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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2026

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

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 and 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, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐ Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended

transition period for complying with any new or revised financial accounting standards provided pursuant to

Section 13(a) of the Exchange Act. ☐

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

Yes ☐ No ☒

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

Common Stock: 11,275,758 shares

Table of Contents


Part I. Financial Information			1
Selected Financial Data (Unaudited)			1
Item 1 – Financial Statements			2
Report of Independent Registered Public Accounting Firm			2
Consolidated Balance Sheets (Unaudited)			3
Consolidated Statements of Income and Comprehensive Income (Unaudited)			4
Consolidated Statements of Changes in Shareholders' Equity (Unaudited)			5
Consolidated Statements of Cash Flows (Unaudited)			6
Notes to Consolidated Financial Statements			8
Note 1 – Basis of Presentation			8
Note 2 –Investment Securities			9
Note 3 – Loans			14
Note 4 – Allowance for Credit Losses			22
Note 5 – Stock-Based Compensation			35
Note 6 – Preferred and Common Stock			36
Note 7 – Earnings Per Share			36
Note 8 – Employee Benefit Plans			36
Note 9 – Other Comprehensive Income (Loss)			38
Note 10 – Financial Derivative Instruments			38
Note 11 – Mortgage Servicing Rights			40
Note 12 – Income Taxes			41
Note 13 – Certificates of Deposit			41
Note 14 – Reclassifications			41
Note 15 – Fair Value Disclosures			41
Note 16 – Impact of Recently Issued Accounting Standards			48
Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations			49
Forward-Looking Statements			49
Critical Accounting Policies			49
Use of Non-GAAP Financial Measures			51
Executive Summary			52
Net Interest Income			53
Average Daily Balance Sheets			55
Non-Interest Income			55
Non-Interest Expense			56
Income Taxes			56
Investments			56
Debt Securities-Unrealized Loss Position			58
Federal Home Loan Bank Stock			59
Loans and Loans Held for Sale			60
Credit Risk Management and Allowance for Credit Losses			62
Non-Performing Loans and Loan Modifications			66
Past Due Loans			68
Potential Problem Loans and Loans in Process of Foreclosure			68
Other Real Estate Owned			69
Liquidity			69
Deposits			70
Borrowed Funds			70
Capital Resources			70


Off-Balance-Sheet Financial Instruments and Contractual Obligations			71
Item 3 – Quantitative and Qualitative Disclosures About Market Risk			73
Market-Risk Management			73
Asset/Liability Management			73
Interest Rate Risk Management			74
Item 4 - Controls and Procedures			75
Part II. Other Information			76
Item 1 – Legal Proceedings			76
Item 1a – Risk Factors			76
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds			76
Item 3 – Default Upon Senior Securities			76
Item 4 – Mine Safety Disclosures			76
Item 5 – Other Information			76
Item 6 – Exhibits			77
Signatures			78

Part I. Financial Information

Selected Financial Data (Unaudited)

The First Bancorp, Inc. and Subsidiary


Dollars in thousands,	As of and for the three months ended March 31,
except for per share amounts	2026			2025
Summary of Operations
Interest Income	$	39,139		$	38,709
Interest Expense	18,450			20,910
Net Interest Income	20,689			17,799
Credit Loss Expense	620			392
Non-Interest Income	4,451			4,002
Non-Interest Expense	13,616			12,844
Net Income	8,993			7,077
Per Common Share Data
Basic Earnings per Share	$	0.81		$	0.64
Diluted Earnings per Share	0.80			0.63
Cash Dividends Declared	0.37			0.36
Book Value per Common Share	25.44			23.19
Tangible Book Value per Common Share2	22.71			20.44
Market Value	28.03			24.72
Financial Ratios
Return on Average Equity1	12.64		%	11.13		%
Return on Average Tangible Common Equity1,2	14.15		%	12.64		%
Return on Average Assets1	1.15		%	0.91		%
Average Equity to Average Assets	9.10		%	8.15		%
Average Tangible Equity to Average Assets2	8.13		%	7.17		%
Net Interest Margin Tax-Equivalent1,2	2.86		%	2.48		%
Dividend Payout Ratio	45.74		%	56.34		%
Allowance for Credit Losses/Total Loans	1.05		%	1.05		%
Non-Performing Loans to Total Loans	0.67		%	0.25		%
Non-Performing Assets to Total Assets	0.51		%	0.19		%
Efficiency Ratio2	52.64		%	56.93		%
At Period End
Total Assets	$	3,200,763		$	3,187,372
Total Loans	2,405,149			2,383,150
Total Investment Securities	619,159			656,844
Total Deposits	2,664,643			2,711,335
Total Shareholders' Equity	286,784			259,681

1Annualized using a 365-day basis in both 2026 and 2025.

2These ratios use non-GAAP financial measures. See Management's Discussion and Analysis of Financial Condition and Results of Operations for additional disclosures and information.

Item 1 – Financial Statements

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders

The First Bancorp, Inc.

Results of Review of Interim Financial Information

We have reviewed the accompanying interim consolidated financial information of The First Bancorp, Inc. and Subsidiary as of March 31, 2026 and 2025 and for the three-month periods then ended, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for them to be in conformity with accounting principles generally accepted in the United States of America.

Basis for Review Results

This consolidated interim financial information is the responsibility of the Company's management. We conducted our review in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ BDMP Assurance, LLP

Portland, Maine

May 8, 2026

Consolidated Balance Sheets (Unaudited) - The First Bancorp, Inc. and Subsidiary


	March 31, 2026		December 31, 2025		March 31, 2025
Assets
Cash and cash equivalents	$	23,607,000	$	27,779,000	$	26,432,000
Interest bearing deposits in other banks	30,075,000		4,124,000		2,938,000
Securities available for sale	256,788,000		264,480,000		280,764,000
Securities held-to-maturity (net of ACL), fair value of $308,676,000 at March 31, 2026, $315,482,000 at December 31, 2025 and $312,788,000 at March 31, 2025	354,057,000		355,928,000		368,571,000
Restricted equity securities, at cost	8,314,000		8,275,000		7,509,000

Loans	2,405,149,000		2,394,109,000		2,383,150,000
Less allowance for credit losses	25,209,000		25,365,000		25,114,000
Net loans	2,379,940,000		2,368,744,000		2,358,036,000
Accrued interest receivable	19,247,000		14,185,000		17,923,000
Premises and equipment, net	28,720,000		28,767,000		28,626,000

Goodwill	30,646,000		30,646,000		30,646,000
Other assets	69,369,000		63,375,000		65,927,000
Total assets	$	3,200,763,000	$	3,166,303,000	$	3,187,372,000
Liabilities
Demand deposits	$	268,100,000	$	279,912,000	$	267,876,000
NOW deposits	660,511,000		689,083,000		613,245,000
Money market deposits	453,210,000		469,689,000		398,966,000
Savings deposits	247,084,000		248,805,000		261,732,000
Certificates of deposit	1,035,738,000		977,263,000		1,169,516,000
Total deposits	2,664,643,000		2,664,752,000		2,711,335,000
Borrowed funds – short term	100,296,000		92,321,000		115,444,000
Borrowed funds – long term	95,500,000		95,500,000		70,000,000
Other liabilities	53,540,000		30,587,000		30,912,000
Total liabilities	2,913,979,000		2,883,160,000		2,927,691,000
Shareholders' equity

Common stock, one cent par value per share	113,000		112,000		112,000
Additional paid-in capital	74,255,000		73,714,000		72,355,000
Retained earnings	245,001,000		240,456,000		225,592,000
Accumulated other comprehensive income (loss)
Net unrealized loss on securities available-for-sale	(32,790,000)		(31,341,000)		(38,702,000)
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity	(35,000)		(38,000)		(45,000)
Net unrealized gain on cash flow hedging derivative instruments	—		—		82,000
Net unrealized gain on postretirement costs	240,000		240,000		287,000
Total shareholders' equity	286,784,000		283,143,000		259,681,000
Total liabilities & shareholders' equity	$	3,200,763,000	$	3,166,303,000	$	3,187,372,000
Common Stock
Number of shares authorized	18,000,000		18,000,000		18,000,000
Number of shares issued and outstanding	11,271,014		11,222,363		11,196,881
Book value per common share	$	25.44	$	25.23	$	23.19
Tangible book value per common share	$	22.71	$	22.49	$	20.44

See Report of Independent Registered Public Accounting Firm. The accompanying notes are an integral part of these consolidated financial statements.

Consolidated Statements of Income and Comprehensive Income (Unaudited) - The First Bancorp, Inc. and Subsidiary


	For the three months ended March 31,
	2026		2025
Interest income
Interest and fees on loans (includes YTD tax-exempt income of $591,000 for March 31, 2026 and $721,000 for March 31, 2025)	$	34,725,000	$	33,924,000
Interest on deposits with other banks	30,000		56,000
Interest and dividends on investments (includes YTD tax-exempt income of $1,902,000 for March 31, 2026 and $1,955,000 for March 31, 2025)	4,384,000		4,729,000
Total interest income	39,139,000		38,709,000
Interest expense
Interest on deposits	16,702,000		19,269,000
Interest on borrowed funds	1,748,000		1,641,000
Total interest expense	18,450,000		20,910,000
Net interest income	20,689,000		17,799,000
Credit loss expense - loans	650,000		396,000
Credit loss (reduction) expense - debt securities HTM	(1,000)		1,000
Credit loss reduction - off-balance sheet credit exposures	(29,000)		(5,000)
Total credit loss expense	620,000		392,000
Net interest income after provision for credit losses	20,069,000		17,407,000
Non-interest income
Investment management and fiduciary income	1,486,000		1,317,000
Service charges on deposit accounts	560,000		531,000
Net securities gains	12,000		—
Mortgage origination and servicing income, net of amortization	176,000		195,000
Debit card income	1,200,000		1,170,000
Other operating income	1,017,000		789,000
Total non-interest income	4,451,000		4,002,000
Non-interest expense
Salaries and employee benefits	7,330,000		6,850,000
Occupancy expense	956,000		877,000
Furniture and equipment expense	1,543,000		1,462,000
FDIC insurance premiums	570,000		694,000
Amortization of identified intangibles	7,000		7,000
Other operating expense	3,210,000		2,954,000
Total non-interest expense	13,616,000		12,844,000
Income before income taxes	10,904,000		8,565,000
Income tax expense	1,911,000		1,488,000
NET INCOME	$	8,993,000	$	7,077,000
Basic earnings per common share	$	0.81	$	0.64
Diluted earnings per common share	$	0.80	$	0.63
Other comprehensive income (loss) net of tax
Net unrealized (loss) gain on securities available for sale, net of taxes	$	(1,449,000)	$	3,969,000
Net unrealized gain on transferred securities, net of taxes	3,000		2,000
Net unrealized loss on hedging derivative instruments	—		(75,000)

Other comprehensive (loss) gain	(1,446,000)		3,896,000
Comprehensive income	$	7,547,000	$	10,973,000

See Report of Independent Registered Public Accounting Firm. The accompanying notes are an integral part of these consolidated financial statements.

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - The First Bancorp, Inc. and Subsidiary


Three Month Period Ended March 31, 2026 and 2025
	Common stock and additional paid-in capital			Retained earnings		Accumulated other comprehensive income (loss)		Total shareholders' equity
	Shares	Amount
Balance at December 31, 2024	11,155,528	$	71,944,000	$	222,823,000	$	(42,274,000)	$	252,493,000
Net income	—	—		7,077,000		—		7,077,000
Net unrealized gain on securities available for sale, net of tax	—	—		—		3,969,000		3,969,000
Net unrealized gain on securities transferred from available for sale to held to maturity, net of tax	—	—		—		2,000		2,000
Net unrealized loss on hedging derivative instruments, net of tax	—	—		—		(75,000)		(75,000)

Comprehensive income	—	—		7,077,000		3,896,000		10,973,000
Cash dividends declared ($0.36 per share)	—	—		(4,031,000)		—		(4,031,000)
Equity compensation expense	—	298,000		—		—		298,000
Payment to repurchase common stock	(10,784)	—		(277,000)		—		(277,000)
Issuance of restricted stock	43,297	—		—		—		—
Proceeds from sale of common stock	8,840	225,000		—		—		225,000
Balance at March 31, 2025	11,196,881	$	72,467,000	$	225,592,000	$	(38,378,000)	$	259,681,000

Balance at December 31, 2025	11,222,363	$	73,826,000	$	240,456,000	$	(31,139,000)	$	283,143,000
Net income	—	—		8,993,000		—		8,993,000
Net unrealized loss on securities available for sale, net of tax	—	—		—		(1,449,000)		(1,449,000)
Net unrealized gain on securities transferred from available for sale to held to maturity, net of tax	—	—		—		3,000		3,000


Comprehensive income (loss)	—	—		8,993,000		(1,446,000)		7,547,000
Cash dividends declared ($0.37 per share)	—	—		(4,170,000)		—		(4,170,000)
Equity compensation expense	—	306,000		—		—		306,000
Payment to repurchase common stock	(10,177)	—		(278,000)		—		(278,000)
Issuance of restricted stock	50,289	—		—		—		—
Proceeds from sale of common stock	8,539	236,000		—		—		236,000
Balance at March 31, 2026	11,271,014	$	74,368,000	$	245,001,000	$	(32,585,000)	$	286,784,000

See Report of Independent Registered Public Accounting Firm. The accompanying notes are an integral part of these consolidated financial statements.

Consolidated Statements of Cash Flows (Unaudited) - The First Bancorp, Inc. and Subsidiary


	For the three months ended March 31,
	2026		2025
Cash flows from operating activities
Net income	$	8,993,000	$	7,077,000
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	550,000		553,000
Change in deferred taxes	530,000		310,000
Credit loss expense	620,000		392,000
Loans originated for resale	(1,530,000)		(3,041,000)
Proceeds from sales and transfers of loans	1,587,000		3,099,000
Net gain on sales of loans	(57,000)		(58,000)
Net gain on sale or call of securities	(12,000)		—
Net amortization of premiums on investments	115,000		127,000
Net gain on sale of other real estate owned	—		(33,000)

Equity compensation expense	306,000		298,000

Net increase in other assets and accrued interest	(11,310,000)		(3,631,000)
Net increase (decrease) in other liabilities	22,507,000		(3,214,000)
Net loss (gain) on disposal of premises and equipment	1,000		(15,000)
Amortization of investment in limited partnership	466,000		309,000
Net acquisition amortization	7,000		7,000
Net cash provided by operating activities	22,773,000		2,180,000
Cash flows from investing activities
(Increase) decrease in interest-bearing deposits in other banks	(25,951,000)		19,162,000
Proceeds from sales of securities available for sale	1,410,000		—
Proceeds from maturities, payments and calls of securities available for sale	10,380,000		8,471,000
Proceeds from maturities, payments, calls and sales of securities to be held to maturity	3,860,000		1,129,000
Proceeds from sales of other real estate owned	—		206,000
Purchases of securities available for sale	(6,019,000)		(9,652,000)
Purchases of securities to be held to maturity	(2,000,000)		—

Change in restricted equity securities	(39,000)		(306,000)


Net increase in loans	(11,846,000)		(42,363,000)
Capital expenditures	(526,000)		(1,352,000)
Proceeds from disposal of premises and equipment	—		22,000
Net cash used by investing activities	(30,731,000)		(24,683,000)
Cash flows from financing activities
Net decrease in demand, savings, and money market accounts	(58,584,000)		(68,621,000)
Net increase in certificates of deposit	58,475,000		54,705,000
Net increase in short-term borrowings	7,975,000		64,166,000

Repayment on long-term borrowings	—		(25,000,000)

Payment to repurchase common stock	(278,000)		(277,000)
Proceeds from sale of common stock	236,000		225,000
Dividends paid	(4,038,000)		(3,899,000)
Net cash provided by financing activities	3,786,000		21,299,000
Net decrease in cash and cash equivalents	(4,172,000)		(1,204,000)
Cash and cash equivalents at beginning of period	27,779,000		27,636,000
Cash and cash equivalents at end of period	$	23,607,000	$	26,432,000




	For the three months ended March 31,
	2026		2025
Interest paid	$	18,322,000	$	20,843,000

Non-cash transactions


Change in net unrealized loss on available for sale securities, net of tax	$	1,449,000	$	(3,969,000)

See Report of Independent Registered Public Accounting Firm. The accompanying notes are an integral part of these consolidated financial statements.

Notes to Consolidated Financial Statements

The First Bancorp, Inc. and Subsidiary

Note 1 – Basis of Presentation

The Company is a financial holding company that owns all of the common stock of the Bank. The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of Management, all adjustments (consisting of normally recurring accruals) considered necessary for a fair presentation have been included. All significant intercompany transactions and balances are eliminated in consolidation. The income reported for the 2026 period is not necessarily indicative of the results that may be expected for the year ending December 31, 2026. For further information, refer to the consolidated financial statements and notes included in the Company's annual report on Form 10-K for the year ended December 31, 2025.

The abbreviations and definitions identified below may be used throughout this Form 10-Q, including Item 1 - Financial Statements and Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations. The following is provided to aid the reader and provide a reference page when reviewing these sections of the Form 10-Q.


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

Risks and Uncertainties

Global markets have experienced heightened volatility following military actions initiated against Iran and subsequent retaliation. Economic impacts in the U.S. have included a modest increase in interest rates across the yield curve, a drop in equity markets to near correction territory before rebounding, increased fuel prices, speculation around a re-kindling of inflation, and change in expectation from several rates cuts by the FOMC in 2026 to none. The duration of the Iran conflict is unknown and economic impacts difficult to measure. Any or all of the foregoing could ultimately have negative downstream effects on the Company's operating results, the extent of which is indeterminable at this time.

Subsequent Events

Events occurring subsequent to March 31, 2026, have been evaluated as to their potential impact to the financial statements.

Note 2 – Investment Securities

The following table summarizes the amortized cost and estimated fair value of investment securities at March 31, 2026:


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value (Estimated)
Securities available for sale
U.S. Treasury & Agency securities	$	23,045,000	$	—	$	(5,087,000)	$	17,958,000
Mortgage-backed securities	236,884,000		210,000		(30,780,000)		206,314,000
State and political subdivisions	36,461,000		—		(5,861,000)		30,600,000
Asset-backed securities	1,903,000		13,000		—		1,916,000

	$	298,293,000	$	223,000	$	(41,728,000)	$	256,788,000
Securities to be held to maturity
U.S. Treasury & Agency securities	$	38,100,000	$	—	$	(8,325,000)	$	29,775,000
Mortgage-backed securities	47,634,000		72,000		(8,975,000)		38,731,000
State and political subdivisions	247,468,000		71,000		(27,768,000)		219,771,000

Corporate securities	21,000,000		76,000		(677,000)		20,399,000
	$	354,202,000	$	219,000	$	(45,745,000)	$	308,676,000
Less allowance for credit losses	(145,000)		—		—		—
Net securities to be held to maturity	$	354,057,000	$	219,000	$	(45,745,000)	$	308,676,000
Restricted equity securities
Federal Home Loan Bank Stock	$	7,277,000	$	—	$	—	$	7,277,000
Federal Reserve Bank Stock	1,037,000		—		—		1,037,000
	$	8,314,000	$	—	$	—	$	8,314,000

The following table summarizes the amortized cost and estimated fair value of investment securities at December 31, 2025:


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value (Estimated)
Securities available for sale
U.S. Treasury & Agency securities	$	23,045,000	$	—	$	(4,973,000)	$	18,072,000
Mortgage-backed securities	240,166,000		410,000		(30,142,000)		210,434,000
State and political subdivisions	38,953,000		26,000		(4,989,000)		33,990,000
Asset-backed securities	1,989,000		10,000		(15,000)		1,984,000

	$	304,153,000	$	446,000	$	(40,119,000)	$	264,480,000
Securities to be held to maturity
U.S. Treasury & Agency securities	$	38,100,000	$	—	$	(8,221,000)	$	29,879,000
Mortgage-backed securities	48,566,000		116,000		(8,924,000)		39,758,000
State and political subdivisions	248,408,000		161,000		(22,972,000)		225,597,000

Corporate securities	21,000,000		52,000		(804,000)		20,248,000
	$	356,074,000	$	329,000	$	(40,921,000)	$	315,482,000
Less allowance for credit losses	(146,000)		—		—		—
Net securities to be held to maturity	$	355,928,000	$	329,000	$	(40,921,000)	$	315,482,000
Restricted equity securities
Federal Home Loan Bank Stock	$	7,238,000	$	—	$	—	$	7,238,000
Federal Reserve Bank Stock	1,037,000		—		—		1,037,000
	$	8,275,000	$	—	$	—	$	8,275,000

The following table summarizes the amortized cost and estimated fair value of investment securities at March 31, 2025:


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value (Estimated)
Securities available for sale
U.S. Treasury & Agency securities	$	24,543,000	$	—	$	(5,593,000)	$	18,950,000
Mortgage-backed securities	262,912,000		381,000		(36,416,000)		226,877,000
State and political subdivisions	40,130,000		—		(7,368,000)		32,762,000
Asset-backed securities	2,168,000		13,000		(6,000)		2,175,000

	$	329,753,000	$	394,000	$	(49,383,000)	$	280,764,000
Securities to be held to maturity
U.S. Treasury & Agency securities	$	38,100,000	$	—	$	(8,904,000)	$	29,196,000
Mortgage-backed securities	51,600,000		52,000		(10,402,000)		41,250,000
State and political subdivisions	251,818,000		38,000		(34,924,000)		216,932,000
Corporate securities	27,250,000		—		(1,840,000)		25,410,000
	$	368,768,000	$	90,000	$	(56,070,000)	$	312,788,000
Less allowance for credit losses	(197,000)		—		—		—
Net securities to be held to maturity	$	368,571,000	$	90,000	$	(56,070,000)	$	312,788,000
Restricted equity securities
Federal Home Loan Bank Stock	$	6,472,000	$	—	$	—	$	6,472,000
Federal Reserve Bank Stock	1,037,000		—		—		1,037,000
	$	7,509,000	$	—	$	—	$	7,509,000

Allowance for Credit Losses: AFS securities, as shown in the above tables, consist of securities issued by U.S. Government Agencies, U.S. Government Sponsored Entities, State or Local Municipal Governments, or are backed by collateral that is guaranteed by the U.S. Government. We monitor the credit quality of these investments through credit ratings issued by major rating providers and through substantial price changes not consistent with general market movements. Each of the AFS securities is deemed to be investment grade, and no ACL has been established for AFS securities.

Similarly, the agency and mortgage-backed securities in the HTM portfolio have been determined to all be investment grade with no ACL required. Municipal securities within HTM include two private activity bonds issued by well-known customers of the Bank with total balances of $18,220,000 as of March 31, 2026. Corporate securities in HTM consist of 11 individual companies in the banking industry. Management reviewed the collectability of these securities taking into consideration such factors as the financial condition of the issuers, reported regulatory capital ratios of the issuers, and other performance factors. Aggregate credit risk of the private activity bonds and corporate securities is considered very low and an immaterial ACL has been established. As of March 31, 2026 and 2025, and December 31, 2025, the total ACL for HTM securities was $145,000, $197,000 and $146,000, respectively.

Changes in the ACL are recorded as credit loss expense, or reduction. Losses would be charged against the allowance when management believes collection of the full contractual amount due on a security is unlikely.

Contractual Maturities: The following table summarizes the contractual maturities of investment securities at March 31, 2026:


	Securities available for sale				Securities to be held to maturity
	Amortized Cost		Fair Value (Estimated)		Amortized Cost		Fair Value (Estimated)
Due in 1 year or less	$	90,000	$	90,000	$	1,733,000	$	1,730,000
Due in 1 to 5 years	7,854,000		6,964,000		35,943,000		34,290,000
Due in 5 to 10 years	20,725,000		18,949,000		106,371,000		100,124,000
Due after 10 years	269,624,000		230,785,000		210,155,000		172,532,000

	$	298,293,000	$	256,788,000	$	354,202,000	$	308,676,000

The following table summarizes the contractual maturities of investment securities at December 31, 2025:


	Securities available for sale				Securities to be held to maturity
	Amortized Cost		Fair Value (Estimated)		Amortized Cost		Fair Value (Estimated)
Due in 1 year or less	$	92,000	$	92,000	$	1,729,000	$	1,725,000
Due in 1 to 5 years	7,413,000		6,584,000		34,803,000		33,363,000
Due in 5 to 10 years	20,390,000		18,693,000		98,390,000		94,855,000
Due after 10 years	276,258,000		239,111,000		221,152,000		185,539,000

	$	304,153,000	$	264,480,000	$	356,074,000	$	315,482,000

The following table summarizes the contractual maturities of investment securities at March 31, 2025:


	Securities available for sale				Securities to be held to maturity
	Amortized Cost		Fair Value (Estimated)		Amortized Cost		Fair Value (Estimated)
Due in 1 year or less	$	1,514,000	$	1,499,000	$	2,704,000	$	2,714,000
Due in 1 to 5 years	261,000		260,000		24,370,000		23,098,000
Due in 5 to 10 years	29,329,000		25,758,000		104,094,000		96,115,000
Due after 10 years	298,649,000		253,247,000		237,600,000		190,861,000

	$	329,753,000	$	280,764,000	$	368,768,000	$	312,788,000

Pledged Securities: At March 31, 2026, securities with a carrying value of $361,776,000 were pledged to secure public deposits, repurchase agreements, and for other purposes as required by law. This compares to securities with a carrying value of $385,197,000 as of December 31, 2025 and $351,890,000 at March 31, 2025, pledged for the same purposes.

Realized Gains and Losses on AFS Securities: Gains and losses on the sale of securities are computed by subtracting the amortized cost at the time of sale from the security's selling price, net of accrued interest to be received. The following table shows securities gains and losses on AFS securities for the three months ended March 31, 2026 and 2025:


	For the three months ended March 31,
	2026		2025
Proceeds from sales of securities	$	1,410,000	$	—
Gross realized gains	12,000		—

Net gain	$	12,000	$	—
Related income taxes	$	3,000	$	—

Unrealized Gains and Losses on AFS Securities: As of March 31, 2026, there were 232 AFS securities with unrealized losses held in the Company's portfolio. The Company has the ability and intent to hold its securities which are in an unrealized loss position until a recovery of their amortized cost, which may be at maturity.

The following table summarizes AFS debt securities in an unrealized loss position for which an ACL has not been recorded at March 31, 2026, aggregated by major security type and length of time in a continuous unrealized loss position:


	Less than 12 months				12 months or more				Total
	Fair Value (Estimated)		Unrealized Losses		Fair Value (Estimated)		Unrealized Losses		Fair Value (Estimated)		Unrealized Losses
U.S. Treasury & Agency securities	$	—	$	—	$	17,958,000	$	(5,087,000)	$	17,958,000	$	(5,087,000)
Mortgage-backed securities	13,303,000		(96,000)		171,539,000		(30,684,000)		184,842,000		(30,780,000)
State and political subdivisions	7,680,000		(200,000)		22,830,000		(5,661,000)		30,510,000		(5,861,000)
Asset-backed securities	—		—		—		—		—		—

	$	20,983,000	$	(296,000)	$	212,327,000	$	(41,432,000)	$	233,310,000	$	(41,728,000)

As of December 31, 2025, there were 225 AFS securities with unrealized losses held in the Company's portfolio. The Company has the ability and intent to hold securities which are in an unrealized loss position until a recovery of their amortized cost, which may be at maturity.

The following table summarizes AFS debt securities in an unrealized loss position for which an ACL has not been recorded at December 31, 2025 aggregated by major security type and length of time in a continuous unrealized loss position:


	Less than 12 months				12 months or more				Total
	Fair Value (Estimated)		Unrealized Losses		Fair Value (Estimated)		Unrealized Losses		Fair Value (Estimated)		Unrealized Losses
U.S. Treasury & Agency securities	$	—	$	—	$	18,072,000	$	(4,973,000)	$	18,072,000	$	(4,973,000)
Mortgage-backed securities	1,732,000		(4,000)		177,093,000		(30,138,000)		178,825,000		(30,142,000)
State and political subdivisions	—		—		30,672,000		(4,989,000)		30,672,000		(4,989,000)
Asset-backed securities	—		—		1,096,000		(15,000)		1,096,000		(15,000)

	$	1,732,000	$	(4,000)	$	226,933,000	$	(40,115,000)	$	228,665,000	$	(40,119,000)

As of March 31, 2025, there were 237 AFS securities with unrealized losses held in the Company's portfolio. The Company has the ability and intent to hold securities which are in an unrealized loss position until a recovery of their amortized cost, which may be at maturity.

The following table summarizes AFS debt securities in an unrealized loss position for which an ACL has not been recorded at March 31, 2025 aggregated by major security type and length of time in a continuous unrealized loss position:


	Less than 12 months				12 months or more				Total
	Fair Value (Estimated)		Unrealized Losses		Fair Value (Estimated)		Unrealized Losses		Fair Value (Estimated)		Unrealized Losses
U.S. Treasury & Agency securities	$	—	$	—	$	18,950,000	$	(5,593,000)	$	18,950,000	$	(5,593,000)
Mortgage-backed securities	8,974,000		(105,000)		185,973,000		(36,311,000)		194,947,000		(36,416,000)
State and political subdivisions	4,862,000		(172,000)		27,720,000		(7,196,000)		32,582,000		(7,368,000)
Asset-backed securities	1,173,000		(6,000)		—		—		1,173,000		(6,000)

	$	15,009,000	$	(283,000)	$	232,643,000	$	(49,100,000)	$	247,652,000	$	(49,383,000)

Credit Quality Indicators: Agency-backed and government-sponsored enterprise securities have a long history with no credit losses, including during times of severe stress. The principal and interest payments on agency-guaranteed debt is backed by the U.S. Government. Government-sponsored enterprises similarly guarantee principal and interest payments and carry an implicit guarantee from the U.S. Department of the Treasury. Additionally, government-sponsored enterprise securities are exceptionally liquid, readily marketable, and provide a substantial amount of price transparency and price parity, indicating a perception of zero credit losses. HTM municipal debt holdings are comprised primarily of high credit quality (rated A- or higher) state and municipal obligations. High credit quality state and municipal obligations have a history of zero to near-zero credit loss. All of the Mortgage-backed securities owned were issued either by GNMA, FNMA or FHLMC. HTM municipal debt holdings also include two unrated private activity bonds issued by well known customers of the Bank. These securities are regularly monitored as part of an overall credit relationship with the issuers; both issuers were in good standing as of March 31, 2026. HTM corporate debt holdings consist of 11 individual companies in the banking industry. Management conducts periodic reviews of the collectability of these securities taking into consideration such factors as the financial condition of the issuers; each issuer was in good standing as of March 31, 2026.

ACL for HTM Securities: The following tables present the activity in the ACL for HTM debt securities by major security type for the three months ended March 31, 2026 and 2025:


	For the three months ended
	March 31, 2026						March 31, 2025
	State and Political Subdivisions		Corporate Securities		Total		State and Political Subdivisions		Corporate Securities		Total
Allowance for credit losses:
Beginning balance	$	68,000	$	78,000	$	146,000	$	80,000	$	116,000	$	196,000
Credit loss (reduction) expense	(1,000)		—		(1,000)		1,000		—		1,000
Securities charged-off	—		—		—		—		—		—
Recoveries	—		—		—		—		—		—
Total ending allowance balance	$	67,000	$	78,000	$	145,000	$	81,000	$	116,000	$	197,000

There was no ACL on U.S. Government-sponsored enterprise, agency securities, or mortgage-backed securities as of March 31, 2026. A security is considered to be past due once it is 30 days contractually past due under the terms of the agreement. As of March 31, 2026, none of the Company’s HTM debt securities were past due or on non-accrual status.

Re-Classified Securities: 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 available for sale to held to maturity. 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 available for sale to held to maturity was $35,000, net of taxes, at March 31, 2026. This compares to $38,000 and $45,000, net of taxes, at December 31, 2025 and March 31, 2025, respectively. These securities were transferred as a part of the Company's overall investment and balance sheet strategies.

Restricted Equity Securities: 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 March 31, 2026 and 2025, and December 31, 2025, the Bank's investment in FHLBB stock totaled $7,277,000, $6,472,000 and $7,238,000, respectively. FHLBB stock is a non-marketable equity security and therefore is reported at cost, which equals par value.

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 $1,037,000 at March 31, 2026 and 2025, and December 31, 2025.

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 March 31, 2026. The Bank will continue to monitor its investment in these restricted equity securities.

Note 3 – Loans

The Company periodically reviews and updates the segmentation of its loan portfolio. Updates performed in conjunction with adoption of ASC 326 in 2023 consisted of reporting what had been a single class, commercial real estate loans, as three classes - commercial real estate owner occupied, commercial real estate non-owner occupied, and commercial multi-family. In addition home equity installment loans which had previously been included in the residential term class were included in the home equity revolving and term class. In the first quarter of 2024, a new segment was established for Agriculture loans, and there have been no subsequent segmentation changes.

Loan Portfolio by Class: The following table shows the composition of the Company's loan portfolio by class of financing receivable as of March 31, 2026 and 2025 and at December 31, 2025:


	March 31, 2026				December 31, 2025				March 31, 2025
Commercial
Real estate owner occupied	$	382,594,000	15.9	%	$	378,263,000	15.8	%	$	370,465,000	15.5	%
Real estate non-owner occupied	404,359,000		16.8	%	409,177,000		17.1	%	413,530,000		17.4	%
Construction	30,237,000		1.3	%	35,025,000		1.5	%	76,402,000		3.2	%
C&I	393,048,000		16.3	%	376,907,000		15.7	%	379,767,000		16.0	%
Multifamily	150,425,000		6.3	%	158,910,000		6.6	%	131,036,000		5.5	%
Agriculture	48,063,000		2.0	%	48,145,000		2.0	%	48,705,000		2.0	%
Municipal	52,168,000		2.2	%	52,074,000		2.2	%	55,104,000		2.3	%
Residential
Term	739,446,000		30.7	%	739,188,000		30.9	%	719,348,000		30.2	%
Construction	39,119,000		1.6	%	35,332,000		1.5	%	35,427,000		1.5	%
Home Equity
Revolving and term	147,102,000		6.1	%	142,219,000		5.9	%	131,522,000		5.5	%
Consumer	18,588,000		0.8	%	18,869,000		0.8	%	21,844,000		0.9	%
Total	$	2,405,149,000	100.0	%	$	2,394,109,000	100.0	%	$	2,383,150,000	100.0	%

Loan balances include net deferred loan costs of $12,669,000 as of March 31, 2026, $12,737,000 as of December 31, 2025, and $12,570,000 as of March 31, 2025. Net deferred loan costs have stayed within a narrow range as compared to year ago and year-to-date based upon loan origination unit volume over the periods, prepayments, and normal repayment activity. Loan balances in the Residential Term segment also include a valuation adjustment for fair value swaps hedged by certain loans in the portfolio. This adjustment added $502,000, $910,000 and $1,120,000 to the loan balances as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively. Also included in Residential term loan balances is a valuation adjustment for the market value of caps which subtracted $164,000 and added $371,000 to loan balances as of March 31, 2026 and December 31, 2025, respectively. There was no market value of caps adjustment as of March 31, 2025.

Pledged Loans: Pursuant to collateral agreements, qualifying first mortgage loans and commercial real estate loans, which totaled $662,819,000 at March 31, 2026, were used to collateralize borrowings from the FHLBB. This compares to qualifying loans which totaled $669,541,000 at December 31, 2025, and $631,410,000 at March 31, 2025. In addition, commercial, residential construction and home equity loans totaling $394,989,000 at March 31, 2026, $366,032,000 at December 31, 2025, and $411,257,000 at March 31, 2025, were used to collateralize a standby line of credit at the FRBB.

Past Due Loans: For all loan classes, loans over 30 days past due are considered delinquent. Information on the past-due status of loans by class of financing receivable as of March 31, 2026, is presented in the following table:


	30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		All Past Due		Current		Total		90+ Days & Accruing
Commercial
Real estate owner occupied	$	2,254,000	$	—	$	3,361,000	$	5,615,000	$	376,979,000	$	382,594,000	$	—
Real estate non-owner occupied	2,474,000		—		—		2,474,000		401,885,000		404,359,000		—
Construction	—		—		7,000		7,000		30,230,000		30,237,000		7,000
C&I	152,000		4,457,000		1,442,000		6,051,000		386,997,000		393,048,000		—
Multifamily	—		—		1,760,000		1,760,000		148,665,000		150,425,000		—
Agriculture	32,000		—		211,000		243,000		47,820,000		48,063,000		—
Municipal	—		—		—		—		52,168,000		52,168,000		—
Residential
Term	3,123,000		1,448,000		3,601,000		8,172,000		731,274,000		739,446,000		543,000
Construction	235,000		—		—		235,000		38,884,000		39,119,000		—
Home equity
Revolving and term	1,715,000		461,000		227,000		2,403,000		144,699,000		147,102,000		31,000
Consumer	421,000		52,000		15,000		488,000		18,100,000		18,588,000		15,000
Total	$	10,406,000	$	6,418,000	$	10,624,000	$	27,448,000	$	2,377,701,000	$	2,405,149,000	$	596,000

Information on the past-due status of loans by class of financing receivable as of December 31, 2025, is presented in the following table:


	30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		All Past Due		Current		Total		90+ Days & Accruing
Commercial
Real estate owner occupied	$	683,000	$	734,000	$	3,698,000	$	5,115,000	$	373,148,000	$	378,263,000	$	—
Real estate non-owner occupied	734,000		—		1,285,000		2,019,000		407,158,000		409,177,000		—
Construction	103,000		—		7,000		110,000		34,915,000		35,025,000		7,000
C&I	404,000		102,000		1,240,000		1,746,000		375,161,000		376,907,000		21,000
Multifamily	1,600,000		160,000		—		1,760,000		157,150,000		158,910,000		—
Agriculture	316,000		—		377,000		693,000		47,452,000		48,145,000		—
Municipal	—		—		—		—		52,074,000		52,074,000		—
Residential
Term	1,268,000		2,901,000		3,222,000		7,391,000		731,797,000		739,188,000		613,000
Construction	90,000		—		—		90,000		35,242,000		35,332,000		—
Home equity
Revolving and term	1,449,000		391,000		534,000		2,374,000		139,845,000		142,219,000		—
Consumer	152,000		118,000		39,000		309,000		18,560,000		18,869,000		24,000
Total	$	6,799,000	$	4,406,000	$	10,402,000	$	21,607,000	$	2,372,502,000	$	2,394,109,000	$	665,000

Information on the past-due status of loans by class of financing receivable as of March 31, 2025, is presented in the following table:


	30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		All Past Due		Current		Total		90+ Days & Accruing
Commercial
Real estate owner occupied	$	—	$	—	$	195,000	$	195,000	$	370,270,000	$	370,465,000	$	—
Real estate non-owner occupied	—		—		61,000		61,000		413,469,000		413,530,000		—
Construction	44,000		—		—		44,000		76,358,000		76,402,000		—
C&I	99,000		314,000		1,887,000		2,300,000		377,467,000		379,767,000		—
Multifamily	—		—		—		—		131,036,000		131,036,000		—
Agriculture	148,000		—		81,000		229,000		48,476,000		48,705,000		—
Municipal	—		—		—		—		55,104,000		55,104,000		—
Residential
Term	1,136,000		342,000		1,650,000		3,128,000		716,220,000		719,348,000		—
Construction	157,000		—		—		157,000		35,270,000		35,427,000		—
Home equity
Revolving and term	642,000		127,000		82,000		851,000		130,671,000		131,522,000		—
Consumer	245,000		66,000		696,000		1,007,000		20,837,000		21,844,000		695,000
Total	$	2,471,000	$	849,000	$	4,652,000	$	7,972,000	$	2,375,178,000	$	2,383,150,000	$	695,000

Non-Accrual Loans: For all classes, loans are placed on non-accrual status when, based on current information and events, it is probable that the Company 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.

Cash payments received on non-accrual loans are applied to reduce the loan's principal balance until the remaining principal balance is deemed collectible, after which interest is recognized when collected. As a general rule, a loan may be restored to accrual status when payments are current for a substantial period of time, generally six months, and repayment of the remaining contractual amounts is expected, or when it otherwise becomes well secured and in the process of collection.

The following table presents the amortized cost basis of loans on non-accrual status as of March 31, 2026, December 31, 2025 and March 31, 2025:


	March 31, 2026						December 31, 2025						March 31, 2025
	Non-accrual with Allowance for Credit Loss		Non-accrual with no Allowance for Credit Loss		Total Non-accrual		Non-accrual with Allowance for Credit Loss		Non-accrual with no Allowance for Credit Loss		Total Non-accrual		Non-accrual with Allowance for Credit Loss		Non-accrual with no Allowance for Credit Loss		Total Non-accrual
Commercial
Real estate owner occupied	$	1,131,000	$	3,334,000	$	4,465,000	$	1,131,000	$	2,896,000	$	4,027,000	$	—	$	545,000	$	545,000
Real estate non-owner occupied	1,229,000		60,000		1,289,000		1,285,000		61,000		1,346,000		—		61,000		61,000
Construction	—		—		—		—		8,000		8,000		—		17,000		17,000
C&I	572,000		1,563,000		2,135,000		1,297,000		617,000		1,914,000		1,348,000		595,000		1,943,000
Multifamily	1,760,000		—		1,760,000		—		—		—		—		17,000		17,000
Agriculture	—		276,000		276,000		—		441,000		441,000		—		111,000		111,000
Municipal	—		—		—		—		—		—		—		—		—
Residential
Term	115,000		5,088,000		5,203,000		115,000		4,078,000		4,193,000		—		2,944,000		2,944,000
Construction	—		—		—		—		—		—		—		—		—
Home equity
Revolving and term	202,000		858,000		1,060,000		242,000		703,000		945,000		—		415,000		415,000
Consumer	—		—		—		—		5,000		5,000		—		—		—
Total	$	5,009,000	$	11,179,000	$	16,188,000	$	4,070,000	$	8,809,000	$	12,879,000	$	1,348,000	$	4,705,000	$	6,053,000

Individually Analyzed Loans: IAL include loans with balances of $250,000 or more that have been placed into non-accrual or are loans identified by management as having characteristics that may impact ultimate collectibility and therefore merit individual analysis. These loans are measured at the present value of expected future cash flows discounted at the loan's effective interest rate or at the fair value of the collateral if the loan is collateral dependent. If the measure of an IAL loan is lower than the recorded investment in the loan and estimated selling costs, a specific reserve is established for the difference, or, in certain situations, if the measure of an IAL loan is lower than the recorded investment in the loan and estimated selling costs, the difference is written off.

The following table presents the amortized cost basis of collateral-dependent loans as of March 31, 2026, December 31, 2025 and March 31, 2025, by collateral type:


	March 31, 2026						December 31, 2025					March 31, 2025
	Collateral Type						Collateral Type					Collateral Type
	Commercial Real Estate		Residential Real Estate		Other			Commercial Real Estate		Residential Real Estate		Other		Commercial Real Estate		Residential Real Estate		Other
Commercial
Real estate owner occupied	$	3,842,000	$	245,000	$	—		$	3,626,000	$	—	$	—	$	260,000	$	—	$	—
Real estate non-owner occupied	1,292,000		—		—			1,348,000		—		—		67,000		—		—
Construction	—		—		—			—		—		—		—		—		—
C&I	—		—		1,192,000			—		—		1,300,000		—		—		1,681,000
Multifamily	1,763,000		—		—			—		—		—		—		—		—
Agriculture	—		—		—			—		—		—		—		—		—
Municipal	—		—		—			—		—		—		—		—		—
Residential
Term	—		3,556,000		—			—		2,912,000		—		—		2,151,000		—
Construction	—		—		—			—		—		—		—		—		—
Home equity	—		—		—
Revolving and term	—		307,000		—			—		361,000		—		—		—		—
Consumer	—		—		—			—		—		—		—		—		—
Total	$	6,897,000	$	4,108,000	$	1,192,000		$	4,974,000	$	3,273,000	$	1,300,000	$	327,000	$	2,151,000	$	1,681,000

Loan Modifications to Borrowers Experiencing Financial Difficulty: Loan modifications to borrowers experiencing financial difficulty may include interest rate reduction, term extension, payment deferral, principle forgiveness or a combination thereof. It is the intent to minimize future losses while providing borrowers with financial relief.

The following table represents loan modifications made to borrowers experiencing financial difficulty by modification type and class of financing receivable, during the three months ended March 31, 2026:


Amortized Cost Basis
	Payment Deferral		Term Extension		Combination Payment Deferral and Term Extension		Combination Payment Deferral, Term Extension and Rate Mod		% of Total Class of Financing Receivable
Commercial
Real estate owner occupied	$	—	$	135,000	$	243,000	$	—	0.10	%
Real estate non-owner occupied	—		—		—		1,229,000		0.30	%
Construction	—		—		—		—		—	%
C&I	75,000		—		135,000		—		0.05	%
Multifamily	—		—		—		—		—	%
Agriculture	—		—		38,000		—		0.08	%
Municipal	—		—		—		—		—	%
Residential
Term	—		—		194,000		330,000		0.07	%
Construction	—		—		—		—		—	%
Home Equity
Revolving and term	—		—		306,000		—		0.21	%
Consumer	—		—		—		—		—	%
Total	$	75,000	$	135,000	$	916,000	$	1,559,000

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty for the three months ended March 31, 2026:


			Payment Deferral
			Financial Effect
Commercial



C&I			Temporary payment accommodation, payments deferred to end of loan.


			Term Extension
			Financial Effect
Commercial
Real estate owner occupied			Temporary payment accommodation, extended term 9 months.


			Combination Payment Deferral and Term Extension
			Financial Effect
Commercial
Real estate owner occupied			Temporary payment accommodation, payments deferred to end of loan.

C&I			Payments deferred for 3 months; term increased 3 months
Agriculture			Payments deferred for 3 months; term increased 3 months

Residential
Term			Temporary payment accommodation, payments deferred to end of loan.
Home Equity
Revolving and term			Temporary payment accommodation, payments deferred to end of loan.


			Combination Payment Deferral, Term Extension and Rate Modification
			Financial Effect
Commercial
Real estate non-owner occupied			Temporary payment and rate accommodations, payments deferred to end of loan.

Residential
Term			Temporary payment and rate accommodations, payments deferred to end of loan.


Amortized Cost Basis
	Payment Deferral		Term Extension		Rate Modification		Combination Payment Deferral and Term Extension		% of Total Class of Financing Receivable
Commercial
Real estate owner occupied	$	158,000	$	—	$	—	$	—	0.04	%
Real estate non-owner occupied	—		—		—		—		—	%
Construction	—		—		—		—		—	%
C&I	78,000		364,000		—		—		0.02	%
Multifamily	910,000		—		—		—		0.69	%
Agriculture	1,536,000		—		—		—		3.15	%
Municipal	—		—		—		—		—	%
Residential
Term	—		—		—		—		—	%
Construction	—		—		—		—		—	%
Home Equity
Revolving and term	—		—		—		—		—	%
Consumer	—		—		—		—		—	%
Total	$	2,682,000	$	364,000	$	—	$	—

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty for the three months ended March 31, 2025:


			Payment Deferral
			Financial Effect
Commercial
Real estate owner occupied			Temporary payment accommodation, payments deferred to end of loan.

C&I			Temporary payment accommodation, payments deferred to end of loan.
Multifamily			Temporary payment accommodation, payments deferred to end of loan.
Agriculture			Temporary payment accommodation, payments deferred to end of loan.


			Term Extension
			Financial Effect
Commercial

C&I			Temporary payment accommodation, extended term 6 months.

The Company monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. In its monitoring, the Company considers an event of payment default to be a payment past due thirty days or more, and counts all such events even if subsequently cured.

The following tables depict the amortized cost basis of loans that were modified during the previous 12 months as of March 31, 2026 and 2025, that had an event of payment default at some point during the 12 month period:


	Amortized Cost Basis
As of March 31, 2026	Payment Deferral		Term Extension		Combination Payment Deferral and Term Extension		Combination Payment Deferral, Term Extension and Rate Modification
Commercial
Real estate owner occupied	$	—	$	—	$	318,000	$	—
Real Estate non-owner occupied	—		252,000		—		1,229,000

C&I	309,000		—		128,000		—

Agriculture	719,000		—		—		—
Residential
Term	—		—		194,000		330,000
Home Equity
Revolving and term	—		—		306,000		—

Total	$	1,028,000	$	252,000	$	946,000	$	1,559,000


	Amortized Cost Basis
As of March 31, 2025	Payment Deferral		Term Extension		Combination Payment Deferral and Term Extension
Commercial



C&I	$	—	$	11,000	$	170,000


Residential
Term	—		125,000		—



Total	$	—	$	136,000	$	170,000

The following table depicts the performance of loans that have been modified during the previous 12 months as of March 31, 2026:


	Payment Status (Amortized Cost Basis)
	Current		30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due
Commercial
Real estate owner occupied	$	1,378,000	$	—	$	—	$	—
Real Estate non-owner occupied	1,656,000		—		—		—

C&I	1,696,000		—		—		197,000
Multifamily	4,043,000		—		—		—
Agriculture	724,000		—		—		211,000
Residential
Term	1,004,000		—		—		—
Home Equity
Revolving and term	306,000		—				—
Consumer	—		—		—		—
Total	$	10,807,000	$	—	$	—	$	408,000

The following table depicts the performance of loans that had been modified during the the previous 12 months as of March 31, 2025:


	Payment Status (Amortized Cost Basis)
	Current		30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due
Commercial
Real estate owner occupied	$	792,000	$	—	$	—	$	—
Construction	—		—		—		—
C&I	619,000		—		—		—
Multifamily	910,000		—		—		—
Agriculture	1,536,000		—		—		—
Residential
Term	—		125,000		—		—
Home Equity
Revolving and term	—		—		—		—
Consumer	—		—		—		—
Total	$	3,857,000	$	125,000	$	—	$	—

Loans in Process of Foreclosure: As of March 31, 2026, there were eight mortgage loans collateralized by residential real estate with a total balance of $1,788,000; one home equity line of credit collateralized by residential real estate with a balance of $63,000; and one consumer loan collateralized by land with a balance of $7,000, in the process of foreclosure. There were also 13 commercial loans collateralized by either residential real estate or owner-occupied commercial real estate with a total balance of $6,436,000, in the process of foreclosure. This compares to seven mortgage loans collateralized by residential real estate with a total balance of $1,754,000; one home equity line of credit collateralized by residential real estate with a balance of $63,000; and seven commercial loans collateralized by either residential real estate or owner-occupied commercial real estate with a total balance of $3,826,000, in the process of foreclosure as of December 31, 2025; and four mortgage loans collateralized by residential real estate in the process of foreclosure with a total balance of $1,208,000 as of March 31, 2025.

Note 4 – Allowance for Credit Losses

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. Loans are segmented by common risk characteristics as delineated in the paragraph below. 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.

Loan Portfolio Composition & Risk Characteristics: The loan portfolio is segmented into eleven classes and credit risk is evaluated separately in each class. Major risk characteristics relevant to each portfolio segment are as follows:

Commercial Real Estate Owner Occupied - commercial real estate owner occupied loans consist of mortgage loans to finance investments in real property such as retail space, offices, industrial buildings, hotels, educational facilities, and other specific or mixed use properties. Loans are typically written with amortizing payment structures. Collateral values are determined based on appraisals and evaluations in accordance with established policy and regulatory guidelines. Loans typically have a loan-to-value ratio of up to 80% based upon current valuation information at the time the loan is made, and are primarily paid by the cash flow generated from the real property, typically the operating entity of owner occupant. Risk factors typically include competitive market forces, net operating incomes of the operating entity, and overall economic demand. Loans in the recreational and tourism sector can be affected by weather conditions, such as unseasonably low winter snowfalls. Commercial real estate lending also carries a higher degree of environmental risk than other types of lending.

Commercial Real Estate Non-Owner Occupied - commercial real estate loans non-owner occupied share many of the purpose, loan structure and risk characteristics of owner-occupied commercial real estate. The primary differentiating factor from Owner Occupied is that repayment is generally reliant upon cash flow generated from tenants rather than an operating entity. Risk factors are also influenced by vacancy rates, cap rates, lease renewals, and underlying financial health of lessees.

Commercial Construction - commercial construction loans consist of loans to finance construction in a mix of owner- and non-owner occupied commercial real estate properties. Loans typically have construction periods of less than two years, and payment structures during the construction period are typically on an interest only basis, although principal payments may be established depending on the type of construction project being financed. During the construction phase, commercial construction loans are primarily paid by cash flow generated from the construction project or other operating cash flows from the borrower or guarantors, if applicable. Commercial construction loans will typically convert to permanent financing from the Company, or loan repayment may come from a third party source in the event that the Company will not be providing permanent term financing. Collateral valuation and loan-to-value guidelines follow those for commercial real estate loans. Commercial construction loans are impacted by factors similar to those for commercial real estate loans in addition to risks related to contractor financial capacity and ability to complete a project within acceptable time frames and within budget.

Commercial and Industry - C&I loans consist of revolving and term loan obligations extended to business and corporate enterprises for the purpose of financing working capital and or capital investment. C&I loans may be secured or unsecured; when secured, collateral generally consists of pledges of business assets including, but not limited to, accounts receivable, inventory, equipment, and/or other tangible and intangible assets. C&I loans are primarily paid by the operating cash flow of the borrower. A weakened economy, soft consumer spending, and the rising cost of labor or raw materials are examples of issues that can impact the credit quality in this segment.

Commercial Multifamily - multifamily loans share structure and risk characteristics with non-owner occupied commercial real estate; underlying collateral is residential in nature rather than commercial, consisting of properties with five or more units.

Municipal Loans - municipal loans are comprised of loans to municipalities in Maine for capitalized expenditures, construction projects, or tax anticipation notes. All municipal loans are considered either general obligations of the municipality collateralized by the taxing ability of the municipality for repayment of debt or have a pledge of specific revenues. The overall health of the economy, including unemployment rates and housing prices, has an impact on the credit quality of this segment.

Agriculture - agriculture loans consist mostly of amortizing term loans and revolving lines of credit made to borrowers in agriculture related industries. For the Company, this includes loans made to land based agricultural production and to participants in the fishing industry. Collateral values are determined based on appraisals and evaluations in accordance with established policy and regulatory guidelines. Loans are primarily paid by the cash flow generated from the agricultural property or operation of equipment. Risk factors typically include competitive market forces, overall economic demand for the product, and may be further influenced by weather conditions which impact growing and/or harvesting, or other factors such as changes in government regulation(s).

Residential Real Estate Term - residential term loans consist of residential real estate loans made to borrowers who demonstrate the ability to make scheduled payments with full consideration to underwriting factors. Borrower qualifications include favorable credit history combined with supportive income requirements and loan-to-value ratios within established policy and regulatory guidelines. Collateral values are determined based on appraisals and evaluations in accordance with established policy and regulatory guidelines. Residential loans typically have a loan-to-value ratio of up to 80% based on appraisal information at the time the loan is made. Collateral consists of mortgage liens on one-to four-family residential properties. Loans are offered with fixed or adjustable rates with amortization terms of up to thirty years. The overall health of the economy, including unemployment rates and housing prices, has an impact on the credit quality of this segment.

Residential Real Estate Construction - residential construction loans typically consist of loans for the purpose of constructing single family residences to be owned and occupied by the borrower. Borrower qualifications include favorable credit history combined with supportive income requirements and loan-to-value ratios within established policy and regulatory guidelines. Residential construction loans normally have construction terms of one year or less and payment during the construction term is typically on an interest only basis from sources including interest reserves, borrower liquidity, and/or income. Residential construction loans will typically convert to permanent financing from the Company or have another financing commitment in place from an acceptable mortgage lender. Collateral valuation and loan-to-value guidelines are consistent with those for residential term loans. Residential construction loans are impacted by factors similar to those for residential real estate term loans in addition to risks related to contractor financial capacity and ability to complete a project within acceptable time frames and within budget.

Home Equity Revolving and Term - home equity revolving and term loans are made to qualified individuals and are secured by senior or junior mortgage liens on owner occupied one- to four-family homes, condominiums, or vacation homes. The home equity line of credit typically has a variable interest rate and is billed as interest-only payments during the draw period. At the end of the draw period, the home equity line of credit is billed as a percentage of the principal balance plus all accrued interest. Loan maturities are normally 300 months. Borrower qualifications include favorable credit history combined with

supportive income requirements and combined loan-to-value ratios usually not exceeding 80% inclusive of priority liens. Collateral valuation guidelines follow those for residential real estate loans. The overall health of the economy, including unemployment rates and housing prices, has an impact on the credit quality of this segment.

Consumer - consumer loans include personal lines of credit and amortizing loans made to qualified individuals for various purposes such as autos, recreational vehicles, debt consolidation, personal expenses, or overdraft protection. Borrower qualifications include favorable credit history combined with supportive income and collateral requirements within established policy guidelines. Consumer loans may be secured or unsecured. The overall health of the economy, including unemployment rates, has an impact on the credit quality of this segment.

Construction, land, and land development: CLLD loans, both commercial and residential, represented 22.1% of total Bank capital as of March 31, 2026 and remain below the regulatory guidance of 100.0% of total Bank capital. Construction loans and non-owner-occupied commercial real estate loans represented 199.2% of total Bank capital at March 31, 2026, below the regulatory guidance of 300.0% of total Bank capital.

Composition of the ACL: A breakdown of the ACL as of March 31, 2026, by class of financing receivable and allowance element, is presented in the following table:


As of March 31, 2026	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	$	837,000	$	4,001,000	$	832,000	$	5,670,000
Real estate non-owner occupied	961,000		3,772,000		647,000		5,380,000
Construction	—		156,000		50,000		206,000
C&I	233,000		3,757,000		554,000		4,544,000
Multifamily	585,000		639,000		146,000		1,370,000
Agriculture	—		433,000		52,000		485,000
Municipal	—		33,000		160,000		193,000
Residential
Term	87,000		5,263,000		595,000		5,945,000
Construction	—		266,000		57,000		323,000
Home Equity
Revolving and term	33,000		786,000		105,000		924,000
Consumer	—		159,000		10,000		169,000
	$	2,736,000	$	19,265,000	$	3,208,000	$	25,209,000

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


As of December 31, 2025	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	$	377,000	$	4,173,000	$	794,000	$	5,344,000
Real estate non-owner occupied	1,209,000		3,979,000		632,000		5,820,000
Construction	—		194,000		56,000		250,000
C&I	961,000		3,522,000		540,000		5,023,000
Multifamily	—		669,000		157,000		826,000
Agriculture	—		472,000		47,000		519,000
Municipal	—		33,000		160,000		193,000
Residential
Term	87,000		5,270,000		592,000		5,949,000
Construction	—		249,000		50,000		299,000
Home Equity
Revolving and term	106,000		747,000		105,000		958,000
Consumer	—		174,000		10,000		184,000
	$	2,740,000	$	19,482,000	$	3,143,000	$	25,365,000

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


As of March 31, 2025	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	$	—	$	4,472,000	$	717,000	$	5,189,000
Real estate non-owner occupied	—		4,252,000		618,000		4,870,000
Construction	—		472,000		147,000		619,000
C&I	1,029,000		3,872,000		598,000		5,499,000
Multifamily	—		1,290,000		165,000		1,455,000
Agriculture	—		444,000		143,000		587,000
Municipal	—		33,000		202,000		235,000
Residential
Term	—		4,823,000		437,000		5,260,000
Construction	—		403,000		62,000		465,000
Home Equity
Revolving and term	—		662,000		89,000		751,000
Consumer	—		176,000		8,000		184,000
	$	1,029,000	$	20,899,000	$	3,186,000	$	25,114,000

The ACL as a percent of total loans stood at 1.05% as of March 31, 2026, 1.06% at December 31, 2025 and 1.05% as of March 31, 2025.

Off-Balance Sheet Credit Exposures: In the ordinary course of business, the Company enters into commitments to extend credit, including construction lines of credit, revolving lines of credit, written commitments to provide financing, commercial letters of credit and standby letters of credit. Such financial instruments are recorded as loans when they are funded.

Allowance for Credit Losses on Off-Balance Sheet Credit Exposures: The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The ACL on off-balance sheet credit exposures is adjusted through credit loss expense (reduction) and any adjustment is recognized in net income. To appropriately measure expected credit losses, management disaggregates the loan portfolio into similar risk characteristics, identical to those determined for the loan portfolio. An estimated funding rate is then applied to the qualifying unfunded loan commitments and letters of credit using the Company’s own historical experience to estimate the expected funded amount for each loan segment as of the reporting date. Once the expected funded amount for each loan segment is determined, the loss rate, which is the calculated expected loan loss as a percent of the amortized cost basis for each loan segment, is applied to calculate the ACL on off-balance sheet credit exposures as of the reporting date. The Company’s ACL on unfunded commitments is recognized as a liability, included within other liabilities on the consolidated balance sheet.

The following table presents the activity in the ACL for off-balance sheet credit exposures for the three months ended March 31, 2026 and 2025:


	For the three months ended March 31,
	2026		2025
Allowance for credit losses:
Beginning balance	$	565,000	$	714,000
Credit loss reduction	(29,000)		(5,000)
Total ending allowance balance	$	536,000	$	709,000

Credit Quality Indicators: To monitor the credit quality of its loan portfolio, management applies an internal risk rating system to categorize commercial loan segments. Approximately 60% of commercial loan outstanding balances are subject to review and validation annually by an independent consulting firm. Additionally, commercial loan relationships with exposure greater than or equal to $1,000,000 are subject to review annually by the Company's internal credit review function.

The risk rating system has eight levels, defined as follows:

1 Strong

Credits rated "1" are characterized by borrowers fully responsible for the credit with excellent capacity to pay principal and interest. Loans rated "1" may be secured with acceptable forms of liquid collateral.

2 Above Average

Credits rated "2" are characterized by borrowers that have better than average liquidity, capitalization, earnings, and/or cash flow with a consistent record of solid financial performance.

3 Satisfactory

Credits rated "3" are characterized by borrowers with favorable liquidity, profitability, and financial condition with adequate cash flow to pay debt service.

4 Average

Credits rated "4" are characterized by borrowers that present risk more than 1, 2 and 3 rated loans and merit an ordinary level of ongoing monitoring. Financial condition is on par or somewhat below industry averages while cash flow is generally adequate to meet debt service requirements.

5 Watch

Credits rated "5" are characterized by borrowers that warrant greater monitoring due to financial condition or unresolved and identified risk factors.

6 Other Assets Especially Mentioned

Loans in this category are currently protected but are potentially weak and constitute an undue and unwarranted credit risk, but not to the point of justifying a classification of substandard. OAEM have potential weaknesses which may, if not checked or corrected, weaken the asset or inadequately protect the Company's credit position at some future date.

7 Substandard

Loans in this category are inadequately protected by the paying capacity of the borrower or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Substandard loans are characterized by the distinct possibility that the Company may sustain some loss if the deficiencies are not corrected.

8 Doubtful

Loans classified "Doubtful" have the same weaknesses as those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, based on currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is high, but because of certain important and reasonably specific pending factors which may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined.

Most residential real estate, home equity, and consumer loans are not assigned ratings; therefore they are categorized as performing and non-performing loans. Performing loans include loans that are current and loans that are past due less than 90 days. Loans that are past due more than 90 days are considered non-performing.

The following table summarizes the credit quality for the Company's portfolio by risk category of loans and by class by vintage as of March 31, 2026:


	Term Loans Amortized Cost Basis by Origination Year
Dollars in thousands	2026		2025		2024		2023		2022		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
As of March 31, 2026
Commercial
Real estate owner occupied
Pass (risk rating 1-5)	$	12,730	$	55,890	$	41,565	$	63,993	$	59,761	$	119,731	$	13,814	$	—	$	367,484
Special Mention (risk rating 6)	—		135		1,340		—		1,538		1,644		—		—		4,657
Substandard (risk rating 7)	—		—		74		1,354		7,270		1,755		—		—		10,453
Doubtful (risk rating 8)	—		—		—		—		—		—		—		—		—
Total Real estate owner occupied	12,730		56,025		42,979		65,347		68,569		123,130		13,814		—		382,594
Current period gross write-offs	—		—		—		—		—		—		—		—		—
Real estate non-owner occupied
Pass (risk rating 1-5)	6,827		58,603		28,602		35,033		63,185		194,630		10,603		—		397,483
Special Mention (risk rating 6)	—		—		—		—		3,041		2,099		—		—		5,140
Substandard (risk rating 7)	—		1,363		252		61		—		60		—		—		1,736
Doubtful (risk rating 8)	—		—		—		—		—		—		—		—		—
Total Real estate non-owner occupied	6,827		59,966		28,854		35,094		66,226		196,789		10,603		—		404,359
Current period gross write-offs	—		—		—		—		—		—		—		—		—
Construction
Pass (risk rating 1-5)	2,360		7,412		9,758		2,360		2,067		6,121		—		—		30,078
Special Mention (risk rating 6)	—		—		—		—		—		—		—		—		—
Substandard (risk rating 7)	—		—		95		—		—		64		—		—		159
Doubtful (risk rating 8)	—		—		—		—		—		—		—		—		—
Total Construction	2,360		7,412		9,853		2,360		2,067		6,185		—		—		30,237
Current period gross write-offs	—		—		—		—		—		—		—		—		—
C&I
Pass (risk rating 1-5)	16,951		47,138		56,452		42,725		31,505		60,677		103,795		6,484		365,727
Special Mention (risk rating 6)	—		1,280		8,762		362		4,916		126		9,387		—		24,833
Substandard (risk rating 7)	—		866		103		572		318		137		492		—		2,488
Doubtful (risk rating 8)	—		—		—		—		—		—		—		—		—
Total C&I	16,951		49,284		65,317		43,659		36,739		60,940		113,674		6,484		393,048
Current period gross write-offs	—		—		—		(287)		—		(386)		—		—

First Bancorp, Inc /ME/ 10-Q