fnlc-20200722
0000765207false00007652072020-07-222020-07-22


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 22, 2020


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))

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




Section 2 - Financial Information

Item 2.02 Results of Operations and Financial Condition.

On July 22, 2020, 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, 2020.


Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements, Pro Forma Financial Information and Exhibits.

(c) Exhibits.
--------

The following Exhibits are being furnished herewith:

99.1 Registrant's Press Release dated July 22, 2020





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 22, 2020












































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

Exhibit Number Description of Exhibit


99.1 Registrant's Press Release dated July 22, 2020


Document

Exhibit 99.1
The First Bancorp Reports Second Quarter Net Income Up 2.7%
DAMARISCOTTA, ME, July 22, 2020 – The First Bancorp (Nasdaq: FNLC), parent company of First National Bank, today announced operating results for the three months ended June 30, 2020. Unaudited net income was $6.6 million, up $174,000 or 2.7% from the $6.4 million reported for the three months ended June 30, 2019. Earnings per common share for the period on a fully diluted basis were up $0.01 to $0.60 per share, an increase of 1.7% from the prior year. The Company also reported results for the six months ended June 30, 2020. Net income was $13.1 million, up $513,000 or 4.1% from the first six months of 2019, with earnings per share on a fully diluted basis of $1.20, up $0.05 or 4.3% from the same period in 2019.

“I’m pleased to report that The First Bancorp performed strongly in the second quarter despite the ongoing operational and business climate challenges brought about by the COVID-19 virus,” commented Tony C. McKim, the Company’s President and Chief Executive Officer. "Net income of $6.6 million was achieved by successes across all business lines. Growth in earning assets combined with stable interest rate margins led to a $1.5 million, or 11.9%, increase in net interest income before loan loss provision versus the second quarter of 2019, while non-interest revenue increased $1.0 million, or 27.6%, year-over-year, driven largely by a surge in mortgage refinance activity which produced a $1.0 million increase in mortgage banking revenue versus the second quarter of 2019. Operating expenses in the second quarter increased a modest 2.1% from a year ago. Also of note was further asset quality improvement as demonstrated by the ratio of non-performing loans to total loans which fell to 0.57% as of June 30, 2020 from 0.75% as of March 31, 2020 and 1.23% as of June 30, 2019."
Mr. McKim continued, "We are very proud of the efforts the Company has made, and continues to make, in support of our customers and community partners in addressing the impact of COVID-19. First National Bank has been an active lender in the Paycheck Protection Program (PPP) with over $96 million in loans granted to Maine small businesses, at an average loan size of under $60,000. We have also worked with over 900 borrowers economically impacted by the virus, to modify or defer loan payments during this crisis. As of early July the lobbies of our sixteen banking offices re-opened to serve customers under appropriate safety and social distancing protocols. Approximately 40% of our staff continues to work remotely and our overall employee count has
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grown since the pandemic began. Our team has truly stepped up throughout this crisis, and our strong results are a testament to their efforts."
SECOND QUARTER 2020 FINANCIAL HIGHLIGHTS
Total Assets increased $130.7 million in the second quarter to $2.3 billion.
Loans outstanding at June 30, 2020 were $1.5 billion, an increase of $107.4 million in the quarter, and up $202.5 million or 16.2% from a year ago. Balances as of June 30, 2020 include $96.0 million in PPP loans.
Low-cost deposits as of June 30, 2020 totaled $913.5 million, an increase of $141.0 million in the quarter, and up $165.7 million or 22.2% year-over-year.
The ratio of non-performing assets to total assets improved to 0.41% as of June 30, 2020, down from 0.49% as of March 31, 2020 and from 0.83% as of June 30, 2019.
Tangible Book Value increased to $17.07 per share, up from $16.97 at March 31, 2020 and $16.04 at June 30, 2019.
Efficiency Ratio (non-GAAP) was 46.23% in the second quarter of 2020, down from 58.12% in the immediately preceding quarter and 50.80% in the second quarter of 2019. Year-to-date in 2020 the efficiency ratio (non-GAAP) stands at 52.13%, up from 50.63% for the first six months of 2019. The Company's efficiency ratio was elevated in the first quarter of 2020 due to charges taken to restructure several interest rate swap positions. In the absence of these charges, the non-GAAP efficiency ratio for the first six months of 2020 would have been 47.35%. (GAAP Efficiency Ratio was 46.71% for the three months ended June 30, 2020, and 52.21% for the six months then ended).
FINANCIAL CONDITION
Total assets at June 30, 2020 were $2.3 billion, up $130.7 million in the second quarter and up $268.4 million from a year ago. Second quarter growth was centered in earning assets which increased $127.3 million, most of which came from loans; year-over-year earning assets grew $259.0 million. Total loans grew $107.4 million during the quarter centered in PPP originations, while investments decreased $507,000. Second quarter loan growth outside of PPP was tempered by COVID-19's impact on the economy in the Bank's primary market area, and nationally. Non-PPP commercial loan balances increased $11.7 million during the period and municipal loans increased $6.1 million, while portfolio residential mortgages, home equity lines of credit, and consumer loan balances declined by a combined $6.4 million. Loans excluding PPP have grown $106.5 million, or 8.5%, from a year ago.
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Total deposits at June 30, 2020 were $1.7 billion, up $95.5 million during the quarter, and up $147.2 million or 9.2% from June 30, 2019. Low-cost deposits increased $141.0 million in the second quarter with much of the growth attributable to various economic stimulus programs, including proceeds of PPP loans, being deposited back to the Bank. The increase in low-cost deposits and further utilization of borrowed funds, centered in overnight repurchase agreements with customers, allowed for a decrease in higher cost Certificates of Deposit, with balances down $54.3 million during the quarter.
The Company’s capital position remained strong as of June 30, 2020, with an estimated total risk-based capital ratio of 14.86%, and an estimated leverage capital ratio of 8.42%. Asset growth led to a decrease in leverage capital from 8.88% at December 31, 2019 and 8.72% at June 30, 2019; the total capital ratio is down from 15.27% as of December 31, 2019 and 15.42% as of June 30, 2019. The Company is eligible and enrolled to participate in the Federal Reserve's Paycheck Protection Program Liquidity Facility (PPPLF), but to date has elected not to do so. Had PPPLF been utilized to its fullest extent, the leverage capital ratio as of June 30, 2020 is estimated to have been 8.74%. Each of the Company’s capital ratios remain well in excess of regulatory requirements.
ASSET QUALITY & PROVISION FOR LOAN LOSSES
Asset quality continued to trend positively in the second quarter. As of June 30, 2020, the ratio of non-performing assets to total assets decreased to 0.41%, improved from 0.49% at March 31, 2020, and from 0.83% at June 30, 2019. Net charge-offs for the quarter were an annualized 0.03% of total loans, and year-to-date in 2020 have been annualized to 0.04% of total loans, each measure below the 0.07% experienced in the year ended December 31, 2019. Past due loans were 0.66% of total loans as of June 30, 2020, down from 1.62% of total loans at March 31, 2020, and 0.98% as of June 30, 2019.
The provision for loan losses totaled $2.4 million in the second quarter of 2020, compared with $250,000 for the same period in 2019. Despite continued improvement during the quarter in non-performing asset levels, continued positive charge-off metrics, and lower levels of past due loans, the uncertainties resulting from COVID-19 led management to substantially increase the second quarter provision based upon the potential impact of current economic conditions to borrowers. The allowance for loan losses stood at 0.97% of total loans as of June 30, 2020, up from the 0.88% of total loans at March 31, 2020, and 0.92% of loans at June 30, 2019. If PPP loan balances are excluded, the allowance as of June 30, 2020 would stand at 1.04% total loans.
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The Company continues to actively work with borrowers impacted by the COVID-19 outbreak. As of June 30, 2020 a total of 867 loan modification requests for interest-only payments or deferred payments have been completed in conformance with inter-agency guidance issued in March, representing $239.5 million in loan balances, or approximately 16.5% of the overall loan portfolio. Another 78 modifications have been processed on the Bank's portfolio of sold loans serviced for Fannie Mae, Freddie Mac, or the Federal Home Loan Bank of Boston.

As of June 30, 2020 approximately 8.7% of the Company’s loan portfolio consisted of hospitality or restaurant industry borrowers, considered amongst the most impacted by COVID-19. We continue to be in frequent contact with our hospitality industry borrowers. To date 83 COVID-19 related loan modifications have been completed within the hospitality and restaurant segments representing $64.8 million in loan balances, or 51.5% of total hospitality and restaurant industry loans. Stress testing of the loan portfolio as a whole is ongoing.

OPERATING RESULTS
Net Income for the three months ended June 30, 2020 was $6.6 million, up $174,000 or 2.7% from the three months ended June 30, 2019. The Company’s Return on Average Assets of 1.18% for the quarter was down modestly from 1.28% for the second quarter of 2019. Return on Average Tangible Common Equity was 14.03% and 14.96% respectively for the same periods.
Contributing factors to the Company’s operating results in the three months ended June 30, 2020 included:
Earning asset growth led to a $1.5 million increase in net interest income from the second quarter of 2019, an increase of 11.9%. Net interest margin for the second quarter of 2020 was 2.86%, down two basis points from the same period in 2019.
Non-interest income was $4.6 million for the three months ended June 30, 2020, up $996,000 or 27.6% from the three months ended June 30, 2019. Strong refinance volume led to secondary market mortgage banking revenue increasing $1.0 million, or 289.9% year-over-year. Revenue increased $45,000, or 5.2% year-to-year at First National Wealth Management, the Bank’s trust and investment management division. Net gains on securities sold in the quarter added $427,000 to non-interest income, while service charge income and other income were both negatively impacted by lower transaction volume related to COVID-19.
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Non-interest expense for the three months ended June 30, 2020 was $8.9 million, up $187,000 or 2.1% from the three months ended June 30, 2019. Period to period increases in employee expenses and furniture & equipment expense were largely offset by savings in FDIC insurance premiums and other expenses.
As mentioned previously, First National Bank has been an active participant in the Paycheck Protection Program. As of June 30, 2020, the Bank's $96.0 million in PPP balances was comprised of 1,618 loans, representing an average loan size at origination of $59,369. The Company has accrued $3.73 million in associated fees, of which $382,000 were recognized in interest income in the second quarter.
DIVIDEND
On June 25, 2020 the Company's Board of Directors declared a second quarter dividend of 31 cents per share, an increase of one cent from the prior quarter. The second quarter dividend represents a payout to shareholders of 50.82% of earnings per share for the period, and was paid on July 20, 2020 to shareholders of record as of July 7, 2020.
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 $2.24 billion in assets. The Bank provides a complete array of commercial and retail banking services through sixteen 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, 2020December 31, 2019June 30, 2019
Assets
Cash and due from banks$22,143  $14,433  $16,918  
Interest-bearing deposits in other banks21,907  11,310  917  
Securities available for sale311,500  360,520  322,570  
Securities to be held to maturity341,962  281,606  302,527  
Restricted equity securities, at cost10,545  8,982  8,982  
Loans held for sale4,950  154  —  
Loans1,451,623  1,297,075  1,249,132  
Less allowance for loan losses14,110  11,639  11,471  
Net loans1,437,513  1,285,436  1,237,661  
Accrued interest receivable11,055  7,167  9,966  
Premises and equipment20,712  21,305  21,045  
Other real estate owned851  279  289  
Goodwill29,805  29,805  29,805  
Other assets54,181  47,799  48,019  
Total assets$2,267,124  $2,068,796  $1,998,699  
Liabilities
Demand deposits$217,377  $169,777  $147,771  
NOW deposits432,407  393,569  363,092  
Money market deposits169,984  161,000  128,180  
Savings deposits263,720  236,141  236,915  
Certificates of deposit269,353  277,225  377,806  
Certificates $100,000 to $250,000322,613  345,241  268,296  
Certificates $250,000 and over64,667  67,513  70,896  
Total deposits1,740,121  1,650,466  1,592,956  
Borrowed funds278,805  184,955  181,858  
Other liabilities31,614  20,867  19,292  
Total Liabilities2,050,540  1,856,288  1,794,106  
Shareholders' equity
Common stock109  109  109  
Additional paid-in capital64,601  63,964  63,319  
Retained earnings151,083  144,839  138,493  
Net unrealized gain on securities available-for-sale7,100  3,657  2,750  
Net unrealized loss on securities transferred from available for sale to held to maturity(146) (182) (190) 
Net unrealized gain (loss) on cash flow hedging derivative instruments(6,187) 97  75  
Net unrealized gain on postretirement costs24  24  37  
Total shareholders' equity216,584  212,508  204,593  
Total liabilities & shareholders' equity$2,267,124  $2,068,796  $1,998,699  
Common Stock
Number of shares authorized18,000,000  18,000,000  18,000,000  
Number of shares issued and outstanding10,933,428  10,899,210  10,890,236  
Book value per common share$19.81  $19.50  $18.79  
Tangible book value per common share$17.07  $16.75  $16.04  
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The First Bancorp
Consolidated Statements of Income (Unaudited)
 For the six months ended June 30,For the quarter ended June 30,
In thousands of dollars, except per share data2020201920202019
Interest income
Interest and fees on loans$30,015  $29,457  $14,159  $14,900  
Interest on deposits with other banks79  97   29  
Interest and dividends on investments9,386  9,536  4,622  4,893  
     Total interest income39,480  39,090  18,786  19,822  
Interest expense
Interest on deposits8,747  11,756  3,561  6,179  
Interest on borrowed funds1,324  1,485  734  693  
     Total interest expense10,071  13,241  4,295  6,872  
Net interest income29,409  25,849  14,491  12,950  
Provision for loan losses2,750  625  2,350  250  
Net interest income after provision for loan losses26,659  25,224  12,141  12,700  
Non-interest income
Investment management and fiduciary income1,803  1,637  909  864  
Service charges on deposit accounts882  1,170  305  609  
Net securities gains1,179  —  427  —  
Mortgage origination and servicing income1,888  651  1,384  355  
Other operating income3,070  3,291  1,576  1,777  
     Total non-interest income8,822  6,749  4,601  3,605  
Non-interest expense
Salaries and employee benefits9,687  8,833  4,662  4,423  
Occupancy expense1,408  1,287  695  635  
Furniture and equipment expense2,254  2,000  1,138  1,025  
FDIC insurance premiums359  439  186  231  
Amortization of identified intangibles22  22  11  11  
Other operating expense6,230  4,547  2,225  2,405  
     Total non-interest expense19,960  17,128  8,917  8,730  
Income before income taxes15,521  14,845  7,825  7,575  
Applicable income taxes2,457  2,294  1,256  1,180  
Net Income$13,064  $12,551  $6,569  $6,395  
Basic earnings per share$1.20  $1.16  $0.61  $0.59  
Diluted earnings per share$1.20  $1.15  $0.60  $0.59  
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The First Bancorp
Selected Financial Data (Unaudited)
   
As of and for the six months ended June 30,As of and for the quarter ended June 30,
Dollars in thousands, except for per share amounts2020201920202019
Summary of Operations
Interest Income$39,480  $39,090  $18,786  $19,822  
Interest Expense10,071  13,241  4,295  6,872  
Net Interest Income29,409  25,849  14,491  12,950  
Provision for Loan Losses2,750  625  2,350  250  
Non-Interest Income8,822  6,749  4,601  3,605  
Non-Interest Expense19,960  17,128  8,917  8,730  
Net Income13,064  12,551  6,569  6,395  
Per Common Share Data
Basic Earnings per Share$1.20  $1.16  $0.61  $0.59  
Diluted Earnings per Share1.20  1.15  0.60  0.59  
Cash Dividends Declared0.61  0.59  0.31  0.30  
Book Value per Common Share19.81  18.79  19.81  18.79  
Tangible Book Value per Common Share17.07  16.04  17.07  16.04  
Market Value21.70  26.85  21.70  26.85  
Financial Ratios
Return on Average Equity (a)12.07 %12.76 %12.11 %12.74 %
Return on Average Tangible Common Equity (a)13.99 %15.03 %14.03 %14.96 %
Return on Average Assets (a)1.21 %1.27 %1.18 %1.28 %
Average Equity to Average Assets10.02 %9.99 %9.75 %10.07 %
Average Tangible Equity to Average Assets8.64 %8.48 %8.41 %8.58 %
Net Interest Margin Tax-Equivalent (a)2.99 %2.90 %2.86 %2.88 %
Dividend Payout Ratio50.83 %50.86 %50.82 %50.85 %
Allowance for Loan Losses/Total Loans0.97 %0.92 %0.97 %0.92 %
Non-Performing Loans to Total Loans0.57 %1.23 %0.57 %1.23 %
Non-Performing Assets to Total Assets0.41 %0.83 %0.41 %0.83 %
Efficiency Ratio52.13 %50.63 %46.23 %50.80 %
At Period End
Total Assets$2,267,124  $1,998,699  $2,267,124  $1,998,699  
Total Loans1,451,623  1,249,132  1,451,623  1,249,132  
Total Investment Securities664,007  634,079  664,007  634,079  
Total Deposits1,740,121  1,592,956  1,740,121  1,592,956  
Total Shareholders' Equity216,584  204,593  216,584  204,593  
(a) Annualized using a 366-day basis for 2020 and a 365-day basis for 2019


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Use of Non-GAAP Financial Measures
Certain information in this release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management uses these “non-GAAP” measures in its analysis of the Company's performance (including for purposes of determining the compensation of certain executive officers and other Company employees) and believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods and with other financial institutions, as well as demonstrating the effects of significant gains and charges in the current period, in light of the disclosure practices employed by many other publicly-traded financial institutions. The Company believes that a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. Management believes that investors may use these non-GAAP financial measures to analyze financial performance without the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
In several places net interest income is calculated on a fully tax-equivalent basis. Specifically included in interest income was tax-exempt interest income from certain investment securities and loans. An amount equal to the tax benefit derived from this tax-exempt income has been added back to the interest income total which, as adjusted, increased net interest income accordingly. Management believes the disclosure of tax-equivalent net interest income information improves the clarity of financial analysis, and is particularly useful to investors in understanding and evaluating the changes and trends in the Company's results of operations. Other financial institutions commonly present net interest income on a tax-equivalent basis. This adjustment is considered helpful in the comparison of one financial institution's net interest income to that of another institution, as each will have a different proportion of tax-exempt interest from its earning assets. Moreover, net interest income is a component of a second financial measure commonly used by financial institutions, net interest margin, which is the ratio of net interest income to average earning assets. For purposes of this measure as well, other financial institutions generally use tax-equivalent net interest income to provide a better basis of comparison from institution to institution. The Company follows these practices.
The following table provides a reconciliation of tax-equivalent financial information to the Company's consolidated financial statements, which have been prepared in accordance with GAAP. A 21.0% tax rate was used in both 2020 and 2019.
 For the six months endedFor the quarters ended
In thousands of dollarsJune 30, 2020June 30, 2019June 30, 2020June 30, 2019
Net interest income as presented$29,409  $25,849  $14,491  $12,950  
Effect of tax-exempt income1,154  1,151  582  589  
Net interest income, tax equivalent$30,563  $27,000  $15,073  $13,539  

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-
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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, 2020June 30, 2019June 30, 2020June 30, 2019
Non-interest expense, as presented$19,960  $17,128  $8,917  $8,730  
Net interest income, as presented29,409  25,849  14,491  12,950  
Effect of tax-exempt interest income1,154  1,151  582  589  
Non-interest income, as presented8,822  6,749  4,601  3,605  
Effect of non-interest tax-exempt income83  83  41  41  
Net securities gains(1,179) —  (427) —  
Adjusted net interest income plus non-interest income$38,289  $33,832  $19,288  $17,185  
Non-GAAP efficiency ratio52.13 %50.63 %46.23 %50.80 %
GAAP efficiency ratio52.21 %52.54 %46.71 %52.73 %
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 six months endedFor the quarters ended
In thousands of dollarsJune 30, 2020June 30, 2019June 30, 2020June 30, 2019
Average shareholders' equity as presented$217,661  $198,411  $218,191  $201,384  
  Less intangible assets(29,925) (29,968) (29,934) (29,978) 
Tangible average shareholders' equity$187,736  $168,443  $188,257  $171,406  

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.
Additional Information
For more information, please contact Richard M. Elder, The First Bancorp's Treasurer & Chief Financial Officer, at 207.563.3195.
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v3.20.2
Document and Entity Information
Jul. 22, 2020
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jul. 22, 2020
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