First Bancorp, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>First Bancorp, Inc. (FNLC) has submitted its 2023 10-K annual report, detailing financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

First Bancorp, Inc /ME/ (FNLC) filed a Annual Report (10-K) with the SEC on March 8, 2024. First Bancorp, Inc. (FNLC) filed its 2023 10-K report on March 8, 2024. The company is incorporated in Maine and operates under the SIC code 6021 (National Commercial Banks). The filing covers the fiscal year ending December 31, 2023. Key business segments include Fiduciary and Trust, Deposit Accounts, Mortgage Banking, and Debit Cards. The report details financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking First Bancorp, Inc /ME/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of FNLC's financial health, operational segments, and strategic positioning within the national commercial banking sector for the fiscal year 2023. Investors and analysts can use this report to assess the company's performance trends, risk factors, and future outlook based on specific financial data and disclosures.

Risk Assessment

Risk Level: low — First Bancorp, Inc /ME/ shows low risk based on this filing. The risk level is assessed as low because the filing is a standard annual report (10-K) for a publicly traded company, indicating routine disclosure rather than an immediate event or crisis.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand First Bancorp's performance and strategic direction for 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-08 — Filing Date (Date of submission)
• 2021, 2022, 2023 — Fiscal Years Covered (Financial data periods)

Key Players & Entities

• First Bancorp, Inc. /ME/ (company) — Filer name
• FNLC (company) — Ticker symbol
• 2024-03-08 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 6021 (industry_code) — Standard Industrial Classification for National Commercial Banks
• ME (location) — State of incorporation
• Damariscotta (location) — Business address city
• FIRST NATIONAL LINCOLN CORP /ME/ (company) — Former company name

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-08: Filing Date — Date the 10-K report was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document for understanding a company's financial health and operations over the past fiscal year.)

SIC Code 6021

Standard Industrial Classification code for National Commercial Banks. (Identifies First Bancorp's primary industry classification.)

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share FNLC NASDAQ Global Select Mar
• $23 million — action, the Bank acquired approximately $23 million in loans and assumed approximately $19
• $19 million — lion in loans and assumed approximately $19 million in deposits. The transaction value was
• $25.2 million — The transaction value was approximately $25.2 million consisting of the loans, building, equi
• $2.50 — ock, of which 290,069 shares, par value $2.50 per share, are issued and outstanding.

Filing Documents

• fnlc-20231231.htm (10-K) — 4780KB
• fnlc-20231231x10kex41.htm (EX-4.1) — 22KB
• fnlc-20231231x10kex191.htm (EX-19.1) — 64KB
• fnlc-20231231x10kex231.htm (EX-23.1) — 3KB
• fnlc-20231231x10kex311.htm (EX-31.1) — 7KB
• fnlc-20231231x10kex312.htm (EX-31.2) — 7KB
• fnlc-20231231x10kex321.htm (EX-32.1) — 3KB
• fnlc-20231231x10kex322.htm (EX-32.2) — 3KB
• fnlc-20231231x10kex971.htm (EX-97.1) — 26KB
• fnlc-20231231_g1.jpg (GRAPHIC) — 135KB
• 0000765207-24-000010.txt (&nbsp;) — 24988KB
• fnlc-20231231.xsd (EX-101.SCH) — 114KB
• fnlc-20231231_cal.xml (EX-101.CAL) — 196KB
• fnlc-20231231_def.xml (EX-101.DEF) — 667KB
• fnlc-20231231_lab.xml (EX-101.LAB) — 1158KB
• fnlc-20231231_pre.xml (EX-101.PRE) — 1008KB
• fnlc-20231231_htm.xml (XML) — 5781KB

Discussion of Business 1

ITEM 1. Discussion of Business 1

Risk Factors

ITEM 1A. Risk Factors 9

Unresolved Staff Comments

ITEM 1B. Unresolved Staff Comments 18

C . Cyber Security

ITEM 1 C . Cyber Security 18

Properties

ITEM 2. Properties 19

Legal Proceedings

ITEM 3. Legal Proceedings 19

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 19

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

ITEM 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 20

No Required Information

ITEM 6. No Required Information 22

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures about Market Risk

ITEM 7A. Quantitative and Qualitative Disclosures about Market Risk 47

Financial Statements and Supplemental Data

ITEM 8. Financial Statements and Supplemental Data 49

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 112

Controls and Procedures

ITEM 9A. Controls and Procedures 112

Other Information

ITEM 9B. Other Information 113

Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

ITEM 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 113

Directors, Executive Officers and Corporate Governance

ITEM 10. Directors, Executive Officers and Corporate Governance 113

Executive Compensation

ITEM 11. Executive Compensation 113

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 113

Certain Relationships and Related Transactions, and Director Independence

ITEM 13. Certain Relationships and Related Transactions, and Director Independence 113

Principal Accounting Fees and Services

ITEM 14. Principal Accounting Fees and Services 114

Exhibits, Financial Statement Schedules

ITEM 15. Exhibits, Financial Statement Schedules 115

SIGNATURES

SIGNATURES 116 THIS PAGE INTENTIONALLY LEFT BLANK

Discussion of Business

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, 2023, t

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View this 10-K filing on SEC EDGAR