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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-K

☒ Annual Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

For the Fiscal Year ended December 31, 2025

Commission File Number 0-26589

THE FIRST BANCORP, INC.

(Exact name of Registrant as specified in its charter)


Maine			01-0404322
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)


223 Main Street	Damariscotta	Maine	04543
(Address of principal executive offices)			(Zip code)

(207) 563-3195

Registrant's telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.01 per share	FNLC	NASDAQ Global Select Market

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ☐ No ☒

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 every Interactive Data File required to be submitted 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 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. (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 has filed a report on and attestation to its management’s assessment of

the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.

7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the

registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes ☐ No ☒

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.

Common Stock: $271,239,386

Indicate the number of shares outstanding of each of the registrant's classes of common stock as of March 1, 2026

Common Stock: 11,270,319 shares

Documents Incorporated By Reference:

Proxy Statement for the Annual Meeting of Shareholders

to be held on April 29, 2026

Table of Contents


ITEM 1. Discussion of Business			1
ITEM 1A. Risk Factors			8
ITEM 1B. Unresolved Staff Comments			17
ITEM 1C. Cyber Security			17
ITEM 2. Properties			19
ITEM 3. Legal Proceedings			19
ITEM 4. Mine Safety Disclosures			19
ITEM 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities			19
ITEM 6. No Required Information			22
ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations			22
ITEM 7A. Quantitative and Qualitative Disclosures about Market Risk			47
ITEM 8. Financial Statements and Supplemental Data			48
ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			113
ITEM 9A. Controls and Procedures			113
ITEM 9B. Other Information			114
ITEM 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections			114
ITEM 10. Directors, Executive Officers and Corporate Governance			114
ITEM 11. Executive Compensation			114
ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters			114
ITEM 13. Certain Relationships and Related Transactions, and Director Independence			114
ITEM 14. Principal Accounting Fees and Services			115
ITEM 15. Exhibits, Financial Statement Schedules			116

SIGNATURES			117

THIS PAGE INTENTIONALLY LEFT BLANK

ITEM 1. Discussion of Business

Overview

The First Bancorp, Inc. (the "Company") was incorporated under the laws of the State of Maine on January 15, 1985, for the purpose of becoming the parent holding company of The First National Bank of Damariscotta, which was chartered as a national bank under the laws of the United States on May 30, 1864. At the Company's Annual Meeting of Shareholders on April 30, 2008, the Company's name was changed from First National Lincoln Corporation to The First Bancorp, Inc.

On January 14, 2005, the acquisition of FNB Bankshares ("FNB") of Bar Harbor, Maine, was completed, adding seven banking offices and one investment management office in Hancock and Washington counties of Maine. FNB's subsidiary, The First National Bank of Bar Harbor, was merged into The First National Bank of Damariscotta at closing, and from January 31, 2005 until January 28, 2016, the combined banks operated under the name: The First, N.A. On January 28, 2016, the Board of Directors voted to change the name of The First, N.A. to First National Bank (the "Bank").

On December 11, 2020, the Bank completed the purchase of a branch at 1B Belmont Avenue in Belfast, Maine, from Bangor Savings Bank ("Bangor Savings"). The branch is one of six branches Bangor Savings acquired from Damariscotta Bank & Trust Company ("DB&T"), and this branch was divested by Bangor Savings to resolve competitive concerns in that market raised by the U.S. Department of Justice's Antitrust Division. As part of the transaction, the Bank acquired approximately $23 million in loans and assumed approximately $19 million in deposits. The transaction value was approximately $25.2 million consisting of the loans, building, equipment, core deposit intangible, and goodwill.

On January 31, 2022 the Bank opened a de novo branch office in Brewer, Maine. The Brewer office raised the Bank's branch location count to eighteen, and became its second branch in Penobscot County.

As of December 31, 2025, the Company's securities consisted of one class of common stock. At that date, there were 11,222,363 shares of common stock outstanding.

The common stock of the Bank is the principal asset of the Company, which has no other subsidiaries. The Bank's capital stock consists of one class of common stock, of which 290,069 shares, par value $2.50 per share, are issued and outstanding. All of the Bank's common stock is owned by the Company.

First National Bank: The Bank offers traditional banking products & services including deposit accounts, cash management and payment processing solutions, and consumer, commercial and mortgage loans. Personal service and convenience is emphasized to a customer base consisting primarily of small businesses, government entities, non-profit organizations, and individuals located or residing within its markets. The Bank continually evolves its processes and adapts to new technologies. Recent investments include areas such as mobile & digital banking, commercial loan origination, and document imaging. The banking business in the Bank's Mid-Coast and Eastern Maine market area is subject to modest seasonal fluctuations typically consisting of lower deposits in the winter and spring and higher deposits in the summer and fall. This fluctuation is predictable and has not had a materially adverse effect on the Bank.

In addition to traditional banking services, the Company provides investment management and private banking services through First National Wealth Management, an operating division of the Bank. First National Wealth Management offers a comprehensive array of private banking, financial planning, investment management and trust services to individuals, businesses, non-profit organizations and municipalities of varying asset size, and to provide the highest level of personal service. The staff includes investment and trust professionals with extensive experience. In 2019, the Bank introduced First National Investment Services. Through a partnership with a third party provider, First National Investment Services offers additional products such as brokerage, annuity products and certain types of insurance.

Competition: The financial services landscape has continued to evolve over the past five years. Within the Bank's primary market area, Maine-based community banks are the primary competitors for wallet share. Large out-of-state banks continue to be a presence as do smaller, local credit unions offering similar products and services. Adoption rates for online and mobile banking increased during the COVID-19 pandemic and further opened the market to new forms of competition. The introduction and acceptance of various digital currencies represents an emerging form of competition for deposits and payment services. Non-banking entities such as brokerage houses, mortgage companies and insurance companies also offer competitive products. Many of these entities and institutions have resources substantially greater than those available to the Bank and in some cases are not subject to the same regulatory restrictions as are the Company and the Bank.

The Company believes that there will continue to be a need for a bank in the Bank's primary market area with local management having decision-making power and emphasizing loans to small and medium-sized businesses and to individuals. The Bank has concentrated on extending business loans to such customers in the Bank's primary market area and to extending investment and trust services to clients with accounts of all sizes. Investment continues to be made in enhancing the Bank’s online and mobile offerings to both enhance service delivery and provide additional channels for customers to conduct business with the Bank. Additional investment has been made in new software platforms for commercial and residential lending. Management also makes decisions based upon, among other things, the knowledge of the Bank's employees regarding the communities and customers in the Bank's primary market area. The individuals employed by the Bank, to a large extent, reside near its branch offices and thus are generally familiar with their communities and customers. This is important in local decision-

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making and allows the Bank to respond to customer questions and concerns on a timely basis and fosters quality customer service.

The Bank has worked and will continue to work to position itself to be competitive in its market area. The Bank's ability to make decisions close to the marketplace, Management's commitment to providing quality banking products, the caliber of the professional staff, and the community involvement of the Bank's employees are all factors affecting the Bank's ability to be competitive.

Investor Relations: The Company maintains a website accessed via https://investors.thefirst.com where it makes available, free of charge, its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as well as all Section 16 reports on Forms 3, 4, and 5, as soon as reasonably practicable after such reports are electronically filed with, or furnished to, the SEC. The Company's reports filed with, or furnished to, the SEC are also available at the SEC's website at www.sec.gov. Information contained on the Company's website does not constitute a part of this report. Beginning with the third quarter of 2018, the Company adopted inline XBRL. Interactive reports for our 10-K and 10-Q filings are available in iXBRL format at www.sec.gov.

Customer Information Security: The FDIC, the OCC and other bank regulatory agencies have published guidelines (the "Guidelines") establishing standards for safeguarding nonpublic personal information about customers that implement provisions of the Gramm-Leach-Bliley Act (the "GLBA"). Among other things, the Guidelines require each financial institution, under the supervision and ongoing oversight of its Board of Directors or an appropriate committee thereof, to develop, implement and maintain a comprehensive written information security program designed to ensure the security and confidentiality of customer information, to protect against any anticipated threats or hazards to the security or integrity of such information, and to protect against unauthorized access to or use of such information that could result in substantial harm or inconvenience to any customer.

Protecting the privacy of our customers’ information as well as the security of the Bank’s systems and networks has long been and will continue to be a priority. The Board is committed to maintaining strong and meaningful privacy and security protections for our customers’ information. For additional information, see Item 1C. "Cybersecurity" for a discussion of our cybersecurity risk management and strategy and oversight of risks from cybersecurity threats.

Human Capital

At December 31, 2025, the Company had 283 employees and full-time equivalency of 278 employees. Most employees live and work in the State of Maine, with a limited number of employees working remotely outside of Maine.

Talent Acquisition: The Company’s success depends on attracting and retaining employees with a broad range of skills, including customer service, analytical capabilities, leadership, sales acumen and technical expertise. The Company recruits qualified candidates from all available sources and competes for talent primarily within its local and regional markets.

To attract and retain employees, the Company offers a comprehensive and competitive pay and benefits package. Eligible full-time employees and part-time employees scheduled to work at least 30 hours per week are provided access to a flexible benefits program, which includes group life, health, short and long-term disability insurance. Additional benefits include paid vacation, paid sick and personal time, paid birthday off and a 401(k) defined contribution plan for eligible employees. The Company participates in annual salary surveys to ensure wages are competitive in the local market, and since 1994 has offered a comprehensive annual incentive compensation plan available to all employees.

Diversity and Inclusion: The Company believes that our people are our most valuable asset. The collective differences, experiences, knowledge, inventiveness, innovation, self-expression, unique capabilities, and talent that our employees invest in their work represents a significant part of not only our culture, but our reputation and the Company's achievement as well. We are committed to fostering, cultivating, and preserving a culture of diversity, equity and inclusion, reflective of our market area, both in our employee base and on our Board of Directors. Valuing diversity and inclusiveness enables us to achieve our corporate mission and creates value for our customers, employees, business partners and shareholders.

The Company prohibits discrimination based on race, color, religion, sex, sexual orientation, gender identity, age, national origin, physical or mental disability, veteran status, or other legally protected status. This policy applies to all aspects of employment, including hiring, training, development, promotion, compensation, benefits, and termination.

Training and Development: The Company emphasizes employee training and development as a means of supporting operational excellence, regulatory compliance, and effective risk management. Opportunities made available to employees may include participation in industry seminars, industry certificate programs, and advanced industry education at regional or national banking schools.

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The Company has also developed an in- house program targeted to the development of future leaders. Managers conduct periodic coaching meetings with employees to review progress towards annual goals and identify areas of opportunity or performance improvement. Formal performance evaluations are conducted semi-annually. Our Education & Training department includes a Development Associate role dedicated to ensuring all employees are provided with development plans that meet their current and future career needs.

Employee Engagement: The Company recognizes that employees who are involved in, enthusiastic about and committed to their work and workplace contribute meaningfully to the success of the Company. The Company solicits employee feedback through a confidential web portal and periodically surveys employees on various topics of interest. We maintain human resources and other policies, including a harassment policy, to promote a workplace that is safe for all and provide a mechanism where our employees feel they can report incidents that run counter to our policies and the positive culture we endeavor to maintain. In addition, we have a confidential whistleblower program that forwards complaints to the Chair of the Audit Committee of the Board of Directors, and we work to take necessary action as quickly as possible should a complaint be received. This year, the Company participated in the Best Places to Work in Maine program in which a confidential employee engagement survey was delivered. Results for the Company were all above benchmark and we ranked #3 in the large employer category of the program. While pleased with these results, the Company continues to evaluate employee feedback and identify opportunities to further enhance engagement.

Succession Planning: The Company views succession planning as a priority and incorporates it into the strategic planning process. Succession plans are reviewed and updated annually for management roles, and are supported by the Company's development and leadership programs and initiatives. These plans are designed to identify both short- and long-term successors to promote continuity of leadership and operational stability.

Supervision and Regulation

The Company is a financial holding company within the meaning of the Bank Holding Company Act of 1956, as amended (the "BHC Act"), and section 225.82 of Regulation Y issued by the Board of Governors of the Federal Reserve System (the "Federal Reserve Board" or "FRB"), and is required to file with the Federal Reserve Board periodic reports and other information required pursuant to the BHC Act. The Company is subject to examination by the Federal Reserve Board. Virtually all of the Company's cash revenues are generally derived from dividends paid to the Company by the Bank. These dividends are subject to various legal and regulatory restrictions which are summarized in Note 18 to the accompanying financial statements. The Bank is regulated by the Office of the Comptroller of the Currency (the "OCC") and is subject to the provisions of the National Bank Act and the Federal Deposit Insurance Act. As a result, it must meet a number of regulatory standings, including certain liquidity and capital requirements, which are discussed in the following sections.

General: As a financial holding company, the Company is subject to regulation under the BHC Act and to inspection, examination and supervision by its primary federal regulator, the FRB. The Company is also subject to the disclosure and regulatory requirements of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, both as administered by the Securities and Exchange Commission (the "SEC"). As a company with securities listed on the NASDAQ, the Company is subject to the rules of the NASDAQ for listed companies. The Bank is subject to regulation and examination primarily by the OCC and is subject to the regulations adopted by other federal agencies, including the Federal Deposit Insurance Corporation (the "FDIC") and the Consumer Financial Protection Bureau (the "CFPB").

Bank Holding Company Activities: As a bank holding company ("BHC") that has elected to become a financial holding company pursuant to the BHC Act, we may affiliate with securities firms and insurance companies and engage in other activities that are financial in nature or incidental or complementary to activities that are financial in nature, as those terms are used in the BHC Act.

As an FDIC-insured depository institution, the Bank is periodically rated for its compliance with the Community Reinvestment Act of 1977, as amended (the "CRA"). If the Bank were to receive a rating of less than satisfactory, the Company could be prohibited from engaging directly or indirectly in corporate acquisitions or mergers or in new activities, until the rating is raised to satisfactory or better.

In addition, if the FRB finds that the Bank is not well capitalized or well managed, the Company could also be prohibited from engaging directly or indirectly in corporate acquisitions or mergers or in new activities, and also could be required to enter into an agreement with the FRB to comply with all applicable capital and management requirements and which may contain additional limitations or conditions. If we fail to correct any such condition within a prescribed period, the FRB could take additional enforcement actions, including but not limited to ordering us to divest the Bank.

Dividend Restrictions. Generally speaking, a national bank, such as the Bank, is ordinarily permitted to pay dividends equivalent to the Bank’s current and undistributed prior earnings, provided the bank is adequately capitalized. However, other capital distributions by a bank require the prior approval of the OCC.

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Separation Between the Company and the Bank. The Company is a legal entity separate and distinct from the Bank. The primary source of funds to pay dividends on our common stock is dividends from the Bank. Various federal and state statutory provisions and regulations limit the amount of dividends the Bank may pay without regulatory approval. Federal bank regulatory agencies have the authority to prohibit the Bank from engaging in unsafe or unsound practices in conducting its business. The payment of dividends, depending on the financial condition of the Bank, could be deemed an unsafe or unsound practice. The ability of the Bank to pay dividends in the future is currently, and could be further, influenced by bank regulatory policies and capital guidelines.

The Bank is subject to restrictions under federal law that limit the transfer of funds or other items of value from an insured depository institution subsidiary to any nonbank affiliate (including the Company) that comprise "covered transactions." In general, covered transactions include loans and other extensions of credit, investments and asset purchases, as well as certain other transactions involving the transfer of value from a subsidiary bank to an affiliate or for the benefit of an affiliate. Unless an exemption applies, covered transactions by a subsidiary bank with a single affiliate are limited to 10% of the subsidiary bank's capital and surplus and, with respect to all covered transactions with affiliates in the aggregate, to 20% of the subsidiary bank's capital and surplus. Also, loans and extensions of credit to affiliates generally are required to be secured by qualifying collateral. A bank's transactions with its nonbank affiliates are also generally required to be on arm's-length terms.

The FRB has a policy that a BHC is expected to act as a source of financial and managerial strength to its subsidiary bank and, under appropriate circumstances, to commit resources to support the subsidiary bank. This support may be required at times when the BHC may not have the resources to provide the support. The OCC may order an assessment of the BHC if the capital of one of its national bank subsidiaries were to become impaired. If the BHC failed to pay the assessment within three months, the OCC could order the sale of the BHC's holdings of stock in the national bank to cover the deficiency.

Insolvency and Resolution of the Bank. The insolvency and resolution of the Bank would be governed by the Federal Deposit Insurance Act, not by federal bankruptcy law. The Federal Deposit Insurance Act imposed limits on the amounts of deposit insurance afforded to a depositor; deposit amounts in excess of these limits are deemed uninsured under the Act. In the event of the "liquidation or other resolution" of an insured depository institution, the claims of depositors generally (including the claims of the FDIC as subrogee of insured depositors) and certain claims for administrative expenses of the FDIC as a receiver will have priority over other general unsecured claims against the institution. If an insured depository institution fails, claims of insured and uninsured U.S. depositors, along with claims of the FDIC, will have priority in payment ahead of unsecured creditors, including the BHC, and depositors whose deposits are solely payable at such insured depository institution's non-U.S. offices.

Capital Requirements: The Company and the Bank are subject to leverage capital requirements issued by the federal banking regulatory agencies (the “Capital Rules”), as well as risk-based capital requirements issued by the banking agencies based on the Basel Committee on Banking Supervision’s (“Basel Committee”) framework for strengthening capital and liquidity regulation (referred to as Basel III). If a banking organization's capital levels fall below the minimum requirements established by the Capital Rules, a bank or BHC will be expected to develop and implement a plan acceptable to its regulators to achieve adequate levels of capital within a reasonable period, and may be denied approval to conduct various activities, including engaging in new activities or corporate acquisitions or establishing new branches, until such capital levels are achieved. Federal regulations require federal bank regulators to take "prompt corrective action" with respect to insured depository institutions that fail to satisfy minimum capital requirements, and to impose significant restrictions on such institutions.

Leverage Capital Ratio: The capital regulations impose on the Bank and the Company a minimum "Leverage Capital Ratio" or ratio of "Tier 1 Capital" (as defined in the Risk-Based Capital Guidelines discussed in the following paragraphs) to Total Assets of 4.0%. It is possible that banking regulators may increase minimum capital requirements should economic conditions worsen.

Risk-Based Capital Requirements: The capital regulations also impose on the Bank and the Company minimum capital levels as a percentage of their respective risk-adjusted assets. Qualifying total capital ("Total Capital") for this purpose may include two components: "Core" (Tier 1) Capital and "Supplementary" (Tier 2) Capital; Tier 1 Capital is further broken down in the Capital Rules to Common Equity Tier 1 (CET1) and Additional Tier 1 Capital (AT1). Core Capital consists primarily of common stockholders' equity, which generally includes common stock, related surplus and retained earnings, certain non-cumulative perpetual preferred stock and related surplus, and minority interests in the equity accounts of consolidated subsidiaries, and (subject to certain limitations) mortgage servicing rights and purchased credit card relationships, less all other intangible assets (primarily goodwill). Neither the Company nor the Bank carries any capital items that would be considered AT1, thus CET1 and Tier 1 Capital for the Company and the Bank are equal. Supplementary Capital elements include, subject to certain limitations, a portion of the allowance for credit losses, perpetual preferred stock that does not qualify for inclusion in Tier 1 capital, long-term preferred stock with an original maturity of at least 20 years and related surplus, certain forms of perpetual debt and mandatory convertible securities, and certain forms of subordinated debt and intermediate-term preferred stock.

The risk-based capital rules assign the majority of balance sheet assets and the credit equivalent amounts of off-balance sheet obligations to one of four risk categories, weighted at 0%, 20%, 50% or 100%, as applicable. A small amount of assets

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and off-balance sheet obligations are assigned a risk weight above 100%. Applying these risk-weights to each category of the balance sheet assets and to the credit equivalent amounts of the off-balance sheet obligations, and summing the totals results in the amount of total Risk-Weighted Assets ("RWAs") for purposes of the risk-based capital requirements. RWAs for a depository institution, such as the Bank, will generally be less than reported balance sheet assets because its retail banking activities include proportionally more residential mortgage loans, many of its investment securities have a low risk weighting and there is a relatively small volume of off-balance sheet obligations.

The risk-based capital regulations require all banks to maintain a minimum ratio of CET1 to RWAs of 4.5%, CET1 plus AT1 to RWAs of 6.0%, and Total Capital to Risk-Weighted Assets of 8.0%, of which at least one-half (4.0%) must be Core (Tier 1) Capital. For the purpose of calculating these ratios: (i) a banking organization's Supplementary Capital eligible for inclusion in Total Capital is limited to no more than 100% of Core Capital; and (ii) the aggregate amount of certain types of Supplementary Capital eligible for inclusion in Total Capital is further limited. For example, the regulations limit the portion of the allowance for credit losses eligible for inclusion in Total Capital to 1.25% of Risk-Weighted Assets. The Federal Reserve Board has established substantially identical risk-based capital requirements, which are applied to BHCs on a consolidated basis. The risk-based capital regulations explicitly provide for the consideration of interest rate risk in the overall evaluation of a bank's capital adequacy to ensure that banks effectively measure and monitor their interest rate risk, and that they maintain capital adequate for that risk. An organization deemed by its federal banking regulator to have excessive interest rate risk exposure may be required to maintain additional capital (that is, capital in excess of the minimum ratios discussed above). The Bank believes, based on its level of interest rate risk exposure, that this provision will not have a material adverse effect on it.

Additionally, the Capital Rules require an organization to establish a capital conservation buffer of CET1 capital in an amount above the minimum risk-based capital requirements for “adequately capitalized” institutions equal to 2.5% of total RWA, resulting in a requirement for the Company and the Bank effectively to maintain CET1, Tier 1 and total capital ratios of 7%, 8.5% and 10.5%, respectively. Banking organizations with a ratio of CET1 capital to RWA above the minimum requirement but below the capital conservation buffer face restrictions on the ability to pay dividends, pay discretionary bonuses, and to engage in share repurchases based on the amount of the shortfall and the institution’s “eligible retained income” (the greater of (i) net income for the preceding four quarters, net of distributions and associated tax effects not reflected in net income and (ii) average net income over the preceding four quarters).

On December 31, 2025, the Company's consolidated Total Capital Ratio was 14.02%, its CET1 and Tier 1 ratios were 12.84%, and its Leverage Capital Ratio was 8.84%. Based on the above figures and accompanying discussion, the Company exceeds all regulatory capital requirements and is considered well capitalized.

Prompt Corrective Action: The Federal Deposit Insurance Corporation Improvement Act of 1991 ("FDICIA") requires, among other things, that federal banking regulators take "prompt corrective action" with respect to, and impose significant restrictions on, any bank that fails to satisfy its applicable minimum capital requirements. FDICIA establishes five capital categories consisting of "well capitalized," "adequately capitalized," "undercapitalized," "significantly undercapitalized" and "critically undercapitalized." Under applicable regulations, a bank that has a Total Risk-Based Capital Ratio of 10.0% or greater, a Tier 1 Risk-Based Capital Ratio of 8.0% or greater, a CET1 ratio of 6.5% or greater, and a Leverage Capital Ratio of 5.0% or greater, and is not subject to any written agreement, order, capital directive or prompt corrective action directive to meet and maintain a specific capital level for any capital measure, is deemed to be "well capitalized." Generally, a bank that has a Total Risk-Based Capital Ratio of 8.0% or greater, a Tier 1 Risk-Based Capital Ratio of 6.0% or greater, a CET1 ratio of 4.5%, or greater and a Leverage Capital Ratio of 4.0% or greater, but does not meet the definition of a well-capitalized bank is considered to be "adequately capitalized." A bank that has a Total Risk-Based Capital Ratio of less than 8.0%, a Tier 1 Risk-Based Capital Ratio that is less than 6.0%, a CET1 ratio of less than 4.5%, or a Leverage Capital Ratio of less than 4.0% is considered "undercapitalized." A bank that has a Total Risk-Based Capital Ratio of less than 8.0%, a Tier 1 Risk-Based Capital Ratio that is less than 4.0%, a CET1 ratio of less than 3.0%, or a Leverage Capital Ratio that is less than 3.0% is considered to be "significantly undercapitalized." A bank that has a ratio of tangible equity to total assets equal to or less than 2% is deemed to be "critically undercapitalized." A bank may be deemed to be in a capital category lower than is indicated by its actual capital position if it is determined to be in an unsafe or unsound condition or receives an unsatisfactory examination rating. FDICIA generally prohibits a bank from making capital distributions (including payment of dividends) or paying management fees to controlling stockholders or their affiliates if, after such payment, the bank would be undercapitalized. As of December 31, 2025, the Bank was deemed "well capitalized."

Under FDICIA and the applicable implementing regulations, an undercapitalized bank will be subject to significant regulatory restrictions, including increased monitoring, restrictions on dividends, capital distributions, and management fees, limits on asset growth, and restrictions on certain expansion proposals, as well as the requirement to submit a capital restoration plan. In addition to the foregoing, the primary federal banking regulator may issue a "prompt corrective action directive" to any undercapitalized institution. Such a directive may (i) require sale or re-capitalization of the bank; (ii) impose additional restrictions on transactions between the bank and its affiliates; (iii) limit interest rates paid by the bank on deposits; (iv) limit asset growth and other activities; (v) require divestiture of subsidiaries; (vi) require replacement of directors and officers; and (vii) restrict capital distributions by the bank's parent holding company. Significantly undercapitalized or critically undercapitalized institutions are subject to more stringent limitations.

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Cyber-Security Incident Disclosure: In November 2021, the U.S. bank regulatory agencies adopted a joint final rule regarding notification requirements for banking organizations related to significant computer security incidents. Under the final rule, bank holding companies and national banks, such as the Company and the Bank, are required to notify the FRB or OCC, respectively, within 36 hours of incidents that have materially disrupted or degraded, or are reasonably likely to materially disrupt or degrade the banking organization’s ability to deliver services to a material portion of its customer base, or jeopardize the viability of key operations of the banking organization. In July 2023, the SEC adopted a final rule requiring registrants like the Company to disclose material cybersecurity incidents they experience via a Current Report on Form 8-K. Disclosure is required within four business days of a cybersecurity incident being determined to be material. For additional information, see Item 1C. "Cybersecurity" for a discussion of our cybersecurity risk management and strategy and oversight of risks from cybersecurity threats.

Dodd-Frank Wall Street Reform and Consumer Protection Act: The Dodd-Frank Act, enacted on July 21, 2010, resulted in broad changes to the U.S. financial system. The Dodd-Frank Act has affected, and we expect it will continue to affect, most of our business in some way, either directly through regulation of specific activities or indirectly through regulation of concentration risks, capital and liquidity.

Title X of the Dodd-Frank Act consists of the Consumer Financial Protection Act which established the CFPB. The CFPB regulates the offering and provision of consumer financial products and services under federal consumer financial laws, and has rule-writing responsibility with respect to certain federal laws pertaining to consumer financial products and services, and with respect to certain financial service providers, the CFPB assumed examination and enforcement authority from the existing federal banking regulatory agencies. Neither the Company nor the Bank is subject to examination or enforcement by the CFPB, but is required to adhere to regulations adopted and implemented by the CFPB.

Deposit Insurance Assessments: The Bank is a member of the Deposit Insurance Fund ("DIF") maintained by the FDIC. Through the DIF, the FDIC insures the deposits of the Bank up to prescribed limits for each depositor. The DIF was formed March 31, 2006, upon the merger of the Bank Insurance Fund and the Savings Insurance Fund. The FDIC may terminate a depository institution's deposit insurance upon a finding that the institution's financial condition is unsafe or unsound or that the institution has engaged in unsafe or unsound practices or has violated any applicable rule, regulation, order or condition enacted or imposed by the institution's regulatory agency. The termination of deposit insurance for the Bank could have a material adverse effect on our earnings.

The Bank is subject to deposit insurance assessments to maintain the DIF; these assessments are based on its assets. With respect to small banks such as the Bank (generally those banks with less than $10 billion of assets that have been insured for at least five years) assessments are calculated using a risk based approach, utilizing the CAMELS rating system, which is a supervisory rating system designed to take into account and reflect financial and operational risks that a bank may face, as one component of the assessment calculation along with seven additional metrics including capital adequacy, asset quality, earnings, brokered deposit reliance, and assets growth rate. Assessment rates specific to the Bank are calculated quarterly based upon its balance sheet and performance metrics as of the prior quarter end. The FDIC has the power to adjust deposit insurance assessment rates at any time, and the Company is not able to predict the amount or timing of any adjustment. An increase in the Bank's deposit insurance assessment could have a material impact on the Company.

Brokered Deposits and Pass-Through Deposit Insurance Limitations: Under FDICIA, a bank cannot accept brokered deposits unless it either (i) is "Well Capitalized" or (ii) is "Adequately Capitalized" and has received a written waiver from its primary federal banking regulator. For this purpose, "Well Capitalized" and "Adequately Capitalized" have the same definitions as in the Prompt Corrective Action regulations. See "Prompt Corrective Action" above. Banks that are not in the "Well Capitalized" category are subject to certain limits on the rates of interest they may offer on any deposits (whether or not obtained through a third-party deposit broker). Pass-through insurance coverage is not available in banks that do not satisfy the requirements for acceptance of brokered deposits, except that pass-through insurance coverage will be provided for employee benefit plan deposits in institutions which at the time of acceptance of the deposit meet all applicable regulatory capital requirements and send written notice to their depositors that their funds are eligible for pass-through deposit insurance. Industry regulators published changes to the definition of brokered deposits that became effective April 1, 2021; the new standards have had no impact upon the Company's business. Further changes to the definition of brokered deposits have been proposed in the last twelve months and will be monitored by the Bank for potential impact. The Bank currently accepts brokered deposits.

Standards for Safety and Soundness: Pursuant to FDICIA the federal bank regulatory agencies have prescribed, by regulation, standards and guidelines for all insured depository institutions and depository institution holding companies relating to: (i) internal controls, information systems and internal audit systems; (ii) loan documentation; (iii) credit underwriting; (iv) interest rate risk exposure; (v) asset growth; and (vi) compensation, fees and benefits. The compensation standards prohibit employment contracts, compensation or benefit arrangements, stock option plans, fee arrangements or other compensatory arrangements that would provide "excessive" compensation, fees or benefits, or that could lead to material financial loss. In addition, the federal bank regulatory agencies are required by FDICIA to prescribe standards specifying: (i) maximum classified assets to capital ratios; (ii) minimum earnings sufficient to absorb losses without impairing capital; and (iii) to the extent feasible, a minimum

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ratio of market value to book value for publicly-traded shares of depository institutions and depository institution holding companies.

USA Patriot Act: The USA PATRIOT Act of 2001, designed to deny terrorists and others the ability to obtain anonymous access to the U.S. financial system, has significant implications for depository institutions, broker-dealers and other businesses involved in the transfer of money. The USA PATRIOT Act, together with the implementing regulations of various federal regulatory agencies, have caused financial institutions, including the Bank, to adopt and implement additional, or to amend existing, policies and procedures with respect to, among other things, anti-money laundering compliance, suspicious activity and currency transaction reporting, customer identity verification and customer risk analysis. The Act and its underlying regulations also permit information sharing for counter-terrorist purposes between federal law enforcement agencies and financial institutions, as well as among financial institutions, subject to certain conditions, and require the various federal bank regulatory agencies to evaluate the effectiveness of an applicant in combating money laundering activities when considering applications for approval of acquisitions or new activities, including but not limited to those filed under Section 3 of the BHC Act or under the Bank Merger Act.

The Bank Secrecy Act: The Bank Secrecy Act (the "BSA") requires all financial institutions, including banks and securities broker-dealers, to, among other things, establish a risk-based system of internal controls reasonably designed to prevent money laundering and the financing of terrorism. It includes a variety of recordkeeping and reporting requirements (such as cash and suspicious activity reporting) as well as due diligence/know-your-customer documentation requirements. In January 2021, the Anti-Money Laundering Act of 2020 (“AMLA”), which amends the BSA, was enacted. The AMLA codifies a risk-based approach to anti-money laundering compliance for financial institutions; requires the development of standards by the U.S. Department of the Treasury for evaluating technology and internal processes for BSA compliance; and expands enforcement- and investigation-related authority, including a significant expansion in the available sanctions for certain BSA violations. The Bank has established an anti-money laundering program to comply with the BSA requirements.

Office of Foreign Assets Control. The U.S. has imposed and may continue to impose economic sanctions that affect transactions with designated foreign countries, nationals and others. These sanctions, which generally are administered by U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”), take many different forms. Failure to comply with these sanctions could have serious legal and reputational consequences for the Bank. The Bank has established a transaction monitoring program to comply with OFAC requirements.

The Sarbanes-Oxley Act: The Sarbanes-Oxley Act of 2002 ("SOX") implemented a broad range of corporate governance and accounting measures for public companies (including publicly-held bank holding companies such as the Company) designed to promote honesty and transparency in corporate America and better protect investors from corporate wrongdoings. SOX's principal provisions, many of which have been implemented through regulations released and policies and rules adopted by the securities exchanges in 2003 and 2004, provide for and include, among other things:

•The creation of an independent accounting oversight board;

•Auditor independence provisions which restrict non-audit services that accountants may provide to clients;

•Additional corporate governance and responsibility measures, including the requirement that the chief executive officer and chief financial officer of a public company certify financial statements;

•The forfeiture of bonuses or other incentive-based compensation and profits from the sale of an issuer's securities by directors and senior officers in the twelve-month period following initial publication of any financial statements that later require restatement;

•An increase in the oversight of, and enhancement of certain requirements relating to, audit committees of public companies and how they interact with the public company's independent auditors;

•Requirements that audit committee members must be independent and are barred from accepting consulting, advisory or other compensatory fees from the issuer;

•Requirements that companies disclose whether at least one member of the audit committee is a 'financial expert' (as such term is defined by the SEC), and if not, why not;

•Expanded disclosure requirements for corporate insiders, including accelerated reporting of stock transactions by insiders and a prohibition on insider trading during certain blackout periods;

•A prohibition on personal loans to directors and officers, except certain loans made by insured financial institutions, such as the Bank, on non-preferential terms and in compliance with bank regulatory requirements;

•Disclosure of a code of ethics and filing a Form 8-K in the event of a change or waiver of such code; and

•A range of enhanced penalties for fraud and other violations.

The Company complies with the provisions of SOX and its underlying regulations. Management believes that such compliance efforts have strengthened the Company's overall corporate governance structure, and does not believe that such compliance has had, or will in the future have, a material impact on the Company's results of operations or financial condition.

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Impact of Monetary Policy: Our business and earnings are affected significantly by the fiscal and monetary policies of the federal government and its agencies. We are particularly affected by the policies of the FRB, which regulates the supply of money and credit in the United States. Among the instruments of monetary policy available to the FRB are (a) conducting open market operations in United States government securities, (b) changing the discount rates of borrowings of depository institutions, (c) imposing or changing reserve requirements against depository institutions' deposits, and (d) imposing or changing reserve requirements against certain borrowings by banks and their affiliates. These methods are used in varying degrees and combinations to directly affect the availability of bank loans and deposits, as well as the interest rates charged on loans and paid on deposits. The policies of the FRB may have a material effect on our business, results of operations and financial condition. The nature of future monetary policies and the effect of such policies on the future business and earnings of the Company and the Bank cannot be predicted. See Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations and Item 1A - Risk Factors, regarding the Bank's net interest margin and the effect of interest rate volatility on future earnings.

ITEM 1A. Risk Factors

The risks and uncertainties described below are not the only ones the Company faces. Additional risks and uncertainties that we are unaware of, or that we currently deem immaterial, also may become important factors that affect us and our business. If any of these risks were to materialize, our business, financial condition or results of operations could be materially and adversely affected.

Risk Associated With Our Business

Credit Risks

We are subject to credit risk and may incur losses if loans are not repaid.

There are inherent risks associated with our lending activities. These risks include, among other things, the impact of changes in interest rates and changes in the economic conditions in the markets where we operate as well as those across the United States and abroad. Increases in interest rates and/or weakening economic conditions could adversely impact the ability of borrowers to repay outstanding loans and the value of the collateral securing these loans. Other changes in the values of underlying collateral securing loans could pose additional risk if the collateral must be relied upon for repayment in the event of a loan default. We seek to mitigate the risks inherent in our loan portfolio by adhering to specific underwriting practices. Although we believe that our underwriting criteria are appropriate for the various kinds of loans we make, we may incur losses on loans that meet our underwriting criteria, and these losses may exceed the amounts set aside as reserves in our allowance for credit losses.

Our loan portfolio includes commercial, commercial real estate, and commercial construction loans that may have higher risks than other types of loans.

Our commercial, commercial real estate, and commercial construction loans at December 31, 2025 and 2024 were $981.4 million and $970.9 million, or 41.0% and 41.5% of total loans, respectively. Commercial and commercial real estate loans generally carry larger loan balances and can involve a greater degree of financial and credit risk than other types of loans. As a result, banking regulators continue to give greater scrutiny to lenders with a high concentration or a high growth rate of commercial real estate loans in their portfolios, and such lenders are expected to implement stricter underwriting criteria, internal controls, risk management policies and portfolio stress testing, as well as higher capital levels and appropriate loss allowances. The increased financial and credit risk associated with these types of loans are a result of several factors, including the concentration of principal in a limited number of loans and borrowers, the size of loan balances, the effects of general economic conditions on income-producing properties, the potential illiquidity of the real estate collateral securing such losses, and the increased difficulty of evaluating and monitoring these types of loans.

Regulators have the right to require banks to maintain elevated levels of capital or liquidity due to commercial real estate loan concentrations, and could do so, especially if there is a downturn in our local real estate markets. In addition, when underwriting a commercial or industrial loan, we may take a security interest in commercial real estate, and, in some instances upon a default by the borrower, we may foreclose on and take title to the property, which results in added expense in the form of tax, insurance and other maintenance costs, and which may lead to potential financial risks for us under applicable environmental laws. If hazardous substances were discovered on any of these properties, we may be liable to governmental agencies or third parties for the costs of remediation of the hazard, as well as for personal injury and property damage. Many environmental laws can impose liability regardless of whether the accused lender knew of, or had been responsible for, the contamination.

Furthermore, the repayment of loans secured by commercial real estate is typically dependent upon the successful operation of the related real estate or commercial project. If the cash flows from the project are reduced, a borrower's ability to repay the loan may be impaired. This cash flow shortage may result in the failure to make loan payments. In such cases, we

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may be compelled to modify the terms of the loan. In addition, the nature of these loans is such that they are generally less predictable and more difficult to evaluate and monitor. As a result, repayment of these loans may, to a greater extent than residential loans, be subject to adverse conditions in the real estate market or the broader economy.

Our Allowance for Credit Losses may be insufficient and require additional provision from earnings.

The Bank maintains an allowance for credit losses based on, among other things, national and regional economic conditions, historical loss experience and delinquency trends. We make various assumptions and judgments about the collectability of our loan portfolio, including the creditworthiness of borrowers and the value of the real estate and other assets serving as collateral for the repayment of loans. In determining the size of the allowance for credit losses, we rely on our experience and our evaluation of economic conditions. However, we cannot predict credit losses with certainty, and we cannot provide assurance that charge-offs in future periods will not exceed the allowance for credit losses. If, as a result of general economic conditions, previously incorrect assumptions or an increase in defaulted loans, we determine that additional increases in the allowance for credit losses are necessary, we will incur additional provision expenses. In addition, regulatory agencies review the Bank's allowance for credit losses and may require additions to the allowance based on their judgment about information available to them at the time of their examination. Management could also decide that the allowance for credit losses should be increased. If charge-offs in future periods exceed the allowance for credit losses, we will need additional provisions to increase the allowance for credit losses. Furthermore, growth in the loan portfolio would generally lead to an increase in the provision for credit losses. The Bank adopted ASC 326, the current expected credit loss ("CECL") standard in the first quarter of 2023, and increased its Allowance for Credit Losses ("ACL") via a one-time charge to retained earnings.

Increases in the ACL typically result in a decrease in net income and capital, and may have a material adverse effect on our financial condition, results of operations, and cash flows. See the section captioned "Credit Risk Management and Allowance for Credit Losses" in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, located elsewhere in this report, for further discussion related to our process for determining the appropriate level of the allowance for credit losses.

The Maine foreclosure process can be lengthy and add additional losses for the Bank.

Residential foreclosures in Maine occur through the judicial system. Under ideal circumstances, it can take as little as six months to foreclose on a Maine property; however, if the borrower contests the foreclosure or the court delays the foreclosure, the process may take up to two years, or longer in some instances. In 2009, the Maine Legislature passed "An Act to Preserve Home Ownership and Stabilize the Economy by Preventing Unnecessary Foreclosures." This law provides for mediation of foreclosure of residential mortgages and borrowers may choose mediation in which each party must attend court supervised mediation sessions and evaluate foreclosure alternatives in good faith. This law also provides that issues such as reinstatement of the mortgage, modification of the loan and restructuring of the mortgage debt are to be addressed at these mediation sessions. Given the uncertain timeframe related to foreclosure in Maine, the Bank can incur additional legal fees and other costs, such as payment of property taxes and insurance, if the foreclosure process is extended. In addition, the value of the property may further decline if the borrower fails to maintain the property in good order or market conditions worsen during this extended period.

The Bank is exposed to risk of environmental liabilities with respect to properties to which it takes title.

In the course of business, the Bank may own or foreclose and take title to real estate that may be subject to environmental liabilities with respect to subject property. As a result, the Company may be held liable for property damage, personal injury, investigation and restoration costs. The cost associated with investigation or restoration activities could be substantial. In addition, as the owner or former owner of a contaminated site, the Company may be subject to common law claims by third parties based on damages and costs resulting from environmental contamination emanating from the property.

A decline in economic conditions or real estate values in our primary market area could adversely impact results of operations and financial condition.

Most of the Bank's lending is in Mid-Coast and Eastern Maine. As a result of this geographic concentration, a significant broad-based deterioration in economic conditions in this area of Northern New England could have a material adverse impact on the quality of the Bank's loan portfolio, and could result in a decline in the demand for our products and services and, accordingly, could negatively impact our results of operations. Such a decline in economic conditions could impair borrowers' ability to pay outstanding principal and interest on loans when due and, consequently, adversely affect the cash flows of our business. The Bank's loan portfolio is largely secured by real estate collateral. A substantial portion of the real and personal property securing the loans in the Bank's portfolio is located in Mid-Coast and Eastern Maine. Conditions in the real estate market in which the collateral for the Bank's loans is located strongly influence the level of the Bank's non-performing loans, the potential or actual amounts realized from real estate collateral in the event of default, and ultimately the results of operations.

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Liquidity & Interest Rate Risks

Changes in interest rates have and could continue to adversely affect our net interest income and profitability.

Our earnings and cash flows are largely dependent upon our net interest income. Net interest income is the difference between interest income earned on interest-earning assets, such as loans and securities, and interest expense paid on interest-bearing liabilities, such as deposits and borrowed funds. Interest rates are highly sensitive to many factors that are beyond our control, including general economic conditions, demand for loans, securities and deposits, and policies of various governmental and regulatory agencies and, in particular, the Board of Governors of the Federal Reserve System. Changes in monetary policy, including changes in interest rates, could influence not only the interest we receive on loans and securities and the amount of interest we pay on deposits and borrowings, but such changes could also affect:

•our ability to originate loans and obtain deposits;

•the fair value of our financial assets and liabilities; and

•the average duration of our loans and securities that are collateralized by mortgages.

If the interest rates paid on deposits and other borrowings increase at a faster rate than the interest rates received on loans and other investments, our net interest income, and therefore our earnings, could be adversely affected. Earnings could also be adversely affected if the interest rates received on loans and other investments fall more quickly than the interest rates paid on deposits and other borrowings. If interest rates decline, our higher-rate loans and investments may be subject to prepayment risk, which could negatively impact our net interest margin. Conversely, if interest rates increase, our loans and investments may be subject to extension risk, which could negatively impact our net interest margin as well. Any substantial, unexpected or prolonged change in market interest rates could have a material adverse effect on our financial condition, results of operations and cash flows. See Item 7A. Quantitative and Qualitative Disclosures about Market Risk, located elsewhere in this report, for further discussion related to our management of interest rate risk.

The value of our investment portfolio may be negatively affected by changes in interest rates and disruptions in securities markets.

Volatile market conditions may detrimentally affect the value of securities held in our portfolio due to the perception of heightened credit and liquidity risks. There can be no assurance that the declines in market value associated with these disruptions will not result in other than temporary impairments of these assets, which would lead to accounting charges that could have a material adverse effect on our net income and capital levels. Our mortgage-backed bond portfolio may be subject to extension risk as interest rates rise, extending the average life of the bonds. As of December 31, 2025, the Bank's investment portfolio had market values of $264.5 million and $356.1 million in available for sale and held to maturity investment securities, respectively. Numerous factors, including lack of liquidity for re-sales of certain investment securities, absence of reliable pricing information for investment securities, adverse changes in business climate, adverse actions by regulators, rising interest rates, or unanticipated changes in the competitive environment could have a negative effect on our investment portfolio in future periods. If an impairment charge is significant enough it could affect the ability of the Bank to renew funding. This could have a material adverse effect on our liquidity and the Bank's ability to upstream dividends to the Company and for the Company to then pay dividends to shareholders. It could also negatively impact our regulatory capital ratios and result in our not being classified as "well-capitalized" for regulatory purposes.

Illiquidity could impair our ability to fund operations and jeopardize our financial condition.

Liquidity is essential to our business. An inability to raise funds through traditional deposits, brokered deposit issuance, renewal or rollover, secured or unsecured borrowings, the sale of securities or loans or other sources could have a substantial negative effect on our liquidity. Our access to funding sources in amounts adequate to finance our activities could be impaired by factors that affect us specifically or the financial services industry or the economy in general, or could be available only under terms which are unacceptable to us. We rely primarily on commercial and retail deposits and, to a lesser extent, brokered deposit issuances, renewals and rollovers, advances from the Federal Home Loan Bank of Boston (the "FHLB") and other secured and unsecured borrowings to fund our operations. Factors that could detrimentally impact our access to liquidity sources include a decrease in the level of our business activity as a result of a downturn in the markets in which our loans are concentrated, adverse regulatory action against us, changes in market interest rates or increased competition for funding within our market. Disruptions in the capital markets or interest rate changes may make the terms of wholesale funding sources less favorable and may make it difficult for us to sell securities when needed to provide additional liquidity. In addition, if we fall below the FDIC's thresholds to be considered "well capitalized", we will be unable to issue new brokered deposits, continue to roll over or renew brokered funds, and the interest rate we pay on deposits in general would be subject to restrictions. As a result, there is a risk that our cost of funding will increase or we will not have sufficient funds to meet our obligations when they become due.

Loss of lower-cost funding sources could lead to margin compression and decrease net interest income.

Checking and savings, NOW, and money market deposit account balances and other forms of customer deposits can decrease when customers perceive alternative investments, such as the stock market, as providing a better risk/return proposition. If

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customers move money out of bank deposits and into other investments, we could lose a relatively low-cost source of funds, increasing our funding costs and reducing our net interest income and net income. Advances from the FHLB are typically a reliable source of funding and often less expensive than other types of wholesale funding. The availability of qualified collateral on the Bank's balance sheet determines the level of advances available from FHLB and a deterioration in quality in the Bank's loan portfolio can adversely impact the availability of this source of funding, which could increase our funding costs and reduce our net interest income.

Lack of loan demand may adversely impact net interest income.

Loan demand in the Bank's market area may be limited during periods of weak economic conditions. This could have the greatest impact on the commercial loan portfolio. In addition, in order to reduce the Bank's exposure to interest rate risk, the Bank may sell residential mortgages to the secondary market that have been refinanced by borrowers seeking to take advantage of lower interest rates. Should this happen, net interest income may be negatively impacted if loans are replaced by lower-yielding investment securities or if the balance sheet is allowed to shrink.

Operational Risk

The soundness of other financial institutions could adversely affect us.

Our ability to engage in routine funding transactions could be adversely affected by the actions and commercial soundness of other financial institutions. Financial services companies are interrelated as a result of trading, clearing, counterparty, or other relationships. We have exposure to many different industries and counterparties, and we routinely execute transactions with counterparties in the financial services industry, including brokers and dealers, commercial banks, investment banks, mutual and hedge funds, and other institutional clients. As a result, defaults by, or even rumors or questions about, one or more financial services companies, or the financial services industry generally, have led to market-wide liquidity problems and could lead to losses or defaults by us or by other institutions. In addition, many of these transactions expose us to credit risk in the event of default of our counterparty or client. Further, our credit risk may be exacerbated when the collateral held by us cannot be realized or is liquidated at prices not sufficient to recover the full amount of the loan or derivative exposure due us. There is no assurance that any such losses would not materially and adversely affect our business, financial condition or results of operations.

Our investment management activities are dependent on the value of investment securities which may lead to revenue fluctuations.

First National Wealth Management is the investment management arm of the Bank, operating under trust powers granted by the OCC in the Bank's charter. First National Wealth Management provides trustee, investment management and custody services for individual, municipal and business clients, predominantly in the Bank's market area. First National Wealth Management's revenues are directly tied to the asset values of the investments it manages for clients, and these may be adversely affected by a decline in the market value of these investments caused by fluctuations in the bond and stock markets.

We are dependent upon the services of our management team, and if we are unable to retain the services of our management team, our business may suffer.

Our future success and profitability are substantially dependent upon the management and banking abilities of our senior executives. Changes in key personnel may be disruptive to our business and could have a material adverse effect on our business, financial condition and results of operations. We believe that our future results will also depend in part upon our attracting and retaining highly skilled and qualified management. The current employment landscape includes a low national and local unemployment rate, continued upward wage pressures, and for some positions increased workplace flexibility brought about by remote work options. Competition for the best people in most activities in which we are engaged can be intense, and we may not be able to retain or hire the people we want and/or need. In order to attract and retain qualified employees, we must compensate such employees at market levels. Typically, those levels have caused employee compensation to be our greatest operating expense. If we are unable to continue to attract and retain qualified employees, or do so at increased rates necessary to maintain our competitive position, our performance, including our competitive position, could suffer, and, in turn, have a material adverse effect on us. Although we have incentive compensation plans aimed, in part, at long-term employee retention, the unexpected loss of services of one or more of our key personnel could still occur, and such events may have a material adverse effect on us because of the loss of the employee's skills, knowledge of our market, and years of industry experience, and the difficulty of promptly finding qualified replacement personnel for our talented executives and/or relationship managers.

Our internal control systems are inherently limited and may fail or be circumvented.

We face the risk that the design of our controls and procedures, including those intended to mitigate the risk of fraud by employees or outsiders, may prove to be inadequate or may be circumvented, thereby causing delays in detection of errors or inaccuracies in data and information. Although Management regularly reviews and updates our internal controls, disclosure controls and procedures, and corporate governance policies and procedures, the Company's systems of internal controls, disclosure controls and corporate governance policies and procedures are inherently limited. The inherent limitations of our system of internal controls include the use of judgment in decision-making that can be faulty; breakdowns can occur because of

The First Bancorp - 2025 Form 10-K - Page 11

human error; and controls can be circumvented by individual acts or by collusion of two or more people. The design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and any design may not succeed in achieving its stated goals under all potential future conditions. Because of the inherent limitations of a cost-effective control system, misstatements due to error or fraud may occur and may not be detected, which may have an adverse effect on the Company's business, results of operations or financial condition. While the Company is not aware of any such events, remediation of any identified limitations may be ineffective in improving internal controls.

We continually encounter technological change that may be difficult (costly) to keep up with. The financial services industry is continually undergoing technological change with frequent introductions of new technology driven products and services. The effective use of technology increases efficiency and enables financial institutions to better serve customers and to reduce costs. Our future success depends, in part, upon our ability to address the needs of our customers by using technology to provide products and services that will satisfy customer demands, as well as to create additional efficiencies in our operations. Our largest competitors have substantially greater resources to invest in technological improvements. We may not be able to effectively implement new technology-driven products and services or be successful in marketing these products and services to our customers. Failure to successfully keep pace with technological change affecting the financial services industry, and increased costs due to efforts to keep pace with change, could have a material adverse effect on us. To date, there has been no material adverse effect on our business or operations due to failure of keeping pace with technological change.

As a result of recent innovations related to generative artificial intelligence ("AI"), the Bank has established a cross-functional task force to analyze current and future use cases for AI and to promote effective and secure implementation. The task force has developed a policy to govern the permissible use of AI tools. Currently employees have access to generative AI applications for limited productivity and research purposes. The tools are not integrated into the Bank's core systems, automated workflows, underwriting, fraud decisioning compliance monitoring, or other customer-facing processes. The Bank does not intentionally input customer data into external generative AI platforms. Traditional machine-learning capabilities remain embedded within certain long-standing third-party banking applications, consistent with industry practice. The Bank continues to evaluate potential operational, regulatory, data security, and other opportunities and risks associated with AI technologies.

We are subject to security, transactional and operational risks relating to the use of technology that could damage our reputation and our business.

We rely heavily on communications and information systems to conduct our business, serving both internal and customer constituencies, and substantial investment has been made in these systems in recent years. Any failure, interruption or breach in security of these systems could result in failures or disruptions in our customer relationship management, general ledger, deposit, loan, and other systems. While we have in place policies and procedures, security applications and fraud mitigation applications designed to prevent or limit the effect of failure, interruption, fraud attack or security breach of or affecting our information systems, there can be no assurance that any such failures, interruptions, fraud attacks or security breaches will not occur or, if they do occur, that they will be adequately and promptly addressed. Fraud attacks targeting customer-controlled devices, plastic payment card terminals, and merchant data collection points provide another source of potential loss, possibly through no fault of our own. The occurrence of any failures, interruptions or security breaches of information systems used to process customer transactions could damage our reputation, result in a loss of customer business, subject us to additional regulatory scrutiny, or expose us to civil litigation and possible financial liability and/or substantial remediation or recovery costs, any of which could have a material adverse effect on our financial condition, results of operations and cash flows. To date, there has been no material adverse effect on our business or operations due to these risks.

Our information systems may experience an interruption or breach in security.

We rely heavily on communications, information systems (both internal and provided by third parties) and the internet to conduct our business. Our business is dependent on our ability to process and monitor large numbers of daily transactions in compliance with legal, regulatory and internal standards and specifications. In addition, a significant portion of our operations relies heavily on the secure processing, storage and transmission of personal and confidential information, such as the personal information of our customers and clients. Our use of and reliance on, and the risks associated with, such operations are likely to increase in the future as we continue to increase mobile capabilities and other internet-based product offerings and expand our internal usage of web-based products and third-party hosted applications.

In the event of a failure, interruption or breach of our information systems and business operations, we may be unable to avoid impact to our customers and business. Other U.S. financial service institutions and companies have reported breaches in the security of their websites or other systems and have experienced significant distributed denial-of-service attacks, some of which involved sophisticated and targeted attacks intended to disable or degrade service, or sabotage systems. Other potential attacks have attempted to obtain unauthorized access to confidential information or destroy data, often through the introduction of computer viruses or malware, cyberattacks and other means. To date, none of these efforts has had a material adverse effect on our business or operations. However, our costs of preventing, detecting, and addressing such threats or attacks continue to increase. Such security attacks can originate from a wide variety of sources, including persons who are involved with organized

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crime or who may be linked to terrorist organizations or hostile foreign governments. Those same parties may also attempt to fraudulently induce employees, customers or other users of our systems to disclose sensitive information in order to gain access to our data or funds or those of our customers or clients. The Bank regularly works with a third party information security consultant to review and test various systems, and has an ongoing information security training program for employees. Despite these efforts our security systems may not be able to protect our information systems from similar attacks due to the rapid evolution and creation of sophisticated cyberattacks. We are also subject to the risk that our employees, without authorization may intercept and transmit confidential or proprietary information. An interception, misuse or mishandling of personal, confidential or proprietary information being sent to or received from a customer or third party could result in legal liability, remediation costs, regulatory action and reputational harm.

We also have risk related to data or security breaches affecting other companies. Under Federal banking regulations, if a consumer’s debit card is compromised, the liability for unauthorized transactions falls primarily on the issuing financial institution, not on the consumer or the company which experienced the data or security breach. Since the introduction of EMV or Chip cards, we have had the ability to charge back fraudulent transactions to the acquiring merchant if that merchant does not have an EMV capable terminal. In the normal course of business the Bank issues EMV/Chip debit cards to its customers to keep this risk as low as possible. Since most terminals are now EMV compliant, we have added processing rules to reject any transactions presented on our customers' cards with only magnetic stripe (fall back) data.

We are subject to claims and litigation that may impact our earnings and/or our reputation.

From time to time, customers, vendors or other parties may make claims and take legal action against us. Whether any particular claims and legal actions are founded or unfounded, if such claims and legal actions are not resolved in a manner favorable to us, they may result in financial liability and/or adversely affect the market perception of the Bank and its products and services. Any financial liability or reputational damage could have a material adverse effect on our business, which, in turn, could have a material adverse effect on our financial condition and results of operations. We maintain reserves for certain claims when deemed appropriate based upon our assessment that a loss is probable, consistent with applicable accounting guidance. At any given time we may have legal actions asserted against us in various stages of litigation. Resolution of a legal action can often take years. We are also involved, from time to time, in other reviews, investigations and proceedings (both formal and informal) by governmental and self-regulatory agencies regarding our business, including, among other things, accounting and operational matters, certain of which may result in adverse judgments, settlements, fines, penalties, injunctions or other relief. The number of and risk associated with these investigations and proceedings has increased in recent years with regard to many firms in the financial services industry due to changes to the consumer protection laws provided for by the Dodd-Frank Act, the creation of the CFPB, and the uncertainty as to whether federal pre-emption of certain state consumer laws remains intact for federally chartered financial institutions like the Bank. A weakening of federal pre-emption could increase our compliance and operational costs and risks since the Bank is a national bank, and we could face new state and local regulation and enforcement activity. There have also been a number of highly publicized cases involving fraud or misconduct by employees in the financial services industry in recent years, and we face the risk that employee misconduct could occur. It is not always possible to deter or prevent employee misconduct, and the precautions we take to prevent and detect this activity may not be effective in all cases. Any financial liability for which we have not adequately maintained reserves or insurance coverage, and/or any damage to our reputation from such claims and legal actions, could have a material adverse effect on us.

Damage to our reputation could significantly harm our businesses.

Our ability to attract and retain customers, clients, investors and highly-skilled management and employees is impacted by our reputation. Significant harm to our reputation can arise from adverse financial market developments, employee misconduct, actual or perceived unethical behavior, litigation or regulatory outcomes, failing to deliver minimum or required standards of service and quality, compliance failures, disclosure of confidential information, and the activities of our clients, customers and counterparties, including vendors and cyber attacks. Actions by the financial services industry generally or by certain members or individuals in the industry could also significantly adversely affect our reputation. We could also suffer significant reputational harm if we fail to properly identify and manage potential conflicts of interest. The actual or perceived failure to adequately address conflicts of interest could affect the willingness of clients to deal with us, which could adversely affect our businesses.

Our operations and financial performance could be adversely affected by natural disasters. Climate change may exacerbate these risks and introduce additional compliance, strategic, reputational, and/or other types of risks.

Our business, as well as the business activities of our vendors and customers, could be negatively affected by climate change. Climate change presents immediate and long-term risks, which are expected to increase over time. Climate change risks could include but are not limited to operational risk from the physical effects of climate events on our facilities and other assets as well as those of our vendors and customers, and transitional risks, including new or more stringent regulatory requirements, increased monitoring and disclosure requirements, and potential effects on our reputation and/or changes in our business as a result of our climate change practices, our carbon footprint or our business relationships with customers who may operate in carbon-intensive industries.

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Natural disasters can disrupt our operations, result in damage to our properties, negatively impact the value of the collateral for our loans and have an adverse economic effect on the markets in which we operate, any of which could have a material adverse effect on our results of operations and financial condition. A significant natural disaster, such as a tornado, hurricane, earthquake, fire or flood, occurring either in the markets in which we operate or where key vendors or customers operate, could have a material adverse impact on our ability to conduct business, and our insurance coverage may be insufficient to compensate for losses that may occur. Climate change may result in reduced availability of insurance for our borrowers, including insurance that protects property pledged as collateral, or disrupt their operations, which could increase our credit risk by diminishing borrowers’ repayment capacity or collateral values. Because we primarily serve individuals and businesses located in coastal and eastern Maine, a localized natural disaster likely would have a greater impact on our business, operations and financial condition than if our business were more geographically diverse.

Banking regulators and other supervisory authorities, investors and other stakeholders have increasingly viewed financial institutions as important in helping to address the risks related to climate change both directly and with respect to their customers. This focus may result in financial institutions coming under increased pressure regarding the monitoring and disclosure, and management of climate risks in related lending and investment activities. Any potential future legislative or regulatory changes regarding climate risk management and practices may result in higher regulatory, compliance, credit and reputational risks and costs, and may affect the activities in which we engage and the products that we offer.

Our recent results may not be indicative of our future results.

We may not be able to sustain our historical rate of growth, and may not even be able to grow our business at all. In addition, our recent growth may distort some of our historical financial ratios and statistics. Various factors, such as economic conditions, regulatory and legislative considerations and competition, may also impede our ability to expand our market presence. If we were to experience a significant decrease or reversal in our historical rate of growth, our results of operations and financial condition may be adversely affected due to a high percentage of our operating costs being fixed expenses.

Risks Associated With Our Industry

We may be adversely affected by volatility in United States and global economic conditions and changes in fiscal,

monetary, trade, and regulatory policies.

The onset of COVID-19 in the United States in early 2020 quickly plunged the US economy into its first recession since the Great Recession of 2008-2009. Unprecedented levels of monetary stimulus from the Federal Reserve and fiscal stimulus from the Federal government were enacted ultimately leading to levels of inflationary pressure not seen in the US economy since the 1980's. In response the Federal Reserve enacted a series of interest rate increases and other actions designed to slow the economy and rein in inflation, which have been largely successful but have yet to reach the stated price change target. Despite the FOMC reversing course and lowering interest rates in the second half of 2024, risk of sustained economic slowdown or recession remains if interest rates remain elevated for too long, or if inflation is re-kindled necessitating another round of rate increases. Future disruptions, pandemic or otherwise, particularly those that impact the State of Maine's tourism and hospitality industries, or have negative events in the financial markets, that cause adverse changes in payment patterns, leading to increases in delinquencies and default rates, may impact our charge-offs and provision for credit losses. As the severity level of any disruption increases, it is more likely to exacerbate the adverse effects of difficult market conditions on us and others in the financial services industry.

The economy in the United States and globally has experienced volatility in recent years and may continue to experience some level of volatility for the foreseeable future. Unfavorable or uncertain economic conditions can be caused by declines in economic growth, business activity, or investor or business confidence; limitations on the availability of or increases in the cost of credit and capital; increases in inflation or changes in interest rates; uncertainties regarding fiscal and monetary policies; the timing and impact of changing governmental policies, including changes in guidance and interpretation by regulatory authorities; governmental shutdowns, changes in trade policies by the United States or other countries, such as tariffs or retaliatory tariffs; supply chain disruptions; consumer spending; employment levels; labor shortages; challenging labor market conditions; wage stagnation; energy prices; home prices; commercial property values; bankruptcies or a default by a significant market participant or class of counterparties; fluctuations in equity, commodity, and futures prices; the implied volatility of interest rates and credit spreads; natural disasters; climate change; epidemics; pandemics; terrorist attacks; acts of war; or a combination of these or other factors.

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Volatile business and economic conditions could have adverse effects on our business, including but not limited to the following:

• investors may have less confidence in the equity markets in general and in financial services industry stocks in particular, which could place downward pressure on our stock price and resulting market valuation;

• increased cost of debt capital; or decreased or no access to credit markets;

• economic and market developments may further affect consumer and business confidence levels and may cause declines in credit usage and adverse changes in payment patterns, causing increases in delinquencies and default rates;

• our ability to assess the creditworthiness of our customers may be impaired if the criteria and approaches we use to select, manage, and underwrite loans become less predictive of future behaviors;

• we could suffer decreases in demand for loans or other financial products and services or decreased deposits or other investments in accounts with us;

• competition in the financial services industry could intensify as a result of the increasing consolidation of financial services companies in connection with current market conditions or otherwise; and

• the value of loans and other assets or the collateral securing loans may decrease.

We operate in a highly regulated environment and may be adversely affected by changes in law and regulations.

Bank holding companies and national banks operate in a highly regulated environment and are subject to supervision and examination by various regulatory agencies, as discussed earlier. The cost of compliance with regulatory requirements may adversely affect our results of operations or financial condition. Federal and state laws and regulations govern numerous matters including but not limited to: changes in the ownership or control of banks and bank holding companies; maintenance of adequate capital and the financial condition of a financial institution; permissible types, amounts and terms of extensions of credit and investments; permissible non-banking activities; the required level of reserves against deposits; assessments for federal deposit insurance, and restrictions on dividend payments. These and other restrictions limit the manner in which we may conduct our business and obtain financing. If we fail to meet minimum regulatory capital guidelines and other regulatory requirements, our financial condition would be materially and adversely affected. Our failure to maintain the status of "well-capitalized" under our regulatory framework could affect the confidence of our customers in us, thus compromising our competitive position, or could cause our regulators to take corrective or other supervisory action. The regulatory framework may change over time based upon economic conditions, legislative or executive branch initiatives, or other factors and these changes may or may not be beneficial to the Company or the Bank.

Basel III Capital Rules may increase our capital requirements or otherwise limit future activity.

In June 2013 the Federal Reserve Board finalized rules that substantially amended the regulatory risk-based capital rules applicable to us. These rules implement the Basel III regulatory capital reforms and changes required by the Dodd-Frank Act. Phase-in of the rules started in 2015 and was completed in 2019. The Company and Bank complied with the fully phased requirements well in advance of the completion date and continued to do so as of December 31, 2025.

In July 2023 US bank regulators jointly published proposed rulemaking for Basel III Finalization, also referred to as Basel III Endgame or B3E. The proposal significantly altered the regulatory capital regime for US banks, generally increasing required capital levels for banks with $100 billion or more in assets with potential for unintended consequences on regional and community banks whose total assets are below threshold, such as the Bank, which could result in lower returns on equity, require additional capital, limit lending activities, or limit distributions such as dividends. The 2023 B3E proposal was ultimately withdrawn, and a new proposal is expected in 2026 with likely implementation in 2027. The Company and Bank will continue to monitor and assess any changes.

In addition, in a weak economic environment, bank regulators may expect the Bank or the Company to adopt capital standards that are more stringent than those required by applicable existing regulations. The application of more stringent capital standards could result in lower returns on equity, require the raising of more capital, or result in adverse regulatory actions or other consequences if we are unable to comply with such standards. Implementation of changes to asset risk weightings for risk-based capital calculations, items included or deducted in calculating regulatory capital, or additional capital conservation buffers could result in management modifying our business strategy and could limit our ability to make distributions, including paying dividends or repurchasing our shares, or to grow the Bank's business.

Significant competition in the financial services industry may impact our results.

We face substantial competition in all areas of our operations from a variety of different competitors, many of which are larger and have more financial resources than we do and, in some cases, are not subject to the same regulatory restrictions as the Company and the Bank. We compete with other providers of financial services such as commercial and savings banks, savings and loan associations, credit unions, money market and mutual funds, mortgage companies, asset managers, insurance companies and a wide array of other local, regional and national institutions which offer financial services. We face competitive pressure from multiple directions. Large out-of-state banks maintain a growing presence in our primary market, offering both brick-and-mortar branch networks and sophisticated mobile and digital platforms. At the same time, smaller community banks and local credit unions compete for the same customer base by offering similar banking products and services, often with a

The First Bancorp - 2025 Form 10-K - Page 15

similarly personalized approach. The introduction and growing acceptance of digital currencies represents an emerging form of competition for deposits and payment services. Furthermore, mergers between financial institutions within Maine and in nearby states have added competitive pressure. If we are unable to compete effectively, we will lose market share and our income generated from loans, deposits, and other financial products will decline.

Risks Associated With Our Common Stock

There may not be a robust trading market for our common stock.

Although our common stock is traded on the NASDAQ Global Select market and is part of the Russell 2000 Index, the trading volume of the common stock has historically not been substantial. For the year ended December 31, 2025, the average monthly trading volume of our common stock was 426,747 shares, or approximately 3.80% of the average number of our outstanding common shares. Due to the limited trading volume in our common stock, the intraday spread between bid and ask prices of the shares can be quite high. There can be no assurance that a more robust, active or economical trading market for our common stock will develop. The market value and liquidity of our common stock may, as a result, be adversely affected.

The price of our common stock may fluctuate.

The price of our common stock on the NASDAQ Global Select Market constantly changes. Price fluctuations may or may not track the general direction of equity markets, and could be significant. We expect the market price of our common stock will continue to fluctuate. Holders of our common stock will be subject to the risk of volatility and significant changes in prices. Our common stock price can fluctuate as a result of many factors, some of which are beyond our control, including:

•quarterly fluctuations in our operating and financial results;

•operating results that vary from the expectations of investors;

•changes in expectations as to our future financial performance, including financial estimates;

•events negatively impacting the financial services industry which result in a general decline for the industry;

•new laws or regulations or new interpretations of existing laws or regulations applicable to our business;

•changes in accounting standards, policies, guidance, interpretations or principles;

•general domestic economic and market conditions; and

•declines in bank stock prices driven by macro-economic concerns.

The stock market over time is has experienced extreme price and volume fluctuations, and industry factors and general economic and political conditions and events, such as economic slowdowns or recessions, actual or anticipated interest rate changes or credit loss trends, could also cause our stock price to decrease regardless of our operating results.

The inability to receive dividends from the Bank would negatively affect our ability to pay dividends to shareholders.

The Company is a legal entity separate and distinct from the Bank. With the exception of cash raised from debt and equity issuances, we receive substantially all of our cash flow from dividends from the Bank. These dividends are the principal source of funds to pay dividends on our common stock. Federal banking law and regulations limit the amount of dividends that the Bank can pay. For further information on the regulatory restrictions on the payment of dividends by the Bank, see "Supervision and Regulation" in Item 1. In the event the Bank is unable to pay dividends to the Company or such dividends were to be restricted or reduced, we may not be able to service debt, pay obligations or pay dividends on our common stock. Our right to participate in a distribution of assets upon the Bank's liquidation or reorganization would be subject to the prior claims of the Bank's creditors.

If we do not manage our capital position strategically, our return on equity could be lower compared to our competitors as a result of our high level of capital.

If we are unable to strategically use our excess capital, or to successfully continue capital management programs, such as stock repurchase programs or quarterly dividends to our shareholders, then our goal of generating a return on average equity that is competitive and increasing earnings per share and book value per share without assuming undue risk, could be delayed or may not be attained. Failure to achieve a competitive return on average equity might decrease investments in our common stock and might cause our common stock to trade at lower prices.

We may issue additional equity securities or engage in other transactions which dilute our book value or affect the priority of the common stock, which may adversely affect the market price of our common stock.

Our Board of Directors may determine from time to time that we need to raise additional capital by issuing additional shares of our common stock or other securities. Except pursuant to the rules of the NASDAQ Stock Market, we are not restricted from issuing additional shares of common stock, including securities that are convertible into or exchangeable for, or that represent the right to receive, common stock to the extent of our authorized but unissued capital stock. Because our decision to issue

The First Bancorp - 2025 Form 10-K - Page 16

securities in any future offering will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of any future offerings, or the prices at which such offerings may be effected. Such offerings could be dilutive to common shareholders or reduce the market price of our common stock. Holders of our common stock are not entitled to preemptive rights or protection against dilution. New investors also may have rights, preferences and privileges that are senior to, and that adversely affect, our then-current common shareholders. We may attempt to increase our capital resources or, if our or the Bank's capital ratios fall below the required minimums, we could be forced to raise additional capital, by making offerings of debt or preferred equity securities, including medium-term notes, trust preferred securities, senior or subordinated notes and preferred stock. Upon liquidation, holders of shares of our preferred stock and lenders with respect to other borrowings would receive distributions of our available assets prior to the holders of our common stock. Our Board of Directors is authorized to issue one or more series of preferred stock from time to time without any action on the part of our shareholders (except as may be required under NASDAQ Stock Market rules). Our Board of Directors also has the power, without shareholder approval (except as may be required under NASDAQ Stock Market rules), to set the terms of any such series of preferred stock that may be issued, including voting rights, dividend rights and preferences over our common stock with respect to dividends or upon our dissolution, winding-up and liquidation and other terms. If we issue preferred stock in the future that has a preference over our common stock with respect to the payment of dividends or upon our liquidation, dissolution or winding up, or if we issue preferred stock with voting rights that dilute the voting power of our common stock, the rights of holders of our common stock and the market price of our common stock could be adversely affected.

Environmental, social and governance oversight may influence stock price and increase compliance costs.

Some investors may consider how corporations, such as the Company, are addressing environmental, social and governance matters, commonly known as "ESG" matters when making investment decisions. Investor advocacy groups, investment funds and influential investors (collectively "influencers") are also increasingly focused on these practices, especially as they relate to the environment, health and safety, diversity, labor conditions and human rights. Specific examples of matters being evaluated as part of the investment decision or recommendation by certain investors and influencers include the business risks of climate change and the adequacy of companies’ responses to climate change, diversity of a company's management and/or board of directors, community involvement and charitable giving, and the inclusion of ESG factors in the determination of executive compensation. These shifts in investing priorities may result in adverse effects on the trading price of the Company’s common stock if investors determine, whether real or perceived, that the Company's ESG actions are not satisfactory. In addition, new government regulations could also result in new or more stringent forms of ESG oversight and expanding mandatory and voluntary reporting, diligence, and disclosure. Increased ESG related compliance costs could result in increases to our overall operational costs.

Potential acquisitions may disrupt our business and dilute shareholder value.

Acquiring other banks, businesses, or branches involves various risks commonly associated with acquisitions, including:

•potential exposure to unknown or contingent liabilities of the target;

•exposure to potential asset quality issues of the target;

•difficulty and expense of integrating the operations and personnel of the target;

•potential disruption to our business;

•potential diversion of Management's time and attention;

•the possible loss of key employees and customers of the target;

•difficulty in estimating the value of the assets and liabilities of the target; and

•potential changes in banking or tax laws or regulations that may affect the target.

Merger or acquisition discussions and, in some cases, negotiations may take place and future mergers or acquisitions involving cash, debt or equity securities may occur at any time. Acquisitions typically involve the payment of a premium over book and market values, and, therefore, some dilution of our tangible book value and net income per common share may occur in connection with any future transaction. Furthermore, failure to realize the expected revenue increases, cost savings, increases in geographic or product presence, and/or other projected benefits from an acquisition could have a material adverse effect on us.

ITEM 1B. Unresolved Staff Comments

None

The First Bancorp - 2025 Form 10-K - Page 17

ITEM 1C. Cybersecurity

Risk Management & Strategy: The Company is committed to maintaining strong and meaningful privacy and security protections for our customers’ information by making available sufficient human and financial resources to protect against and monitor cybersecurity threats. These threats have increased as the use of technology has proliferated in our core business. Examples include internet banking, mobile banking, remote deposit capture, work from home accommodations, and advance function ATMs.

The Company has programs in place for the ongoing assessment of cybersecurity threats and risks, has data security programs designed to prevent and detect threats, attacks, incursions and breaches, and processes in place for the management, mitigation and remediation of potential, and any actual, cybersecurity and information technology risks and breaches. The Company maintains a robust third party risk management program to oversee and identify material risks stemming from third-party service providers. Information technology staff regularly participates in relevant education opportunities and attends industry events that include cybersecurity matters. The Bank is a member of the Financial Services Information Sharing and Analysis Center ("FS-ISAC"). In 2025 we utilized the National Institute of Standards and Technology ("NIST") Cybersecurity Framework ("CSF") as replacement for the sunsetted Federal Financial Institutions Examination Council ("FFIEC") Cybersecurity Assessment Tool ("CAT"). Information security training is required for all employees no less than annually.

To assist with its information security programs, the Company engages with multiple third-party providers and specialists, including firms with personnel credentialed by internationally recognized organizations such as ISC2, the SANS Institute, and ISACA. Services provided include but are not limited to network evaluations, configuration and vulnerability assessments, penetration testing, and business continuity planning, the results of which are shared with management along with any remediation plans. In addition, an annual information systems and security audit is conducted by the Company's internal audit provider with results reported to the Audit Committee of the Board. Information security matters also fall within the scope of periodic examinations by the Bank's primary regulator, the Office of the Comptroller of the Currency ("OCC").

Included in our mitigation strategy is a comprehensive cybersecurity insurance policy. The Board and Management recognize that cybersecurity matters, including expenditure related threats and the impact of incursions or breaches, may trigger disclosure requirements under SEC rules and regulations, and intend to remain vigilant with respect to the cybersecurity aspects of these obligations.

Neither the Bank nor the Company have experienced any information security breaches of its systems in the past five years. Based on the information available as of the date of this Annual Report on Form 10-K, we are not aware of any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. However, despite our cybersecurity risk management processes, there can be no assurance that we, or the third parties with which we interact, will not experience a cybersecurity incident in the future that may materially affect us. For additional information, see Item 1A. “Risk Factors” for a discussion of cybersecurity risks that we face.

Governance: Our Board has overall oversight responsibility with respect to the Company’s approach to risk management, including cybersecurity risks. Although the Board has the ultimate responsibility for risk oversight, operational responsibility for cybersecurity matters is delegated to the Chief Information Officer ("CIO") who oversees all technology needs of the Company, including the assessment and management of material risks from cybersecurity threats. The CIO has over thirty years experience in bank operations including network security and cybersecurity matters. The Bank employs a full-time Cybersecurity Analyst ("CA") who brings over twenty-five years of information technology and network security experience to the role. In addition, we have various management- and Board-level committees that also oversee risk to the extent it relates to the committee’s responsibilities and provides reports to the Board in its respective area of responsibility. Information security matters are a standing topic for the Management-only Technology Steering Committee ("TSC") where membership includes the CIO, CA and other senior level managers, and the Management-Board level Enterprise Risk Management ("ERM") Committee where membership includes the CIO, senior level managers, and a representative from the Board. Minutes from each ERM session are reported to the Audit Committee of the Board, and the CIO provides information security updates at each meeting of the Board.

The First Bancorp - 2025 Form 10-K - Page 18

ITEM 2. Properties

The principal office of the Company and the Bank is located in Damariscotta, Maine. The Bank operates 18 full-service banking offices in six counties in the Mid-Coast, Eastern and Down East regions of Maine:

Lincoln County

Knox County

Waldo County

Hancock County

Washington County

Boothbay Harbor

Camden

Belfast

Bar Harbor

Eastport

Damariscotta

Rockland Park Street

Blue Hill

Calais

Waldoboro

Rockland Union Street

Penobscot County

Ellsworth

Wiscasset

Rockport

Bangor

Northeast Harbor

Brewer

Southwest Harbor

First National Wealth Management, the investment management and trust division of the Bank, operates from our locations in Bangor, Bar Harbor, Ellsworth and Damariscotta. The Bank also maintains an Operations Center in Damariscotta. The Company owns all of its locations except for the land under the Southwest Harbor drive-up facility, the land under the Belfast branch, and the Brewer branch. Long-term land leases are in place for the Southwest Harbor and Belfast locations and an operating lease is in place for Brewer. The Company also owns undeveloped land in Belfast. Management believes that the Bank's current facilities are suitable and adequate in light of its current needs and its anticipated needs over the near term.

ITEM 3. Legal Proceedings

There are no material pending legal proceedings to which the Company or the Bank is a party or to which any of their properties are subject, other than routine litigation incidental to the business of the Bank. None of these proceedings is expected to have a material effect on the financial condition of the Company or of the Bank.

ITEM 4. Mine Safety Disclosures

Not applicable.

ITEM 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities

Market Information and Holders of Record

Shares of the Company's common stock trade on NASDAQ under the symbol "FNLC". The last transaction in the Company's stock on NASDAQ during 2025 was on December 31 at $26.44 per share. As of February 19, 2026, there were 2,338 stockholders of record of our common stock. There are no warrants outstanding with respect to the Company's common stock and the Company has no securities outstanding which are convertible into common equity.

Dividend Policy

The Board declared a quarterly dividend of $0.36 per share on the Company's common stock for the first quarter of the year ended December 31, 2025 and quarterly dividends of $0.37 per share on the Company's common stock for each of the second, third and fourth quarters of the year ended December 31, 2025, resulting in total dividends for the year ended December 31, 2025 of $16.3 million. The Company expects to continue its policy of paying regular cash dividends on a quarterly basis.

However, the quarterly dividends on our common stock are subject to the discretion of the Board and dependent on, among other things, our financial condition, results of operations, capital requirements and other factors that our Board may deem relevant. In addition, dividends from the Bank are the principal source of funds for the payment of dividends to the Company. See "Supervision and Regulation" in Item 1, and Item 1A, "Risk Factors" for additional information regarding the regulatory restrictions on the payment of dividends by the Bank.

The First Bancorp - 2025 Form 10-K - Page 19

Repurchase of Shares and Use of Proceeds

The Company does not currently have an active share repurchase program, nor does it have any active trading plans. In the absence of any programs or plans, share repurchase activity is typically limited and consists of shares repurchased from employees for purposes of paying tax obligations on equity grants that have vested.

The Company made the following repurchases of its common stock during the year ended December 31, 2025:


Month	Shares Purchased	Average Price Per Share		Total shares purchased as part of publicly announced repurchase plans	Maximum number of shares that may be purchased under the plans
January 2025	10,039	$	25.74	—	—
February 2025	745	25.73		—	—
March 2025	—	—		—	—
April 2025	—	—		—	—
May 2025	—	—		—	—
June 2025	—	—		—	—
July 2025	—	—		—	—
August 2025	—	—		—	—
September 2025	—	—		—	—
October 2025	—	—		—	—
November 2025	—	—		—	—
December 2025	—	—		—	—
	10,784	$	25.74	—	—

Unregistered Sales of Equity Securities

None

Securities Authorized for Issuance Under Equity Compensation Plans

Please see Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters under Part III of this Annual Report on Form 10-K for the information required by Item 201(d) of Regulation S-K.

The First Bancorp - 2025 Form 10-K - Page 20

Performance Graph

Set forth below is a line graph comparing the five-year cumulative total return of $100.00 invested in the Company's common stock ("FNLC"), assuming reinvestment of all cash dividends and retention of all stock dividends, with a comparable amount invested in the Russell 2000 Index ("Russell 2000") and the NASDAQ Combined Bank Index ("NASD Bank"). The Russell 2000 is an index of small-cap U.S. stocks in which the Company is included. The NASD Bank index is a capitalization-weighted index designed to measure the performance of all NASDAQ stocks in the banking sector.


	2020	2021	2022	2023	2024	2025
FNLC	$100.00	$129.25	$128.71	$127.96	$131.17	$134.29
Russell 2000	$100.00	$114.78	$91.30	$106.71	$119.00	$134.23
NASD Bank	$100.00	$142.91	$116.67	$112.66	$135.73	$145.32

The First Bancorp - 2025 Form 10-K - Page 21

ITEM 6. No Required Information

ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

The Company was incorporated in the State of Maine on January 15, 1985, and is the parent holding company of the Bank. On January 28, 2016, the Board of Directors voted to change the Bank's name to First National Bank from The First, N.A.

The Company generates almost all of its revenues from the Bank, which was chartered as a national bank under the laws of the United States on May 30, 1864. The Bank, which has eighteen offices along coastal and eastern Maine, emphasizes personal service to the communities it serves, concentrating primarily on small businesses and individuals.

The Bank offers a wide variety of traditional banking services and derives the majority of its revenues from net interest income – the spread between what it earns on loans and investments and what it pays for deposits and borrowed funds. While net interest income typically increases as earning assets grow, the spread can vary up or down depending on the level and direction of movements in interest rates. Management believes the Bank has moderate exposure to changes in interest rates, as discussed in "Interest Rate Risk Management" elsewhere in Management's Discussion.

Non-interest income is the Bank's secondary source of revenue and includes fees and service charges on deposit accounts and services, interchange from debit cards, income from the sale and servicing of mortgage loans, and income from investment management and private banking services through First National Wealth Management (previously First Advisors), a division of the Bank.

The abbreviations and descriptions identified below may be used throughout Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operation and Item 8 - Financial Statement and Supplementary Data. The following is provided to aid the reader and provide a reference page when reviewing these sections of the Form 10-K.


Abbreviation	Description	Abbreviation	Description
ACL	Allowance for credit losses	GDP	Gross domestic product
AFS	Available-for-sale	GNMA	Government National Mortgage Association
ALCO	Asset/Liability Committee	HTM	Held-to-maturity
AOCI	Accumulated other comprehensive income (loss)	IAL	Individually Analyzed Loans
ASC	Accounting Standards Codification	IRS	Internal Revenue Service
ASU	Accounting Standards Update	MPF	Mortgage Partnership Finance Program
C&I	Commercial and Industrial	OAEM	Other assets especially mentioned
CDs	Certificates of deposit	OCC	Office of the Comptroller of the Currency
CECL	Current Expected Credit Loss	OCI	Other comprehensive income (loss)
CET1	Common Equity Tier 1	OIS	Overnight Indexed Swap
CLLD	Construction, land, and land development	OREO	Other real estate owned
EPS	Earnings per share	POR	Period of Redemption
FASB	Financial Accounting Standards Board	PSA	Public Securities Association
FDIC	Federal Deposit Insurance Corporation	PTPP	Pre-Tax, Pre-Provision
FHLB	Federal Home Loan Bank	SEC	Securities and Exchange Commission
FHLBB	Federal Home Loan Bank of Boston	SOFR	Secured Overnight Financing Rate
FHLMC	Federal Home Loan Mortgage Corporation	The 2020 Plan	The 2020 Equity Incentive Plan
FNMA	Federal National Mortgage Association	The Bank	First National Bank
FOMC	Federal Open Market Committee	The Company	The First Bancorp, Inc.
FRB	Federal Reserve Board	U.S.	United States of America
FRBB	Federal Reserve Bank of Boston	USD	U.S. Dollar
GAAP	Accounting principles generally accepted in the U.S.	WSJP	Wall Street Journal Prime

Forward-Looking Statements

This report contains statements that are "forward-looking statements." We may also make written or oral forward-looking statements in other documents we file with the SEC, in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward-looking statements by the use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "outlook," "will," "should," and other expressions that predict or indicate future events and trends and which do not relate to historical matters. You should not rely on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors, some of which are beyond the control of the Company. These risks, uncertainties and other factors may cause the actual results, performance or

The First Bancorp - 2025 Form 10-K - Page 22

achievements of the Company to be materially different from the anticipated future results, performance or achievements expressed or implied by the forward-looking statements.

Some of the factors that might cause these differences include the following: changes in general national, regional or international economic conditions or conditions affecting the banking or financial services industries or financial capital markets, volatility and disruption in national and international financial markets, government intervention in the U.S. financial system, reductions in net interest income resulting from interest rate volatility as well as changes in the balance and mix of loans and deposits, reductions in the market value of wealth management assets under administration, changes in the value of securities and other assets, reductions in loan demand, changes in loan collectability, default and charge-off rates, changes in the size and nature of the Company's competition, changes in legislation or regulation and accounting principles, policies and guidelines, and changes in the assumptions used in making such forward-looking statements. In addition, the factors described under "Risk Factors" in Item 1A of this Annual Report on Form 10-K may result in these differences. You should carefully review all of these factors, and you should be aware that there may be other factors that could cause these differences. These forward-looking statements were based on information, plans and estimates at the date of this annual report, and we assume no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.

Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from the results discussed in these forward-looking statements. Readers are also urged to carefully review and consider the various disclosures made by the Company, which attempt to advise interested parties of the factors that affect the Company's business.

Critical Accounting Policies and Estimates

The Company's significant accounting policies are described in Note 1, "Summary of Significant Accounting Policies," to the consolidated financial statements contained in Item 8, "Financial Statements and Supplementary Data," of this Form 10-K. In applying these accounting policies, management is required to exercise judgment in determining many of the methodologies, assumptions and estimates to be utilized. Certain of the critical accounting estimates are more dependent on such judgment and in some cases may contribute to volatility in the Company's reported financial performance should the assumptions and estimates used be incorrect or change over time due to changes in circumstances.

Management's discussion and analysis of the Company's financial condition and results of operations is based on the consolidated financial statements which are prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of such financial statements requires Management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. On an ongoing basis, Management evaluates its estimates, including those related to the ACL, fair value of securities, goodwill, the valuation of mortgage servicing rights, derivative financial instruments, and other-than-temporary impairment on securities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets that are not readily apparent from other sources. Actual results could differ from the amounts derived from Management's estimates and assumptions under different assumptions or conditions.

Allowance for Credit Losses. Management believes the ACL requires the most significant estimates and assumptions used in the preparation of the consolidated financial statements. The ACL is based on Management's evaluation of the level of the allowance required in relation to the estimated loss exposure in the loan portfolio, off-balance sheet commitments, and investment portfolio.

Management regularly evaluates the allowance, typically monthly, to determine the appropriate level by taking into consideration factors such as the size and growth trajectory of the portfolio, quality trends as measured by key indicators, prior loan loss experience in major portfolio segments, local and national business conditions, economic forecasts, the results of any stress testing undertaken during the period, and Management's estimation of potential losses. Period-to-period changes to any or all of these of these factors could change the level of ACL required, in turn impacting our level of provision expense and ultimately our net income. Similarly, the use of different estimates or assumptions could produce different provisions for credit losses which would likely result in changes to the Company's net income. In the12 months ended December 31, 2025, the ACL-Loans increased by $494,000, the ACL-Off-Balance Commitments decreased by $149,000 and the ACL-HTM Securities decreased by $50,000. Further discussion of the ACL may be found in Note 3, "Investment Securities", Note 5, "Loans" and Note 6, "Allowance for Credit Losses", to the consolidated financial statements contained in Item 8 of the Form 10-K.

The First Bancorp - 2025 Form 10-K - Page 23

Fair Value of Securities. Determining a market price for securities carried at fair value is a critical accounting estimate in the Company's financial statements. Pricing of individual securities is subject to a number of factors including changes in market interest rates, changes in prepayment speeds and assumptions, changes in market tolerance for risk, and any changes in the risk profile of the security. The Company subscribes to a widely recognized, independent pricing service and updates carrying values no less frequently than monthly. It also validates the values provided by the pricing service no less frequently than quarterly by measuring against security prices provided by a secondary source. Results of the validation are reported to the ALCO each quarter and any variances between the two sources above defined thresholds are investigated by management. A finding that the Company's methodology for valuation of its investment securities is materially incorrect could result in changes to the carrying value of securities on its balance sheet and corresponding changes in shareholders equity position. As of December 31, 2025 the fair value of AFS securities decreased by $10.2 million and the fair value of HTM securities increased by $489,000 from that of December 31, 2024. These changes are due to a combination of rate-driven market price adjustments for the underlying securities and reinvestment of incoming cash flow to other segments of the balance sheet. Further discussion of the fair value of securities may be found in Note 3, "Investment Securities", to the consolidated financial statements contained in Item 8 of the Form 10-K.

Credit Loss Recognition on Securities. Another significant estimate related to investment securities is the evaluation of potential credit losses on investment securities. The evaluation of securities for potential credit losses is a quantitative and qualitative process, which is subject to risks and uncertainties and is intended to determine whether declines in the fair value of investments should be recognized as a charge to the allowance for credit losses. The risks and uncertainties include changes in general economic conditions, the issuer's financial condition and/or future prospects, the effects of changes in interest rates or credit spreads and the expected recovery period of unrealized losses. Securities that are in an unrealized loss position are reviewed at least quarterly to determine if recognition of a loss is required. The primary factors considered in this evaluation (a) the length of time and extent to which the fair value has been less than cost or amortized cost and the expected recovery period of the security, (b) the financial condition, credit rating and future prospects of the issuer, (c) whether the debtor is current on contractually obligated interest and principal payments, (d) the volatility of the securities' market price, (e) the intent and ability of the Company to retain the investment for a period of time sufficient to allow for recovery, which may be at maturity and (f) any other information and observable data considered relevant, including the expectation of receipt of all principal and interest when due. The Bank invests only in investment grade securities and no credit losses have been recognized on securities currently held. Further discussion of credit loss recognition on securities may be found in Note 3, "Investment Securities", to the consolidated financial statements contained in Item 8 of the Form 10-K.

Goodwill. Management utilizes numerous techniques to estimate the value of various assets held by the Company, including methods to determine the appropriate carrying value of goodwill as required under FASB ASC Topic 350 "Intangibles – Goodwill and Other." In addition, goodwill from a purchase acquisition is subject to ongoing periodic impairment tests, which include an evaluation of the ongoing assets, liabilities and revenues from the acquisition and an estimation of the impact of business conditions. Testing has indicated that no impairment of goodwill has occurred and the value of goodwill as of December 31, 2025 is unchanged from the prior year.

Mortgage Servicing Rights. The valuation of mortgage servicing rights is a critical accounting policy which requires significant estimates and assumptions. The Bank often sells mortgage loans it originates and retains the ongoing servicing of such loans, receiving a fee for these services, generally 0.25% of the outstanding balance of the loan per annum. Mortgage servicing rights are recognized at fair value when they are acquired through the sale of loans, and are reported in other assets. They are amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. The rights are subsequently carried at the lower of amortized cost or fair value. Management uses an independent firm which specializes in the valuation of mortgage servicing rights to determine the fair value. The most important assumption is the anticipated loan prepayment rate, and increases in prepayment speed and amount result in lower valuations of mortgage servicing rights. The valuation also includes an evaluation for impairment based upon the fair value of the rights, which can vary depending upon current interest rates and prepayment expectations, as compared to amortized cost. Impairment is determined by stratifying rights by predominant characteristics, such as interest rates and terms. The fair value of mortgage servicing rights as of December 31, 2025 decreased by $369,000 from that of December 31, 2024 primarily due to loan amortization and payoffs outpacing sales of new loans during the year, and no impairment was recognized as of either date. The use of different assumptions could produce a different valuation. All of the assumptions are based on standards the Company believes would be utilized by market participants in valuing mortgage servicing rights and are consistently derived and/or benchmarked against independent public sources. Further information may be found in Note 4, "Mortgage Servicing Rights", to the consolidated financial statements contained in Item 8 of the Form 10-K.

Derivative Financial Instruments Designated as Hedges. The Company recognizes all derivatives in the consolidated balance sheets at fair value. On the date a derivative contract is entered into, the derivative is designated as a hedge of either a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”), or a held for trading instrument (“trading instrument”). The relationships between hedging instruments and hedged items is formally documented, as is the risk management objectives and strategy for undertaking various hedge transactions. Both at the hedge’s inception and on an ongoing basis, determination is made as to whether the derivatives that are used in hedging transactions are effective in offsetting changes in cash flows or fair values of hedged items. Changes in fair value of a derivative

The First Bancorp - 2025 Form 10-K - Page 24

that is effective and that qualifies as a cash flow hedge are recorded in OCI and are reclassified into earnings when the forecasted transaction or related cash flows affect earnings. Changes in fair value of a derivative that qualifies as a fair value hedge and the change in fair value of the hedged item are both recorded in earnings and offset each other when the transaction is effective. Those derivatives that are classified as trading instruments, including customer loan swaps, are recorded at fair value with changes in fair value recorded in earnings. Hedge accounting is discontinued when it is determined that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, that it is unlikely that the forecasted transaction will occur, or that the designation of the derivative as a hedging instrument is no longer appropriate. Among the factors that may influence the fair value of a derivative instrument are changes in market interest rates, changes in the time remaining to maturity of the instrument, or credit quality of the counter-party. Further information, including period-to-period changes in the fair value of derivatives, may be found in Note 14, "Financial Derivative Instruments", to the consolidated financial statements contained in Item 8 of the Form 10-K.

Use of Non-GAAP Financial Measures

Certain information in Management's Discussion and Analysis of Financial Condition and Results of Operations and elsewhere in this Report contains financial information determined by methods other than in accordance with 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 prepared in accordance with GAAP. A Federal income tax rate of 21.0% was used in 2025 and 2024.


	Years ended December 31,
Dollars in thousands	2025		2024
Net interest income as presented	$	77,377	$	63,910
Effect of tax-exempt income	2,837		2,780
Net interest income, tax equivalent	$	80,214	$	66,690

The Company presents its efficiency ratio using non-GAAP information which is most commonly used by financial institutions. The GAAP-based efficiency ratio is noninterest expenses divided by net interest income plus noninterest income from the Consolidated Statements of Income and Comprehensive Income. The non-GAAP efficiency ratio excludes securities losses from noninterest expenses, excludes securities gains from noninterest income, and adds the tax-equivalent adjustment to net interest income.

The First Bancorp - 2025 Form 10-K - Page 25

The following table provides a reconciliation between the GAAP and non-GAAP efficiency ratio:


	Years ended December 31,
Dollars in thousands	2025			2024
Non-interest expense, as presented	$	50,928		$	47,156
Net interest income, as presented	77,377			63,910
Effect of tax-exempt income	2,837			2,780
Non-interest income, as presented	17,340			16,355
Effect of non-interest tax-exempt income	214			185

Adjusted net interest income plus non-interest income	$	97,768		$	83,230
Non-GAAP efficiency ratio	52.09		%	56.66		%
GAAP efficiency ratio	53.77		%	58.75		%

The Company presents certain information based upon average tangible common shareholders' 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 shareholders' equity to the Company's consolidated financial statements, which have been prepared in accordance with GAAP:


	Years ended December 31,
Dollars in thousands	2025		2024
Average shareholders' equity as presented	$	268,059	$	249,786

Less average intangible assets	(30,791)		(30,817)
Average tangible shareholders' common equity	$	237,268	$	218,969

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


	Years ended December 31,
Dollars in thousands	2025		2024
Net income, as presented	$	34,394	$	27,045
Add: credit loss expense	1,850		525
Add: income taxes expense	7,545		5,539
Pre-tax, pre-provision net income	$	43,789	$	33,109

The First Bancorp - 2025 Form 10-K - Page 26

Executive Summary

The Company reported net income for the year ended December 31, 2025 of $34.4 million, up $7.3 million or 27.2% from $27.0 million reported for the year ended December 31, 2024. Earnings per common share on a fully diluted basis were $3.07 and $2.43, respectively, for the same periods, up $0.64 or 26.3%.

Earnings for the Company rebounded strongly in 2025. Net interest margin expansion, which began in the second half of 2024, continued and accelerated throughout 2025 leading to a significant increase in net income interest income and ultimately improved bottom-line profitability for the Bank and Company. Margin expansion was achieved via a focus on generation of lower-cost local deposits to replace higher-cost wholesale sources, scheduled re-pricing of legacy earning assets, targeted origination of new earning assets, and pricing discipline on both sides of the balance sheet.

During 2025, total assets increased $9.3 million or 0.3%, ending the year at $3.166 billion. The loan portfolio increased $53.2 million or 2.3% in 2025, ending the year at $2.394 billion. The investment portfolio was down $22.9 million or 3.5% as cash flow from matured and amortizing securities was redeployed to other segments of the balance sheet rather than reinvested. On the liability side of the balance sheet, core deposits increased $77.0 million or 4.8%, to $1.687 billion as of December 31, 2025. Certificates of deposit decreased $137.5 million or 12.3% from the end of 2024. Local CDs decreased $12.2 million and wholesale CDs decreased $125.3 million at December 31, 2025 compared to December 31, 2024.

Asset quality continues to be favorable. Non-performing loans stood at 0.54% of total loans as of December 31, 2025 up from 0.18% of non-performing loans a year ago, but remaining below long-term averages. Net chargeoffs were $1.6 million, or 0.07% of average loans in 2025, compared to $463,000, or 0.02% of average loans for the year ended December 31, 2024. Past due loans were 0.90% of total loans as of December 31, 2025, an increase from 0.40% of total loans at December 31, 2024. The allowance as a percentage of loans outstanding stood at 1.06% in 2025, level with December 31, 2024. The provision for credit losses on loans was $2.0 million in 2025, as compared to $1.3 million in 2024.

The Company's capital position improved in 2025, the result of improved profitability and a slower rate of balance sheet expansion as compared to the prior several years. The Company's total risk-based capital ratio was 14.02% as of December 31, 2025, solidly above the well-capitalized threshold of 10.0% set by the FDIC, the FRB, and the OCC.

On a tax-equivalent basis, net interest income increased $13.5 million or 20.3% for the year ended December 31, 2025 compared to the year ended December 31, 2024. Total interest income increased $11.4 million, or 7.7%, from 2024, while total interest expense decreased $2.0 million, or 2.4%. The Company's tax-equivalent net interest margin was 2.63% in 2025, compared to 2.29% in 2024. Net interest margin by quarter was 2.48%, 2.52%, 2.70% and 2.83% for the first through fourth quarters of 2025, respectively, as compared to 2.22%, 2.21%, 2.32%, and 2.42% in the same periods of 2024.

Non-interest income in 2025 was $17.3 million, an increase of $985,000 or 6.0% from the $16.4 million reported in 2024. The year-to-year increase in non-interest income is primarily attributable to Wealth Management revenue growth of $464,000 or 9.3% from 2024, and an increase in other operating income of $357,000 or 11.5%, during the same period.

Non-interest expense in 2025 was $50.9 million, an increase of $3.8 million or 8.0% from the $47.2 million reported in 2024. Employee salary and benefit expense increased $2.8 million or 11.4% from the prior year. Asset growth and premium calculation variances led to a $331,000 increase in deposit insurance premiums from the prior year. Income taxes on operating earnings were $7.5 million for the year ended December 31, 2025, up $2.0 million from the same period in 2024.

Improved earnings performance led to a corresponding improvement in the Company's operating ratios. Return on average assets of 1.08% and a return on average tangible common equity (non-GAAP) of 14.50% for the year ended December 31, 2025, compare favorably to 0.89% and 12.35%, respectively, for the prior year. Our non-GAAP efficiency ratio continues to be an important component in our overall performance and improved to 52.09% for 2025. Dividends paid to shareholders totaled $1.47 per share, representing 47.39% of basic earnings per share for the year.

Results of Operations

Net Interest Income

Net interest income on a tax-equivalent basis increased 20.3% or $13.5 million to $80.2 million for the year ended December 31, 2025 from the $66.7 million reported for the year ended December 31, 2024. The Company's net interest margin was 2.63% in 2025, compared to 2.29% in 2024.

Total interest income on a tax-equivalent basis in 2025 was $163.1 million, an increase of $11.5 million or 7.6% from the $151.6 million posted by the Company in 2024. A shift in earning asset composition from investments to higher-yielding loans

The First Bancorp - 2025 Form 10-K - Page 27

coupled with higher interest rates on both new loans and re-priced legacy transactions contributed to the increase in interest income. Total interest expense in 2025 was $82.9 million, a decrease of $2.0 million or 2.4% from the $84.9 million posted by the Company in 2024. Generally lower market interest rates resulting from FOMC actions coupled with growth in local deposits that allowed for a reduction in higher-cost wholesale funding each contributed to the interest expense decrease. Tax-exempt interest income amounted to $10.7 million for the year ended December 31, 2025, and $10.5 million for the year ended December 31, 2024.

The following table presents changes in interest income and expense attributable to changes in interest rates, volume, and rate/volume1 for interest-earning assets and interest-bearing liabilities. Tax-exempt income is calculated on a tax-equivalent basis, using a 21.0% Federal income tax rate in 2025 and 2024.


Year ended December 31, 2025 compared to 2024
Dollars in thousands	Volume		Rate		Rate/Volume1		Total
Interest on earning assets
Interest-bearing deposits	$	(97)	$	(64)	$	11	$	(150)
Investment securities	(408)		243		(5)		(170)
Loans held for sale	—		—		—		—
Loans	8,749		2,873		193		11,815
Total interest income	8,244		3,052		199		11,495
Interest expense
Deposits	3,152		(5,643)		(224)		(2,715)
Borrowings	513		158		15		686
Total interest expense	3,665		(5,485)		(209)		(2,029)
Change in net interest income	$	4,579	$	8,537	$	408	$	13,524

1 Represents the change attributable to a combination of change in rate and change in volume.

The following table presents the interest earned on or paid for each major asset and liability category, respectively, for the years ended December 31, 2025 and 2024, as well as the average yield for each major asset and liability category, and the net yield between assets and liabilities. Tax-exempt income has been calculated on a tax-equivalent basis using a 21% Federal income tax rate in 2025 and 2024. Unrecognized interest on non-accrual loans is not included in the amount presented, but the average balance of non-accrual loans is included in the denominator when calculating yields.


	2025				2024
Dollars in thousands	Amount of interest		Average Yield/Rate		Amount of interest		Average Yield/Rate
Interest-earning assets
Interest-bearing deposits	$	400	4.33	%	$	550	4.91	%
Investment securities	20,783		3.21	%	20,953		3.17	%
Loans held for sale	—		—	%	—		—	%
Loans	141,925		5.94	%	130,110		5.81	%
Total interest-earning assets	163,108		5.35	%	151,613		5.21	%
Interest-bearing liabilities
Deposits	76,697		3.17	%	79,412		3.41	%
Borrowings	6,197		3.48	%	5,511		3.38	%
Total interest-bearing liabilities	82,894		3.19	%	84,923		3.41	%
Net interest income	$	80,214			$	66,690
Interest rate spread			2.17	%			1.80	%
Net interest margin			2.63	%			2.29	%

The First Bancorp - 2025 Form 10-K - Page 28

Average Daily Balance Sheets

The following table shows the Company's average daily balance sheets for the years ended December 31, 2025 and 2024:


	For the years ended December 31,
Dollars in thousands	2025		2024
Assets
Cash and cash equivalents	$	26,381	$	25,164
Interest-bearing deposits in other banks	9,231		11,213
Securities available for sale (includes tax exempt securities of $36,309 in 2025 and $36,447 in 2024)	274,238		275,706
Securities to be held to maturity, net of ACL (included tax exempt securities of $249,793 in 2025 and $252,236 in 2024)	365,358		377,966
Restricted equity securities, at cost	7,523		6,311
Loans held for sale (fair value approximates cost)	42		34
Loans	2,389,603		2,239,050
Allowance for credit losses	(25,046)		(24,361)
Net loans	2,364,557		2,214,689
Accrued interest receivable	17,070		15,443
Premises and equipment, net	28,084		28,066
Other real estate owned	34		97
Goodwill	30,646		30,646
Other assets	65,302		64,289
Total Assets	$	3,188,466	$	3,049,624
Liabilities & Shareholders' Equity
Demand deposits	$	293,647	$	281,265
NOW deposits	625,988		624,691
Money market deposits	415,288		328,838
Savings deposits	258,312		274,989
Certificates of deposit	1,121,349		1,100,004
Total deposits	2,714,584		2,609,787
Borrowed funds – short-term	82,557		67,899
Borrowed funds – long-term	95,500		95,000
Dividends payable	2,215		1,006
Other liabilities	25,551		26,146
Total Liabilities	2,920,407		2,799,838
Shareholders' Equity:

Common stock	112		111
Additional paid-in capital	72,724		70,656
Retained earnings	232,282		219,658
Net unrealized loss on securities available for sale	(37,341)		(41,351)
Net unrealized gain on cash flow hedging derivative instruments	42		460
Net unrealized loss on securities transferred from available for sale to held to maturity	(46)		(51)
Net unrealized gain on postretirement benefit costs	286		303
Total Shareholders' Equity	268,059		249,786
Total Liabilities & Shareholders' Equity	$	3,188,466	$	3,049,624

The First Bancorp - 2025 Form 10-K - Page 29

Non-Interest Income

Non-Interest Expense

Non-interest expense in 2025 was $50.9 million, an increase of $3.8 million or 8.0% from the $47.2 million reported in 2024. Employee salary and benefit expense increased $2.8 million or 11.4% from the prior year, attributable to a combination of salary adjustments, incentive compensation accruals, increased benefit costs, and several one-time expenses resulting from retirements. FDIC insurance premiums increased by $331,000 attributable to various factor changes in the premium calculation. Furniture and equipment expense was up $256,000 or 4.6% on higher software costs, and other operating expense increased $396,000 or 3.4%. from 2024.

Provision to the Allowance for Credit Losses Loans

The Company's provision to the ACL loans was $2.0 million in 2025, up from $1.3 million provisioned in 2024. The ACL loans stood at 1.06% of total loans as of December 31, 2025, compared to 1.06% as of December 31, 2024.

Net loan charge-offs in 2025 were $1.6 million or 0.07% of average loans, up from $463,000 or 0.02% of loans in 2024. Non-performing assets stood at 0.41% of total assets as of December 31, 2025 compared to 0.14% of total assets at December 31, 2024. The change in non-performing assets is primarily centered in two credit relationships in which resolution activities have commenced and against which specific reserves have been established. Past-due loans were 0.90% of total loans as of December 31, 2025, an increase from 0.40% of total loans as of December 31, 2024.

Income Taxes

Income taxes on operating earnings were $7.5 million for the year ended December 31, 2025, up $2.0 million from 2024.

Net Income

Net income for 2025 was $34.4 million, up 27.2% or $7.3 million from net income of $27.0 million that was posted in 2024. Earnings per share on a fully diluted basis for 2025 were $3.07, up $0.64 or 26.3% from the $2.43 reported for the year ended December 31, 2024.

Key Ratios

Return on average assets in 2025 was 1.08%, up from the 0.89% posted in 2024. Return on average tangible common equity was 14.50% in 2025, compared to 12.35% in 2024. In 2025, the Company's dividend payout ratio (dividends declared per share divided by earnings per share) was 47.39%, compared to 58.44% in 2024. The Company's non-GAAP efficiency ratio – a benchmark measure of the amount spent to generate a dollar of income – was 52.09% in 2025, compared to 56.66% in 2024.

Investment Management and Fiduciary Activities

As of December 31, 2025, First National Wealth Management, the Bank's trust and investment management division, had assets under management or custody with a market value of $1.384 billion, consisting of 1,306 trust accounts, estate accounts, agency accounts, and self-directed individual retirement accounts. This compares to December 31, 2024, when 1,272 accounts with a market value of $1.290 billion were under management or custody.

Comparison of the Years Ended December 31, 2024 and 2023

A discussion of changes in our results of operations during the year ended December 31, 2024 compared to the year ended December 31, 2023 has been omitted from this Annual Report on Form 10-K but may be found in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 7, 2025, which discussion is incorporated herein by reference, and which is available free of charge on the SECs website at www.sec.gov.

The First Bancorp - 2025 Form 10-K - Page 30

Assets and Asset Quality

Total assets of $3.166 billion at December 31, 2025 increased 0.3% or $9.3 million from $3.157 billion at December 31, 2024. The investment portfolio, including restricted equity securities decreased $22.9 million or 3.5% over December 31, 2024, and the loan portfolio increased $53.2 million or 2.3%. Year-over-year, average assets were up $138.8 million in 2025 over 2024. Average loans in 2025 were $150.6 million higher than in 2024, and average investments in 2025 were $14.1 million lower than in 2024.

Non-performing assets to total assets stood at 0.41% at December 31, 2025, up from the 0.14% of total assets at December 31, 2024. In general terms, the Company's long-standing approach to working with borrowers and ethical loan underwriting standards helps alleviate some of the payment problems on customers' loans and minimizes actual loan losses, in Management's opinion. There was no OREO or related allowance at December 31, 2025. The company held one OREO property with a carrying value of $173,000, net of an allowance of $35,000 on December 31, 2024.

Net chargeoffs in 2025 were $1.6 million or 0.07% of average loans outstanding, up $1.1 million from 2024. Residential real estate term loans represent 30.9% of the total loan portfolio, and this loan category generally has a lower level of losses in comparison to other loan types. In 2025, residential mortgages had a net recovery of 0.001% compared to a loss ratio of 0.065% for the entire loan portfolio. The Company does not have a credit card portfolio or offer dealer consumer loans, which generally carry more risk and potentially higher losses than other types of consumer credit.

The ACL-loans ended 2025 at $25.4 million and stood at 1.06% of total loans outstanding, compared to $24.9 million and 1.06% of total loans outstanding at December 31, 2024. A $2.0 million provision for losses was made during the year ended 2025.

Investment Activities

During 2025, the investment portfolio, including restricted equity securities, decreased 3.5% to end the year at $628.7 million, compared to $651.6 million at December 31, 2024. Average investments in 2025 were $14.1 million lower than in 2024. The change in value of the portfolio is attributable primarily to limited reinvestment of incoming cash flow from amortizing and matured investments, as cash flow was re-directed to other segments of the balance sheet. As of December 31, 2025, mortgage-backed securities had a carrying value of $259.0 million and a fair value of $250.2 million. Of this total, securities with a fair value of $64.5 million or 25.8% of the mortgage-backed portfolio were issued by the GNMA and securities with a fair value of $185.7 million or 74.2% of the mortgage-backed portfolio were issued by the FHLMC and the FNMA.

The Company's investment securities are classified into three categories: securities available for sale, securities to be held to maturity and restricted equity securities. Securities available for sale consist primarily of debt securities which Management intends to hold for indefinite periods of time. They may be used as part of the Company's funds management strategy, and may be sold in response to changes in interest rates, prepayment risk and liquidity needs, to increase capital ratios, or for other similar reasons. Securities to be held to maturity consist primarily of debt securities that the Company has acquired solely for long-term investment purposes, rather than for trading or future sale. For securities to be categorized as HTM, Management must have the intent and the Company must have the ability to hold such investments until their respective maturity dates. Restricted equity securities consist of investments in the stock of the FRBB and the FHLBB; ownership of these securities is required as a condition of the Bank's membership in the respective banks and these shares are not able to be pledged or sold. The Company does not hold trading account securities.

All investment securities are managed in accordance with a written investment policy adopted by the Board of Directors. It is the Company's general policy that investments for either the AFS or HTM portfolio be limited to government debt obligations, time deposits, and corporate bonds or commercial paper with one of the three highest ratings given by a nationally recognized rating agency. The portfolio is currently invested primarily in U.S. Government sponsored agency securities, mortgage-backed securities and tax-exempt obligations of states and political subdivisions. The individual securities have been selected to enhance the portfolio's overall yield while not materially adding to the Company's level of interest rate risk.

During the third quarter of 2014, the Company transferred securities with a total amortized cost of $89,780,000 with a corresponding fair value of $89,757,000 from AFS to HTM. The net unrealized loss, net of taxes, on these securities at the date of the transfer was $15,000. The net unrealized holding loss at the time of transfer continues to be reported in AOCI, net of tax and is amortized over the remaining lives of the securities as an adjustment of the yield. The amortization of the net unrealized loss reported in AOCI will offset the effect on interest income of the discount for the transferred securities. The remaining unamortized balance of the net unrealized losses for the securities transferred from AFS to HTM was $38,000, net of taxes, at December 31, 2025. This compares to $47,000, net of taxes at December 31, 2024. These securities were transferred as a part of the Company's overall investment and balance sheet strategies.

The First Bancorp - 2025 Form 10-K - Page 31

The following table sets forth the Company's investment securities at their carrying amounts as of December 31, 2025 and 2024:


Dollars in thousands	2025		2024
Securities available for sale
U.S. Treasury and Agency securities	$	18,072	$	19,796
Mortgage-backed securities	210,434		219,382
State and political subdivisions	33,990		33,252
Asset-backed securities	1,984		2,250


	264,480		274,680
Securities to be held to maturity
U.S. Treasury and Agency securities	38,100		38,100
Mortgage-backed securities	48,566		52,370
State and political subdivisions	248,408		252,180
Corporate securities	21,000		27,250
	356,074		369,900
Less allowance for credit losses	(146)		(196)
Net securities to be held to maturity	355,928		369,704
Restricted equity securities
Federal Home Loan Bank Stock	7,238		6,166
Federal Reserve Bank Stock	1,037		1,037
	8,275		7,203
Total securities	$	628,683	$	651,587

The Company adopted ASC 326, the CECL standard in 2023. In conjunction with adoption, holdings of AFS securities and HTM securities were evaluated to determine the need to establish an ACL, if any. The total ACL for HTM securities was $146,000 and $196,000 as of December 31, 2025 and 2024, respectively. Further details are included in Note 3 of the accompanying financial statements.

The First Bancorp - 2025 Form 10-K - Page 32

The following table sets forth information on the yields and expected maturities of the Company's investment securities as of December 31, 2025. Yields on tax-exempt securities have been computed on a tax-equivalent basis using a tax rate of 21%. Mortgage-backed securities are presented according to their contractual maturity date, while the yield takes into effect intermediate cash flows from repayment of principal which results in a much shorter average life.


	Available For Sale				Held to Maturity
Dollars in thousands	Fair Value		Yield to maturity		Amortized Cost		Yield to maturity
U.S. Treasury & Agency Securities
Due in 1 year or less	$	—	0.00	%	$	—	0.00	%
Due in 1 to 5 years	5,749		1.13	%	11,500		1.00	%
Due in 5 to 10 years	3,026		1.25	%	3,150		2.30	%
Due after 10 years	9,297		2.00	%	23,450		1.56	%
Total	18,072		1.60	%	38,100		1.50	%
Mortgage-Backed Securities
Due in 1 year or less	2		3.45	%	—		0.00	%
Due in 1 to 5 years	835		1.25	%	3		8.00	%
Due in 5 to 10 years	6,812		3.51	%	3,336		4.89	%
Due after 10 years	202,785		2.65	%	45,227		1.53	%
Total	210,434		2.67	%	48,566		1.76	%
State & Political Subdivisions
Due in 1 year or less	90		5.06	%	1,729		3.27	%
Due in 1 to 5 years	—		0.00	%	21,050		3.55	%
Due in 5 to 10 years	8,855		2.36	%	73,154		3.42	%
Due after 10 years	25,045		3.39	%	152,475		2.42	%
Total	33,990		3.13	%	248,408		2.82	%
Asset-Backed Securities
Due in 1 year or less	—		0.00	%	—		0.00	%
Due in 1 to 5 years	—		0.00	%	—		0.00	%
Due in 5 to 10 years	—		0.00	%	—		0.00	%
Due after 10 years	1,984		4.95	%	—		0.00	%
Total	1,984		4.95	%	—		0.00	%
Corporate Securities
Due in 1 year or less	—		0.00	%	—		0.00	%
Due in 1 to 5 years	—		0.00	%	2,250		3.11	%
Due in 5 to 10 years	—		0.00	%	18,750		5.60	%
Due after 10 years	—		0.00	%	—		0.00	%
Total	—		0.00	%	21,000		5.33	%
	$	264,480	2.67	%	$	356,074	2.68	%

AFS Debt Securities in an Unrealized Loss Position

The AFS securities portfolio contains certain securities, the amortized cost of which exceeds fair value, which at December 31, 2025 amounted to $40.1 million, or 13.19% of the amortized cost of the total AFS securities portfolio. At December 31, 2024, this amount was $54.2 million, or 16.48% of the total AFS securities portfolio.

The Company's evaluation of securities for impairment is a quantitative and qualitative process intended to determine whether declines in the fair value of AFS investment securities should be recognized as a charge against the ACL. The primary factors considered in evaluating whether a loss should be recognized include: (a) the length of time and extent to which the fair value has been less than cost or amortized cost and the expected recovery period of the security, (b) the financial condition, credit rating and future prospects of the issuer, (c) whether the debtor is current on contractually obligated interest and principal payments, (d) the volatility of the securities market price, (e) the intent and ability of the Company to retain the investment for a

The First Bancorp - 2025 Form 10-K - Page 33

period of time sufficient to allow for recovery, which may be at maturity, and (f) any other information and observable data considered relevant in determining whether full collection of amounts contractually due will be realized.

The Company's best estimate of cash flows uses severe economic recession assumptions due to market uncertainty. The Company's assumptions include but are not limited to delinquencies, foreclosure levels and constant default rates on the underlying collateral, loss severity ratios, and constant prepayment rates. If the Company does not expect to receive 100% of future contractual principal and interest, a charge against the ACL is recognized. Estimating future cash flows is a quantitative and qualitative process that incorporates information received from third party sources along with certain internal assumptions and judgments regarding the future performance of the underlying collateral.

As of December 31, 2025, the Company had AFS debt securities in an unrealized loss position with a fair value of $228.7 million and unrealized losses of $40.1 million, as identified in the table below. Securities in a continuous unrealized loss position of twelve months or more amounted to a fair value $226.9 million as of December 31, 2025, compared with $234.1 million at December 31, 2024. The Company has concluded that these securities are fully collectible and that no charge against the allowance is required. This conclusion was based on the issuer's continued satisfaction of the securities obligations in accordance with their contractual terms and the expectation that the issuer will continue to do so, Management's intent and ability to hold these securities for a period of time sufficient to allow for any anticipated recovery in fair value which may be at maturity, the expectation that the Company will receive 100% of future contractual cash flows, as well as the evaluation of the fundamentals of the issuer's financial condition and other objective evidence. The following table summarizes AFS debt securities in an unrealized loss position for which an ACL has not been recorded at December 31, 2025:


	Less than 12 months				12 months or more				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Dollars in thousands	Value		Losses		Value		Losses		Value		Losses
U.S. Treasury & Agency securities	$	—	$	—	$	18,072	$	(4,973)	$	18,072	$	(4,973)
Mortgage-backed securities	1,732		(4)		177,093		(30,138)		178,825		(30,142)
State and political subdivisions	—		—		30,672		(4,989)		30,672		(4,989)
Asset-backed securities	—		—		1,096		(15)		1,096		(15)

	$	1,732	$	(4)	$	226,933	$	(40,115)	$	228,665	$	(40,119)

For securities with unrealized losses, the following information was considered in determining that no charge against the allowance for decline in fair value was required in the current reporting period:

AFS Securities issued by the U.S. Treasury and U.S. Government-sponsored agencies & enterprises. As of December 31, 2025, the total unrealized losses on these securities amounted to $5.0 million, compared with $6.2 million at December 31, 2024. All of these securities were credit rated "AAA" or "AA+" by the major credit rating agencies. Management believes that securities issued by the U.S. Treasury and U.S. Government-sponsored agencies and enterprises carry zero or near-zero credit risk, and that 100% of the amounts contractually due will be collected.

AFS Mortgage-backed securities issued by U.S. Government agencies and U.S. Government-sponsored enterprises. As of December 31, 2025, the total unrealized losses on these securities amounted to $30.1 million, compared with $41.0 million at December 31, 2024. All of these securities were credit rated "AAA" by the major credit rating agencies. Management believes that securities issued by U.S. Government agencies bear no credit risk because they are backed by the full faith and credit of the United States and that securities issued by U.S. Government-sponsored enterprises have minimal credit risk, as these agencies enterprises play a vital role in the nation's financial markets. Management believes that the unrealized losses at December 31, 2025 were attributable to changes in current market yields and spreads since the date the underlying securities were purchased, and that 100% of the amounts contractually due will be realized. The Company also has the ability and intent to hold these securities until a recovery of their amortized cost, which may be at maturity.

AFS Obligations of state and political subdivisions. As of December 31, 2025, the total unrealized losses on municipal securities amounted to $5.0 million, compared with $6.9 million at December 31, 2024. Municipal securities are supported by the general taxing authority of the municipality and, in the cases of school districts, are generally supported by state aid. At December 31, 2025, all municipal bond issuers were current on contractually obligated interest and principal payments. The Company attributes the unrealized losses at December 31, 2025 to changes in prevailing market yields and pricing spreads since the date the underlying securities were purchased, combined with current market liquidity conditions and market conditions in general. The Company has the ability and intent to hold these securities until a recovery of their amortized cost, which may be at maturity, and believes that 100% of the amounts contractually due will be realized.

The First Bancorp - 2025 Form 10-K - Page 34

AFS Asset-backed securities. As of December 31, 2025, total unrealized losses on asset-backed securities were $15,000, compared with none at December 31, 2024. These securities consist of U.S Government backed student loans along with other credit enhancements.

FHLBB and FRBB Stock

The Bank is a member of the FHLBB, a cooperatively owned wholesale bank for housing and finance in the six New England States. As a requirement of membership in the FHLBB, the Bank must own a minimum required amount of FHLBB stock, calculated periodically based primarily on its level of borrowings from the FHLBB. The Bank uses the FHLBB for a portion of its wholesale funding needs. As of December 31, 2025 and 2024, the Bank's investment in FHLB stock totaled $7.2 million and $6.2 million, respectively. FHLBB stock is a non-marketable equity security and therefore is reported at cost, subject to adjustments for any observable market transactions on the same or similar instruments of the investee. No impairment losses have been recorded through December 31, 2025.

The Bank is also a member of the FRBB. As a requirement for membership in the FRBB, the Bank must own a minimum required amount of FRBB stock. The Bank uses FRBB for certain correspondent banking services and maintains borrowing capacity at its discount window. The Bank's investment in FRBB stock totaled $1.0 million at December 31, 2025 and 2024. The Company periodically evaluates its investment in FHLBB and FRBB stock for impairment based on, among other factors, the capital adequacy of the Banks and their overall financial condition. No impairment losses have been recorded through December 31, 2025. The Bank will continue to monitor its investment in these restricted equity securities.

Lending Activities

The Company provides loans to customers within our market area, the State of Maine, with very limited exposures outside of Maine. Loans are originated primarily via our network of branch offices, along with an online channel for residential mortgage loans.

The loan portfolio increased $53.2 million or 2.3% in 2025, with total loans of $2.394 billion at December 31, 2025, compared to $2.341 billion at December 31, 2024. Commercial loans increased $17.5 million or 1.3% between December 31, 2024 and December 31, 2025. Residential term loans increased by $28.4 million or 4.0%, home equity lines of credit increased $19.2 million or 15.6%, and municipal loans decreased by $9.8 million or 15.8% over the same period.

The loan portfolio is segmented into eleven classes. Commercial loans comprise six of the classes: commercial real estate owner occupied, commercial real estate non-owner occupied, commercial construction, C&I, multifamily and agriculture. Residential mortgage loans comprise two of the classes: residential real estate term and residential real estate construction. The remaining classes are municipal loans, home equity loans, and consumer loans. Further descriptions of each class, and the risk factors associated with each, are included in Note 5 and Note 6 of the accompanying financial statements.

The following table summarizes the loan portfolio, by class, as of December 31, 2025 and 2024:


	As of December 31,
Dollars in thousands	2025				2024
Commercial
Real Estate Owner Occupied	$	378,263	15.8	%	$	358,588	15.3	%
Real Estate Non-Owner Occupied	409,177		17.1	%	403,899		17.3	%
Construction	35,025		1.5	%	99,717		4.3	%
C&I	376,907		15.7	%	365,817		15.6	%
Multifamily	158,910		6.6	%	108,732		4.6	%
Agriculture	48,145		2.0	%	52,219		2.2	%
Municipal	52,074		2.2	%	61,827		2.6	%
Residential
Term	739,188		30.9	%	710,807		30.4	%
Construction	35,332		1.5	%	35,481		1.5	%
Home Equity
Revolving and Term	142,219		5.9	%	123,063		5.3	%
Consumer	18,869		0.8	%	20,790		0.9	%
Total loans	$	2,394,109	100.0	%	$	2,340,940	100.0	%

The First Bancorp - 2025 Form 10-K - Page 35

The following table sets forth certain information regarding the contractual maturities of the Bank's loan portfolio as of December 31, 2025:


Dollars in thousands	< 1 Year		1 - 5 Years		5 - 10 Years		> 10 Years		Total
Commercial
Real Estate Owner Occupied	$	5,469	$	116,990	$	30,388	$	225,416	$	378,263
Real Estate Non-Owner Occupied	14,890		93,835		30,041		270,411		409,177
Construction	701		20,148		4,361		9,815		35,025
C&I	88,502		172,709		28,719		86,977		376,907
Multifamily	16,192		38,000		5,125		99,593		158,910
Agriculture	2,413		19,250		8,348		18,134		48,145
Municipal	8,628		11,770		12,535		19,141		52,074
Residential
Term	1,758		63,687		39,047		634,696		739,188
Construction	1,876		5,878		—		27,578		35,332
Home Equity
Revolving and Term	5,336		11,372		8,001		117,510		142,219
Consumer	7,017		6,112		1,094		4,646		18,869
Total loans	$	152,782	$	559,751	$	167,659	$	1,513,917	$	2,394,109

The following table provides a listing of loans, by class, between variable and fixed rates as of December 31, 2025:


	Fixed-Rate				Adjustable-Rate				Total
Dollars in thousands	Amount		% of total		Amount		% of total		Amount		% of total
Commercial
Real Estate Owner Occupied	$	69,607	2.9	%	$	308,656	12.9	%	$	378,263	15.8	%
Real Estate Non-Owner Occupied	112,577		4.7	%	296,600		12.4	%	409,177		17.1	%
Construction	20,054		0.9	%	14,971		0.6	%	35,025		1.5	%
C&I	146,438		6.1	%	230,469		9.6	%	376,907		15.7	%
Multifamily	26,859		1.1	%	132,051		5.5	%	158,910		6.6	%
Agriculture	9,533		0.4	%	38,612		1.6	%	48,145		2.0	%
Municipal	51,875		2.2	%	199		0.0	%	52,074		2.2	%
Residential
Term	465,586		19.5	%	273,602		11.4	%	739,188		30.9	%
Construction	10,180		0.4	%	25,152		1.1	%	35,332		1.5	%
Home Equity
Revolving and Term	23,744		1.0	%	118,475		4.9	%	142,219		5.9	%
Consumer	11,752		0.5	%	7,117		0.3	%	18,869		0.8	%
Total loans	$	948,205	39.7	%	$	1,445,904	60.3	%	$	2,394,109	100.0	%

Loan Concentrations

As of December 31, 2025, the Bank had one concentration of loans in one particular industry that exceeded 10% of its total loan portfolio: (1) loans to lessors of residential buildings and dwellings, totaling $266.1 million, or 11.11%. This compares to two concentrations of loans in two particular industries that exceeded 10% of its total loan portfolio as of December 31, 2024: (1) loans to lessors of residential buildings and dwellings, totaling $260.7 million, or 11.14%, of total loans, and (2) loans to hotels (except Casino hotels) and motels, totaling $242.1 million, or 10.34% of total loans.

Loans Held for Sale

As of December 31, 2025 and 2024, the Bank had no loans held for sale.

The First Bancorp - 2025 Form 10-K - Page 36

Credit Risk Management and Allowance for Credit Losses on Loans

Upon adoption of ASC 326, the CECL standard, in 2023, the Company replaced the incurred loss model that recognized loan losses when it became probable that a credit loss would be incurred, with a requirement to recognize lifetime expected credit losses immediately when a financial asset is originated or purchased. The ACL is a valuation amount that is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. Loans, or portions thereof, are charged off against the allowance when they are deemed uncollectible. The ACL consists of three elements: (1) specific reserves for loans individually analyzed; (2) general reserves for each portfolio segment; and, (3) qualitative reserves. All outstanding loans are considered in evaluating the appropriateness of the allowance with similar risk characteristics in the portfolio. Prior to adoption of ASC 326, under the incurred loss methodology, the Company evaluated portfolio risk characteristics largely on loan purpose.

The Company provides for loan losses through the ACL which represents an estimated reserve for losses in the loan portfolio. To determine an appropriate level for general reserves, a discounted cash flow approach is applied to each portfolio segment implementing a probability of default and loss given default estimate based upon a number of factors including historical losses over an economic cycle, economic forecasts, loan prepayment speeds and curtailment rates. To determine an appropriate level for qualitative reserves various factors are considered including underwriting policies, credit administration practices, experience, ability and depth of lending management, and economic factors not captured in the general reserve calculation.

The ACL is increased by provisions charged against current earnings. Loan losses are charged against the allowance when Management believes that the collectibility of the loan principal is unlikely. Recoveries on loans previously charged off are credited to the allowance. The adequacy of the ACL is overseen by the ACL Committee whose membership includes senior level personnel from the Executive, Lending, Risk, and Finance functions of the Bank. While Management uses available information to assess possible losses on loans, future additions to the allowance may be necessary based on increases in non-performing loans, changes in economic conditions or outlook, growth in loan portfolios, or for other reasons. Any future additions to the allowance would be recognized in the period in which they were determined to be necessary. In addition, various regulatory agencies periodically review the Company's ACL as an integral part of their examination process. Such agencies may require the Company to record additions to the allowance based on judgments different from those of Management.

The ACL includes reserve amounts assigned to IAL. This includes loans with balances of $250,000 or more that have either been placed into non-accrual or are loans identified by management as having characteristics that may impact ultimate collectability and therefore merit individual analysis. A specific reserve is allocated to an individual loan when the amount of a probable loss is estimable on the basis of its collateral value, the present value of anticipated future cash flows, or its net realizable value. At December 31, 2025, IALs with specific reserves totaled $4.1 million and the amount of such reserves was $2.7 million. This compares to IALs with specific reserves of $1.7 million at December 31, 2024 and the amount of such reserves was $1.0 million. Additional detail on IALs may be found in Note 5 of the accompanying financial statements.

The total ACL on loans at December 31, 2025 is considered by Management to be appropriate to address the potential for credit losses inherent in the loan portfolio at that date. However, determination of the appropriate allowance level is based upon a number of assumptions made about future events, which we believe are reasonable, but which may or may not prove valid. Thus, there can be no assurance charge-offs in future periods will not exceed the ACL or that additional increases in the ACL will not be necessary.

The First Bancorp - 2025 Form 10-K - Page 37

The following table summarizes our allocation of allowance by loan class as of December 31, 2025 and 2024. The percentages are the portion of each loan type to total loans:


	As of December 31,
Dollars in thousands	2025				2024
Commercial
Real Estate Owner Occupied	$	5,344	15.8	%	$	5,045	15.3	%
Real Estate Non-Owner Occupied	5,820		17.1	%	4,829		17.3	%
Construction	250		1.5	%	944		4.3	%
C&I	5,023		15.7	%	5,364		15.6	%
Multifamily	826		6.6	%	1,239		4.6	%
Agriculture	519		2.0	%	605		2.2	%
Municipal	193		2.2	%	262		2.6	%
Residential
Term	5,949		30.9	%	5,241		30.4	%
Construction	299		1.5	%	474		1.5	%
Home Equity
Revolving and Term	958		5.9	%	686		5.3	%
Consumer	184		0.8	%	182		0.9	%
Total	$	25,365	100.0	%	$	24,871	100.0	%

A breakdown of the ACL as of December 31, 2025, by loan class, and allowance element, is presented in the following table:


Dollars in thousands	Specific Reserves on Loans Evaluated Individually		General Reserves on Loans Based on Historical Loss Experience		Reserves for Qualitative Factors		Total Reserves
Commercial
Real Estate Owner Occupied	$	377	$	4,173	$	794	$	5,344
Real Estate Non-Owner Occupied	1,209		3,979		632		5,820
Construction	—		194		56		250
C&I	961		3,522		540		5,023
Multifamily	—		669		157		826
Agriculture	—		472		47		519
Municipal	—		33		160		193
Residential
Term	87		5,270		592		5,949
Construction	—		249		50		299
Home Equity
Revolving and Term	106		747		105		958
Consumer	—		174		10		184
Total	$	2,740	$	19,482	$	3,143	$	25,365

Based upon Management's evaluation, provisions are made to maintain the allowance as a best estimate of expected losses within the portfolio. The provision for credit losses to maintain the allowance was $2.0 million in 2025 compared to $1.3 million in 2024. Net charge offs were $1.6 million in 2025 compared to net charge offs of $463,000 in 2024. The ACL as a percentage of outstanding loans was at 1.06% at December 31, 2025 compared to 1.06% at December 31, 2024.

The First Bancorp - 2025 Form 10-K - Page 38

The following table summarizes the activities in the ACL as of December 31, 2025 and 2024:


	As of December 31,
Dollars in thousands	2025			2024
Balance at beginning of year	$	24,871		$	24,030
Loans charged off:
Commercial
Real Estate Owner Occupied	53			—
Real Estate Non-Owner Occupied	—			—
Construction	—			—
C&I	1,333			451
Multifamily	—			—
Agriculture	27			—
Municipal	—			—
Residential
Term	1			37
Construction	—			—
Home Equity
Revolving and Term	—			7
Consumer	329			252
Total	1,743			747
Recoveries on loans previously charged off
Commercial
Real Estate Owner Occupied	—			100
Real Estate Non-Owner Occupied	—			—
Construction	—			—
C&I	76			25
Multifamily	—			—
Agriculture	—			—
Municipal	—			—
Residential
Term	7			32
Construction	—			—
Home Equity
Revolving and Term	16			24
Consumer	89			103
Total	188			284
Net loans charged off	1,555			463
Provision for credit losses	2,049			1,304
Balance at end of period	$	25,365		$	24,871
Ratio of net loans charged off to average loans outstanding1	0.065		%	0.021		%
Ratio of allowance for credit losses to total loans outstanding	1.06		%	1.06		%

1Annualized using a 365-day basis in 2025 and a 366-day basis in 2024.

The First Bancorp - 2025 Form 10-K - Page 39

ACL for Unfunded Commitments

Adoption of CECL resulted in an increase in the Company's ACL for unfunded commitments. Our modeling methodology applies the same class level credit loss factors used in the ACL for loans model to applicable classes of unfunded commitments to determine an appropriate ACL level. Utilization assumptions are based upon an independent analysis of the Bank's historical data. The ACL for unfunded commitments is reported on the Company's consolidated balance sheets within other liabilities and totaled $565,000 as of December 31, 2025.

Nonperforming Loans

Nonperforming loans are comprised of loans, for which based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement or when principal and interest is 90 days or more past due unless the loan is both well secured and in the process of collection (in which case the loan may continue to accrue interest in spite of its past due status). A loan is "well secured" if it is secured (1) by collateral in the form of liens on or pledges of real or personal property, including securities, that have a realizable value sufficient to discharge the debt including accrued interest) in full, or (2) by the guarantee of a financially responsible party. A loan is "in the process of collection" if collection of the loan is proceeding in due course either (1) through legal action, including judgment enforcement procedures, or (2) in appropriate circumstances, through collection efforts not involving legal action which are reasonably expected to result in repayment of the debt or in its restoration to a current status in the near future.

Generally, when a loan becomes 90 days past due it is evaluated for collateral dependency based upon the most recent appraisal or other evaluation method. If the collateral value is lower than the outstanding loan balance plus accrued interest and estimated selling costs, the loan is placed on non-accrual status, all accrued interest is reversed from interest income, and a specific reserve is established for the difference between the loan balance and the collateral value less selling costs, or, in certain situations, the difference between the loan balance and the collateral value less selling costs is written off. Concurrently, a new appraisal or valuation may be ordered, depending on collateral type, currency of the most recent valuation, the size of the loan, and other factors appropriate to the loan. Upon receipt and acceptance of the new valuation, the loan may have an additional specific reserve or write down based on the updated collateral value. On an ongoing basis, appraisals or valuations may be done periodically on collateral dependent nonperforming loans and an additional specific reserve or write down will be made, if appropriate, based on the new collateral value.

Once a loan is placed on nonaccrual, it remains in nonaccrual status until the loan is current as to payment of both principal and interest and the borrower demonstrates the ability to pay and remain current. All payments made on nonaccrual loans are applied to the principal balance of the loan.

Nonperforming loans, expressed as a percentage of total loans, totaled 0.54% at December 31, 2025 compared to 0.18% at December 31, 2024. The following table shows the distribution of nonperforming loans by class as of December 31, 2025 and 2024:


	As of December 31,
Dollars in thousands	2025			2024
Commercial
Real Estate Owner Occupied	$	4,027		$	553
Real Estate Non-Owner Occupied	1,346			61
Construction	8			18
C&I	1,914			1,695
Multifamily	—			—
Agriculture	441			31
Municipal	—			—
Residential
Term	4,193			1,599
Construction	—			—
Home Equity
Revolving and Term	945			291
Consumer	5			—
Total non-performing loans	$	12,879		$	4,248
Allowance for credit losses on loans as a percentage of nonperforming loans	196.9		%	585.5		%

The First Bancorp - 2025 Form 10-K - Page 40

The amounts shown for total nonperforming loans do not include loans 90 or more days past due and still accruing interest. These are loans in which we expect to collect all amounts due, including past-due interest. As of December 31, 2025, loans 90 or more days past due and still accruing interest totaled $665,000, compared to $1.0 million at December 31, 2024.

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

The Company adopted ASU 2022-02 effective January 1, 2023. Reporting of loan modifications subject to ASU 2022-02 may be found in Note 5 of the accompanying financial statements.

Past Due Loans

The Bank's overall loan delinquency ratio was 0.90% at December 31, 2025, versus 0.40% at December 31, 2024. Loans 90 days delinquent and accruing decreased from $1.0 million at December 31, 2024 to $665,000 as of December 31, 2025.

The following table sets forth loan delinquencies as of December 31, 2025 and 2024:


	As of December 31,
Dollars in thousands	2025			2024
Commercial
Real Estate Owner Occupied	$	5,115		$	549
Real Estate Non-Owner Occupied	2,019			—
Construction	110			—
C&I	1,746			1,998
Multifamily	1,760			—
Agriculture	693			115
Municipal	—			—
Residential
Term	7,391			3,686
Construction	90			390
Home Equity
Revolving and Term	2,374			1,536
Consumer	309			1,109
Total	$	21,607		$	9,383
Loans 30-89 days past due to total loans	0.468		%	0.311		%
Loans 90+ days past due and accruing to total loans	0.028		%	0.044		%
Loans 90+ days past due on non-accrual to total loans	0.407		%	0.046		%
Total past due loans to total loans	0.903		%	0.401		%

Potential Problem Loans and Loans in Process of Foreclosure

Potential problem loans consist of classified, accruing commercial and commercial real estate loans that were between 30 and 89 days past due. Such loans are characterized by weaknesses in the financial condition of borrowers or collateral deficiencies. Based on historical experience, the credit quality of some of these loans may improve due to improvements in the economy as well as changes in collateral values or the financial condition of the borrowers, while the credit quality of other loans may deteriorate, resulting in some amount of loss. At December 31, 2025, there were five potential problem loans with a balance of $3.7 million or 0.156% of total loans. This compared to one potential problem loan with a balance of $84,000 or 0.004% of total loans at December 31, 2024.

As of December 31, 2025, there were seven residential loans in the process of foreclosure with a total balance of $1.8 million and one home equity line of credit totaling $63,000. The Bank's residential foreclosure process begins when a loan becomes 75 days past due at which time a Demand/Breach Letter is sent to the borrower. If the loan becomes 120 days past due, copies of the promissory note and mortgage deed are forwarded to the Bank's attorney for review and a complaint for foreclosure is then prepared. An authorized Bank officer signs the affidavit certifying the validity of the documents and verification of the past due amount which is then forwarded to the court. Once a Motion for Summary Judgment is granted, a POR begins which gives the customer 90 days to cure the default. A foreclosure auction date is then set 30 days from the POR expiration date if the default is not cured.

As of December 31, 2025, there were seven commercial loans in the process of foreclosure with a total balance of $3.8 million. The Bank's commercial foreclosure process begins when a loan becomes 60 days past due, at which time a default letter is issued. At expiration of the period to cure default, which lasts 12 days after the issuing of the default letter, copies of the

The First Bancorp - 2025 Form 10-K - Page 41

promissory note and mortgage deed are forwarded to the Bank's attorney for review. A Notice of Statutory Power of Sale is then prepared. This notice must be published for three consecutive weeks in a newspaper located in the county in which the property is located. A notice also must be issued to the mortgagor and all parties of interest 21 days prior to the sale. The foreclosure auction occurs and the Affidavit of Sale is recorded within the appropriate county within 30 days of the sale.

The Bank’s written policies and procedures for foreclosures, along with its implementation of said policies and procedures, are subject to annual review by its internal audit provider. The scope of this review includes loans held in portfolio and loans serviced for others. There were no issues requiring management attention in the most recent review. Servicing for others includes loans sold to FHLMC, FNMA, and the FHLBB through its MPF program. The Bank follows the published guidelines of each investor. Loans serviced for FHLMC and FNMA have been sold without recourse, and the Bank has no liability for these loans in the event of foreclosure. A de minimis volume of loans has been sold to and serviced for MPF to date. The Bank retains a second loss layer credit enhancement obligation; no losses have been recorded on this credit enhancement obligation since the Bank started selling loans to MPF in 2013.

Other Real Estate Owned

OREO and repossessed assets are comprised of properties or other assets acquired through a foreclosure proceeding, or acceptance of a deed or title in lieu of foreclosure. Real estate acquired through foreclosure is carried at the lower of cost or fair value less estimated cost to sell or the cost of the asset and is not included as part of the ACL totals. At December 31, 2025 there were no OREO properties and no allowance for losses. This compares to December 31, 2024 when there was one OREO property with a balance of $173,000, net of an allowance for OREO losses of $35,000. The table below presents the composition of OREO at December 31, 2025 and 2024:


	As of December 31,
Dollars in thousands	2025		2024






Residential
Term	$	—	$	208
Construction	—		—
Home equity line of credit	—		—
Consumer	—		—
Total	$	—	$	208
Related Allowance





Residential
Term	—		35
Construction	—		—
Home equity line of credit	—		—
Consumer	—		—
Total	$	—	$	35
Net Value





Residential
Term	—		173
Construction	—		—
Home equity line of credit	—		—
Consumer	—		—
Total	$	—	$	173

Funding, Liquidity and Capital Resources

Liquidity

Liquidity is the ability of a financial institution to meet maturing liability obligations, depositor withdrawal requests, and customer loan demand. The Bank's lead source of liquidity is deposits, including brokered deposits, which funded 85.1% of total average assets in 2025, as compared to 85.6% a year ago. Other sources of funding include discretionary use of purchased liabilities (e.g., FHLBB term or overnight advances, and other borrowings), cash flows from the securities portfolio and loan repayments. Securities designated as AFS may also be sold in response to short-term or long-term liquidity needs, although

The First Bancorp - 2025 Form 10-K - Page 42

Management has no intention to do so at this time. While the generally preferred funding strategy is to attract and retain low cost deposits, our ability to do so is affected by competitive interest rates and terms in the marketplace.

The Bank has a detailed liquidity funding policy and a contingency funding plan that provide for prompt and comprehensive responses to unexpected demands for liquidity. Management has developed quantitative models to estimate needs for contingent funding that could result from unexpected outflows of funds in excess of "business as usual" cash flows. In Management's estimation, risks are concentrated amongst several major categories: runoff of in-market deposit balances, an inability to renew wholesale sources of funding, and materially increased utilization of available credit lines by borrowers. Of these, potential runoff of deposit balances would have the most significant impact on contingent liquidity. Our modeling attempts to quantify deposits at risk over selected time horizons. In addition to these outflow risks, several other "business as usual" factors enter into the calculation of the adequacy of contingent liquidity, including payment proceeds from loans and investment securities, maturing debt obligations and maturing time deposits. Stress testing analysis of liquidity resources under various scenarios is conducted no less than quarterly and results are reported to the ALCO. Borrowings supplement deposits as a source of liquidity; our borrowings typically consist of customer repurchase agreements and FHLBB advances. The Bank tests its borrowing capacity with the FRBB, the FHLBB and Fed Funds lines with other correspondents no less than annually; each has been successfully tested within the past year.

The Company defines its primary sources of contingent liquidity as cash & equivalents, unencumbered U.S. Government or Agency bond collateral, available capacity at FHLBB, and available authorized brokered deposit issuance capacity. As of December 31, 2025, the Bank had primary sources of contingent liquidity of $951.0 million or 30.3% of its total assets. It is Management's opinion that this is an appropriate level. In addition, the Bank has $313.0 million in borrowing capacity under the FRBB's Borrower in Custody programs as well as securities available as collateral, $101.0 million in credit lines with correspondent banks, and $40.0 million in other unencumbered securities available as collateral for borrowing. These bring the Bank's total sources of liquidity to $1.405 billion or 44.8% of its total assets.

The ALCO establishes guidelines for liquidity in its Asset/Liability policy and monitors internal liquidity measures to manage liquidity exposure. Based on its assessment of the liquidity considerations described above, Management believes the Company's sources of funding will meet anticipated funding needs.

The Company is dependent upon the payment of cash dividends by the Bank to service its commitments. As the sole shareholder of the Bank, the Company is entitled to such dividends when and as declared by the Bank's Board of Directors from legally available funds. For the years ended December 31, 2025, 2024 and 2023 the Bank declared dividends to the Company of $15.9 million, $15.8 million and $14.8 million, respectively. The Bank's regulator, the OCC, may limit the amount of dividends declared and paid in a calendar year based upon certain factors. Further discussion may be found in Capital Resources below.

Deposits

During 2025, total deposits decreased by $60.5 million, ending the year at $2.665 billion compared to $2.725 billion at December 31, 2024. Core deposit balances increased $77.0 million or 4.8%, focused in money market accounts. Certificates of Deposit decreased $137.5 million or 12.3% with the preponderance of the decrease being brokered time deposits.

Estimated uninsured deposits totaled $516.9 million, or 19.4% of total deposits, and $506.2 million, or 18.6% of total deposits, at December 31, 2025 and 2024, respectively. The company has pledged assets as collateral covering certain deposits; these amounts were $385.2 million and $349.8 million as of December 31, 2025 and 2024, respectively.

Average deposits increased $104.8 million in 2025, as shown in the following table, which sets forth the average daily balance for the Bank's principal deposit categories for each period:


	Years ended December 31,				% change
Dollars in thousands	2025		2024		2025 vs 2024
Demand deposits	$	293,647	$	281,265	4.40	%
NOW accounts	625,988		624,691		0.21	%
Money market accounts	415,288		328,838		26.29	%
Savings	258,312		274,989		(6.06)	%
Certificates of deposit	1,121,349		1,100,004		1.94	%
Total deposits	$	2,714,584	$	2,609,787	4.02	%

The First Bancorp - 2025 Form 10-K - Page 43

The average cost of deposits (including non-interest-bearing accounts) was 2.82% for the year ended December 31, 2025, compared to 3.04% for the year ended December 31, 2024. The following table sets forth the average cost of each category of interest-bearing deposits for the periods indicated.


	Years ended December 31,
	2025		2024
NOW	2.62	%	3.05	%
Money market	3.31	%	3.91	%
Savings	0.23	%	0.25	%
Certificates of deposit	4.09	%	4.25	%
Total interest-bearing deposits	3.17	%	3.41	%

Of all certificates of deposit, $727.7 million or 74.46% will mature by December 31, 2026. As of December 31, 2025 and 2024, the Bank held a total of $147.7 million and $187.1 million in certificate of deposit accounts with balances in excess of $250,000, respectively. The following table summarizes the time remaining to maturity for these certificates of deposit.


	As of December 31,
Dollars in thousands	2025		2024
Within 3 Months	$	57,004	$	91,919
3 months through 6 months	60,167		39,163
6 months through 12 months	29,295		48,865
Over 12 months	1,190		7,126
Total	$	147,656	$	187,073

Borrowed Funds

Borrowed funds consists of advances from the FHLBB, advances from the FRBB Discount Window, and securities repurchase agreements with customers. Advances from the FHLBB are secured with pledged collateral consisting of FHLBB stock, funds on deposit with FHLBB, U.S. Agency notes, mortgage-backed securities, and qualifying first mortgage loans. FRBB Discount Window advances are similarly secured with collateral consisting of FRBB stock, funds on deposit at FRBB, U.S. Agency notes or other eligible securities, and qualifying commercial, home equity and construction loans. As of December 31, 2025, term advances from FHLBB totaled $137.5 million, with a weighted average interest rate of 3.77% per annum. Overnight and short-term (maturing within thirty days) advances totaled $42 million, while longer term advances with remaining maturities ranging from one to five years totaled $95.5 million. This compares to term advances from FHLBB totaling $95.0 million, with an interest rate of 3.74% per annum as of December 31, 2024; there were no overnight advances. Of the $95.5 million in longer term advances outstanding as of December 31, 2025, advances totaling $95.0 million grant a put option to FHLBB to recall the advance at periodic intervals based upon interest rate movement and outlook.

The Bank offers securities repurchase agreements to municipal and corporate customers as an alternative to deposits. The balance of these agreements as of December 31, 2025 was $50.3 million, compared to $51.3 million on December 31, 2024. The weighted average interest rates payable under these agreements were 2.60% per annum as of December 31, 2025, compared to 2.87% per annum as of December 31, 2024.

The maximum amount of borrowed funds outstanding at any month-end during each of the last two years was $218.4 million at the end of February in 2025 and $230.6 million at the end of June in 2024. The average amount outstanding during 2025 was $178.1 million with a weighted average interest rate of 3.48% per annum. This compares to an average outstanding amount of $162.9 million with a weighted average interest rate of 3.38% per annum in 2024.

Capital Resources

Shareholders' equity as of December 31, 2025 was $283.1 million, compared to $252.5 million as of December 31, 2024.

During 2025, the Company declared cash dividends of $0.36 per share in the first quarter and $0.37 per share in the remaining three quarters, or $1.47 per share for the year. The dividend payout ratio, which is calculated by dividing dividends declared per share by basic earnings per share, was 47.39% for the year ended December 31, 2025 compared to 58.44% for the year ended December 31, 2024. In determining future dividend payout levels, the Board of Directors carefully analyzes capital requirements and earnings retention, as set forth in the Company's Dividend Policy. The ability of the Company to pay cash dividends to its shareholders depends on receipt of dividends from its subsidiary, the Bank. The subsidiary may pay dividends to its parent out of so much of its net profits as the Bank's directors deem appropriate, subject to the limitation that the total of all dividends declared by the Bank in any calendar year may not exceed the total of its net profits of that year combined with its

The First Bancorp - 2025 Form 10-K - Page 44

retained net profits of the preceding two years. The amount available for dividends in 2026 is this year's net income plus $31.8 million.

In 2025, 79,944 shares were issued via employee stock programs, the dividend reinvestment plan, and restricted stock grants. The Company received consideration totaling $916,000. The following table summarizes the Company's 2025 stock issuances.


Dividend reinvestment plan			16,619
Employee stock program			20,028
Restricted stock grants			43,297
Total			79,944

Financial institution regulators have established guidelines for minimum capital ratios for banks and bank holding companies. The net unrealized gain or loss on AFS securities is generally not included in computing regulatory capital. During the first quarter of 2015, the Company adopted the new Basel III regulatory capital framework as approved by the federal banking agencies. In order to avoid limitations on capital distributions, including dividend payments, the Company must hold a capital conservation buffer of 2.5% above the adequately capitalized risk-based capital ratios.

Capital at December 31, 2025 was sufficient to meet the requirements of regulatory authorities. Leverage capital of the Company, or total shareholders' equity divided by average total assets for the current quarter less goodwill and any net unrealized gain or loss on securities AFS and postretirement benefits, stood at 8.84% on December 31, 2025 and 8.47% at December 31, 2024. To be rated "well-capitalized", regulatory requirements call for a minimum leverage capital ratio of 5.00%. Given their capital structures, the regulatory Tier 1 capital and CET1 ratios are equal for both the Bank and the Company. At December 31, 2025, the Company had CET1 and tier-one risk-based capital ratios of 12.84%, and a tier-two, or total, risk-based capital ratio of 14.02%, versus 12.04% and 13.22%, respectively, at December 31, 2024. To be rated "well-capitalized", regulatory requirements call for minimum CET1, tier-one and tier-two risk-based capital ratios of 6.50%, 8.00% and 10.00%, respectively. The Company's actual levels of capitalization were comfortably above the standards to be rated "well-capitalized" by regulatory authorities.

The Company met each of the well-capitalized ratio guidelines at December 31, 2025. The following tables indicate the capital ratios for the Bank and the Company at December 31, 2025 and December 31, 2024.


As of December 31, 2025	Leverage		Common Equity Tier 1		Tier 1		Total Risk-Based
Bank	8.82	%	12.77	%	12.77	%	13.95	%
Company	8.84	%	12.84	%	12.84	%	14.02	%
Adequately capitalized ratio	4.00	%	4.50	%	6.00	%	8.00	%
Adequately capitalized ratio plus capital conservation buffer	n/a	%	7.00	%	8.50	%	10.50	%
Well capitalized ratio (Bank only)	5.00	%	6.50	%	8.00	%	10.00	%


As of December 31, 2024	Leverage		Common Equity Tier 1		Tier 1		Total Risk-Based
Bank	8.32	%	11.98	%	11.98	%	13.16	%
Company	8.47	%	12.04	%	12.04	%	13.22	%
Adequately capitalized ratio	4.00	%	4.50	%	6.00	%	8.00	%
Adequately capitalized ratio plus capital conservation buffer	n/a	%	7.00	%	8.50	%	10.50	%
Well capitalized ratio (Bank only)	5.00	%	6.50	%	8.00	%	10.00	%

Except as identified in Item 1A, "Risk Factors", Management knows of no present trends, events or uncertainties that will have, or are reasonably likely to have, a material effect on the Company's capital resources, liquidity, or results of operations.

The First Bancorp - 2025 Form 10-K - Page 45

Contractual Obligations

The following table sets forth the contractual obligations of the Company as of December 31, 2025:


Dollars in thousands	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years

Operating leases	$	596	$	137	$	56	$	56	347

Total	$	596	$	137	$	56	$	56	$	347

Capital Purchases

In 2025, the Company made capital purchases totaling $3.2 million for facility improvements to branch or operations premises and technology investments in various hardware and software. This cost will be amortized over an average of seven years, adding approximately $200,000 to pre-tax operating costs per year.

Goodwill

On December 11, 2020, the Bank completed the purchase of a branch at 1B Belmont Avenue in Belfast, Maine, from Bangor Savings Bank ("Bangor Savings"). The branch is one of six branches Bangor Savings acquired from Damariscotta Bank & Trust Company ("DB&T"), and this branch was divested by Bangor Savings to resolve competitive concerns in that market raised by the U.S. Department of Justice's Antitrust Division. The transaction value was approximately $25.2 million consisting of loans, the building, equipment, core deposit intangible and goodwill. Goodwill totaled $841,000; this amount is not amortizable under GAAP but is amortizable for tax purposes.

On October 26, 2012, the Bank completed the purchase of a branch at 63 Union Street in Rockland, Maine, from Camden National Bank that was formerly operated by Bank of America. As part of the transaction, the Bank acquired approximately $32.3 million in deposits as well as a small volume of loans. The excess of the purchase price over the fair value of the assets acquired, liabilities assumed, and the amount allocated for core deposit intangible totaled $2.1 million and was recorded as goodwill. The goodwill is not amortizable under GAAP but is amortizable for tax purposes.

On January 14, 2005, the Company acquired FNB Bankshares (“FNB”) of Bar Harbor, Maine, and its subsidiary, The First National Bank of Bar Harbor. The total value of the transaction was $48.0 million, and all of the voting equity interest of FNB was acquired in the transaction. The transaction was accounted for as a purchase and the excess of purchase price over the fair value of net identifiable assets acquired equaled $27.6 million and was recorded as goodwill, none of which was deductible for tax purposes. The portion of the purchase price related to the core deposit intangible was amortized over its expected economic life.

Goodwill is evaluated annually for possible impairment under the provisions of FASB ASC Topic 350, “Intangibles – Goodwill and Other”. As of December 31, 2025, in accordance with Topic 350, the Company completed its annual review of goodwill and determined there has been no impairment. The Bank also carries $125,000 in goodwill for a de minimis transaction in 2001.

Effect of Future Interest Rates on Post-retirement Benefit Liabilities

In evaluating the Company's post-retirement benefit liabilities, Management believes changes in discount rates which have occurred pursuant to Federal legislation will not have a significant impact on the Company's future operating results or financial condition.

Climate Change

The Company is mindful of the potential risk of climate change on its operations as well as on its customers, vendors and other stakeholders. The Item 1A Risk Factors section of this 10-K highlights the general nature of climate change related risks. We expect these risks to increase over time, and expect that there may be a material financial impact, the extent of which cannot be reasonably estimated at this time. Increased regulation related to measurement and reporting of climate change risk may increase our operating costs, though we are unable to estimate the added cost at this time.

The Company and Bank strive to be responsible corporate citizens and have undertaken a number of initiatives in recent years to operate efficiently and reduce our carbon footprint. To reduce energy consumption we have installed energy efficient lighting in multiple locations, we have eliminated daily courier runs between branch locations, have installed high efficiency heating appliances in several locations, and when constructing a new branch location opted for a geothermal heating & cooling system. By leveraging technology platforms, we encourage customer use of digital banking products including electronic statement delivery, have reduced paper consumption by encouraging electronic data storage, and expanded the use of video conferencing technology saving employee travel requirements. Our lending activities include work with solar farm projects and

The First Bancorp - 2025 Form 10-K - Page 46

research laboratories working on climate change issues, we hold several green bonds in the investment portfolio, and our wealth management division works with clients who seek to direct their investments to be compatible with responsible ESG investing objectives. In management's opinion, none of these efforts has had a negative impact on the Company's operations.

ITEM 7A. Quantitative and Qualitative Disclosures about Market Risk

Market risk is the risk of loss arising from adverse changes in the fair value of financial instruments due to changes in interest rates, and the Company's market risk is composed primarily of interest rate risk. The ALCO is responsible for reviewing the interest rate sensitivity position of the Company and establishing policies to monitor and limit exposure to interest rate risk. All guidelines and policies established by the ALCO have been approved by the Board of Directors.

Asset/Liability Management

The primary goal of asset/liability management is to maximize net interest income within the interest rate risk limits set by the ALCO. Interest rate risk is monitored through the use of two complementary measures: static gap analysis and earnings simulation modeling. While each measurement has limitations, taken together they present a reasonably comprehensive view of the magnitude of interest rate risk in the Company, the level of risk through time, and the amount of exposure to changes in certain interest rate relationships.

Static gap analysis measures the amount of repricing risk embedded in the balance sheet at a point in time. It does so by comparing the differences in the repricing characteristics of assets and liabilities. A gap is defined as the difference between the principal amount of assets and liabilities which reprice within a specified time period. The cumulative one-year gap, at December 31, 2025, was (13.24)% of total assets, compared to (15.98)% of total assets at December 31, 2024. The ALCO's policy limit for the one-year gap is plus or minus 20% of total assets. Core deposits with non-contractual maturities are presented based upon historical patterns of balance attrition, which are reviewed at least annually.

The gap repricing distributions include principal cash flows from residential mortgage loans and mortgage-backed securities in the time frames in which they are expected to be received. Mortgage prepayments are estimated by applying industry median projections of prepayment speeds to portfolio segments based on coupon range and loan age.

The Company's summarized static gap, as of December 31, 2025, is presented in the following table:


	0-90			90-365			1-5			5+
Dollars in thousands	Days			Days			Years			Years
Investment securities at amortized cost (HTM) and fair value (AFS)	$	50,324		$	52,572		$	146,446		$	371,066
Restricted equity securities, at cost	7,238			—			—			1,037

Loans	884,511			380,255			865,900			263,443
Other interest-earning assets	—			—			—			30,750
Non-rate-sensitive assets	13,126			—			—			70,570
Total assets	955,199			432,827			1,012,346			736,866
Interest-bearing deposits	1,237,011			449,034			252,518			446,291
Borrowed funds	92,321			25,000			70,500			—
Non-rate-sensitive liabilities and equity	—			—			—			564,563
Total liabilities and equity	1,329,332			474,034			323,018			1,010,854
Period gap	$	(374,133)		$	(41,207)		$	689,328		$	(273,988)
Percent of total assets	(11.93)		%	(1.31)		%	21.97		%	(8.73)		%
Cumulative gap (current)	$	(374,133)		$	(415,340)		$	273,988		$	—
Percent of total assets	(11.93)		%	(13.24)		%	8.73		%	—		%

The earnings simulation model forecasts capture the impact of changing interest rates on one-year and two-year net interest income. The modeling process calculates changes in interest income received and interest expense paid on all interest-earning assets and interest-bearing liabilities reflected on the Company's consolidated balance sheet. None of the assets used in the simulation are held for trading purposes. The modeling is done for a variety of scenarios that incorporate changes in the absolute level of interest rates as well as basis risk, as represented by changes in the shape of the yield curve and changes in interest rate relationships. Management evaluates the effects on income of alternative interest rate scenarios against earnings in a stable interest rate environment. This analysis is also most useful in determining the short-run earnings exposures to changes in customer behavior involving loan payments and deposit additions and withdrawals.

The Company's most recent simulation model calculates projected impact on net interest income in scenarios where short-term interest rates gradually decrease by two percentage points, gradually decreases by one percentage point, and where short-

The First Bancorp - 2025 Form 10-K - Page 47

term rates gradually increase by two percentage points. The Company's modeling as of December 31, 2025 projects net interest income would increase by approximately 3.4% if short-term rates affected by FOMC actions fall gradually by two percentage points over the next year, and would increase by approximately 1.8% if short term rates gradually fall by one percentage point over the next year; net interest income would decrease by approximately 4.0% if rates rise gradually by two percentage points over the next year. Each scenario is well within the ALCO's policy limit of a decrease in net interest income of no more than 10.0% given a 2.0% move in interest rates, up or down. Management believes this reflects a reasonable interest rate risk position. In year two, and assuming no additional movement in rates, the model forecasts that net interest income would be higher than that earned in the first year of a stable rate environment by 15.3% in the two percentage point falling-rate scenario, and higher by 13.2% in the one percentage point falling rate scenario; net interest income would be higher than that earned in a stable rate environment by 2.6% in a two percentage point rising rate scenario, when compared to the year-one base scenario. Each year two scenario is well within the ALCO's policy limit of a decrease of no more than 20% given a 2.0% move in interest rates, up or down. A summary of the Bank's interest rate risk simulation modeling, as of December 31, 2025 and 2024 is presented in the following table:


Changes in Net Interest Income	2025	2024
Year 1
Projected changes if rates decrease by 1.0%	1.8%	1.7%
Projected changes if rates decrease by 2.0%	3.4%	2.8%
Projected change if rates increase by 2.0%	(4.0)%	(4.2)%
Year 2
Projected changes if rates decrease by 1.0%	13.2%	17.8%
Projected changes if rates decrease by 2.0%	15.3%	19.1%
Projected change if rates increase by 2.0%	2.6%	2.6%

This dynamic simulation model includes assumptions about how the balance sheet is likely to evolve through time and in different interest rate environments. Loans and deposits are projected to maintain stable balances. All maturities, calls and prepayments in the securities portfolio are assumed to be reinvested in similar assets. Mortgage loan prepayment assumptions are developed from industry median estimates of prepayment speeds and amounts for portfolios with similar coupon ranges and seasoning. Non-contractual deposit volatility and pricing are assumed to follow historical patterns. The sensitivities of key assumptions are analyzed annually and reviewed by the ALCO.

This sensitivity analysis does not represent a Company forecast and should not be relied upon as being indicative of expected operating results. These hypothetical estimates are based upon numerous assumptions including, among others, the nature and timing of interest rate levels, yield curve shape, prepayments on loans and securities, pricing decisions on loans and deposits, and reinvestment/ replacement of asset and liability cash flows. While assumptions are developed based upon current economic and local market conditions, the Company cannot make any assurances as to the predictive ability of these assumptions, including how customer preferences or competitor influences might change.

Interest Rate Risk Management

A variety of financial instruments can be used to manage interest rate sensitivity. These may include investment securities, interest rate swaps, and interest rate caps and floors. Frequently called interest rate derivatives, interest rate swaps, caps and floors have characteristics similar to securities but possess the advantages of customization of the risk-reward profile of the instrument, minimization of balance sheet leverage and improvement of liquidity. As of December 31, 2025, the Company was using interest rate swaps and interest rate caps for interest rate risk management. See Notes 14 and 19 of the accompanying financial statements for additional discussion of derivative usage.

The Company engages an independent consultant to periodically review its interest rate risk position, as well as the effectiveness of simulation modeling and reasonableness of assumptions used. As of December 31, 2025, there were no significant differences between the views of the independent consultant and Management regarding the Company's interest rate risk exposure. Management expects interest rates will remain flat or decrease slightly in the next year, and believes that the current level of interest rate risk is acceptable.

The First Bancorp - 2025 Form 10-K - Page 48

ITEM 8. Financial Statements and Supplementary Data

Consolidated Balance Sheets

The First Bancorp, Inc. and Subsidiary


As of December 31,	2025		2024
Assets
Cash and cash equivalents	$	27,779,000	$	27,636,000
Interest-bearing deposits in other banks	4,124,000		22,100,000
Securities available for sale	264,480,000		274,680,000
Securities to be held to maturity (net of ACL), fair value of $315,482,000 at December 31, 2025, and $314,993,000 at December 31, 2024	355,928,000		369,704,000
Restricted equity securities, at cost	8,275,000		7,203,000

Loans	2,394,109,000		2,340,940,000
Less allowance for credit losses	25,365,000		24,871,000
Net loans	2,368,744,000		2,316,069,000
Accrued interest receivable	14,185,000		13,976,000
Premises and equipment, net	28,767,000		27,855,000
Other real estate owned	—		173,000
Goodwill	30,646,000		30,646,000
Other assets	63,375,000		66,968,000
Total assets	$	3,166,303,000	$	3,157,010,000
Liabilities
Demand deposits	$	279,912,000	$	292,255,000
NOW deposits	689,083,000		676,107,000
Money market deposits	469,689,000		376,627,000
Savings deposits	248,805,000		265,451,000
Certificates of deposit	977,263,000		1,114,811,000
Total deposits	2,664,752,000		2,725,251,000
Borrowed funds – short term	92,321,000		51,278,000
Borrowed funds – long term	95,500,000		95,000,000
Other liabilities	30,587,000		32,988,000
Total liabilities	2,883,160,000		2,904,517,000
Commitments and contingent liabilities
Shareholders' equity

Common stock, one cent par value per share	112,000		112,000
Additional paid-in capital	73,714,000		71,832,000
Retained earnings	240,456,000		222,823,000
Accumulated other comprehensive income (loss)
Net unrealized loss on securities available for sale	(31,341,000)		(42,671,000)
Net unrealized loss on securities transferred from available for sale to held to maturity	(38,000)		(47,000)
Net unrealized gain on cash flow hedging derivative instruments	—		157,000
Net unrealized gain on postretirement costs	240,000		287,000
Total shareholders' equity	283,143,000		252,493,000
Total liabilities and shareholders' equity	$	3,166,303,000	$	3,157,010,000
Common stock
Number of shares authorized	18,000,000		18,000,000
Number of shares issued and outstanding	11,222,363		11,155,528
Book value per common share	$	25.23	$	22.63
Tangible book value per common share	$	22.49	$	19.87
The accompanying notes are an integral part of these consolidated financial statements

The First Bancorp - 2025 Form 10-K - Page 49

Consolidated Statements of Income and Comprehensive Income

The First Bancorp, Inc. and Subsidiary


Years ended December 31,	2025		2024		2023
Interest income
Interest and fees on loans (includes tax-exempt income of $2,878,000 in 2025, $2,518,000 in 2024, and $1,913,000 in 2023)	$	141,160,000	$	129,440,000	$	108,274,000
Interest on deposits with other banks	400,000		550,000		517,000
Interest and dividends on investments (includes tax-exempt income of $7,793,000 in 2025, $7,940,000 in 2024, and $8,032,000 in 2023)	18,711,000		18,842,000		19,383,000
Total interest income	160,271,000		148,832,000		128,174,000
Interest expense
Interest on deposits	76,697,000		79,411,000		61,004,000
Interest on borrowed funds	6,197,000		5,511,000		1,963,000
Total interest expense	82,894,000		84,922,000		62,967,000
Net interest income	77,377,000		63,910,000		65,207,000
Credit loss expense - loans	2,049,000		1,304,000		1,330,000
Credit loss reduction - debt securities HTM	(50,000)		(238,000)		(4,000)
Credit loss reduction - off-balance sheet credit exposures	(149,000)		(541,000)		(142,000)
Total credit loss expense	1,850,000		525,000		1,184,000
Net interest income after provision for credit losses	75,527,000		63,385,000		64,023,000
Non-interest income
Fiduciary and investment management income	5,427,000		4,963,000		4,654,000
Service charges on deposit accounts	2,161,000		2,048,000		1,887,000

Mortgage origination and servicing income, net of amortization	846,000		794,000		813,000
Debit card income	5,455,000		5,456,000		5,384,000
Other operating income	3,451,000		3,094,000		2,699,000
Total non-interest income	17,340,000		16,355,000		15,437,000
Non-interest expense
Salaries and employee benefits	26,998,000		24,230,000		21,942,000
Occupancy expense	3,394,000		3,373,000		3,319,000
Furniture and equipment expense	5,878,000		5,622,000		5,391,000
FDIC insurance premiums	2,722,000		2,391,000		1,962,000
Amortization of identified intangibles	26,000		26,000		26,000
Other operating expense	11,910,000		11,514,000		11,118,000
Total non-interest expense	50,928,000		47,156,000		43,758,000
Income before income taxes	41,939,000		32,584,000		35,702,000
Applicable tax expense	7,545,000		5,539,000		6,184,000
Net income	$	34,394,000	$	27,045,000	$	29,518,000
Basic earnings per common share	$	3.10	$	2.45	$	2.68
Diluted earnings per common share	3.07		2.43		2.66
Other comprehensive income (loss), net of tax
Net unrealized gain (loss) on securities available for sale, net of taxes	11,330,000		(3,096,000)		5,143,000
Net unrealized gain on transferred securities, net of taxes	9,000		9,000		8,000
Net unrealized loss on hedging derivative instruments	(157,000)		(143,000)		(244,000)
Net unrecognized (loss) gain on postretirement benefits	(47,000)		(16,000)		30,000
Other comprehensive gain (loss)	11,135,000		(3,246,000)		4,937,000
Comprehensive income	$	45,529,000	$	23,799,000	$	34,455,000
The accompanying notes are an integral part of these consolidated financial statements

The First Bancorp - 2025 Form 10-K - Page 50

Consolidated Statements of Changes in Shareholders' Equity

The First Bancorp, Inc. and Subsidiary


	Common stock and additional paid-in capital			Retained		Accumulated other comprehensive		Total shareholders'
	Shares	Amount		earnings		income (loss)		equity
Balance at December 31, 2022	11,045,186	$	68,545,000	$	204,343,000	$	(43,965,000)	$	228,923,000
Net income	—	—		29,518,000		—		29,518,000
Net unrealized gain on securities available for sale, net of tax	—	—		—		5,143,000		5,143,000
Net unrealized loss on hedging derivative instruments, net of tax	—	—		—		(244,000)		(244,000)
Net unrealized gain on securities transferred from available for sale to held to maturity, net of tax	—	—		—		8,000		8,000
Unrecognized gain for post-retirement benefits, net of tax	—	—		—		30,000		30,000
Comprehensive income	—	—		29,518,000		4,937,000		34,455,000
Cash dividends declared ($1.39 per share)	—	—		(15,409,000)		—		(15,409,000)
Equity compensation expense	—	820,000		—		—		820,000
Payment for repurchase of common stock	(8,645)	—		(250,000)		—		(250,000)
Issuance of restricted stock, net of forfeitures	29,626	—		—		—		—
Proceeds from sale of common stock	31,890	817,000		—		—		817,000
Adoption of ASU No. 2016-13	—	—		(6,277,000)		—		(6,277,000)
Balance at December 31, 2023	11,098,057	$	70,182,000	$	211,925,000	$	(39,028,000)	$	243,079,000

First Bancorp, Inc /ME/ 10-K