Fair Value (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Assets and Liabilities Measured on Recurring Basis Measured at Fair Value

The following tables present the balances of assets and liabilities that were measured at fair value on a recurring basis as of June 30, 2025, December 31, 2024 and June 30, 2024.


	At June 30, 2025
	Level 1		Level 2		Level 3		Total
Securities available for sale
U.S. Treasury & Agency securities	$	—	$	19,034,000	$	—	$	19,034,000
Mortgage-backed securities	—		224,416,000		—		224,416,000
State and political subdivisions	—		32,687,000		—		32,687,000
Asset-backed securities	—		2,111,000		—		2,111,000

Total securities available for sale	—		278,248,000		—		278,248,000
Interest rate swap agreements	—		106,000		—		106,000
Customer loan interest swap agreements	—		4,318,000		—		4,318,000
Total interest rate swap agreements	—		4,424,000		—		4,424,000
Total assets	$	—	$	282,672,000	$	—	$	282,672,000


	At June 30, 2025
	Level 1		Level 2		Level 3		Total
Interest rate swap agreements	$	—	$	1,003,000	$	—	$	1,003,000
Customer loan interest swap agreements	—		4,318,000		—		4,318,000
Total liabilities	$	—	$	5,321,000	$	—	$	5,321,000


	At December 31, 2024
	Level 1		Level 2		Level 3		Total
Securities available for sale
U.S. Treasury & Agency securities	$	—	$	19,796,000	$	—	$	19,796,000
Mortgage-backed securities	—		219,382,000		—		219,382,000
State and political subdivisions	—		33,252,000		—		33,252,000
Asset-backed securities	—		2,250,000		—		2,250,000

Total securities available for sale	—		274,680,000		—		274,680,000
Interest rate swap agreements	—		198,000		—		198,000
Customer loan interest swap agreements	—		4,859,000		—		4,859,000
Total interest rate swap agreements	—		5,057,000		—		5,057,000
Total assets	$	—	$	279,737,000	$	—	$	279,737,000


	At December 31, 2024
	Level 1		Level 2		Level 3		Total
Interest rate swap agreements	$	—	$	758,000	$	—	$	758,000
Customer loan interest swap agreements	—		4,859,000		—		4,859,000
Total liabilities	$	—	$	5,617,000	$	—	$	5,617,000


	At June 30, 2024
	Level 1		Level 2		Level 3		Total
Securities available for sale
U.S. Treasury & Agency securities	$	—	$	19,778,000	$	—	$	19,778,000
Mortgage-backed securities	—		217,823,000		—		217,823,000
State and political subdivisions	—		33,370,000		—		33,370,000
Asset-backed securities	—		2,530,000		—		2,530,000

Total securities available for sale	—		273,501,000		—		273,501,000
Interest rate swap agreements	—		1,063,000		—		1,063,000
Customer loan interest swap agreements	—		4,912,000		—		4,912,000
Total interest swap agreements	—		5,975,000		—		5,975,000
Total assets	$	—	$	279,476,000	$	—	$	279,476,000


	At June 30, 2024
	Level 1		Level 2		Level 3		Total
Interest rate swap agreements	$	—	$	67,000	$	—	$	67,000
Customer loan interest swap agreements	—		4,912,000		—		4,912,000
Total liabilities	$	—	$	4,979,000	$	—	$	4,979,000

Schedule of Assets Measured on Nonrecurring Basis Measured at Fair Value

The following tables include assets measured at fair value on a nonrecurring basis that have had a fair value adjustment since their initial recognition. Mortgage servicing rights are presented at fair value with no impairment reserve for each of the periods presented. There was no OREO or related allowance at June 30, 2025. OREO is presented net of an allowance of $35,000 at December 31, 2024 and with no related allowance at June 30, 2024. Only collateral-dependent IAL with a related specific ACL or a partial charge off are included in IAL for purposes of fair value disclosures. IAL below are presented net of specific allowances of $326,000 and $821,000 at June 30, 2025 and December 31, 2024, respectively. There were no collateral-dependent IAL with a related specific ACL or a partial charge off at June 30, 2024.


	At June 30, 2025
	Level 1		Level 2		Level 3		Total
Mortgage servicing rights	$	—	$	2,903,000	$	—	$	2,903,000


Individually analyzed loans	—		403,000		—		403,000
Total assets	$	—	$	3,306,000	$	—	$	3,306,000


	At December 31, 2024
	Level 1		Level 2		Level 3		Total
Mortgage servicing rights	$	—	$	3,054,000	$	—	$	3,054,000
Other real estate owned	—		173,000		—		173,000
Individually analyzed loans	—		538,000		—		538,000
Total assets	$	—	$	3,765,000	$	—	$	3,765,000


	At June 30, 2024
	Level 1	Level 2	Level 3		Total
Mortgage servicing rights	—	3,281,000	$	—	$	3,281,000

Other real estate owned	—	208,000	—		208,000

Total assets	—	3,489,000	$	—	$	3,489,000

Schedule of Estimated Fair Value of Financial Instruments

The carrying amount and estimated fair values for financial instruments as of June 30, 2025 were as follows:


	Carrying value		Estimated fair value		Level 1		Level 2		Level 3
Financial assets



Securities to be held to maturity (net of allowance for credit losses)	$	367,873,000	$	312,508,000	$	—	$	312,508,000	$	—


Loans (net of allowance for credit losses)
Commercial
Real estate	785,745,000		763,818,000		—		—		763,818,000
Construction	52,641,000		51,172,000		—		—		51,172,000
Other	564,539,000		561,070,000		—		403,000		560,667,000
Municipal	62,657,000		59,193,000		—		—		59,193,000
Residential
Term	718,587,000		662,101,000		—		—		662,101,000
Construction	31,164,000		30,880,000		—		—		30,880,000
Home equity line of credit	133,457,000		133,188,000		—		—		133,188,000
Consumer	20,388,000		18,196,000		—		—		18,196,000
Total loans	2,369,178,000		2,279,618,000		—		403,000		2,279,215,000
Mortgage servicing rights	1,777,000		2,903,000		—		2,903,000		—


Financial liabilities




Local certificates of deposit	$	382,289,000	$	364,312,000	$	—	$	364,312,000	$	—
National certificates of deposit	796,564,000		813,756,000		—		813,756,000		—
Total certificates of deposit	1,178,853,000		1,178,068,000		—		1,178,068,000		—
Repurchase agreements	65,050,000		64,929,000		—		64,929,000		—
Federal Home Loan Bank advances	131,120,000		131,854,000		—		131,854,000		—
Total borrowed funds	196,170,000		196,783,000		—		196,783,000		—

The carrying amounts and estimated fair values for financial instruments as of December 31, 2024 were as follows:


	Carrying value		Estimated fair value		Level 1		Level 2		Level 3
Financial assets



Securities to be held to maturity (net of allowance for credit losses)	$	369,704,000	$	314,993,000	$	—	$	314,993,000	$	—


Loans (net of allowance for credit losses)
Commercial
Real estate	752,613,000		720,898,000		—		—		720,898,000
Construction	98,773,000		94,611,000		—		—		94,611,000
Other	519,560,000		513,417,000		—		538,000		512,879,000
Municipal	61,565,000		57,657,000		—		—		57,657,000
Residential
Term	705,566,000		643,402,000		—		—		643,402,000
Construction	35,007,000		34,631,000		—		—		34,631,000
Home equity line of credit	122,377,000		119,930,000		—		—		119,930,000
Consumer	20,608,000		18,274,000		—		—		18,274,000
Total loans	2,316,069,000		2,202,820,000		—		538,000		2,202,282,000
Mortgage servicing rights	1,894,000		3,054,000		—		3,054,000		—


Financial liabilities




Local certificates of deposit	$	385,897,000	$	365,937,000	$	—	$	365,937,000	$	—
National certificates of deposit	728,914,000		747,681,000		—		747,681,000		—
Total certificates of deposit	1,114,811,000		1,113,618,000		—		1,113,618,000		—
Repurchase agreements	51,278,000		51,181,000		—		51,181,000		—
Federal Home Loan Bank advances	95,000,000		95,066,000		—		95,066,000		—
Total borrowed funds	146,278,000		146,247,000		—		146,247,000		—

The carrying amount and estimated fair values for financial instruments as of June 30, 2024 were as follows:


	Carrying value		Estimated fair value		Level 1		Level 2		Level 3
Financial assets



Securities to be held to maturity (net of allowance for credit losses)	$	377,522,000	$	321,616,000	$	—	$	321,616,000	$	—


Loans (net of allowance for credit losses)
Commercial
Real estate	738,022,000		700,230,000		—		—		700,230,000
Construction	97,804,000		92,796,000		—		—		92,796,000
Other	477,978,000		468,464,000		—		—		468,464,000
Municipal	61,925,000		59,216,000		—		—		59,216,000
Residential
Term	680,446,000		610,008,000		—		—		610,008,000
Construction	34,987,000		34,556,000		—		—		34,556,000
Home equity line of credit	111,484,000		111,424,000		—		—		111,424,000
Consumer	20,331,000		18,049,000		—		—		18,049,000
Total loans	2,222,977,000		2,094,743,000		—		—		2,094,743,000
Mortgage servicing rights	2,019,000		3,281,000		—		3,281,000		—


Financial liabilities




Local certificates of deposit	$	369,948,000	$	350,698,000	$	—	$	350,698,000	$	—
National certificates of deposit	741,791,000		750,751,000		—		750,751,000		—
Total certificates of deposit	1,111,739,000		1,101,449,000		—		1,101,449,000		—
Repurchase agreements	56,502,000		56,372,000		—		56,372,000		—
Federal Home Loan Bank advances	174,118,000		123,851,000		—		123,851,000		—
Total borrowed funds	230,620,000		180,223,000		—		180,223,000		—

First Bancorp, Inc /ME/ 10-Q