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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549




FORM 10-Q

Quarterly Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
For the quarterly period ended September 30, 2020

Commission File Number 0-26589



THE FIRST BANCORP, INC.
(Exact name of Registrant as specified in its charter)
Maine01-0404322
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
Main StreetDamariscottaMaine04543
(Address of principal executive offices) (Zip code)

(207) 563-3195
Registrant's telephone number, including area code


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes    No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site,
 if any, every, Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes    No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, non-accelerated filer, or a smaller
reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule
12b-2 of the Exchange Act. (Check one):

Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company
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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes    No

Indicate the number of shares outstanding of each of the registrant's classes of common stock as of November 1, 2020
Common Stock: 10,947,662 shares



Table of Contents
Note 10 - Financial Derivative Instruments



Item 4 - Controls and Procedures



Part I. Financial Information
Selected Financial Data (Unaudited)
The First Bancorp, Inc. and Subsidiary
Dollars in thousands,
As of and for the nine months ended September 30,As of and for the quarter ended September 30,
except for per share amounts
2020201920202019
Summary of Operations
Interest Income$57,986 $58,994 $18,506 $19,904 
Interest Expense13,832 19,919 3,761 6,678 
Net Interest Income44,154 39,075 14,745 13,226 
Provision for Loan Losses4,550 875 1,800 250 
Non-Interest Income13,627 10,281 4,805 3,532 
Non-Interest Expense29,236 26,168 9,276 9,040 
Net Income20,159 18,839 7,095 6,288 
Per Common Share Data
Basic Earnings per Share$1.86 $1.74 $0.65 $0.58 
Diluted Earnings per Share1.84 1.73 0.65 0.58 
Cash Dividends Declared0.92 0.89 0.31 0.30 
Book Value per Common Share20.05 19.13 20.05 19.13 
Tangible Book Value per Common Share2
17.32 16.39 17.32 16.39 
Market Value21.07 27.49 21.07 27.49 
Financial Ratios
Return on Average Equity1
12.32 %12.49 %12.80 %11.99 %
Return on Average Tangible Common Equity1,2
14.27 %14.67 %14.81 %14.01 %
Return on Average Assets1
1.22 %1.26 %1.24 %1.24 %
Average Equity to Average Assets9.89 %10.11 %9.65 %10.33 %
Average Tangible Equity to Average Assets2
8.54 %8.61 %8.34 %8.84 %
Net Interest Margin Tax-Equivalent1,2
2.93 %2.90 %2.82 %2.88 %
Dividend Payout Ratio49.46 %51.15 %47.69 %51.72 %
Allowance for Loan Losses/Total Loans1.07 %0.93 %1.07 %0.93 %
Non-Performing Loans to Total Loans0.63 %1.33 %0.63 %1.33 %
Non-Performing Assets to Total Assets0.43 %0.84 %0.43 %0.84 %
Efficiency Ratio2
50.00 %51.12 %45.97 %52.08 %
At Period End
Total Assets$2,296,626 $2,033,227 $2,296,626 $2,033,227 
Total Loans1,436,646 1,263,459 1,436,646 1,263,459 
Total Investment Securities682,647 634,566 682,647 634,566 
Total Deposits1,763,059 1,623,290 1,763,059 1,623,290 
Total Shareholders' Equity219,440 208,489 219,440 208,489 
1Annualized using a 366-day basis in 2020 and a 365-day basis in 2019.
2These ratios use non-GAAP financial measures. See Management's Discussion and Analysis of Financial Condition and Results of Operations for additional disclosures and information.
1


Item 1 – Financial Statements










Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders
The First Bancorp, Inc.

We have reviewed the accompanying interim consolidated financial information of The First Bancorp, Inc. and Subsidiary as of September 30, 2020 and 2019 and for the three-month and nine-month periods then ended. These financial statements are the responsibility of the Company's management.
We conducted our reviews in accordance with standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit in accordance with standards of the Public Company Accounting Oversight Board (United States), the objective of which is to express an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
Based on our reviews, we are not aware of any material modifications that should be made to the accompanying  interim consolidated financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.


/s/ Berry Dunn McNeil & Parker, LLC
Portland, Maine
November 6, 2020
2


Consolidated Balance Sheets (Unaudited)
The First Bancorp, Inc. and Subsidiary
September 30,
2020
December 31, 2019September 30,
2019
Assets
Cash and cash equivalents$22,742,000 $14,433,000 $21,418,000 
Interest bearing deposits in other banks48,111,000 11,310,000 16,714,000 
Securities available for sale340,140,000 360,520,000 326,798,000 
Securities to be held to maturity (fair value of $342,062,000 at September 30, 2020, $287,045,000 at December 31, 2019 and $306,647,000 at September 30, 2019)
331,962,000 281,606,000 298,786,000 
Restricted equity securities, at cost10,545,000 8,982,000 8,982,000 
Loans held for sale6,387,000 154,000 852,000 
Loans1,436,646,000 1,297,075,000 1,263,459,000 
Less allowance for loan losses15,371,000 11,639,000 11,765,000 
Net loans1,421,275,000 1,285,436,000 1,251,694,000 
Accrued interest receivable10,249,000 7,167,000 7,636,000 
Premises and equipment, net27,110,000 21,305,000 21,232,000 
Other real estate owned777,000 279,000 279,000 
Goodwill29,805,000 29,805,000 29,805,000 
Other assets47,523,000 47,799,000 49,031,000 
Total assets$2,296,626,000 $2,068,796,000 $2,033,227,000 
Liabilities
Demand deposits$248,444,000 $169,777,000 $171,623,000 
NOW deposits492,223,000 393,569,000 400,514,000 
Money market deposits156,948,000 161,000,000 148,689,000 
Savings deposits275,513,000 236,141,000 240,691,000 
Certificates of deposit589,931,000 689,979,000 661,773,000 
Total deposits1,763,059,000 1,650,466,000 1,623,290,000 
Borrowed funds – short term228,687,000 174,850,000 171,310,000 
Borrowed funds – long term55,100,000 10,105,000 10,107,000 
Other liabilities30,340,000 20,867,000 20,031,000 
Total liabilities2,077,186,000 1,856,288,000 1,824,738,000 
Shareholders' equity
Common stock, one cent par value per share
109,000 109,000 109,000 
Additional paid-in capital64,943,000 63,964,000 63,602,000 
Retained earnings154,783,000 144,839,000 141,509,000 
Accumulated other comprehensive income (loss)
Net unrealized gain on securities available for sale5,520,000 3,657,000 3,686,000 
Net unrealized loss on securities transferred from available for sale to held to maturity(139,000)(182,000)(189,000)
Net unrealized gain (loss) on cash flow hedging derivative instruments(5,800,000)97,000 (265,000)
Net unrealized gain on postretirement costs24,000 24,000 37,000 
Total shareholders' equity219,440,000 212,508,000 208,489,000 
Total liabilities & shareholders' equity$2,296,626,000 $2,068,796,000 $2,033,227,000 
Common Stock
Number of shares authorized18,000,000 18,000,000 18,000,000 
Number of shares issued and outstanding10,942,959 10,899,210 10,896,331 
Book value per common share$20.05 $19.50 $19.13 
Tangible book value per common share$17.32 $16.75 $16.39 
See Report of Independent Registered Public Accounting Firm. The accompanying notes are an integral part of these consolidated financial statements.
3


Consolidated Statements of Income and Comprehensive Income (Unaudited)
The First Bancorp, Inc. and Subsidiary
For the nine months ended September 30,For the quarter ended September 30,
2020201920202019
Interest income
Interest and fees on loans (includes tax-exempt income of $899,000 YTD September 30, 2020 and $1,001,000 YTD September 30, 2019)
$44,124,000 $44,450,000 $14,109,000 $14,993,000 
Interest on deposits with other banks87,000 145,000 8,000 48,000 
Interest and dividends on investments (includes tax-exempt income of $5,649,000 YTD September 30, 2020 and $5,480,000 YTD September 30, 2019)
13,775,000 14,399,000 4,389,000 4,863,000 
     Total interest income57,986,000 58,994,000 18,506,000 19,904,000 
Interest expense
Interest on deposits11,613,000 17,739,000 2,866,000 5,983,000 
Interest on borrowed funds2,219,000 2,180,000 895,000 695,000 
     Total interest expense13,832,000 19,919,000 3,761,000 6,678,000 
Net interest income44,154,000 39,075,000 14,745,000 13,226,000 
Provision for loan losses4,550,000 875,000 1,800,000 250,000 
Net interest income after provision for loan losses39,604,000 38,200,000 12,945,000 12,976,000 
Non-interest income
Investment management and fiduciary income2,712,000 2,459,000 909,000 822,000 
Service charges on deposit accounts1,257,000 1,747,000 375,000 577,000 
Net securities gains1,179,000 15,000  15,000 
Mortgage origination and servicing income, net of amortization3,802,000 1,227,000 1,914,000 576,000 
Other operating income4,677,000 4,833,000 1,607,000 1,542,000 
     Total non-interest income13,627,000 10,281,000 4,805,000 3,532,000 
Non-interest expense
Salaries and employee benefits14,719,000 13,698,000 5,032,000 4,865,000 
Occupancy expense2,117,000 1,931,000 709,000 644,000 
Furniture and equipment expense3,438,000 2,969,000 1,184,000 969,000 
FDIC insurance premiums548,000 439,000 189,000  
Amortization of identified intangibles32,000 32,000 10,000 10,000 
Other operating expense8,382,000 7,099,000 2,152,000 2,552,000 
     Total non-interest expense29,236,000 26,168,000 9,276,000 9,040,000 
Income before income taxes23,995,000 22,313,000 8,474,000 7,468,000 
Income tax expense3,836,000 3,474,000 1,379,000 1,180,000 
NET INCOME$20,159,000 $18,839,000 $7,095,000 $6,288,000 
Basic earnings per common share$1.86 $1.74 $0.65 $0.58 
Diluted earnings per common share$1.84 $1.73 $0.65 $0.58 
Other comprehensive income (loss) net of tax
Net unrealized gain (loss) on securities available for sale$1,863,000 $8,737,000 $(1,580,000)$936,000 
Net unrealized gain on securities transferred from available for sale to held to maturity, net of amortization43,000 8,000 7,000 1,000 
Net unrealized gain (loss) on cash flow hedging derivative instruments(5,897,000)(1,703,000)387,000 (340,000)
    Other comprehensive gain (loss) (3,991,000)7,042,000 (1,186,000)597,000 
Comprehensive income$16,168,000 $25,881,000 $5,909,000 $6,885,000 
See Report of Independent Registered Public Accounting Firm.
The accompanying notes are an integral part of these consolidated financial statements.
4


Consolidated Statements of Changes in Shareholders' Equity (Unaudited)
The First Bancorp, Inc. and Subsidiary
Common stock and
additional paid-in capital
Retained
earnings
Accumulated
other
comprehensive
income (loss)
Total
shareholders'
equity
SharesAmount
Balance at December 31, 201810,862,651$62,855,000 $132,460,000 $(3,773,000)$191,542,000 
Net income— — 18,839,000 — 18,839,000 
Net unrealized gain on securities available for sale, net of tax— — — 8,737,000 8,737,000 
Net unrealized loss on cash flow hedging derivative instruments, net of tax— — — (1,703,000)(1,703,000)
Net unrealized gain on securities transferred from available for sale to held to maturity, net of tax— — — 8,000 8,000 
Comprehensive income— — 18,839,000 7,042,000 25,881,000 
Cash dividends declared ($0.89 per share)
— — (9,694,000)— (9,694,000)
Equity compensation expense— 368,000 — — 368,000 
Payment to repurchase common stock(4,179)— (96,000)(96,000)
Issuance of restricted stock