of earnings per share for the period, and was paid on April 16, 2021 to shareholders of record as of April 6, 2021.\n<\/p>\n
ABOUT THE FIRST BANCORP<\/span><\/b><\/p>\n\nThe 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 $2.4 billion in assets. The Bank provides a complete array of commercial and retail banking services through seventeen 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<\/a>.\n<\/p>\n
\n\n| \n The First Bancorp<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Consolidated Balance Sheets (Unaudited)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n In thousands of dollars, except per share data<\/i><\/p>\n<\/td>\n | \n March 31, 2021<\/b><\/p>\n<\/td>\n | \n \nDecember 31, 2020\n<\/p>\n<\/td>\n | \n \nMarch 31, 2020\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Assets<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash and due from banks\n<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 20,029<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n26,212\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n21,117\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest-bearing deposits in other banks\n<\/p>\n<\/td>\n | \n 104,602<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n56,151\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6,047\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSecurities available for sale\n<\/p>\n<\/td>\n | \n 294,537<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n313,376\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n312,928\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSecurities to be held to maturity\n<\/p>\n<\/td>\n | \n 385,352<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n365,613\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n341,592\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRestricted equity securities, at cost\n<\/p>\n<\/td>\n | \n 10,105<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n10,545\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n9,994\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLoans held for sale\n<\/p>\n<\/td>\n | \n 3,522<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n5,855\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n561\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLoans\n<\/p>\n<\/td>\n | \n 1,516,772<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,476,761\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,344,208\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLess allowance for loan losses\n<\/p>\n<\/td>\n | \n 16,594<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n16,253\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n11,858\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet loans\n<\/p>\n<\/td>\n | \n 1,500,178<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,460,508\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,332,350\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccrued interest receivable\n<\/p>\n<\/td>\n | \n 10,847<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n9,298\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n9,648\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPremises and equipment\n<\/p>\n<\/td>\n | \n 29,985<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n27,251\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n21,156\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther real estate owned\n<\/p>\n<\/td>\n | \n 401<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n908\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n316\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGoodwill\n<\/p>\n<\/td>\n | \n 30,646<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n30,646\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n29,805\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther assets\n<\/p>\n<\/td>\n | \n 46,664<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n54,873\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n50,882\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total assets<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 2,436,868<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n2,361,236\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n2,136,396\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Liabilities<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDemand deposits\n<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 275,898<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n250,219\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n153,477\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNOW deposits\n<\/p>\n<\/td>\n | \n 541,684<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n520,385\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n382,307\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nMoney market deposits\n<\/p>\n<\/td>\n | \n 175,887<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n163,819\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n161,184\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSavings deposits\n<\/p>\n<\/td>\n | \n 325,758<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n304,603\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n236,706\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCertificates of deposit\n<\/p>\n<\/td>\n | \n 230,290<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n246,875\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n274,621\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCertificates $100,000 to $250,000\n<\/p>\n<\/td>\n | \n 343,805<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n295,672\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n364,530\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCertificates $250,000 and over\n<\/p>\n<\/td>\n | \n 60,235<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n63,038\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n71,787\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal deposits\n<\/p>\n<\/td>\n | \n 1,953,557<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,844,611\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,644,612\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBorrowed funds\n<\/p>\n<\/td>\n | \n 229,648<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n262,038\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n248,040\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther liabilities\n<\/p>\n<\/td>\n | \n 25,479<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n30,861\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n28,487\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal Liabilities\n<\/p>\n<\/td>\n | \n 2,208,684<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,137,510\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,921,139\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Shareholders’ equity<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCommon stock\n<\/p>\n<\/td>\n | \n 110<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n110\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n109\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdditional paid-in capital\n<\/p>\n<\/td>\n | \n 65,755<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n65,285\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n64,277\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRetained earnings\n<\/p>\n<\/td>\n | \n 163,659<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n158,359\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n147,904\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet unrealized gain on securities available for sale\n<\/p>\n<\/td>\n | \n 219<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n5,009\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n7,890\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet unrealized loss on securities transferred from available for sale to held to maturity\n<\/p>\n<\/td>\n | \n (124<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(133\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(174\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet unrealized loss on cash flow hedging derivative instruments\n<\/p>\n<\/td>\n | \n (1,463<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(4,932\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(4,773\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet unrealized gain on postretirement costs\n<\/p>\n<\/td>\n | \n 28<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n28\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n24\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal shareholders’ equity\n<\/p>\n<\/td>\n | \n 228,184<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n223,726\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n215,257\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total liabilities & shareholders’ equity<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 2,436,868<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n2,361,236\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n2,136,396\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Common Stock<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNumber of shares authorized\n<\/p>\n<\/td>\n | \n 18,000,000<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n18,000,000\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n18,000,000\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNumber of shares issued and outstanding\n<\/p>\n<\/td>\n | \n 10,983,258<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n10,950,289\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n10,921,206\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBook value per common share\n<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 20.78<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n20.43\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n19.71\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTangible book value per common share\n<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 17.96<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n17.60\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n16.97\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n The First Bancorp<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Consolidated Statements of Income (Unaudited)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n For the three months ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n In thousands of dollars, except per share data<\/i><\/p>\n<\/td>\n | \n 2021<\/b><\/p>\n<\/td>\n | \n \n2020\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Interest income<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest and fees on loans\n<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 15,119 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n15,856\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest on deposits with other banks\n<\/p>\n<\/td>\n | \n 12 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n74\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest and dividends on investments\n<\/p>\n<\/td>\n | \n 3,822 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n4,764\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal interest income\n<\/p>\n<\/td>\n | \n 18,953 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n20,694\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Interest expense<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest on deposits\n<\/p>\n<\/td>\n | \n 2,198 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n5,186\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest on borrowed funds\n<\/p>\n<\/td>\n | \n 882 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n590\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal interest expense\n<\/p>\n<\/td>\n | \n 3,080 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n5,776\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet interest income\n<\/p>\n<\/td>\n | \n 15,873 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n14,918\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProvision for loan losses\n<\/p>\n<\/td>\n | \n 525 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n400\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet interest income after provision for loan losses\n<\/p>\n<\/td>\n | \n 15,348 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n14,518\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Non-interest income<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInvestment management and fiduciary income\n<\/p>\n<\/td>\n | \n 1,065 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n894\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nService charges on deposit accounts\n<\/p>\n<\/td>\n | \n 337 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n577\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet securities gains\n<\/p>\n<\/td>\n | \n 119 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n752\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nMortgage origination and servicing income\n<\/p>\n<\/td>\n | \n 1,967 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n504\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther operating income\n<\/p>\n<\/td>\n | \n 1,810 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,494\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal non-interest income\n<\/p>\n<\/td>\n | \n 5,298 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n4,221\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Non-interest expense<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSalaries and employee benefits\n<\/p>\n<\/td>\n | \n 5,123 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n5,025\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOccupancy expense\n<\/p>\n<\/td>\n | \n 753 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n713\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFurniture and equipment expense\n<\/p>\n<\/td>\n | \n 1,215 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,116\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFDIC insurance premiums\n<\/p>\n<\/td>\n | \n 199 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n173\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAmortization of identified intangibles\n<\/p>\n<\/td>\n | \n 17 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n11\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther operating expense\n<\/p>\n<\/td>\n | \n 2,567 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n4,005\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal non-interest expense\n<\/p>\n<\/td>\n | \n 9,874 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n11,043\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome before income taxes\n<\/p>\n<\/td>\n | \n 10,772 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n7,696\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nApplicable income taxes\n<\/p>\n<\/td>\n | \n 1,850 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,201\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net Income<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 8,922 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n6,495\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBasic earnings per share\n<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 0.82 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n0.60\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDiluted earnings per share\n<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 0.81 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n0.60\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n The First Bancorp<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Selected Financial Data (Unaudited)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n As of and for the three months ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Dollars in thousands, except for per share amounts<\/i><\/p>\n<\/td>\n | \n 2021<\/b><\/p>\n<\/td>\n | \n \n2020\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Summary of Operations<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest Income\n<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 18,953 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n20,694\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest Expense\n<\/p>\n<\/td>\n | \n 3,080 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n5,776\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet Interest Income\n<\/p>\n<\/td>\n | \n 15,873 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n14,918\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProvision for Loan Losses\n<\/p>\n<\/td>\n | \n 525 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n400\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-Interest Income\n<\/p>\n<\/td>\n | \n 5,298 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n4,221\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-Interest Expense\n<\/p>\n<\/td>\n | \n 9,874 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n11,043\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet Income\n<\/p>\n<\/td>\n | \n 8,922 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6,495\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Per Common Share Data<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBasic Earnings per Share\n<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 0.82 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n0.60\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDiluted Earnings per Share\n<\/p>\n<\/td>\n | \n 0.81 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n0.60\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash Dividends Declared\n<\/p>\n<\/td>\n | \n 0.31 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n0.30\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBook Value per Common Share\n<\/p>\n<\/td>\n | \n 20.78 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n19.71\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTangible Book Value per Common Share\n<\/p>\n<\/td>\n | \n 17.96 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n16.97\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nMarket Value\n<\/p>\n<\/td>\n | \n 29.19 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n22.00\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Financial Ratios<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nReturn on Average Equity (a)\n<\/p>\n<\/td>\n | \n 15.85 <\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n12.03\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nReturn on Average Tangible Common Equity (a)\n<\/p>\n<\/td>\n | \n 18.34 <\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n13.95\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nReturn on Average Assets (a)\n<\/p>\n<\/td>\n | \n 1.54 <\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n1.24\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAverage Equity to Average Assets\n<\/p>\n<\/td>\n | \n 9.70 <\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n10.3\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAverage Tangible Equity to Average Assets\n<\/p>\n<\/td>\n | \n 8.38 <\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n8.88\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet Interest Margin Tax-Equivalent (a)\n<\/p>\n<\/td>\n | \n 2.99 <\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n3.12\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDividend Payout Ratio\n<\/p>\n<\/td>\n | \n 37.80 <\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n50.00\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAllowance for Loan Losses\/Total Loans\n<\/p>\n<\/td>\n | \n 1.09 <\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n0.88\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-Performing Loans to Total Loans\n<\/p>\n<\/td>\n | \n 0.46 <\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n0.75\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-Performing Assets to Total Assets\n<\/p>\n<\/td>\n | \n 0.30 <\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n0.49\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEfficiency Ratio\n<\/p>\n<\/td>\n | \n 45.52 <\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n58.12\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n At Period End<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal Assets\n<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 2,436,868 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n2,136,396\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal Loans\n<\/p>\n<\/td>\n | \n 1,516,772 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,344,208\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal Investment Securities\n<\/p>\n<\/td>\n | \n 689,994 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n664,514\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal Deposits\n<\/p>\n<\/td>\n | \n 1,953,557 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,644,612\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal Shareholders’ Equity\n<\/p>\n<\/td>\n | \n 228,184 <\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n215,257\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n (a) Annualized using a 365-day basis for 2021 and a 366-day basis for 2020.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Use of Non-GAAP Financial Measures<\/b><\/p>\n \nCertain 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 (\u201cGAAP\u201d). Management uses these \u201cnon-GAAP\u201d 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.\n<\/p>\n \nIn 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.\n<\/p>\n \nThe 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 2021 and 2020.\n<\/p>\n | | | | | | | | | | |