TheFirst.com | PO Box 940 | Damariscotta, ME 04543 | 800-564-3195
TheFirst.com | PO Box 940 | Damariscotta, ME 04543 | 800-564-3195
2 0 1 7 A N N U A L
R E P O R T
Cover photo by: © Jerry Monkman
Cover photo by: © Jerry Monkman
AHEAD.OURBEST DAYS ARE Board of Directors
Office Locations
David B. Soule, Jr., Chairman of the Board
Katherine M. Boyd
Robert B. Gregory
Renee W. Kelly
Tony C. McKim
Mark N. Rosborough
Cornelius J. Russell
Stuart G. Smith
Bruce B. Tindal
Directors of The First Bancorp also serve
as Directors of First National Bank
The First Bancorp Executive Officers
Tony C. McKim
President & Chief Executive Officer
F. Stephen Ward
Executive Vice President & Chief Financial Officer
Charles A. Wootton
Executive Vice President & Clerk
First National Bank Executive Management Team
Bangor
Bar Harbor
Blue Hill
Boothbay Harbor
Calais
Camden
Damariscotta
Eastport
Ellsworth
Northeast Harbor
Rockland Park Street
Rockland Union Street
Rockport
Southwest Harbor
Waldoboro
Wiscasset
Tony C. McKim
President & Chief Executive Officer
Richard M. Elder
Executive Vice President & Treasurer
Susan A. Norton
Executive Vice President & Chief Administrative Officer
Steven K. Parady, Esq.
Executive Vice President,
Senior Trust Officer & Chief Fiduciary Officer
Tammy L. Plummer
Executive Vice President & Chief Information Officer
Executive Vice President, Branch Administration
Sarah J. Tolman
F. Stephen Ward
Executive Vice President & Chief Financial Officer
Charles A. Wootton
Executive Vice President & Senior Lending Officer
Office Locations
Bangor
Bar Harbor
Damariscotta
Ellsworth
Rockland Union Street
23
Selected Financial Data
Dollars in thousands, except for per share amounts
2017
2016
2015
2014
2013
Summary of Operations
Interest Income
Interest Expense
Net Interest Income
Provision for Loan Losses
Non-Interest Income
Non-Interest Expense
Net Income
Per Common Share Data
Basic Earnings per Common Share
Diluted Earnings per Common Share
Cash Dividends Declared per Common Share
Book Value per Common Share
Tangible Book Value per Common Share
Market Value per Common Share
Financial Ratios
Return on Average Equity1
Return on Average Tangible Equity1,2
Return on Average Assets1
Average Equity to Average Assets
Average Tangible Equity to Average Assets2
Net Interest Margin Tax-Equivalent1,2
Dividend Payout Ratio
Allowance for Loan Losses/Total Loans
Non-Performing Loans to Total Loans
Non-Performing Assets to Total Assets
Efficiency Ratio2
At Year End
Total Assets
Total Loans
Total Investment Securities
Total Deposits
Total Borrowings
Total Shareholders' Equity
13,529
47,303
$ 60,832 $ 53,759
10,812
42,947
1,600
12,499
29,383
18,009
2,000
12,548
31,651
19,588
$ 50,810 $ 51,022 $ 49,936
12,496
37,440
4,200
12,087
28,937
12,965
9,874
40,936
1,550
12,230
29,896
16,206
11,425
39,597
1,150
11,048
30,220
14,709
$
1.82
1.81
.950
16.74
13.97
27.23
$ 1.68
1.66
1.030
15.98
13.20
33.10
$ 1.52 $ 1.38 $ 1.20
1.20
0.785
13.69
10.83
17.42
1.51
0.870
15.58
12.78
20.47
1.37
0.830
15.06
12.25
18.09
10.91%
13.11%
1.10%
10.04%
8.36%
3.04%
52.20%
0.92%
1.27%
0.86%
49.72%
10.28%
12.42%
1.12%
10.86%
9.00%
3.05%
61.31%
0.95%
0.73%
0.48%
50.43%
9.74%
11.90%
1.07%
11.00%
9.01%
3.10%
57.24%
1.00%
0.75%
0.57%
54.26%
9.34%
11.57%
0.99%
10.63%
8.58%
3.10%
60.14%
1.13%
1.15%
0.97%
56.86%
8.72%
10.66%
0.90%
10.62%
8.49%
3.05%
65.42%
1.31%
1.86%
1.44%
55.44%
$ 1,842,930 $1,712,875 $ 1,564,810
988,638
1,071,526
539,174
477,319
$ 1,482,131
$ 1,463,963
917,564
475,092
876,367
489,013
1,242,957
1,043,189
1,024,819
1,024,399
278,901
172,521
337,457
167,498
279,916
161,554
279,125
146,098
High
Low
$ 33.07 $ 25.00
1,164,139
567,097
1,418,879
228,758
181,321
Market price per common share of stock during 2017
1Annualized using a 365-day basis in all years except 2016, in which a 366-day basis was used.
2These ratios use non-GAAP financial measures. See Management’s Discussion and Analysis of Financial Condition and Results of
Operations for additional disclosures and information.
1
First National Bank was
t
awarded the Governor’s Award
for Business Excellence.
grew $175.9 million or 14.2% to $1.42 billion at year-end.
Our growth in earning assets led directly to increased
net interest income. On a tax-equivalent basis, net
interest income was up $5.1 million or 11.2% from
Dear Fellow Shareholder,
O nce again, I am incredibly pleased and proud to
as the primary driver, 2017 represents the best annual
provide you, our Shareholders, with a year of
great results. With increased net interest income
performance in the Company’s history. Net income for
2016, while the net interest margin held steady at
the year was $19.6 million, up $1.6 million or 8.8% from
3.04%. At $12.5 million, non-interest income in 2017
2016, while earnings per share on a fully diluted basis of
was level with the prior year, with a $269,000 increase
$1.81 were up $0.15 or 9.0% from the prior year. Earning
in revenue from First Advisors, the Company’s wealth
assets increased $121.3 million year over year, with
and investment management division, offsetting small
growth coming primarily from the loan portfolio which
reductions in deposit service charges and mortgage
increased $92.6 million to end the year at $1.16 billion.
banking revenue. Non-interest expense in 2017 was
Commercial lending was the driver of this growth, up
up 7.7% from 2016 levels as investments were made
$64.7 million or 13.5%, and we also saw growth in both
in personnel and technology to support our current
residential and municipal loans. Additionally, there was
and future growth.
growth in the investment portfolio, up $27.9 million or
Overall credit quality in our loan portfolio continues to
5.2% over 2016. On the funding side of the balance sheet,
be a focus. Net charge offs were 0.13% of average loans
low-cost deposits grew $55.2 million, or 8.6%, to $696.0
in 2017, while non-performing assets stood at 0.86% of
million as of December 31, 2017, while total deposits
total assets as of December 31, 2017. We provisioned
2
DREAM FIRST
The Maine Discovery Museum is part of our
Dream First Rewards program because they
believe, as we do, in the power of small
t
businesses and shopping locally.
First National Bank is a proud supporter
of the Keller Bloom program, an initiative
founded by Bigelow to educate the next
t
generation of scientists.
© Kevin Fahrman/Foreside Photography
$2.0 million for loan losses in 2017, up $400,000 from the
three-year period. The First Bancorp shows a total return of
amount provisioned in 2016. The allowance for loan losses
68.7%, as compared to the S&P 500 which had a three-year
stood at 0.92% of total loans as of December 31, 2017,
total return of 38.3%, as well the Russell 2000, in which
down modestly from 0.95% of total loans a year ago.
we are included, with a three-year total return of 32.9%.
The strong financial results we posted in 2017 are
We have also outperformed the banking industry over the
certainly seen in our operating ratios. Our return on average
past three years, with
assets was 1.10% and our return on average tangible
total returns for The
common equity was 13.11%, as compared to 1.12% and
First Bancorp over the
12.42% respectively in 2016. Our return on average tangible
period exceeding both
equity continues to stand out in relation to the Bank’s UBPR
the 50.1% of the KBW
peer group average, which stood at 10.19% as of September
Regional Bank Index
30, 2017. Our efficiency ratio improved to 49.72% for 2017,
and the 58.4% of the
2017 represents
the best annual
performance
in the Company’s
history.
down from 50.43% in 2016. This measure remains well
Nasdaq Bank Index. The Board of Directors increased the
below the Bank’s peer group average which stood at 61.77%
quarterly dividend to 24 cents per share in the second
as of September 30, 2017.
quarter of 2017. Based on the December 31, 2017 closing
While our share price at year-end of $27.23 per share
price, our annualized dividend yield was an attractive
was down from the December 31, 2016 close of $33.10,
3.53%. Overall, another great year for The First Bancorp!
we continue to nicely outperform the broad market over a
3
Strategic Plan Success
It seems like just yesterday that I was writing in the 2015
As with the 2015 plan, all employees had the opportunity
annual report about the completion of our 2015 Strategic
to weigh in on how strategies in the new plan were
Plan—the first in my tenure as President and CEO. In late
developed and prioritized. In the spring of 2017,
2017 we put that plan to bed, so to speak, and embarked
I scheduled and completed a phone conversation with
on a new plan. We had tremendous success with the
every employee in the Bank. During these roughly 10 -to
original plan, completing 68% of the strategic action steps.
15-minute calls, I asked questions related to how things
Twenty-five percent of the uncompleted items were pulled
were going for them and their team; what did we need
into the new plan and others were no longer necessary
to do to improve and what is going great and should
due to changes that had taken place outside of the plan
continue into the future.
itself. The 2015 plan was very ambitious and propelled the
While these calls were overwhelmingly positive, there
Company forward in the areas of branding and marketing,
were also great suggestions about how we can improve
employee development, organic growth, facilities and
technology. We also learned from the 2015 plan how to
craft more manageable action items and strategies to
ensure even greater success.
t
Time spent coaching kids, umpiring
baseball games and serving on boards of
and what we can do to become an even stronger Company.
The results of these calls were logged and shared with the
Executive Management Team, and many of the employees
suggestions are part of our new strategic plan. We’re ready
to get working on it, and I look forward to telling you about
new successes over the next three years.
The End of an Era (Two Eras)
It is always bittersweet to say goodbye to anyone who has
had a long-term affiliation with the Company. While these
two departures won’t take place until after this report
is printed, I want to take this opportunity to pay tribute
to two gentlemen who have had a hand in building this
Company.
David B. Soule, Jr. will be retiring as a board member
and as Chairman of the Board at the conclusion of this year’s
annual meeting. Dave has served on the boards of both
the Bank and the Company since 1989 and as Chairman
of both boards since 2013. During his tenure, the Bank has
seen tremendous growth and success. A practicing attorney
in Wiscasset, David has long been a respected community
youth-related organizations serves a crucial
volunteer in Lincoln County and he served two terms in
goal—to help kids be the best they can be.
the Maine House of Representatives. Above all, he is a true
gentleman, and I will miss his guidance and counsel. We all
wish him and his wife Trish well in retirement.
4
Midcoast Music Academy provides
high-quality music instruction to all
t
ages and skill levels in a fun, relaxed
and creative environment.
© Tim Sullivan
Further on in this report there is a more formal tribute
dedication to service excellence and a commitment to
to our retiring Chief Financial Officer, Steve Ward. Steve
all of our constituencies. I was humbled to accept this
retires at the end of March and I want to personally thank
award on behalf of all of our employees.
him for the tremendous support he has given me these
last few years. Steve’s contributions to the Company over
his 27-year tenure cannot be overstated. He’s been an
Our Success—Our Youth
As some of you may know, I am passionate about
integral part of every strategic plan and strategic decision
working with Maine’s young people. Much of my
made by the Company in his role as CFO. He truly built
personal volunteer time is spent coaching kids, umpiring
our finance department and he has been the steady hand
baseball games and serving on boards of youth-related
guiding our financial reporting for many years. Steve
organizations with a goal to help kids be the best
will be missed by our entire team, both personally and
they can be. As a Company, we partner with many
professionally, and we wish him and his wife Mary a
organizations that work with Maine kids and we are
wonderful retirement.
featuring a few of these folks in this year’s report.
While Steve may be departing, he is leaving the
We hope that you will enjoy learning about them. For
Finance Department in good hands. Rick Elder has been
our Company to have long-term success we must invest
working with Steve for over a year to take on the role of
in our kids—they are our future employees, business
CFO and we look forward to you, our Shareholders, getting
owners and customers.
to know Rick in the years to come.
Lastly, as always, I want to thank you, our Shareholders,
With Hard Work Comes a Reward
great team. We had a fantastic year and we are all looking
In 2017, I was honored to attend, along with my Executive
forward to a successful 2018 for your Company.
for your continued support of The First Bancorp and our
Management Team, a ceremony at the Blaine House where
First National Bank was awarded the Governor’s Award
for Business Excellence. This award is presented to Maine
companies that demonstrate a high level of attentiveness
and dedication to service excellence and a commitment
to employees, customers and the community. The criteria
Best always,
Tony C. McKim
for this award truly sums up the ethos of your Company—
President & Chief Executive Officer
5
Eastport
Bangor
Overview—Dream Big As you may have
In 2017, to help these leaders develop, we held our
noticed, your Company is optimistic about the future.
We continue to say that our best days are ahead. And
not just for the Company, but also for our employees,
inaugural session, or Alpha Class, of the Dream Academy.
The Academy lasted for seven weeks, with all members
of the Executive Management Team being involved in
our customers and the
communities we serve.
teaching a class related to their specific area. The
Dream Academy also learned about branding from
2017 was a great
year and here are
some ways we are
taking that great
year and building
on it for the future.
The Future’s So Bright In 2016, we laid a
foundation for our Company through succession planning.
We identified both short- and long-term successors for
all members of management, and as part of identifying
those successors, we determined what education these
employees need to grow as leaders in the Company.
6
Ethos, our marketing firm, and took a class in
presentation skills. The group was assigned a project
and presentation related to one of the Bank’s strategic
initiatives. It was a busy
seven weeks for the team,
but they worked hard and
showed that we had picked
the right group to kick off
this leadership initiative.
Congratulations to Monique
Bearce, Jody Brown, Emily
Cantillo, Jeff Cole, Nicci Doray, Taylor Hatch,
Pete Nicholson and Chase Smith for the successful
completion of their project.
THOSE WHODREAM BIG, DO BIG Bar Harbor
Camden
The Future in Facilities As mentioned in
also located on Elm Street, that will provide customer
prior reports, as branches have been renovated, we
have moved to a POD-style branch that makes our
facilities more
welcoming. The
renovations
have worked
in conjunction
with our
universal banking
associate model-
parking. In 2018, we are undertaking a huge renovation
of our Bar Harbor branch and will begin construction on
a new branch in Ellsworth. It’s a busy time but we are
positioning our branches for growth and providing nicer
environments for our customers and our employees.
Shop Local, Bank Local In last year’s report,
we introduced our Dream First Rewards (DFR) program
which provides our customers discounts for shopping
locally with DFR merchants. We kicked this program up
providing more advanced training to our customer-
facing employees so they can provide better and more
efficient service to our customers. In 2017, we completed
a full renovation of our Waldoboro branch and for the
first time, we used a temporary facility on-site, so it
was business as usual with little interruption during
a notch in 2017 and
now have over 200
participating businesses.
We are actively
promoting this program
to our customers now
the construction period. To continue our Knox County
and look forward to even more success in 2018.
growth, a new location was purchased in Camden, and
A couple of DFR participants are profiled in this report.
in early 2018 we will move to a free-standing building,
7
DREAM BIG, DO BIG Educating Future Scientists
A s you drive through the small town of East
Boothbay noticing the shipyards, small churches,
applied research. What Bigelow learns is essential to
the responsible use of the ocean and the many valuable
ocean views and the homes that formerly belonged to
services it provides to all of us.
sea captains, you may not realize that it’s also home to
For many years, First National Bank has been a proud
a state-of-the-art research facility, Bigelow Laboratory
supporter of the Keller BLOOM program, an initiative founded
for Ocean Sciences. Bigelow’s mission is to investigate
by Bigelow to educate the next generation of scientists.
the drivers of global ocean processes through basic and
Named for Bigelow Scientist Maureen Keller,
BLOOM (which stands for Bigelow Laboratory Orders of
Magnitude), offers Maine high school juniors a week-long
residential experience. During their week on the beautiful
Bigelow Campus, located on the Damariscotta River,
students work directly with professional researchers
exploring the local marine environment through field
and lab work.
Day one they participate in a research cruise
learning about sampling and data collection methods,
using oceanographic equipment. The rest of the week
is spent in the lab using scientific research techniques
© Kevin Fahrman/Foreside Photography
8
BLOOM PROGRAMTHE KELLER
and instruments to study phytoplankton, zooplankton,
pigments, nutrients, bacteria and marine viruses. The
week ends with a presentation on their research and
experience to their friends and family members.
As with any residential program, value is also
gained in the ‘off hours’ as students enjoy conversing
with scientists on a wide range of topics and attend a
Marine Science Career Night. They also get to stay in
a beautiful dorm constructed on the Bigelow Campus.
In 2012, the campus became the first LEED Platinum
certified laboratory in Maine and is one of only seven
in the New England area.
Educating our next generation of scientists, right
here in a community where many of our customers
live and make a living from the sea, is important to us.
We are happy to support Bigelow and the high school
students who want to learn about the sea to preserve
it for generations to come.
9
BLOOM PROGRAM©Kevin Fahrman/Foreside Photography
Developing Youth through Sport
F or a young boy or girl growing up in a big town
or city, finding a place to play organized sports
isn’t generally difficult. When you grown up in rural
Maine, however, there isn’t always a town Recreation
Department or other organization to put the teams
together—and if there is a team in your town, there
may not be enough kids for multiple teams to make
game play easy.
In the towns around Mount Desert Island, Maine,
however, that’s not a problem. For almost 20 years,
Acadian Youth Sports (AYS) has taught fundamentals,
organized games and tournaments, and rallied a group
of adult volunteers to help the area’s youth be the
”Do you know what my
best they can be.
favorite part of the game is?
The mission of AYS is simple, to provide the youth
The opportunity to play.”
– Mike Singletary
of local communities the opportunity to explore their
interest in the four sports under the AYS umbrella:
Acadian Little League (baseball and softball), Acadian
10
ACADIAN YOUTH SPORTS
Basketball Association, Acadian Football League, and the
Acadian Golf Association. And, in 2017, AYS added a fifth
option to its already busy schedule, the Acadian Cheering
Association. AYS is an organization committed to
fundraising to keep participation costs low, and to ensure
that kids have the equipment they need to be safe and
to succeed in their chosen sport.
Acadian Youth Sports is an organization that First
National Bank has supported for over ten years. Their
goal of youth development and providing access to all
is one that we all can easily get behind as a Company.
Within each sporting discipline, these young AYS
Success in this life isn’t always determined by money or
status, but often by opportunity—AYS is about giving the
kids of Mount Desert Island opportunity—the chance to
athletes learn the ideals of good sportsmanship, honesty,
play and to grow as individuals, and to be part of a team
loyalty and respect, in a safe, encouraging environment.
The end game for AYS is to develop healthy, responsible
—something bigger than themselves. Serving over 250
kids per year, this small organization makes a big impact
adults—our future business owners, teachers and maybe
on its corner of Maine.
even a banker or two.
11
YOUTH SPORTSPhoto: Berry Gutradt
Creating a Sense of Wonder
L ocated in Bangor, a Maine city undergoing its own
renaissance, the Maine Discovery Museum (MDM) seeks
to educate children and their families and to encourage
creativity through a variety of fun and interactive exhibits.
The Maine Discovery Museum began with a public
forum in 1997. This forum, sponsored by five community
organizations, was led by Partnerships for Healthy
Communities. The response to the public forum was
overwhelmingly positive and in 1998 the Eastern Maine
Children’s Museum was formed.
Seeing the Museum as a foundation for the creation
of a downtown arts, culture and entertainment district, and
as a catalyst for the economic development of downtown
Bangor, the city’s leaders supported the creation of the
museum from the beginning. As the plans for the museum
evolved from 1998 until it opened its doors in a section
of the historic Freese’s Department Store building in 2001,
its vision broadened. The name was changed to the Maine
12
MAINE DISCOVERY MUSEUM
Discovery Museum to reflect this vision and the planned
Additionally, MDM is truly part of the city of Bangor,
statewide reach of the museum.
participating in many community events in Bangor and
As the largest children’s museum in Maine, MDM
beyond, including the American Folk Festival, held on
provides a year-round place for families to visit, with exhibits
Bangor’s waterfront, the HOPE Festival, and many others.
like Amazing Animals, Body Journey, Dino Dig, Nature Trails,
First National Bank has been a supporter of the Maine
Tradewinds and Booktown. Families can explore Maine’s
Discovery Museum since we opened our Bangor location in
ecosystems, play the drums in Brazil, learn about dinosaurs,
2013. The Maine Discovery Museum is part of our Dream
sing karaoke, or meet some turtles and snakes!
First Rewards program because they believe, as we do,
There is also a variety of special programming available
in the power of small businesses and shopping locally.
including vacation and summer camps along with weekly
They are excited to be part of the rebirth of the Bangor
programs for younger children. MDM is also a sponsor of the
community and want to give back to our customers who
Maine Science Festival. Launched in 2015, the Maine Science
enjoy MDM as a destination for family fun and learning.
Festival is a four-day celebration of science held every
March. The Festival includes over 60 events and activities for
attendees of all ages. The Maine Science Festival celebrates
“Families can explore Maine’s
ecosystems, play the drums in Brazil,
the work being done in Maine every day in the fields of
learn about dinosaurs, sing karaoke,
science, engineering, math and technology.
or meet some turtles and snakes!“
13
Play what you love, love what you play
F ounded in January 2012 in downtown Rockland,
Maine, Midcoast Music Academy (MCMA) is
a community music school with the emphasis on
community. The mission of MCMA is to provide the
highest quality music instruction to all ages and skill
levels in a fun, relaxed and creative environment.
The dream of Tom Ulichny, a 2005 graduate of the
Berklee College of Music, the MCMA business plan was put
together while he was working as a sternman on a lobster
boat off Matinicus Island. His goal was to provide music
lessons to any committed student, regardless of their
financial constraints. So, he took a leap of faith, and with
“The program is the root of community
spirit and we are all in this together,
so let’s help each other succeed.”
his wife Anne, rented a small room on Main Street and
a variety of music genres. MCMA is a contemporary music
started welcoming students.
school, designing lessons around the interest of the student
Just a few years later, Midcoast Music Academy is
and their specific learning goals. Students are encouraged
a full-fledged school with 150 students, a scholarship
to be creative, to try different instruments, to write their
program and a staff of faculty committed to ensuring
own songs, practice improvisation and personalize the
Midcoast area students receive excellent instruction in
music they study.
14
MIDCOAST MUSIC ACADEMY
In addition to teaching individual lessons, MCMA offers
And, community was also the reason that Midcoast Music
group and ensemble experiences, and offers summer camps,
Academy signed up to participate in First National Bank’s
including a songwriter’s workshop and a Blues Intensive
Dream First Rewards program. Tom knew the extra
week. MCMA students also have the opportunity to play at
marketing he would get from the program would be nice,
private events giving them the experience of playing in front
but he feels the program is really “the root of community
of a live audience.
spirit and we are all in this together, so let’s help each
The programs at Midcoast Music Academy aren’t just
other succeed.” We couldn’t agree more.
for kids either. Roughly 35% of their students are adults—
perhaps looking for some time to decompress from their
busy week or coming back to music in retirement.
For Tom and his group, the bottom line is community.
MCMA works with over a dozen area schools and
organizations to support the community that has supported
them. Since they opened their doors, they have awarded
over 60 scholarships totaling over $50,000 to deserving
students, with most of the funds being raised through
small, individual gifts from Midcoast area residents.
15
MUSIC ACADEMYPhotos: ©Tim Sullivan
The End of an Era
A s noted in my letter to Shareholders, 2018
joined the Bank in 1990 and has been the
marks the retirement of Steve Ward. Steve
Chief Financial Officer of the Bank since 1993 and of
internal controls now receive much more scrutiny.
Through this time, Steve’s intellect, ability to grasp new
concepts and his understanding of what needs to be
done have kept us in a strong financial position and we
your Company since 1994.
have counted on him to ensure we are in full compliance
Prior to joining the Bank, Steve was the Art Director
with accounting principles, SEC and other regulatory
and a Senior Editor at Down East Magazine. He began
his career at The First National Bank of Damariscotta as
“We believe Steve is
reporting. We believe
Steve is the best bank
Marketing Director. After spending a few years focused
the best bank CFO in
CFO in the state of
primarily on marketing and being involved in the
the state of Maine,
Maine, if not beyond
strategic planning process, it became apparent that the
Bank needed a true CFO. To prepare for this role, Steve
if not beyond that.”
that. Throughout his
career Steve has also
commuted to UMaine Orono to get his master’s degree
played important roles in both the Strategic Planning
in business administration. His tenacity and hard work
Process and in helping to develop our Enterprise Risk
propelled Steve to create this career for himself and
Management program. He leaves big shoes to fill.
to provide incredible value to your Company.
Steve has always kept the best interests of the
Since 1994, the Company has grown, both
Company and its Shareholders in mind as he has
organically and through the merger in 2004 that
navigated the regulatory and financial changes that
brought The First National Bank of Damariscotta
have taken place during his tenure. Steve is also a man
together with First National Bank of Bar Harbor. The
of varied and many interests—travel, photography and
Company’s financials have also grown much more
flying, just to name a few. His retirement will be busy
complex during this time period and our reports and
and fulfilling, and we wish him well.
16
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-K
[X] Annual Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
For the Fiscal Year ended December 31, 2017
Commission File Number 0-26589
THE FIRST BANCORP, INC.
(Exact name of Registrant as specified in its charter)
MAINE
(State or other jurisdiction of incorporation or organization)
01-0404322
(I.R.S. Employer Identification No.)
MAIN STREET, DAMARISCOTTA, MAINE
(Address of principal executive offices)
04543
(Zip code)
(207) 563-3195
Registrant's telephone number, including area code
Securities registered pursuant to Section 12(g) of the Act:
Common Stock
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes [_] No [X]
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 [X]
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 [X] No[_]
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any,
every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such
files).
Yes [X] No[_]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is
not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.
[X]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, non-accelerated filer, or a smaller
reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule
12b-2 of the Exchange Act. (Check one):
Large accelerated filer [_] Accelerated filer [X] 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 [X]
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: $272,996,000
Indicate the number of shares outstanding of each of the registrant's classes of common stock as of March 1, 2018
Common Stock: 10,846,398 shares
Documents Incorporated By Reference
Proxy Statement for the Annual Meeting of Shareholders
to be held on April 25, 2018
Table of Contents
ITEM 1. Discussion of Business
ITEM 1A. Risk Factors
ITEM 1B. Unresolved Staff Comments
ITEM 2. Properties
ITEM 3. Legal Proceedings
ITEM 4. Mine Safety Disclosures
ITEM 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity
Securities
ITEM 6. Selected Financial Data
ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
ITEM 7A. Quantitative and Qualitative Disclosures about Market Risk
ITEM 8. Financial Statements and Supplemental Data
ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
ITEM 9A. Controls and Procedures
ITEM 9B. Other Information
ITEM 10. Directors, Executive Officers and Corporate Governance
ITEM 11. Executive Compensation
ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters
ITEM 13. Certain Relationships and Related Transactions, and Director Independence
ITEM 14. Principal Accounting Fees and Services
ITEM 15. Exhibits, Financial Statement Schedules
SIGNATURES
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ITEM 1. Discussion of Business
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 Bank's name to First National Bank (the "Bank").
On October 26, 2012, the Bank completed the purchase of a branch at 63 Union Street in Rockland, Maine, from Camden
National Bank "Camden National". The branch is one of 15 Maine branches Camden National acquired from Bank of America,
and this branch was divested by Camden National 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 $32.3 million in deposits as well as a
small volume of loans. On the same date, the Bank completed the purchase of a full-service bank building at 145 Exchange
Street in Bangor, Maine, also from Camden National, and opened a full-service branch in this building in February of 2013. The
total value of the transaction was $6.6 million, which included the premises and equipment for the two locations, the premium
paid for the Rockland deposits, a small amount of loans, plus core deposit intangible and goodwill.
As of December 31, 2017, the Company's securities consisted of one class of common stock. At that date, there were
10,829,918 shares of common stock outstanding. On January 9, 2009, the Company issued $25,000,000 in Fixed Rate
Cumulative Perpetual Preferred Stock, Series A, having a liquidation preference of $1,000 per share, to the U.S. Treasury under
the Capital Purchase Program ("the CPP Shares"). As of May 8, 2013, the Company had repurchased all of the CPP Shares.
Incident to such issuance of the CPP Shares, the Company issued to the Treasury warrants (the "Warrants") to purchase up to
225,904 shares of the Company's common stock at a price per share of $16.60 (subject to adjustment). The Warrants (and any
shares of common stock issuable pursuant to the Warrants) are freely transferable by Treasury to third parties. The Warrants
have a term of ten years and could be exercised by Treasury or a subsequent holder at any time or from time to time during their
term. To the extent they had not previously been exercised, the Warrants will expire after ten years. The Warrants were
unchanged as a result of the CPP Shares repurchase transactions.
In May 2015, the Treasury sold the Warrants to private parties. In accordance with the contractual terms of the Warrants, the
number of shares issuable upon exercise and strike price were adjusted at the time of the sale. As a result of this transaction, the
aggregate number of shares of common stock issuable under the Warrants was adjusted to 226,819 shares with a strike price of
$16.53 per share. In November 2016, the Company repurchased all of the outstanding Warrants for an aggregate purchase price
of $1,750,000.
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 authorized and
outstanding. All of the Bank's common stock is owned by the Company.
The Bank emphasizes personal service, and its customers are primarily small businesses and individuals to whom the Bank
offers a wide variety of services, including deposit accounts and consumer, commercial and mortgage loans. The Bank has not
made any material changes in its mode of conducting business during the past five years. The banking business in the Bank's
market area is seasonal with lower deposits in the winter and spring and higher deposits in the summer and fall. This swing 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 Advisors, which is an operating division of the Bank. First Advisors is focused on taking advantage of
opportunities created as the larger banks have altered their personal service commitment to clients not meeting established
account criteria. First Advisors is able to offer 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.
The financial services landscape has changed considerably over the past five years in the Bank's primary market area. Two
large out-of-state banks have continued to experience local change as a result of mergers and acquisitions at the regional and
national level. Credit unions have continued to expand their membership and the scope of banking services offered. Non-
banking entities such as brokerage houses, mortgage companies and insurance companies are offering very 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 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. The Bank's 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 the branch offices and thus are generally
The First Bancorp - 2017 Form 10-K - Page 1
familiar with their communities and customers. This is important in local decision-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.
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 an annual report 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. As a result, it must meet 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 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 regulations of the Federal Deposit Insurance Corporation (the "FDIC").
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. "Financial in nature" activities include securities underwriting, dealing
and market making; sponsoring mutual funds and investment companies; insurance underwriting and agency; merchant
banking; and activities that the FRB, in consultation with the Secretary of the U.S. Treasury, determines to be financial in nature
or incidental to such financial activity. "Complementary activities" are activities that the FRB determines upon application to be
complementary to a financial activity and do not pose a safety and soundness risk.
FRB approval is not generally required for us to acquire a company (other than a bank holding company, bank or savings
association) engaged in activities that are financial in nature or incidental to activities that are financial in nature, as determined
by the FRB. Prior notice to the FRB may be required, however, if the company to be acquired has total consolidated assets of
$10 billion or more. Prior FRB approval is required before we may acquire the beneficial ownership or control of more than 5%
of the voting shares or substantially all of the assets of a bank holding company, bank or savings association.
Because we are a financial holding company, if the Bank receives a rating under the Community Reinvestment Act of
1977, as amended (the "CRA"), of less than satisfactory, the Bank and/or the Company will be prohibited, until the rating is
raised to satisfactory or better, from engaging in new activities or acquiring companies other than bank holding companies,
banks or savings associations, except that we could engage in new activities, or acquire companies engaged in activities, that
are closely related to banking under the BHC Act. In addition, if the FRB finds that the Bank is not well capitalized or well
managed, we would 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. Until corrected, we could be prohibited from
engaging in any new activity or acquiring companies engaged in activities that are not closely related to banking under the BHC
Act without prior FRB approval. If we fail to correct any such condition within a prescribed period, the FRB could order us to
divest our banking subsidiaries or, in the alternative, to cease engaging in activities other than those closely related to banking
under the BHC Act.
In determining whether to approve a proposed bank acquisition, federal bank regulators will consider, among other factors,
the effect of the acquisition on competition, financial condition, and future prospects including current and projected capital
ratios and levels, the competence, experience, and integrity of management and record of compliance with laws and regulations,
the convenience and needs of the communities to be served, including the acquiring institution's record of compliance under the
CRA, the effectiveness of the acquiring institution in combating money laundering activities and the risk to the stability of the
United States banking system.
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
The First Bancorp - 2017 Form 10-K - Page 2
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 a
subsidiary to the Company and any nonbank subsidiaries (including affiliates) in so-called "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 each of its
subsidiary banks and, under appropriate circumstances, to commit resources to support each such 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.
In the event of the "liquidation or other resolution" of an insured depository institution, the claims of deposits payable in
the United States (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.
Dodd-Frank Wall Street Reform and Consumer Protection Act
The Dodd-Frank Act, enacted on July 21, 2010 has resulted in broad changes to the U.S. financial system and was the most
significant financial reform legislation enacted since the 1930s. Financial regulatory agencies have issued numerous
rulemakings to implement its provisions, however many rules called for in the Act have yet to be promulgated or to take effect.
The new administration in Washington has made a commitment to weaken the Act though no decisive action has been taken to
date. As a result, the ultimate impact of the Dodd-Frank Act remains unknown nearly eight years since its passage, but it 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.
The Dodd-Frank Act also established the Consumer Financial Protection Bureau (the “CFPB”) to ensure consumers receive
clear and accurate disclosures regarding financial products and to protect consumers from hidden fees and unfair or abusive
practices. The CFPB concentrated much of its initial rulemaking efforts on mortgage lending related topics required under the
Act, including ability-to-repay, qualified mortgage standards, mortgage servicing standards, loan originator compensation, high-
cost mortgage requirements and appraisal and escrow requirements for higher priced mortgage loans. In October 2015 TILA
RESPA Integrated Disclosure (TRID) requirements went into effect to enhancing the disclosures provided by lenders to
mortgage loan applicants. In 2018 new rules will go into effect for the Home Mortgage Disclosure Act (HMDA) expanding its
scope and data reporting requirements. While the general tenor of the CFPB has shifted under its new leadership, we expect
that the CFPB will remain focused on the exercise of its rulemaking authority through its own examination practices or those of
the prudential regulators.
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.
Privacy
The FDIC, the OCC and other regulatory agencies have published privacy rules pursuant to provisions of the GLBA ("Privacy
Rules"). The Privacy Rules, which govern the treatment of nonpublic personal information about consumers by financial
institutions, require a financial institution to provide notice to customers (and other consumers in some circumstances) about its
privacy policies and practices, describe the conditions under which a financial institution may disclose nonpublic personal
information to nonaffiliated third parties, and provide a method for consumers to prevent a financial institution from disclosing
that information to most nonaffiliated third parties by "opting-out" of that disclosure, subject to certain exceptions.
The First Bancorp - 2017 Form 10-K - Page 3
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 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 statute 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 Federal Reserve Board (and other federal banking regulatory
agencies) to evaluate the effectiveness of an applicant in combating money laundering activities when considering applications
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. The Bank has established an anti-money
laundering program to comply with the BSA requirements.
The Sarbanes-Oxley Act
The Sarbanes-Oxley Act of 2002 ("SOX") implements 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 the type of corporate wrongdoings that occurred at Enron
and WorldCom, among other companies. 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 pension blackout periods;
• A prohibition on personal loans to directors and officers, except certain loans made by insured financial institutions,
such as the Bank, on nonpreferential 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 to date had, or will in the future have, a material impact on the Company's results of operations or financial
condition.
Capital Requirements
The OCC has established guidelines with respect to the maintenance of appropriate levels of capital by FDIC-insured banks.
The Federal Reserve Board has established substantially identical guidelines with respect to the maintenance of appropriate
levels of capital, on a consolidated basis, by BHCs. If a banking organization's capital levels fall below the minimum
requirements established by such guidelines, a bank or BHC will be expected to develop and implement a plan acceptable to the
FDIC or the Federal Reserve Board, respectively, to achieve adequate levels of capital within a reasonable period, and may be
denied approval to acquire or establish additional banks or non-bank businesses, merge with other institutions or open branch
facilities 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 impose significant
restrictions on such institutions. See "Prompt Corrective Action" below.
The First Bancorp - 2017 Form 10-K - Page 4
Leverage Capital Ratio
The regulations of the OCC require national banks to maintain a minimum "Leverage Capital Ratio" or "Tier 1 Capital" (as
defined in the Risk-Based Capital Guidelines discussed in the following paragraphs) to Total Assets of 4.0%. Any bank
experiencing or anticipating significant growth is expected to maintain capital well above the minimum levels. The Federal
Reserve Board's guidelines impose substantially similar leverage capital requirements on BHCs on a consolidated basis. It is
possible that banking regulators may increase minimum capital requirements for banks should economic conditions worsen.
Risk-Based Capital Requirements
OCC regulations also require national banks to maintain minimum capital levels as a percentage of a bank's risk-adjusted
assets. A bank's qualifying total capital ("Total Capital") for this purpose may include two components: "Core" (Tier 1) Capital
and "Supplementary" (Tier 2) Capital. 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). Supplementary
Capital elements include, subject to certain limitations, a portion of the allowance for loan 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 a bank's balance sheet assets and the credit equivalent amounts of the
bank's off-balance sheet obligations to one of four risk categories, weighted at 0%, 20%, 50% or 100%, as applicable. A small
amount of assets and off-balance sheet obligations are assigned a risk weight above 100%. Applying these risk-weights to each
category of the bank's balance sheet assets and to the credit equivalent amounts of the bank's off-balance sheet obligations and
summing the totals results in the amount of the bank's total Risk-Adjusted Assets for purposes of the risk-based capital
requirements. Risk-Adjusted Assets can either exceed or be less than reported balance sheet assets, depending on the risk
profile of the banking organization. Risk-Adjusted Assets for institutions 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 Total Capital to Risk-Adjusted 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 loan losses eligible for inclusion in Total Capital to
1.25% of Risk-Adjusted 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. A bank 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.
On December 31, 2017, the Company's consolidated Total and Tier 1 Risk-Based Capital Ratios were 15.24% and 14.23%,
respectively, and its Leverage Core Capital Ratio was 8.57%. Based on the above figures and accompanying discussion, the
Company exceeds all regulatory capital requirements and is considered well capitalized.
Basel III Capital Requirements
In December 2010, the Basel Committee on Bank Supervision (the "BCBS") finalized a set of international guidelines for
determining regulatory capital known as "Basel III." These guidelines were developed in response to the financial crisis of 2008
and 2009 and were intended to address many of the weaknesses identified in the banking sector as contributing to the crisis
including excessive leverage, inadequate and low quality capital and insufficient liquidity buffers. The Basel III guidelines will:
•
•
•
•
•
•
raise the quality of capital as that banks will be better able to absorb losses on both a going concern basis; and
increase the risk coverage of the capital framework, specifically for trading activities, securitizations, exposures to
off-balance sheet vehicles, and counterparty credit exposures arising from derivatives;
raise the level of minimum capital requirements;
establish an international leverage ratio;
develop capital buffers;
raise standards for the supervisory review process (Pillar 2) and public disclosures (Pillar 3).
On June 2013, the U.S. banking regulators finalized rulemaking to implement the BCBS capital guidelines for U.S. banks,
including, among other things:
•
implement in the United States the Basel III regulatory capital reforms including those that revise the definition of
capital, increase minimum capital ratios, and introduce a minimum Tier 1 common equity ratio of 4.5% and a capital
The First Bancorp - 2017 Form 10-K - Page 5
conservation buffer of 2.5% (for a total minimum Tier 1 common equity ratio of 7.0%) and a potential
countercyclical buffer of up to 2.5%, which would be imposed by regulators at their discretion if it is determined
that a period of excessive credit growth is contributing to an increase in systemic risk;
revise "Basel I" rules for calculating risk-weighted assets to enhance risk sensitivity;
•
• modify the existing Basel II advanced approaches rules for calculating risk-weighted assets to implement Basel III;
•
comply with the Dodd-Frank Act provision prohibiting reliance on external credit ratings to support certain
investment decisions.
The U.S. banking regulators also approved a final rule to implement changes to the market risk capital rule, which requires
banking organizations with significant trading activities to adjust their capital requirements to better account for the market
risks of those activities.
The Company has evaluated the impact of Basel III on its capital ratios based on our interpretation of the capital
requirements, and our Tier 1 common equity ratio of 14.23% exceeded the fully phased-in minimum of ratio of 7.0% by 7.23%
at December 31, 2017.
From time to time, the OCC, the FRB and the Federal Financial Institutions Examination Council (the "FFIEC") propose
changes and amendments to, and issue interpretations of, risk-based capital guidelines and related reporting instructions. In
addition, the FRB has closely monitored capital levels of the institutions it supervises during the ongoing financial disruption,
and may require such institutions to modify capital levels based on FRB determinations. Such determinations, proposals or
interpretations could, if implemented in the future, affect our reported capital ratios and net risk-adjusted assets.
Prompt Corrective Action
The Federal Deposit Insurance Corporation Improvement Act of 1991 ("FDICIA") requires, among other things, that the federal
banking regulators take "prompt corrective action" with respect to, and imposes 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 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." 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 and a Leverage Capital Ratio of 4.0% (or 3% for banks with the highest regulatory examination rating that
are not experiencing or anticipating significant growth or expansion) or greater and 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% or has a Tier 1 Risk-Based Capital Ratio that is less than 4.0%, except as noted above, 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 6.0%, or a Tier 1
Risk-Based Capital Ratio that is less than 3.0% or a Leverage Capital Ratio that is less than 3.0% is considered to be
"significantly undercapitalized," and 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.
Under FDICIA and the applicable implementing regulations, an undercapitalized bank will be (i) subject to increased
monitoring by its primary federal banking regulator; (ii) required to submit to its primary federal banking regulator an
acceptable capital restoration plan (guaranteed, subject to certain limits, by the bank's holding company) within 45 days of
being classified as undercapitalized; (iii) subject to strict asset growth limitations; and (iv) required to obtain prior regulatory
approval for certain acquisitions, transactions not in the ordinary course of business, and entries into new lines of business. 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. In addition to the foregoing, a significantly
undercapitalized institution may not award bonuses or increases in compensation to its senior executive officers until it has
submitted an acceptable capital restoration plan and received approval from its primary federal banking regulator.
No later than 90 days after an institution becomes critically undercapitalized, the primary federal banking regulator for the
institution must appoint a receiver or, with the concurrence of the FDIC, a conservator, unless the agency, with the concurrence
of the FDIC, determines that the purpose of the prompt corrective action provisions would be better served by another course of
action. FDICIA requires that any alternative determination be "documented" and reassessed on a periodic basis.
Notwithstanding the foregoing, a receiver must be appointed after 270 days unless the appropriate federal banking agency and
the FDIC certify that the institution is viable and not expected to fail.
The First Bancorp - 2017 Form 10-K - Page 6
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 in accordance with the Federal Deposit Insurance Reform Act of 2005
(the "FDIR Act"). The FDIR Act established a range of 1.15% to 1.50% within which the FDIC Board of Directors may set the
Designated Reserve Ratio (the "reserve ratio" or "DRR"). The FDIR Act also granted the FDIC Board the discretion to price
deposit insurance according to risk for all insured institutions regardless of the level of the reserve ratio.
In 2009, the FDIC undertook several measures in an effort to replenish the DIF. On February 27, 2009, the FDIC adopted a
final rule modifying the risk-based assessment system and set new initial base assessment rates beginning April 1, 2009. Annual
rates ranged from a minimum of 12 cents per $100 of domestic deposits for well-managed, well-capitalized institutions with the
highest credit ratings, to 45 cents per $100 for those institutions posing the most risk to the DIF. Risk-based adjustments to the
initial assessment rate could have lowered the rate to 7 cents per $100 of domestic deposits for well-managed, well-capitalized
banks with the highest credit ratings or raised the rate to 77.5 cents per $100 for depository institutions posing the most risk to
the DIF. On May 22, 2009, the FDIC adopted a final rule imposing a 5 basis point special assessment on each insured
depository institution's assets minus Tier 1 capital as of June 30, 2009. The amount of the special assessment for any institution
was limited to 10 basis points times the institution's assessment base for the second quarter of 2009. On November 17, 2009,
the FDIC amended its regulations to require insured institutions to prepay their estimated quarterly risk-based assessments for
the fourth quarter of 2009, and all of 2010, 2011, 2012 and 2013. For purposes of determining the prepayment, the FDIC used
the institution's assessment rate in effect on September 30, 2009. The unused portion of the prepaid assessment was refunded on
June 28, 2013.
The Dodd-Frank Act gave the FDIC greater discretion to manage the DIF, raised the minimum DRR to 1.35% and
removed the upper limit of the range. In October 2010, the FDIC Board adopted a Restoration Plan to ensure that the DIF
reserve ratio reaches 1.35% by September 30, 2020, as required by the Dodd-Frank Act. At the same time, the FDIC Board
proposed a comprehensive, long-range plan for DIF management. In December 2010, as part of the comprehensive plan, the
FDIC Board adopted a final rule to set the DRR at 2%, and in February 2011, the FDIC Board approved the remainder of the
comprehensive plan. The Restoration Plan eliminated a 3 basis point increase in the annual assessment rates that was to take
effect January 1, 2011.
On February 7, 2011, the FDIC Board approved a final rule on assessments, dividends, assessment base and large bank
pricing that took effect on April 1, 2011. To maintain the DIF, member institutions are assessed an insurance premium based on
an assessment base and an assessment rate. Generally, the assessment base is an institution's average consolidated total assets
minus average tangible equity. For large and highly complex institutions (those that are very large and are structurally and
operationally complex or that pose unique challenges and risks in the case of failure), the assessment rate is determined by
combining supervisory ratings and certain financial measures into scorecards. The score received by an institution will be
converted into an assessment rate for the institution. The FDIC retains the ability to adjust the total score of large and highly
complex institutions based upon quantitative or qualitative measures not adequately captured in the scorecards.
All FDIC-insured depository institutions must also pay a quarterly assessment towards interest payments on bonds issued
by the Financing Corporation, a federal corporation chartered under the authority of the Federal Housing Finance Board. The
bonds (commonly referred to as FICO bonds) were issued to capitalize the Federal Savings and Loan Insurance Corporation.
FDIC-insured depository institutions paid approximately 1.00 to 1.02 cents per $100 of assessable deposits during the first nine
months of 2011. To coincide with Dodd-Frank Act mandated changes to the insurance assessment base, the FDIC established
lower FICO assessment rates, 0.66 cents per $100 of assessment base for 2012, 0.64 cents per $100 of assessment base for
2013, 0.62 cents per $100 of assessment base for 2014 and 0.60 cents per $100 of assessment base for 2015 and thereafter.
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.
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. The Bank currently accepts brokered deposits.
The First Bancorp - 2017 Form 10-K - Page 7
Real Estate Lending Standards
FDICIA requires the federal bank regulatory agencies to adopt uniform real estate lending standards. The FDIC and the OCC
have adopted regulations which establish supervisory limitations on Loan-to-Value ("LTV") ratios in real estate loans by FDIC-
insured banks, including national banks. The regulations require banks to establish LTV ratio limitations within or below the
prescribed uniform range of supervisory limits. The CFPB amended Regulation Z effective January 10, 2014 to implement
Ability to Repay and Qualified Mortgage Standards for residential mortgage lending. The Bank is considered a large bank
under the rule. The Bank follows the Ability to Repay rule by making a good faith determination of an applicant’s ability to
repay under the terms of the transaction; loans meeting the outlined standards for Qualified Mortgages are identified as such in
the Bank’s records. The CFPB further amended Regulation Z along with amending Regulation X to combine certain
disclosures consumers receive when applying for and closing on a mortgage loan under the Truth in Lending Act and Real
Estate Settlement Procedures Act. These amendments became effective October 3, 2015.
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 ratio of market value to book
value for publicly-traded shares of depository institutions and depository institution holding companies.
Consumer Protection Provisions
FDICIA also includes provisions requiring advance notice to regulators and customers for any proposed branch closing and
authorizing (subject to future appropriation of the necessary funds) reduced insurance assessments for institutions offering
"lifeline" banking accounts or engaged in lending in distressed communities. FDICIA also includes provisions requiring
depository institutions to make additional and uniform disclosures to depositors with respect to the rates of interest, fees and
other terms applicable to consumer deposit accounts.
FDIC Waiver of Certain Regulatory Requirements
The FDIC issued a rule, effective on September 22, 2003, that includes a waiver provision which grants the FDIC Board of
Directors extremely broad discretionary authority to waive FDIC regulatory provisions that are not specifically mandated by
statute or by a separate regulation.
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, regarding the Bank's net
interest margin and the effect of interest rate volatility on future earnings.
Employees
At December 31, 2017, the Company had 235 employees and full-time equivalency of 231 employees. The Company enjoys
good relations with its employees. A variety of employee benefits, including health, group life and disability income, a defined
contribution retirement plan, and an incentive bonus plan, are available to qualifying officers and other employees.
Company Website
The Company maintains a website at www.thefirstbancorp.com where it makes available, free of charge, its annual report 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
The First Bancorp - 2017 Form 10-K - Page 8
contained on the Company's website does not constitute a part of this report. Interactive reports for our 10-K and 10-Q filings
are available in XBRL format at the Company's website.
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
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 or the value of the collateral securing these loans. 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 loan losses.
Our loan portfolio includes commercial and commercial real estate loans that may have higher risks than other types of
loans.
Our commercial, commercial real estate, and commercial construction loans at December 31, 2017 and 2016 were $543.4
million and $478.7 million, or 46.7% and 44.7% 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 loans. As a result,
banking regulators continue to give greater scrutiny to lenders with a high concentration 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 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 loss, 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 the incurrence of tax 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 Bank 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
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 loan losses may be insufficient and require additional provision from earnings.
The Bank maintains an allowance for loan 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 loan losses, we rely on our experience and our
evaluation of economic conditions. However, we cannot predict loan losses with certainty, and we cannot provide assurance
that charge-offs in future periods will not exceed the allowance for loan 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
loan losses are necessary, we will incur additional provision expenses. In addition, regulatory agencies review the Bank's
allowance for loan 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 loan losses should be increased. If
charge-offs in future periods exceed the allowance for loan losses, we will need additional provisions to increase the allowance
for loan losses. Furthermore, growth in the loan portfolio would generally lead to an increase in the provision for loan losses.
The First Bancorp - 2017 Form 10-K - Page 9
Finally, our industry is the midst of a methodology change in the calculation of the allowance for loan losses. The incurred loss
model presently in use will be replaced by a current expected credit loss model (“CECL”). The effective implementation date
of CECL for the Company is January 1, 2020. The Company has not calculated a formal estimate of any adjustment to the level
of the allowance to meet the CECL standard; however it is likely that an increase in the level will be necessary. As allowed by
CECL implementation rules, any such increase will be a one-time capital event and will not impact the Company’s earnings.
Any increases in the allowance for loan losses will 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 Loan 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 loan 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 as long as two years. 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 parties must attend 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 mediations. 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.
Our level of troubled debt restructured ("TDR") remains elevated.
Our efforts between 2011 and 2015 to assist homeowners and other borrowers increased our overall level of TDRs. In each case
when a loan was modified, Management determined it was in the Bank's best interest to work with the borrower with modified
terms rather than to proceed to foreclosure. Once a loan is classified as a TDR, however, it remains classified as a TDR until the
balance is fully repaid, whether or not the loan is performing under the modified terms. As of December 31, 2017 there were 62
loans with an outstanding balance of $17.8 million that have been restructured. This compares to 71 loans with a value of $21.5
million as of December 31, 2016.
As of December 31, 2017, 49 loans with an aggregate balance of $16.2 million were performing under the modified terms,
four loans with an aggregate balance $444,000 were more than 30 days past due and accruing and nine loans with an aggregate
balance of $1.1 million were on nonaccrual. As a percentage of aggregate outstanding balances, 91.1% were performing under
the modified terms, 2.5% were more than 30 days past due and accruing and 6.4% were on nonaccrual. Although a large
percentage of TDRs continue to be performing, the full collection of principal and interest on some TDRs may not occur, which
could adversely affect our financial condition and results of operations.
Changes in interest rates could 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
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•
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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 First Bancorp - 2017 Form 10-K - Page 10
The value of our investment portfolio may be negatively affected by changes in interest rates and disruptions in securities
markets.
The market for some of the investment securities held in our portfolio has become volatile over the past several years. Volatile
market conditions may detrimentally affect the value of these securities 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, 2017, we had $300.2 million and $256.6 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, 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 renewals or
rollovers, secured or unsecured borrowings, the sale of securities or loans and 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
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 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 continue to roll over or renew brokered funds, and the
interest rate paid on deposits 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 tradeoff. If
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 currently a
relatively low-cost source of 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.
The soundness of other financial institutions could adversely affect us.
Financial institutions in particular have been subject to increased volatility and an overall loss in investor confidence. 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.
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
The First Bancorp - 2017 Form 10-K - Page 11
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.
A decline in 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 Down East 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 Down East 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
and results of operations.
Our investment management activities are dependent on the value of investment securities which may lead to revenue
fluctuations.
First Advisors is the investment management arm of the Bank, operating under trust powers granted by the OCC in the Bank's
charter. First Advisors provides trustee, investment management and custody services for individual, municipal and business
clients, predominantly in the Bank's market area. First Advisors' 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
normal 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. 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 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.
Other restrictions on executive compensation were imposed under the Recovery Act, the Dodd-Frank Act and other
legislation or regulations. Our ability to attract and/or retain talented executives and/or relationship managers may be negatively
affected by these restrictions or any new executive compensation limits.
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
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. Additionally, any plans for 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 rapid 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
The First Bancorp - 2017 Form 10-K - Page 12
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.
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. 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
addressed. Fraud attacks targeting customer-controlled devices, plastic payment card terminals, and merchant data collection
points provide another source of potential loss, again 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,
any of which could have a material adverse effect on our financial condition, results of operations and cash flows.
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. The risks associated with such operations may increase in the future as we continue to
increase mobile payments and other internet-based product offerings and expand our internal usage of web-based products and
applications.
In the event of a failure, interruption or breach of our information systems, we may be unable to avoid impact to our customers.
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.
Such security attacks can originate from a wide variety of sources, including persons who are involved with organized 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. 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 may intercept and transmit unauthorized 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 to the issuing financial
institution, not to the consumer or the company which experienced the data or security breach. In the normal course of business
the Bank issues debit cards to its customers, creating potential risk for this type of liability.
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,
The First Bancorp - 2017 Form 10-K - Page 13
accounting and operational matters, certain of which may result in adverse judgments, settlements, fines, penalties, injunctions
or other relief. The number and risk of 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 preemption of certain state consumer laws remains intact for
federally chartered financial institutions like the Bank. A weakening of federal pre-emption would potentially increase our
compliance and operational costs and risks since the Bank is a national bank and we would potentially 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. Public perception of the financial services industry declined in the aftermath of the most recent downturn in the U.S.
economy. We continue to face increased public and regulatory scrutiny resulting from the financial crisis and economic
downturn. Significant harm to our reputation can also arise from other sources, including 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. 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 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
have to experience a significant decrease 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.
The First Bancorp - 2017 Form 10-K - Page 14
Risks Associated With Our Industry
Our business has been and may continue to be adversely affected by conditions in the financial markets and economic
conditions generally and by increased regulation.
Negative developments in the financial services industry resulted in general uncertainty in the financial markets and ultimately
led to what is now termed the Great Recession of 2008-2009. As a consequence of the recession, businesses across a wide
range of industries faced serious difficulties due to a decrease in consumer spending, reduced consumer confidence brought on
by deflated home values, among other factors, and reduced liquidity in the credit markets. Unemployment also increased
significantly during that period.
As a result of the downturn in economic conditions during that period, many lending institutions, including us, experienced
deterioration in the performance of their loans, including construction, land development and land loans, commercial real estate
loans, and other commercial and consumer loans (see “Credit Risk Management and Allowance for Loan Losses” in ITEM 7:
Management’s Discussion and Analysis of Financial Condition and Results of Operations). Similar future disruptions or
negative events in the financial markets may affect consumer confidence levels and may cause adverse changes in payment
patterns, leading to increases in delinquencies and default rates, which 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.
Economic risks are not limited to the United States.
Negative economic events in other parts of the world may have a negative impact on the US economy. Economic conditions in
several European Union (“EU”) countries remain tenuous, with the possibility of default on their debt remaining an issue with
resultant negative impact on fellow EU members. A severe market reaction to potential EU defaults would likely have a global
impact and could have a material adverse effect on our liquidity, financial condition, results of operations, and ability to meet
regulatory requirements. Great Britain’s departure from the EU continues to be negotiated and could create additional
economic uncertainty, as could the possible unwinding of the North American Free Trade Agreement.
We operate in a highly regulated environment and may be adversely affected by changes in law and regulations.
Bank holding companies and nationally chartered banks operate in a highly regulated environment and are subject to
supervision and examination by various regulatory agencies. 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: 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; 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 Dodd-Frank Act created a new Consumer Financial Protection Bureau, tightened capital standards and will continue
to result in new laws and regulations that are expected to increase our costs of operations.
The Dodd-Frank Act is significantly changing the current bank regulatory structure and affecting the lending, deposit,
investment, trading and operating activities of financial institutions and their holding companies. Many of the details and the
impacts of the Dodd-Frank Act remain unknown. However, it is expected that the legislation and implementing regulations may
materially increase our operating and compliance costs.
The CFPB has broad rule-making authority for a wide range of consumer protection matters that apply to all banks and
savings institutions, including the authority to prohibit "unfair, deceptive or abusive" acts and practices. The CFPB's authority
to prescribe rules governing the provision of consumer financial products and services could result in rules and regulations that
reduce the profitability of such products or services, or impose new disclosure or substantive requirements on us that could
increase the cost to us of providing such products and services. The Dodd-Frank Act also weakens the federal preemption rules
that have been applicable to national banks and federal savings associations, and gives state attorneys general the ability to
enforce federal consumer protection laws, which could increase our operating costs.
Effective July 21, 2011, the Dodd-Frank Act eliminated the federal prohibitions on paying interest on demand deposits,
thus allowing businesses to have interest bearing checking accounts, which could result in an increase in our interest expense.
The First Bancorp - 2017 Form 10-K - Page 15
Basel III Capital Rules may 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 will be completed in 2019. As of December 31, 2017 we comply with the 2019
standard.
In addition, in a weak economic environment, bank regulators may impose capital requirements that are more stringent
than those required by applicable existing regulations. The application of more stringent capital requirements could result in
lower returns on equity, require the raising of more capital, or result in adverse regulatory actions if we are unable to comply
with such requirements. 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.
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. 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.
Mergers between financial institutions within Maine and in neighboring 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, the trading volume of the common stock has
historically not been substantial. For the year ended December 31, 2017, the average monthly trading volume of our common
stock was 429,765 shares, or approximately 3.97% 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 and recently, given the uncertainty
in the financial markets, has fluctuated widely. 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 changes in prices. Our common stock price can
fluctuate as a result of many factors 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.
In addition, recently the stock market generally has experienced extreme price and volume fluctuations, and industry factors
and general economic and political conditions and events, such as economic slowdowns or recessions, 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 equity securities. 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 equity securities. Our right to
participate in a distribution of assets upon the Bank's liquidation or reorganization is subject to the prior claims of the Bank's
creditors.
The First Bancorp - 2017 Form 10-K - Page 16
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. Because our decision to issue 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 affected. 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 our shares of preferred stock and lenders with respect to other borrowings will 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. Our Board of Directors also has the
power, without shareholder approval, 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 or the market price
of our common stock could be adversely affected.
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;
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 - 2017 Form 10-K - Page 17
ITEM 2. Properties
The principal office of the Company and the Bank is located in Damariscotta, Maine. The Bank operates 16 full-service
banking offices in five counties in the Mid-Coast, Eastern and Down East regions of Maine:
Lincoln County
Boothbay Harbor
Damariscotta
Waldoboro
Wiscasset
Knox County
Camden
Rockland Park Street
Rockland Union Street
Rockport
Hancock County
Bar Harbor
Blue Hill
Ellsworth
Northeast Harbor
Southwest Harbor
Washington County
Eastport
Calais
Penobscot County
Bangor
First Advisors, the investment management and trust division of the Bank, operates from four offices in Bangor, Bar Harbor,
Ellsworth and Damariscotta. The Bank also maintains an Operations Center in Damariscotta. The Company owns all of its
facilities except for the land on which the Ellsworth branch is located, and the Southwest Harbor drive-up facility, for which the
Bank has entered into long-term leases. 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 its property is
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
The common stock of The First Bancorp, Inc., (ticker symbol FNLC) trades on the NASDAQ Global Select Market System. As
of December 31, 2017, there were 10,829,918 shares outstanding and held of record by approximately 4,832 shareholders. The
following table reflects the high and low prices of actual sales in each quarter of 2017 and 2016. Such quotations do not reflect
retail mark-ups, mark-downs or brokers' commissions.
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
2017
2016
High
Low
High
Low
$
33.07
$
25.15
$
20.50
$
28.47
30.80
32.33
25.01
25.00
26.72
21.79
24.66
33.21
17.37
18.50
20.27
22.53
The last transaction in the Company's stock on NASDAQ during 2017 was on December 29 at $27.23 per share. 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.
The ability of the Company to pay cash dividends depends on receipt of dividends from the Bank. Dividends may be
declared by the Bank out of its net profits as the 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 plus retained net
profits of the preceding two years. The amount available for dividends in 2018 will be that year's net income plus $15.8 million.
The payment of dividends from the Bank to the Company may be additionally restricted if the payment of such dividends
would result in the Bank failing to meet regulatory capital requirements. The Bank is also required to maintain minimum
amounts of capital-to-total-risk-weighted-assets, as defined by banking regulators. At December 31, 2017, the Bank was
required to have minimum Tier 1 and Tier 2 risk-based capital ratios of 6.00% and 8.00%, respectively. The Bank's actual ratios
were 14.09% and 15.09%, respectively, as of December 31, 2017.
The First Bancorp - 2017 Form 10-K - Page 18
The table below sets forth the cash dividends declared in the last two fiscal years:
Date Declared
March 24, 2016
June 23, 2016
September 22, 2016
December 22, 2016
December 22, 2016
March 23, 2017
June 29, 2017
September 28, 2017
December 21, 2017
Repurchase of Shares and Use of Proceeds
Amount
Per Share
0.220
$
0.230
$
0.230
$
0.230
$
0.120
$
0.230
$
0.240
$
0.240
$
0.240
$
Date Payable
April 29, 2016
July 29, 2016
October 28, 2016
January 31, 2017
January 31, 2017
April 28, 2017
July 28, 2017
October 31, 2017
January 31, 2018
The Company made the following repurchases of its common stock during the year ended December 31, 2017:
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 2017
February 2017
March 2017
April 2017
May 2017
June 2017
July 2017
August 2017
September 2017
October 2017
November 2017
December 2017
668
52
4,538
—
75
—
—
227
—
—
—
2
5,562
28.92
27.53
27.47
—
25.49
—
—
25.73
—
—
—
29.01
27.21
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Unregistered Sales of Equity Securities
None
The First Bancorp - 2017 Form 10-K - Page 19
Securities Authorized for Issuance Under Equity Compensation Plans
The following table lists the amount and weighted-average exercise price of securities authorized for issuance under equity
compensation plans:
Number of
securities to
be issued
upon
exercise of
outstanding
options,
warrants
and rights
Weighted-
average
exercise
price of
outstanding
options,
warrants
and rights
Number of
securities
remaining
available for
future
issuance
under equity
compensation
plans
(excluding
securities
reflected in
column)
— $
—
— $
—
—
—
272,440
—
272,440
Plan category
Equity compensation plans approved by security holders
Equity compensation plans not approved by security holders
Total
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 Standard & Poor's 500 Index ("S&P 500") and the NASDAQ Combined Bank Index ("NASD Bank"). The
NASD Bank index is a capitalization-weighted index designed to measure the performance of all NASDAQ stocks in the
banking sector.
FNLC
S&P 500
NASD Bank
2012
2013
2014
2015
2016
2017
100.00
100.00
100.00
112.37
116.00
118.69
124.34
153.56
168.21
145.69
155.67
183.08
245.89
174.27
252.60
209.74
212.30
266.39
The First Bancorp - 2017 Form 10-K - Page 20
ITEM 6. Selected Financial Data
The First Bancorp, Inc. and Subsidiary
Dollars in thousands,
except for per share amounts
Summary of Operations
Interest Income
Interest Expense
Net Interest Income
Provision for Loan Losses
Non-Interest Income
Non-Interest Expense
Net Income
Per Common Share Data
Basic Earnings per Share
Diluted Earnings per Share
Cash Dividends Declared per Common Share
Book Value per Common Share
Tangible Book Value per Common Share
Market Value per Common Share
Financial Ratios
Return on Average Equity1
Return on Average Tangible Equity1,2
Return on Average Assets1
Average Equity to Average Assets
Average Tangible Equity to Average Assets2
Net Interest Margin Tax-Equivalent1,2
Dividend Payout Ratio
Allowance for Loan Losses/Total Loans
Non-Performing Loans to Total Loans
Non-Performing Assets to Total Assets
Efficiency Ratio2
At Year End
Total Assets
Total Loans
Total Investment Securities
Total Deposits
Total Borrowings
Total Shareholders' Equity
Years ended December 31,
2017
2016
2015
2014
2013
$
$
$
$
60,832
13,529
47,303
2,000
12,548
31,651
19,588
1.82
1.81
0.950
16.74
13.97
27.23
10.91%
13.11%
1.10%
10.04%
8.36%
3.04%
52.20%
0.92%
1.27%
0.86%
$
$
53,759
10,812
42,947
1,600
12,499
29,383
18,009
1.68
1.66
1.030
15.98
13.20
33.10
10.28%
12.42%
1.12%
10.86%
9.00%
3.05%
61.31%
0.95%
0.73%
0.48%
$
$
50,810
9,874
40,936
1,550
12,230
29,896
16,206
1.52
1.51
0.870
15.58
12.78
20.47
9.74%
11.90%
1.07%
11.00%
9.01%
3.10%
57.24%
1.00%
0.75%
0.57%
$
$
51,022
11,425
39,597
1,150
11,048
30,220
14,709
1.38
1.37
0.830
15.06
12.25
18.09
9.34%
11.57%
0.99%
10.63%
8.58%
3.10%
60.14%
1.13%
1.15%
0.97%
49,936
12,496
37,440
4,200
12,087
28,937
12,965
1.20
1.20
0.785
13.69
10.83
17.42
8.72%
10.66%
0.90%
10.62%
8.49%
3.05%
65.42%
1.31%
1.86%
1.44%
49.72%
50.43%
54.26%
56.86%
55.44%
$ 1,842,930
$ 1,712,875
$ 1,564,810
$ 1,482,131
$ 1,463,963
1,164,139
567,097
1,418,879
228,758
181,321
1,071,526
539,174
1,242,957
278,901
172,521
988,638
477,319
1,043,189
337,457
167,498
917,564
475,092
1,024,819
279,916
161,554
High
876,367
489,013
1,024,399
279,125
146,098
Low
Market price per common share of stock during 2017
1Annualized using a 365-day basis in all years except 2016, in which a 366-day basis was used.
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.
33.07
$
$
25.00
The First Bancorp - 2017 Form 10-K - Page 21
ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
The First Bancorp, Inc. (the "Company" or "The First Bancorp") was incorporated in the State of Maine on January 15, 1985,
and is the parent holding company of First National Bank (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 sixteen 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 modest exposure to changes in interest rates, as
discussed in "Interest Rate Risk Management" elsewhere in Management's Discussion. The banking business in the Bank's
market area historically has been seasonal with lower deposits in the winter and spring and higher deposits in the summer and
fall. This seasonal swing is fairly predictable and has not had a materially adverse effect on the Bank.
Non-interest income is the Bank's secondary source of revenue and includes fees and service charges on deposit accounts
and services, income from the sale and servicing of mortgage loans, and income from investment management and private
banking services through First Advisors, a division of the Bank.
Forward-Looking Statements
This report contains statements that are "forward-looking statements." We may also make 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", "may", "might, "could", and other
expressions that predict or indicate future events or 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
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, adverse economic developments in or affecting the geographic areas by the bank, 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 collectibility, 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
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 allowance for loan losses,
goodwill, the valuation of mortgage servicing rights, 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
The First Bancorp - 2017 Form 10-K - Page 22
other sources. Actual results could differ from the amounts derived from Management's estimates and assumptions under
different assumptions or conditions.
Allowance for Loan Losses. Management believes the allowance for loan losses requires the most significant estimates
and assumptions used in the preparation of the consolidated financial statements. The allowance for loan losses is based on
Management's evaluation of the level of the allowance required in relation to the estimated loss exposure in the loan portfolio.
Management believes the allowance for loan losses is a significant estimate and therefore regularly evaluates it to determine the
appropriate level by taking into consideration factors such as prior loan loss experience, the character and size of the loan
portfolio, business and economic conditions and Management's estimation of potential losses. The use of different estimates or
assumptions could produce different provisions for loan losses.
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 Financial Accounting Standards
Board ("FASB") Accounting Standards Codification ("ASC") Topic 350 "Intangibles – Goodwill and Other." Goodwill from
purchase acquisitions is subject to ongoing periodic evaluation for impairment.
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 results 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 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.
Other-Than-Temporary Impairment on Securities. One of the significant estimates related to investment securities is
the evaluation of other-than-temporary impairments. The evaluation of securities for other-than-temporary impairments 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 in current period earnings. 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 other-than-temporary impairment is present based on certain quantitative and
qualitative factors and measures. The primary factors considered in evaluating whether a decline in value of securities is other-
than-temporary 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 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 other-than-temporary impairment has occurred, including the expectation of receipt of all principal and interest when
due.
Derivative Financial Instruments Designated as Hedges. The Company recognizes all derivatives in the consolidated
balance sheets at fair value. On the date the Company enters into the derivative contract, the Company designates the derivative
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 Company formally documents
relationships between hedging instruments and hedged items, as well as its risk management objectives and strategy for
undertaking various hedge transactions. The Company also assesses, both at the hedge’s inception and on an ongoing basis,
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 that is effective and that qualifies as a cash flow hedge are recorded in other
comprehensive income (loss) 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 are recorded at fair value with changes in fair value recorded in earnings. The Company discontinues
hedge accounting when it determines 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.
The First Bancorp - 2017 Form 10-K - Page 23
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 accounting principles
generally accepted in the United States of America ("GAAP"). Management uses these "non-GAAP" measures in its analysis of
the Company's performance and believes that these non-GAAP financial measures provide a greater understanding of ongoing
operations and enhance comparability of results with prior periods as well as demonstrating the effects of significant gains and
charges in the current period. 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 in this report, net interest income is presented on a fully taxable 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 adjustments 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, which have been prepared in accordance with GAAP. A 35.0% tax rate was used in 2017,
2016 and 2015.
Dollars in thousands
Net interest income as presented
Effect of tax-exempt income
Net interest income, tax equivalent
Years ended December 31,
2017
2016
2015
$
$
47,303
3,935
51,238
$
$
42,947
3,150
46,097
$
$
40,936
3,092
44,028
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 following table provides a reconciliation between the GAAP and non-GAAP efficiency ratio:
Dollars in thousands
Non-interest expense, as presented
Net interest income, as presented
Effect of tax-exempt income
Non-interest income, as presented
Effect of non-interest tax-exempt income
Net securities gains
Adjusted net interest income plus non-interest income
Non-GAAP efficiency ratio
GAAP efficiency ratio
$
$
The First Bancorp - 2017 Form 10-K - Page 24
$
$
2017
31,651
47,303
3,935
12,548
338
Years ended December 31,
2016
29,383
42,947
3,150
12,499
345
(673)
58,268
63,653
(471)
2015
29,896
40,936
3,092
12,230
236
(1,399)
55,095
$
$
49.72%
52.88%
50.43%
52.99%
54.26%
56.23%
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 tangible average shareholders' equity to the Company's consolidated financial statements, which have been
prepared in accordance with GAAP:
Dollars in thousands
Average shareholders' equity as presented
Less intangible assets (average)
Average tangible common shareholders' equity
Executive Summary
Years ended December 31,
2017
179,473
(30,044)
149,429
$
$
2016
175,119
(30,087)
145,032
$
$
2015
166,319
(30,131)
136,188
$
$
This was the best annual performance in The First Bancorp, Inc.'s history in terms of total revenue and net income, surpassing
our previous best year in 2016. The Company's 2017 performance was driven by increased net interest income, the result of
continued strong growth in earning assets. This growth led directly to increased net interest income. The Company also
increased the quarterly dividend by one cent in the second quarter to 24 cents per share.
Net income for the year ended December 31, 2017 was $19.6 million, up $1.6 million or 8.8% from the $18.0 million posted
for the year ended December 31, 2016. Earnings per common share on a fully diluted basis were $1.81 for the year ended
December 31, 2017, up $0.15 or 9.0% from the $1.66 posted for the year ended December 31, 2016. Net interest income on a
tax-equivalent basis increased $5.1 million or 11.2% for the year ended December 31, 2017 compared to the year ended
December 31, 2016, with growth in earning assets responsible for the increase. The Company's net interest margin was 3.04%
in 2017, compared to 3.05% in 2016.
Non-interest income for the year ended December 31, 2017 was $12.5 million, level with the year ended December 31,
2016. This was due to an increase in revenue from First Advisors, the Company’s wealth and investment management division,
as well as other operating income, offsetting modest year-over-year reductions in deposit service charge and mortgage banking
revenues.
Non-interest expense for the year ended December 31, 2017 was $31.7 million, or 7.7% higher than non-interest expense
posted for the year ended December 31, 2016. The Company’s investments in personnel and technology growth contributed to
this increase, along with higher FDIC insurance expense.
During 2017, total assets increased $130.1 million or 7.6%. The loan portfolio increased $92.6 million or 8.6% in 2017,
ending the year at $1.16 billion. The investment portfolio was up $27.9 million or 5.2% for the year. On the liability side of the
balance sheet, low-cost deposits increased $55.2 million or 8.6%, totaling $696 million as of December 31, 2017. Certificates
of deposit increased $82.4 million or 17.3% from the end of 2016. Local certificates of deposit (CDs) increased $12.8 million
and wholesale CDs increased $69.6 million at December 31, 2017 compared to December 31, 2016.
Non-performing loans stood at 1.27% of total assets as of December 31, 2017 - up from the 0.73% level of non-performing
loans a year ago. This compares to non-performing loans at 0.59% for our Uniform Bank Performance Report peer group
("UBPR peer group") as of December 31, 2017. This increase in non-performing loans was due to the deterioration in two
commercial relationships. Net chargeoffs were $1.4 million or 0.13% of average loans in 2017, level with net chargeoffs as of
December 31, 2016. Net chargeoffs for the UBPR peer group in 2017 were 0.11% of average loans. The provision for loan
losses in 2017 was $2.0 million, $400,000 or 25.0% higher than in 2016, the combined result of the deterioration in two
relationships and overall loan growth. The allowance as a percentage of loans outstanding stood at 0.92% in 2017, down from
0.95% at December 31, 2016.
Remaining well capitalized remains a top priority for The First Bancorp, Inc. Since December 31, 2008, the Company's total
risk-based capital ratio has increased from 11.13% to 15.24%, well above the well-capitalized threshold of 10.0% set by the
Federal Deposit Insurance Corporation.
The Company's operating ratios remain good, with a return on average tangible common equity of 13.11% for the year
ended December 31, 2017 compared to 12.42% and 11.90% for the years ended December 31, 2016 and 2015, respectively. Our
return on average equity was in the top 17% of all banks in the UBPR peer group, which had an average return of 9.28% for the
year. Our efficiency ratio continues to be an important component in our overall performance and at 49.72% in 2017, was
below the 50.43% and 54.26% posted for 2016 and 2015, respectively. As of December 31, 2017, the average non-GAAP
efficiency ratio for our UBPR peer group was 62.06%, which put us in the top 10% of all banks in the UBPR peer group.
The First Bancorp - 2017 Form 10-K - Page 25
The recently enacted Tax Cuts and Jobs Act of 2017 ("the TCJA") had little effect on the Company's estimated 2017 results.
The Company maintained a modest level of net deferred tax assets prior to enactment of the TCJA and, as a result, the
adjustment of value required under GAAP was limited. A charge to current earnings related to the TCJA of $134,000 was
recorded in the fourth quarter, and the Company expects to benefit from the TCJA's reduction in the corporate tax rate going
forward.
Results of Operations
Net Interest Income
Net interest income on a tax-equivalent basis increased 11.2% or $5.1 million to $51.2 million for the year ended December 31,
2017 from the $46.1 million reported for the year ended December 31, 2016, with growth in earning assets responsible for the
increase. The Company's net interest margin was 3.04% in 2017, compared to 3.05% in 2016.
Total interest income on a tax-equivalent basis in 2017 was $64.8 million, an increase of $7.9 million or 13.8% from the
$56.9 million posted by the Company in 2016. Total interest expense in 2017 was $13.5 million, an increase of $2.7 million or
25.1% from the $10.8 million posted by the Company in 2016. Tax-exempt interest income amounted to $7.3 million for the
year ended December 31, 2017, $5.8 million for the year ended December 31, 2016 and $5.7 million for the year ended
December 31, 2015.
Net interest income on a tax-equivalent basis increased 4.7% or $2.1 million to $46.1 million for the year ended
December 31, 2016 from the $44.0 million reported for the year ended December 31, 2015, with growth in earning assets
responsible for the increase. The Company's net interest margin was 3.05% in 2016, compared to 3.10% in 2015.
Total interest income on a tax-equivalent basis in 2016 was $56.9 million, a increase of $3.0 million or 5.6% from the $53.9
million posted by the Company in 2015. Total interest expense in 2016 was $10.8 million, an increase of $938,000 or
9.5% from the $9.9 million posted by the Company in 2015.
The following tables present 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 35.0% tax rate.
Year ended December 31, 2017 compared to 2016
Dollars in thousands
Interest on earning assets
Interest-bearing deposits
Investment securities
Loans held for sale
Loans
Total interest income
Interest expense
Deposits
Borrowings
Total interest expense
Change in net interest income
Volume
Rate
Rate/
Volume1
Total
$
5
$
2,796
1
3,563
6,365
1,128
(702)
426
5,939
$
$
$
20
(354)
(1)
1,730
1,395
1,956
(38)
1,918
(523) $
$
5
(60)
—
153
98
367
6
373
(275) $
30
2,382
—
5,446
7,858
3,451
(734)
2,717
5,141
The First Bancorp - 2017 Form 10-K - Page 26
Year ended December 31, 2016 compared to 2015
Dollars in thousands
Interest on earning assets
Interest-bearing deposits
Investment securities
Loans held for sale
Loans
Total interest income
Interest expense
Deposits
Borrowings
Volume
Rate
Rate/
Volume1
Total
$
(8) $
817
11
2,764
3,584
389
95
$
20
(1,182)
—
605
(557)
330
98
(9) $
(57)
1
45
(20)
24
2
26
(46) $
3
(422)
12
3,414
3,007
743
195
938
2,069
Total interest expense
Change in net interest income
1 Represents the change attributable to a combination of change in rate and change in volume.
484
3,100
$
$
428
(985) $
The following table presents the interest earned on or paid for each major asset and liability category, respectively, for the
years ended December 31, 2017, 2016, and 2015, 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 35% rate.
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.
Dollars in thousands
Interest-earning assets
Interest-bearing deposits
Investment securities
Loans held for sale
Loans
Total interest-earning assets
Interest-bearing liabilities
Deposits
Borrowings
Total interest-bearing liabilities
Net interest income
Interest rate spread
Net interest margin
2017
2016
2015
Amount of
interest
Average
Yield/Rate
Amount of
interest
Average
Yield/Rate
Amount of
interest
Average
Yield/Rate
$
$
52
18,912
20
45,783
64,767
9,479
4,050
13,529
51,238
22
16,530
29
40,328
56,909
6,028
4,784
10,812
46,097
0.98% $
3.35%
2.58%
4.11%
3.84%
0.82%
1.61%
0.96%
$
2.88%
3.04%
0.51% $
3.42%
3.95%
3.94%
3.76%
0.61%
1.62%
0.84%
19
16,952
17
36,914
53,902
5,285
4,589
9,874
$
44,028
2.91%
3.05%
0.25%
3.68%
3.85%
3.87%
3.79%
0.57%
1.59%
0.81%
2.98%
3.10%
The First Bancorp - 2017 Form 10-K - Page 27
Average Daily Balance Sheets
The following table shows the Company's average daily balance sheets for the years ended December 31, 2017, 2016 and 2015.
Dollars in thousands
Assets
Cash and cash equivalents
Interest-bearing deposits in other banks
Securities available for sale
Securities to be held to maturity
Restricted equity securities, at cost
Loans held for sale (fair value approximates cost)
Loans
Allowance for loan losses
Net loans
Accrued interest receivable
Premises and equipment, net
Other real estate owned
Goodwill
Other assets
Total Assets
Liabilities & Shareholders' Equity
Demand deposits
NOW deposits
Money market deposits
Savings deposits
Certificates of deposit
Total deposits
Borrowed funds – short term
Borrowed funds – long term
Dividends payable
Other liabilities
Total Liabilities
Shareholders' Equity:
Common stock
Additional paid-in capital
Retained earnings
Net unrealized gain (loss) on securities available for sale
Net unrealized gain on cash flow hedging derivative instruments
Net unrealized loss on securities transferred from available for sale to held to
maturity
Net unrealized loss on postretirement benefit costs
Total Shareholders' Equity
Years ended December 31,
2016
2015
2017
$
$
17,728
5,280
308,607
243,392
12,313
776
$
18,742
4,302
251,714
216,640
14,327
734
1,115,288
(10,584)
1,104,704
6,080
1,024,777
(10,229)
1,014,548
5,213
21,698
384
29,805
37,177
$ 1,787,944
21,475
1,171
29,805
33,315
15,446
7,573
192,330
254,396
13,757
441
953,396
(9,997)
943,399
4,949
22,097
2,275
29,805
25,120
$ 1,611,986
$ 1,511,588
$
185,372
$
132,726
$
116,151
268,589
136,624
227,024
523,966
259,462
82,563
210,540
441,341
220,815
99,507
187,379
418,092
1,341,575
1,126,632
1,041,944
113,638
138,418
987
13,853
158,774
136,611
943
13,907
135,220
154,199
1,103
12,803
1,608,471
1,436,867
1,345,269
108
61,196
117,977
(634)
1,064
(136)
(102)
179,473
108
60,262
112,405
2,525
100
(125)
(156)
175,119
107
59,458
105,009
1,950
—
(80)
(125)
166,319
Total Liabilities & Shareholders' Equity
$ 1,787,944
$ 1,611,986
$ 1,511,588
The First Bancorp - 2017 Form 10-K - Page 28
Non-Interest Income
Non-interest income in 2017 was $12.5 million, level with the year ended December 31, 2016. This was due to an increase in
revenue from First Advisors, the Company’s wealth and investment management division as well as other operating income,
offsetting modest year-over-year reductions in deposit service charges and mortgage banking revenues.
Non-interest income in 2016 was $12.5 million, an increase of $269,000 or 2.2% from the $12.2 million reported in 2015,
with a $634,000 increase in mortgage origination income and a $153,000 increase in First Advisors income offsetting the
impact of our strategic decision to not take gains from sale of securities at the level taken in 2015.
Non-Interest Expense
Non-interest expense in 2017 was $31.7 million, an increase of $2.3 million or 7.7% from the $29.4 million reported in 2016.
The Company’s investments in personnel and technology growth contributed to this increase, along with higher FDIC insurance
expense.
Non-interest expense in 2016 was $29.4 million, a decrease of $513,000 or 1.7% from the $29.9 million reported in 2015,
primarily due to a reduction in other-credit-related costs outside of the provision for loan losses.
Provision to the Allowance for Loan Losses
The Company's provision to the allowance for loan losses was $2.0 million in 2017 compared to $1.6 million in 2016. This was
0.11% of average assets in 2017, compared to 0.12% of average assets for the UBPR peer group. The allowance for loan losses
stood at 0.92% of total loans as of December 31, 2017, compared to 0.95% a year ago, and 1.12% for the UBPR peer group.
Net loan chargeoffs were $1.4 million or 0.13% of average loans, level with net loan chargeoffs as of December 31, 2016.
Non-performing loans stood at 0.86% of total assets as of December 31, 2017 compared to 0.48% of total assets at
December 31, 2016. Past-due loans were 1.60% of total loans as of December 31, 2017, up from 1.18% of total loans as of
December 31, 2016. The increase in both non-performing and past due loans was due to the deterioration in two commercial
loan relationships totaling $8.5 million in outstanding balances at December 31, 2017.
The Company's provision to the allowance for loan losses was $1.6 million in 2016 compared to $1.6 million in 2015. This
was 0.10% of average assets in 2016, compared to 0.12% of average assets for the UBPR peer group. The allowance for loan
losses stood at 0.95% of total loans as of December 31, 2016, compared to 1.00% at December 31, 2015.
Credit quality improved in 2016 relative to 2015. Net loan chargeoffs were $1.4 million or 0.13% of average loans, down
$599,000 from net chargeoffs of $2.0 million or 0.21% of average loans in 2015. Non-performing assets stood at 0.48% of total
assets as of December 31, 2016 compared to 0.57% of total assets at December 31, 2015. Past-due loans were 1.18% of total
loans as of December 31, 2016, up from 0.84% of total loans as of December 31, 2015.
Income Taxes
Income taxes on operating earnings were $6.6 million for the year ended December 31, 2017, up $158,000 from the same
period in 2016. This is in line with the increase in the Company's level of income before taxes.
Income taxes on operating earnings were $6.5 million for the year ended December 31, 2016, up $940,000 from 2015. This
is in line with the increase in the Company's level of income before taxes.
Net Income
Net income for 2017 was $19.6 million, up 8.8% or $1.6 million from net income of $18.0 million that was posted in 2016.
Earnings per share on a fully diluted basis were $1.81, up $0.15 or 9.0% from the $1.66 reported for the year ended
December 31, 2016.
Net income for 2016 was $18.0 million, up 11.1% or $1.8 million from net income of $16.2 million that was posted in 2015.
Earnings per share on a fully diluted basis were $1.66, up $0.15 or 9.9% from the $1.51 reported for the year ended December
31, 2015.
Key Ratios
Return on average assets in 2017 was 1.10%, down from the 1.12% and up from the 1.07% posted in 2016 and 2015,
respectively. Return on average tangible common equity was 13.11% in 2017, compared to 12.42% in 2016 and 11.90% in
2015. In 2017, the Company's dividend payout ratio (dividends declared per share divided by earnings per share) was 52.20%,
compared to 61.31% in 2016 (included a special dividend declared in December 2016) and 57.24% in 2015. The Company's
non-GAAP efficiency ratio – a benchmark measure of the amount spent to generate a dollar of income – was 49.72% in 2017
compared to 62.06% for the UBPR peer group, on average. In 2016, the Company's non-GAAP efficiency ratio was 50.43%
compared to 63.70% for the UBPR peer group, on average.
The First Bancorp - 2017 Form 10-K - Page 29
Investment Management and Fiduciary Activities
As of December 31, 2017, First Advisors, the Bank's trust and investment management division, had assets under management
or custody with a market value of $934.7 million, consisting of 1,071 trust accounts, estate accounts, agency accounts, and self-
directed individual retirement accounts. This compares to December 31, 2016, when 1,031 accounts with a market value of
$851.0 million were under management.
Assets and Asset Quality
Total assets of $1.843 billion at December 31, 2017 increased 7.6% or $130.1 million from $1.713 billion at December 31,
2016. The investment portfolio increased $27.9 million or 5.2% over December 31, 2016, and the loan portfolio increased
$92.6 million or 8.6%. Year-over-year, average assets were up $176.0 million in 2017 over 2016. Average loans in 2017 were
$90.5 million higher than in 2016, and average investments in 2017 were $81.6 million higher than in 2016.
Non-performing assets to total assets stood at 0.86% at December 31, 2017, above 0.48% of total assets at December 31,
2016 and 0.57% of total assets at December 31, 2015. This increase was due to the deterioration of two commercial
relationships with combined balances of $8.5 million. 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.
Net chargeoffs in 2017 were $1.4 million or 0.13% of average loans outstanding, level with net chargeoffs as of December
31, 2016. This compares to net charge offs for our UBPR peer group in 2017 of 0.11% of average loans. Residential real estate
term loans represent 37.1% of the total loan portfolio, and this loan category generally has a lower level of losses in comparison
to other loan types. In 2017, the loss ratio for residential mortgages was 0.11% compared to 0.13% 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 allowance for loan losses ended 2017 at $10.7 million and stood at 0.92% of total loans outstanding compared to $10.1
million and 0.95% of total loans outstanding at December 31, 2016. A $2.0 million provision for losses was made in 2017 and
net charge offs totaled $1.4 million, resulting in the allowance for loan losses increasing $591,000 or 5.8% from December 31,
2016. Management believes the allowance for loan losses is appropriate as of December 31, 2017. In Management's opinion,
the level of the provision for loan losses in 2017 was directionally consistent with the growth posted in the loan portfolio in
2017 as well as with the performance of the national and local economies, current levels of unemployment and the outlook for
future economic conditions.
Investment Activities
During 2017, the investment portfolio increased 5.2% to end the year at $567.1 million, compared to $539.2 million at
December 31, 2016. Average investments in 2017 were $81.6 million higher than in 2016. As of December 31, 2017, mortgage-
backed securities had a carrying value of $313.3 million and a fair value of $313.7 million. Of this total, securities with a fair
value of $145.0 million or 46.2% of the mortgage-backed portfolio were issued by the Government National Mortgage
Association and securities with a fair value of $168.7 million or 53.8% of the mortgage-backed portfolio were issued by the
Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association.
The Company's investment securities are classified into two categories: securities available for sale and securities to be held
to maturity. 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 held to maturity, Management must have the
intent and the Company must have the ability to hold such investments until their respective maturity dates. 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 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 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 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 accumulated other comprehensive income (loss), net of tax and is amortized over the remaining lives of the
The First Bancorp - 2017 Form 10-K - Page 30
securities as an adjustment of the yield. The amortization of the net unrealized loss reported in accumulated other
comprehensive income (loss) 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 $174,000 at December 31, 2017. These securities were transferred as a part of the Company's overall investment
and balance sheet strategies.
The following table sets forth the Company's investment securities at their carrying amounts as of December 31, 2017,
2016, and 2015.
Dollars in thousands
Securities available for sale
Mortgage-backed securities
State and political subdivisions
Other equity securities
Securities to be held to maturity
U.S. Government sponsored agencies
Mortgage-backed securities
State and political subdivisions
Corporate securities
Restricted equity securities
Federal Home Loan Bank Stock
Federal Reserve Bank Stock
2017
2016
2015
$
289,989
$
280,604
$
195,110
6,769
3,414
16,482
3,330
24,506
3,423
300,172
300,416
223,039
11,155
23,284
217,828
4,300
256,567
9,321
1,037
10,358
11,943
31,201
179,384
4,300
226,828
10,893
1,037
11,930
71,000
42,193
122,530
4,300
240,023
13,220
1,037
14,257
Total securities
$
567,097
$
539,174
$
477,319
The First Bancorp - 2017 Form 10-K - Page 31
The following table sets forth information on the yields and expected maturities of the Company's investment securities as
of December 31, 2017. Yields on tax-exempt securities have been computed on a tax-equivalent basis using a tax rate of 35%.
Mortgage-backed securities are presented according to their contractual maturity date, while the yield takes into effect
intermediate cashflows from repayment of principal which results in a much shorter average life.
Dollars in thousands
U.S. Government Sponsored Agencies
Due in 1 year or less
Due in 1 to 5 years
Due in 5 to 10 years
Due after 10 years
Total
Mortgage-Backed Securities
Due in 1 year or less
Due in 1 to 5 years
Due in 5 to 10 years
Due after 10 years
Total
State & Political Subdivisions
Due in 1 year or less
Due in 1 to 5 years
Due in 5 to 10 years
Due after 10 years
Total
Corporate Securities
Due in 1 year or less
Due in 1 to 5 years
Due in 5 to 10 years
Due after 10 years
Total
Equity Securities
Impaired Securities
Available For Sale
Held to Maturity
Fair Value
Yield to
maturity
Amortized
Cost
Yield to
maturity
$
—
—
—
—
—
112
842
28,341
260,694
289,989
—
—
836
5,933
6,769
—
—
—
—
—
3,414
0.00% $
0.00%
0.00%
0.00%
0.00%
4.61%
2.57%
3.02%
2.37%
2.44%
0.00%
0.00%
5.94%
4.88%
5.01%
0.00%
0.00%
0.00%
0.00%
0.00%
0.29%
—
—
4,255
6,900
11,155
—
3,248
7,360
12,676
23,284
635
14,511
21,567
181,115
217,828
—
300
4,000
—
4,300
—
$
300,172
2.47% $
256,567
0.00%
0.00%
3.03%
3.05%
3.04%
0.00%
2.48%
3.01%
3.93%
3.44%
4.84%
5.91%
5.24%
4.63%
4.78%
0.00%
1.50%
5.50%
0.00%
5.22%
—
4.59%
The securities portfolio contains certain securities, the amortized cost of which exceeds fair value, which at December 31, 2017
amounted to an unrealized loss of $5.9 million, or 1.08% of the amortized cost of the total securities portfolio. At December 31,
2016 this amount represented an unrealized loss of $7.6 million, or 1.44% of the total securities portfolio. As a part of the
Company's ongoing security monitoring process, the Company identifies securities in an unrealized loss position that could
potentially be other-than-temporarily impaired. If a decline in the fair value of a debt security is judged to be other-than-
temporary, the decline related to credit loss is recorded in net realized securities losses while the decline attributable to other
factors is recorded in other comprehensive income or loss.
The Company's evaluation of securities for impairment is a quantitative and qualitative process intended to determine
whether declines in the fair value of investment securities should be recognized in current period earnings. The primary factors
considered in evaluating whether a decline in the fair value of securities is other-than-temporary 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 security's 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
The First Bancorp - 2017 Form 10-K - Page 32
other information and observable data considered relevant in determining whether other-than-temporary impairment has
occurred.
The Company's best estimate of cash flows uses severe economic recession assumptions to quantify potential 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, an other-than-temporary impairment charge 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, 2017, the Company had temporarily impaired securities with a fair value of $293.0 million and
unrealized losses of $5.9 million, as identified in the table below. Securities in a continuous unrealized loss position twelve-
months or more amounted to $144.4 million as of December 31, 2017, compared with $3.0 million at December 31, 2016. The
Company has concluded that these securities were not other-than-temporarily impaired. This conclusion was based on the
issuers' continued satisfaction of their obligations in accordance with their contractual terms and the expectation that the issuers
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 issuers' financial condition and other objective
evidence. The following table summarizes temporarily impaired securities and their approximate fair values at December 31,
2017.
Dollars in thousands
Less than 12 months
12 months or more
Total
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
U.S. Government-sponsored agencies
$
7,161
$
(94) $
3,814
$
(86) $
10,975
$
Mortgage-backed securities
State and political subdivisions
Other equity securities
132,025
9,425
—
$
148,611
$
(1,857)
(149)
—
(2,100) $
101,707
38,864
9
144,394
$
(2,693)
(1,061)
(3)
(3,843) $
233,732
48,289
9
293,005
$
(180)
(4,550)
(1,210)
(3)
(5,943)
For securities with unrealized losses, the following information was considered in determining that the securities were not
other-than-temporarily impaired:
Securities issued by U.S. Government-sponsored agencies. As of December 31, 2017, the total unrealized losses on these
securities amounted to $180,000, compared with $233,000 at December 31, 2016. All of these securities were credit rated
"AAA" or "AA+" by the major credit rating agencies. Management believes that securities issued by U.S. Government-
sponsored agencies and enterprises have minimal credit risk, as these agencies and enterprises play a vital role in the nation's
financial markets, and does not consider these securities to be other-than-temporarily impaired at December 31, 2017.
Mortgage-backed securities issued by U.S. Government agencies and U.S. Government-sponsored enterprises. As of
December 31, 2017, the total unrealized losses on these securities amounted to $4.6 million, compared with $3.3 million at
December 31, 2016. 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,
2017 were attributable to changes in current market yields and spreads since the dates the underlying securities were purchased,
and does not consider these securities to be other-than-temporarily impaired at December 31, 2017. The Company also has the
ability and intent to hold these securities until a recovery of their amortized cost, which may be at maturity.
Obligations of state and political subdivisions. As of December 31, 2017, the total unrealized losses on municipal securities
amounted to $1.2 million, compared with $4.1 million at December 31, 2016. Municipal securities are supported by the general
taxing authority of the municipality and, in the cases of school districts, are supported by state aid. At December 31, 2017, all
municipal bond issuers were current on contractually obligated interest and principal payments. The Company monitors price
changes and changes in credit quality of municipal issuers on a regular basis as a potential indicator of temporary impairment.
The Company attributes the unrealized losses at December 31, 2017, however, to changes in prevailing market yields and
pricing spreads since the dates the underlying securities were purchased, combined with current market liquidity conditions and
the disruption in the financial markets in general. Accordingly, the Company does not consider these municipal securities to be
other-than-temporarily impaired at December 31, 2017. The Company also has the ability and intent to hold these securities
until a recovery of their amortized cost, which may be at maturity.
The First Bancorp - 2017 Form 10-K - Page 33
Corporate securities. As of December 31, 2017 and 2016, there were no unrealized losses on corporate securities. Corporate
securities are dependent on the operating performance of the issuers. At December 31, 2017, all corporate bond issuers were
current on contractually obligated interest and principal payments.
Other Equity Securities. As of December 31, 2017, the total unrealized losses on other equity securities amounted to $3,000,
compared with $7,000 at December 31, 2016. Other equity securities is comprised primarily of common and preferred stock
holdings. The unrealized losses were the result of normal market fluctuations for equity securities. Accordingly, the Company
does not consider other equity securities to be other-than-temporarily impaired at December 31, 2017.
Federal Home Loan Bank Stock
The Bank is a member of the Federal Home Loan Bank ("FHLB") of Boston, a cooperatively owned wholesale bank for
housing and finance in the six New England States. As a requirement of membership in the FHLB, the Bank must own a
minimum required amount of FHLB stock, calculated periodically based primarily on its level of borrowings from the FHLB.
The Bank uses the FHLB for much of its wholesale funding needs. As of December 31, 2017 and 2016, the Bank's investment
in FHLB stock totaled $9.3 million and $10.9 million, respectively. FHLB stock is a non-marketable equity security and
therefore is reported at cost, which equals par value. The Company periodically evaluates its investment in FHLB stock for
impairment based on, among other factors, the capital adequacy of the FHLB and its overall financial condition. No impairment
losses have been recorded through December 31, 2017. The Bank will continue to monitor its investment in FHLB stock.
Lending Activities
The loan portfolio increased $92.6 million or 8.6% in 2017, with total loans at $1.2 billion at December 31, 2017, compared to
$1.1 billion at December 31, 2016. Commercial loans increased $64.7 million or 13.5% between December 31, 2016 and
December 31, 2017. Residential term loans increased by $21.2 million or 5.2% and municipal loans increased by $6.3 million
or 23.4% for the same period.
Commercial loans are comprised of three major classes: commercial real estate loans, commercial construction loans and
other commercial loans.
Commercial real estate loans consist of mortgage loans to finance investments in real property such as multi-family
residential, commercial/retail, office, industrial, hotels, educational and other specific or mixed use properties. Commercial real
estate 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. Commercial real estate loans typically have a
loan-to-value ratio of up to 80% based upon current valuation information at the time the loan is made. Commercial real estate
loans are primarily paid by the cash flow generated from the real property, such as operating leases, rents, or other operating
cash flows from the borrower.
Commercial construction loans consist of loans to finance construction in a mix of owner- and non-owner occupied
commercial real estate properties. Commercial construction loans typically have maturities of less than two years. 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 reserves or other operating cash flows of the borrower or guarantors, if applicable. At the end of the
construction period, loan repayment typically comes from a third party source in the event that the Bank will not be providing
permanent term financing. Collateral valuation and loan-to-value guidelines follow those for commercial real estate loans.
Other commercial loans consist of revolving and term loan obligations extended to business and corporate enterprises for
the purpose of financing working capital or capital investment. Collateral generally consists of pledges of business assets
including, but not limited to, accounts receivable, inventory, plant and equipment, and/or real estate, if applicable. Commercial
loans are primarily paid by the operating cash flow of the borrower. Commercial loans may be secured or unsecured.
Municipal loans are comprised of loans to municipalities in Maine for capitalized expenditures, construction projects or
tax-anticipation notes. All municipal loans are considered general obligations of the municipality and are collateralized by the
taxing ability of the municipality for repayment of debt.
Residential loans are comprised of two classes: term loans and construction loans.
Residential term loans consist of residential real estate loans held in the Company's loan portfolio made to borrowers who
demonstrate the ability to make scheduled payments with full consideration of applicable underwriting factors comprising the
Bank's credit policies. 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 First Bancorp - 2017 Form 10-K - Page 34
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 Bank 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.
Home equity lines of credit 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.
Consumer loan products including personal lines of credit and amortizing loans made to qualified individuals for various
purposes such as auto, 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.
Construction loans, both commercial and residential, at 34.4% of capital are well under the regulatory guidance of 100.0%
of capital at December 31, 2017. Construction loans and non-owner-occupied commercial real estate loans are at 129.2% of
total capital at December 31, 2017, below the regulatory limit of 300.0% of capital.
The following table summarizes the loan portfolio, by class as of December 31, 2017, 2016, 2015, 2014 and 2013.
Dollars
in thousands
Commercial
2017
2016
2015
2014
2013
As of December 31,
Real estate
$ 323,809
38,056
181,528
33,391
27.8% $ 302,506
3.3%
25,406
15.6% 150,769
2.9%
27,056
28.2% $ 269,462
27.3% $ 242,311
26.4% $ 245,943
28.2%
2.4%
24,881
2.5%
30,932
3.4%
14.1% 128,341
13.0% 104,531
11.4%
2.5%
19,751
2.0%
20,424
2.2%
20,382
95,289
19,117
2.3%
10.9%
2.2%
432,661
17,868
37.1% 411,469
1.5%
18,303
38.4% 403,030
40.7% 384,032
41.9% 377,218
43.0%
1.7%
8,451
0.9%
12,160
1.3%
11,803
1.3%
111,302
25,524
9.6% 110,907
2.2%
25,110
10.4% 110,202
11.1% 103,521
11.3%
2.3%
24,520
2.5%
19,653
2.1%
91,549
15,066
10.4%
1.7%
Total loans
$1,164,139
100.0% $1,071,526
100.0% $ 988,638
100.0% $ 917,564
100.0% $ 876,367
100.0%
The First Bancorp - 2017 Form 10-K - Page 35
Construction
Other
Municipal
Residential
Term
Construction
Home equity
line of credit
Consumer
The following table sets forth certain information regarding the contractual maturities of the Bank's loan portfolio as of
December 31, 2017:
Dollars in thousands
< 1 Year
1 - 5 Years
5 - 10 Years
> 10 Years
Total
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Total loans
$
1,486
$
13,956
$
48,223
$
260,144
$
323,809
1,088
10,771
393
213
967
620
7,474
5,732
52,864
13,268
6,087
40
431
3,924
3,772
59,245
15,358
18,979
49
235
4,168
27,464
58,648
4,372
407,382
16,812
110,016
9,958
38,056
181,528
33,391
432,661
17,868
111,302
25,524
$
23,012
$
96,302
$
150,029
$
894,796
$ 1,164,139
The following table provides a listing of loans by class, between variable and fixed rates as of December 31, 2017.
Dollars in thousands
Amount
% of total
Amount
% of total
Amount
% of total
Fixed-Rate
Adjustable-Rate
Total
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Total loans
Loan Concentrations
$
46,157
4.0% $
277,652
23.9% $
323,809
9,016
75,782
31,880
311,033
17,422
644
19,693
0.8%
6.5%
2.8%
29,040
105,746
1,511
26.7%
121,628
1.5%
0.1%
1.7%
446
110,658
5,831
2.5%
9.1%
0.1%
10.4%
—%
9.4%
0.5%
38,056
181,528
33,391
432,661
17,868
111,302
25,524
27.8%
3.3%
15.6%
2.9%
37.1%
1.5%
9.6%
2.2%
$
511,627
44.1% $
652,512
55.9% $ 1,164,139
100.0%
As of December 31, 2017, the Bank did not have any concentration of loans in one particular industry that exceeded 10% of its
total loan portfolio.
Loans Held for Sale
As of December 31, 2017, the Bank had $386,000 in loans held for sale. This compares to $782,000 in loans held for sale at
December 31, 2016. The Bank participates in FHLB's Mortgage Partnership Finance Program ("MPF"), selling loans with
recourse. The volume of loans sold to date through the MPF program is de minimis; therefore, there was minimum impact on
the reserve.
Credit Risk Management and Allowance for Loan Losses
Credit risk is the risk of loss arising from the inability of a borrower to meet its obligations. We manage credit risk by
evaluating the risk profile of the borrower, repayment sources, the nature of the underlying collateral, and other support given
current events, conditions, and expectations. We attempt to manage the risk characteristics of our loan portfolio through various
control processes, such as credit evaluation of borrowers, establishment of lending limits, and application of lending
procedures, including the holding of adequate collateral and the maintenance of compensating balances. However, we seek to
The First Bancorp - 2017 Form 10-K - Page 36
rely primarily on the cash flow of our borrowers as the principal source of repayment. Although credit policies and evaluation
processes are designed to minimize our risk, Management recognizes that loan losses will occur and the amount of these losses
will fluctuate depending on the risk characteristics of our loan portfolio, as well as general and regional economic conditions.
We provide for loan losses through the establishment of an allowance for loan losses which represents an estimated reserve
for existing losses in the loan portfolio. We deploy a systematic methodology for determining our allowance that includes a
quarterly review process, risk rating, and adjustment to our allowance. We classify our portfolios as either commercial or
residential and consumer and monitor credit risk separately as discussed below. We evaluate the appropriateness of our
allowance continually based on a review of all significant loans, with a particular emphasis on nonaccruing, past due, and other
loans that we believe require special attention.
The allowance consists of four elements: (1) specific reserves for loans evaluated individually for impairment; (2) general
reserves for types or portfolios of loans based on historical loan loss experience; (3) qualitative reserves judgmentally adjusted
for local and national economic conditions, concentrations, portfolio composition, volume and severity of delinquencies and
nonaccrual loans, trends of criticized and classified loans, changes in credit policies, and underwriting standards, credit
administration practices, and other factors as applicable; and (4) unallocated reserves. All outstanding loans are considered in
evaluating the appropriateness of the allowance.
Appropriateness of the allowance for loan losses is determined using a consistent, systematic methodology, which analyzes
the risk inherent in the loan portfolio. In addition to evaluating the collectability of specific loans when determining the
appropriateness of the allowance for loan losses, Management also takes into consideration other factors such as changes in the
mix and size of the loan portfolio, historic loss experience, the amount of delinquencies and loans adversely classified,
economic trends, changes in credit policies, and experience, ability and depth of lending management. The appropriateness of
the allowance for loan losses is assessed by an allocation process whereby specific reserve allocations are made against certain
impaired loans, and general reserve allocations are made against segments of the loan portfolio which have similar attributes.
The Company's historical loss experience, industry trends, and the impact of the local and regional economy on the Company's
borrowers, are considered by Management in determining the appropriateness of the allowance for loan losses.
The allowance for loan losses is increased by provisions charged against current earnings. Loan losses are charged against
the allowance when Management believes that the collectability of the loan principal is unlikely. Recoveries on loans
previously charged off are credited to the allowance. 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, 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 allowance for loan losses 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. No such addition has been
required by any agency in over twenty years.
Commercial
Our commercial portfolio includes all secured and unsecured loans to borrowers for commercial purposes, including
commercial lines of credit and commercial real estate. Our process for evaluating commercial loans includes performing
updates on loans that we have rated for risk. Our non-performing commercial loans are generally reviewed individually to
determine impairment, accrual status, and the need for specific reserves. Our methodology incorporates a variety of risk
considerations, both qualitative and quantitative. Quantitative factors include our historical loss experience by loan type,
collateral values, financial condition of borrowers, and other factors. Qualitative factors include judgments concerning general
economic conditions that may affect credit quality, credit concentrations, the pace of portfolio growth, and delinquency levels;
these qualitative factors are also considered in connection with the unallocated portion of our allowance for loan losses.
The process of establishing the allowance with respect to our commercial loan portfolio begins when a loan officer initially
assigns each loan a risk rating, using established credit criteria. Approximately 50% of our outstanding loans and commitments
are subject to review and validation annually by an independent consulting firm, as well as periodically by our internal credit
review function. Our methodology employs Management's judgment as to the level of losses on existing loans based on our
internal review of the loan portfolio, including an analysis of the borrowers' current financial position, and the consideration of
current and anticipated economic conditions and their potential effects on specific borrowers and lines of business. In
determining our ability to collect certain loans, we also consider the fair value of any underlying collateral. We also evaluate
credit risk concentrations, including trends in large dollar exposures to related borrowers, industry and geographic
concentrations, and economic and environmental factors.
Residential, Home Equity and Consumer
Consumer, home equity and residential mortgage loans are generally segregated into homogeneous pools with similar risk
characteristics. Trends and current conditions in these pools are analyzed and historical loss experience is adjusted accordingly.
Quantitative and qualitative adjustment factors for the consumer, home equity and residential mortgage portfolios are consistent
with those for the commercial portfolios. Certain loans in the consumer and residential portfolios identified as having the
potential for further deterioration are analyzed individually to confirm the appropriate risk status and accrual status, and to
determine the need for a specific reserve. Consumer loans that are greater than 120 days past due are generally charged off.
The First Bancorp - 2017 Form 10-K - Page 37
Residential loans and home equity lines of credit that are greater than 90 days past due are evaluated for collateral adequacy and
if deficient are placed on non-accrual status.
Unallocated
The unallocated portion of the allowance is intended to provide for losses that are not identified when establishing the specific
and general portions of the allowance and is based upon Management's evaluation of various conditions that are not directly
measured in the determination of the portfolio and loan specific allowances. Such conditions may include general economic and
business conditions affecting our lending area, credit quality trends (including trends in delinquencies and nonperforming loans
expected to result from existing conditions), loan volumes and concentrations, duration of the current business cycle, bank
regulatory examination results, findings of external loan review examiners, and Management's judgment with respect to various
other conditions including loan administration and management and the quality of risk identification systems. Management
reviews these conditions quarterly. We have risk management practices designed to ensure timely identification of changes in
loan risk profiles; however, undetected losses may exist inherently within the loan portfolio. The judgmental aspects involved in
applying the risk grading criteria, analyzing the quality of individual loans, and assessing collateral values can also contribute to
undetected, but probable, losses. Consequently, there maybe underlying credit risks that have not yet surfaced in the loan-
specific or qualitative metrics the Company uses to estimate its allowance for loan losses.
The allowance for loan losses includes reserve amounts assigned to individual loans on the basis of loan impairment.
Certain loans are evaluated individually and are judged to be impaired when Management believes it is probable that the
Company will not collect all of the contractual interest and principal payments as scheduled in the loan agreement. Under this
method, loans are selected for evaluation based on internal risk ratings or non-accrual status. A specific reserve is allocated to
an individual loan when that loan has been deemed impaired and 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, 2017,
impaired loans with specific reserves totaled $13.4 million and the amount of such reserves was $1.8 million. This compares to
impaired loans with specific reserves of $7.9 million at December 31, 2016, at which date the amount of such reserves was
$974,000.
All of these analyses are reviewed and discussed by the Directors' Loan Committee, and recommendations from these
processes provide Management and the Board of Directors with independent information on loan portfolio condition. Our total
allowance at December 31, 2017 is considered by Management to be appropriate to address the credit losses inherent in the loan
portfolio at that date. However, our determination of the appropriate allowance level is based upon a number of assumptions we
make about future events, which we believe are reasonable, but which may or may not prove valid. Thus, there can be no
assurance that our charge-offs in future periods will not exceed our allowance for loan losses or that we will not need to make
additional increases in our allowance for loan losses.
The following table summarizes our allocation of allowance by loan class as of December 31, 2017, 2016, 2015, 2014 and
2013. The percentages are the portion of each loan type to total loans.
As of December 31,
2017
2016
2015
2014
2013
$ 3,872
434
3,358
20
27.8% $ 3,988
3.3%
396
15.6%
1,780
2.9%
18
28.2% $ 3,120
580
1,452
17
2.4%
14.1%
2.5%
27.3% $ 3,532
823
1,505
15
2.5%
13.0%
2.0%
26.4% $ 4,602
575
2,276
15
3.4%
11.4%
2.2%
Dollars in
thousands
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
1,130
36
37.1%
1.5%
Home equity
line of credit
Consumer
Unallocated
692
545
642
9.6%
2.2%
—%
1,288
44
807
559
1,258
38.4%
1.7%
10.4%
2.3%
—%
1,391
24
893
566
1,873
40.7%
0.9%
11.1%
2.5%
—%
1,185
20
1,060
542
1,662
41.9%
1.3%
11.3%
2.1%
—%
1,099
21
675
573
1,678
28.2%
2.3%
10.9%
2.2%
43.0%
1.3%
10.4%
1.7%
—%
Total
$ 10,729
100.0% $ 10,138
100.0% $ 9,916
100.0% $ 10,344
100.0% $ 11,514
100.0%
The First Bancorp - 2017 Form 10-K - Page 38
The allowance for loan losses totaled $10.7 million at December 31, 2017, compared to $10.1 million at December 31,
2016. Management's ongoing application of methodologies to establish the allowance include an evaluation of non-accrual
loans and troubled debt restructured for specific reserves. These specific reserves increased $838,000 in 2017 from $974,000 at
December 31, 2016 to $1.8 million at December 31, 2017. The specific loans that make up those categories change from period
to period. Impairment on those loans, which would be reflected in the allowance for loan losses, might or might not exist,
depending on the specific circumstances of each loan. The portion of the reserve based upon homogeneous pools of loans
decreased by $658,000 in 2017. The portion of the reserve based on qualitative factors increased by $1.0 million during 2017
due to loan growth, slippage in certain economic factors and an increase in nonaccrual loans. The $616,000 reduction in
unallocated reserves from $1.3 million at December 31, 2016 to $642,000 at December 31, 2017 results from reduced
imprecision owing to additional information related to certain loan relationships having been obtained and analyzed.
A breakdown of the allowance for loan losses as of December 31, 2017, by loan class of financing receivable and allowance
element, is presented in the following table:
Dollars in thousands
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Unallocated
Specific
Reserves on
Loans
Evaluated
Individually
for
Impairment
General
Reserves on
Loans
Based on
Historical
Loss
Experience
Reserves
for
Qualitative
Factors
Unallocated
Reserves
Total
Reserves
$
224
$
1,285
$
2,363
$
— $
—
1,309
—
255
—
24
—
—
153
723
—
311
13
297
251
—
281
1,326
20
564
23
371
294
—
$
1,812
$
3,033
$
5,242
$
—
—
—
—
—
—
—
642
642
3,872
434
3,358
20
1,130
36
692
545
642
$
10,729
Based upon Management's evaluation, provisions are made to maintain the allowance as a best estimate of inherent losses
within the portfolio. The provision for loan losses to maintain the allowance at an appropriate level was $2.0 million in 2017
compared to $1.6 million in 2016. Net charge offs were $1.4 million in 2017 compared to net charge offs of $1.4 million in
2016. The allowance as a percentage of loans outstanding stood at 0.92% at December 31, 2017 compared to 0.95% at
December 31, 2016.
The First Bancorp - 2017 Form 10-K - Page 39
The following table summarizes the activities in our allowance for loan losses as of December 31, 2017, 2016, 2015, 2014,
and 2013:
Dollars in thousands
Balance at beginning of year
2017
$ 10,138
2016
$
9,916
$
2015
10,344
2014
11,514
$
2013
12,500
$
As of December 31,
Loans charged off:
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Total
Recoveries on loans previously charged off
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Total
Net loans charged off
Provision for loan losses
Balance at end of period
587
—
212
—
456
—
28
335
1,618
—
—
49
—
40
—
11
109
209
1,409
2,000
294
75
376
—
379
—
147
450
280
9
732
—
420
—
582
350
1,205
—
989
—
699
—
153
449
150
963
2,583
—
1,118
—
611
430
1,721
2,373
3,495
5,855
—
8
129
—
93
—
5
108
343
1,378
1,600
2
1
88
—
152
—
31
121
395
1,978
1,550
9,916
144
—
758
—
36
25
16
196
1,175
2,320
1,150
—
—
359
—
103
—
24
183
669
5,186
4,200
$
10,344
$
11,514
$ 10,729
$
10,138
$
Ratio of net loans charged off to average loans
outstanding
Ratio of allowance for loan losses to total loans
outstanding
0.13%
0.13%
0.21%
0.26%
0.60%
0.92%
0.95%
1.00%
1.13%
1.31%
Management believes the allowance for loan losses is appropriate as of December 31, 2017. In Management's opinion, the
level of the provision for loan losses in 2017 was directionally consistent with the overall credit quality of our loan portfolio
and corresponding levels of nonperforming loans, as well as with the performance of the national and local economies, current
levels of unemployment and the outlook for economic recovery continuing for some time to come.
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
The First Bancorp - 2017 Form 10-K - Page 40
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.
When a loan becomes nonperforming (generally 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 obtained periodically on collateral dependent non-performing 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 non-accrual loans are
applied to the principal balance of the loan.
Nonperforming loans, expressed as a percentage of total loans, totaled 1.27% at December 31, 2017 compared to 0.73% at
December 31, 2016. The following table shows the distribution of nonperforming loans by class as of December 31, 2017,
2016, 2015, 2014, and 2013:
Dollars in thousands
2017
2016
2015
2014
2013
As of December 31,
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
$
752
$
1,907
$
—
9,357
—
—
964
—
915
238
66
—
208
935
—
$
2,088
$
2,457
3,778
4,060
5,260
6,421
—
833
16
—
843
—
—
893
—
—
832
26
—
4,370
—
8,484
—
1,007
—
Total non-performing loans
$
14,736
$
7,774
$
7,372
$
10,510
$
16,318
Total nonperforming loans does 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, 2017, loans 90 or more days past
due and still accruing interest totaled $445,000, compared to $777,000, $136,000, $181,000 and $1.0 million at December 31,
2016, 2015, 2014 and 2013, respectively.
As of December 31, 2017, nine loans with a balance of $1.1 million were non-performing and also classified as troubled-
debt-restructured.
Troubled Debt Restructured
A restructuring of debt constitutes a troubled debt restructuring ("TDR") if the Bank, for economic or legal reasons related to
the borrower's financial difficulties, grants a concession to the borrower that it would not otherwise consider. To determine
whether or not a loan should be classified as a TDR, Management evaluates a loan based upon the following criteria:
• The borrower demonstrates financial difficulty; common indicators include past due status with bank obligations,
substandard credit bureau reports, or an inability to refinance with another lender, and
• The Bank has granted a concession; common concession types include maturity date extension, interest rate adjustments
to below market pricing, and deferral of payments.
The First Bancorp - 2017 Form 10-K - Page 41
As of December 31, 2017 there were 62 loans with an aggregate outstanding balance of $17.8 million that have been
restructured. This compares to 71 loans with amounts totaling $21.5 million as of December 31, 2016. The following table
shows the activity in loans classified as TDRs between December 31, 2015 and December 31, 2017:
Balance in Thousands of Dollars
Number of Loans
Aggregate Balance
Total at December 31, 2015
Added in 2016
Loans paid off in 2016
Repayments in 2016
Total at December 31, 2016
Added in 2017
Loans paid off in 2017
Repayments in 2017
Total at December 31, 2017
84
—
(13)
—
71
—
(9)
—
62
$
$
$
23,923
—
(1,433)
(964)
21,526
—
(2,814)
(911)
17,801
As of December 31, 2017, 49 loans with an aggregate balance of $16.2 million were performing under the modified terms,
four loans with an aggregate balance of $444,000 were more than 30 days past due and nine loans with an aggregate balance of
$1.1 million were on nonaccrual. As a percentage of aggregate outstanding balance, 91.1% were performing under the modified
terms, 2.5% were more than 30 days past due and 6.4% were on nonaccrual. The performance status of all TDRs as of
December 31, 2017, as well as the associated specific reserve in the allowance for loan losses, is summarized by class of loan in
the following table.
In thousands of dollars
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Percent of balance
Number of loans
Associated specific reserve
Performing
As
Modified
30+ Days
Past Due
and
Accruing
On
Nonaccrual
All
TDRs
$
7,038
$
— $
— $
7,038
741
561
—
7,526
—
346
—
$
16,212
$
91.1%
49
279
$
$
—
—
—
444
—
—
—
444
2.5%
4
22
—
—
—
978
—
167
—
741
561
—
8,948
—
513
—
$
1,145
$
6.4%
9
22
$
$
17,801
100.0%
62
323
Residential TDRs as of December 31, 2017 included 49 loans with an aggregate balance of $9.5 million and the
modifications granted fell into five major categories. Loans totaling $6.0 million had an extension of term, allowing the
borrower to repay over an extended number of years and lowering the monthly payment to a level the borrower can afford.
Loans totaling $3.4 million had interest capitalized, allowing the borrower to become current after unpaid interest was added to
the balance of the loan and re-amortized over the remaining life of the loan. Loans with an aggregate balance of $551,000 were
converted from interest-only to regular principal-and-interest payments based on the borrowers' ability to service the higher
payment amount. Short-term rate concessions were granted on loans totaling $1.8 million, with a rate concession typically of
1.0% or less. Loans with an aggregate balance of $1.9 million were involved in bankruptcy. Certain residential TDRs had more
than one modification.
Commercial TDRs as of December 31, 2017 were comprised of 13 loans with a balance of $8.3 million. Of this total, 10
loans with an aggregate balance of $5.5 million had an extended period of interest-only payments, deferring the start of
The First Bancorp - 2017 Form 10-K - Page 42
principal repayment. One loan with an aggregate balance of $1.6 million had an extension of term, allowing the borrower to
repay over an extended number of years and lowering the monthly payment to a level the borrower can afford. The remaining
two loans with an aggregate balance of $1.2 million had several different modifications.
In each case when a loan was modified, Management determined it was in the Bank's best interest to work with the
borrower with modified terms rather than to proceed to foreclosure. Once a loan is classified as a TDR, however, it remains
classified as such until the balance is fully repaid, despite whether the loan is performing under the modified terms. As of
December 31, 2017, Management is aware of four loans classified as TDRs that are involved in bankruptcy proceedings with an
aggregate outstanding balance of $688,000. There were also nine loans with an outstanding balance of $1.1 million that were
classified as TDRs and on non-accrual status. Three loans with an outstanding balance of $458,000 were in the process of
foreclosure.
Impaired Loans
Impaired loans include restructured loans and loans placed on non-accrual status when, 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.
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 less estimated selling costs if the loan is collateral dependent. If the measure of an impaired loan
is lower than the recorded investment in the loan, a specific reserve is established for the difference. Impaired loans totaled
$31.4 million at December 31, 2017, and have increased $3.8 million from December 31, 2016. The number of impaired loans
decreased by six loans from 134 to 128 during the same period. Impaired commercial loans increased $5.9 million from
December 31, 2016 to December 31, 2017. The specific allowance for impaired commercial loans increased from $644,000 at
December 31, 2016 to $1.5 million as of December 31, 2017, which represented the fair value deficiencies for those loans for
which the net fair value of the collateral was estimated at less than our carrying amount of the loan. From December 31, 2016 to
December 31, 2017, impaired residential loans decreased $1.9 million and impaired home equity lines of credit decreased
$208,000.
The following table sets forth impaired loans as of December 31, 2017, 2016, 2015, 2014 and 2013:
Dollars in thousands
2017
2016
2015
2014
2013
As of December 31,
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Total
Past Due Loans
$
7,790
$
10,021
$
10,717
$
13,304
$
14,935
741
9,918
—
763
1,743
—
1,026
1,234
—
1,380
2,942
—
1,284
6,698
—
11,748
13,669
15,088
16,123
17,786
—
1,179
16
—
1,387
—
—
1,466
—
—
2,087
26
—
1,648
—
$
31,392
$
27,583
$
29,531
$
35,862
$
42,351
The Bank's overall loan delinquency ratio was 1.60% at December 31, 2017, versus 1.18% at December 31, 2016. Loans 90
days delinquent and accruing decreased from $777,000 at December 31, 2016 to $445,000 as of December 31, 2017. This total
is made up of seven loans, with the largest loan totaling $230,000. We expect to collect all amounts due on these loans,
including interest.
The First Bancorp - 2017 Form 10-K - Page 43
The following table sets forth loan delinquencies as of December 31, 2017, 2016, 2015, 2014 and 2013:
Dollars in thousands
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Total
Loans 30-89 days past due to total loans
Loans 90+ days past due and accruing to total loans
Loans 90+ days past due on non-accrual to total
loans
Total past due loans to total loans
2017
2016
As of December 31,
2015
2014
2013
$
874
—
7,779
—
7,659
471
1,707
186
$ 18,676
$
$
3,476
—
1,031
—
6,403
—
1,564
184
12,658
$
$
1.28%
0.04%
0.29%
1.60%
0.65%
0.07%
0.46%
1.18%
884
273
328
—
5,187
368
1,108
139
8,287
0.46%
0.01%
0.37%
0.84%
$
$
860
249
860
—
7,003
—
2,122
769
11,863
$
$
1,086
—
3,469
—
9,144
47
1,719
527
15,992
0.38%
0.02%
0.89%
1.29%
0.46%
0.12%
1.24%
1.82%
As of December 31, 2017, the UBPR peer group had loans 30-89 days past due to total loans of 0.40% and loans 90+ days
past due or non-accrual to total loans of 0.59%.
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 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, 2017, there were 11 potential problem loans with a balance of $902,000 or 0.08% of total loans. This
compares to six loans with a balance of $1.1 million or 0.10% of total loans at December 31, 2016.
As of December 31, 2017, there were 16 loans in the process of foreclosure with a total balance of $2.2 million. 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 Period of Redemption (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.
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
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.
In July 2017, the Bank conducted a self-audit of its loans in foreclosure and its foreclosure process and found there were no
deficiencies or areas to improve. For loans sold to the secondary market on which servicing is retained, the Bank follows
Freddie Mac's and Fannie Mae's published guidelines and regularly reviews these guidelines for updates and changes to
process. All secondary market loans have been sold without recourse in a non-securitized, one-on-one basis. As a result, the
Bank has no liability for these loans in the event of a foreclosure.
The First Bancorp - 2017 Form 10-K - Page 44
Other Real Estate Owned
Other real estate owned and repossessed assets ("OREO") 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. At December 31, 2017, there were six properties owned with a net
OREO balance of $1.0 million, net of an allowance for losses of $53,000, compared to December 31, 2016 when there were 6
properties owned with a net OREO balance of $375,000, net of an allowance for losses of $205,000. The following table
presents the composition of other real estate owned as of December 31, 2017, 2016, 2015, 2014 and 2013:
Dollars in thousands
Carrying Value
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Total
Related Allowance
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Total
Net Value
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Total
2017
2016
As of December 31,
2015
2014
2013
— $
28
511
—
526
—
—
—
— $
— $
28
170
—
382
—
—
—
28
706
—
960
—
—
—
$
145
151
888
—
394
295
531
—
3,255
3,917
—
—
—
—
—
—
1,065
$
580
$
1,694
$
4,439
$
5,137
— $
28
—
—
25
—
—
—
53
— $
— $
11
127
—
67
—
—
—
11
77
—
74
—
—
—
$
75
17
170
—
392
—
—
—
$
205
$
162
$
654
$
$
$
$
$
$
74
8
7
—
241
—
—
—
330
320
287
524
—
— $
—
511
—
501
—
—
—
— $
17
43
—
315
—
—
—
— $
17
629
—
886
—
—
—
$
70
134
718
—
2,863
—
—
—
3,676
—
—
—
$
1,012
$
375
$
1,532
$
3,785
$
4,807
The First Bancorp - 2017 Form 10-K - Page 45
Funding, Liquidity and Capital Resources
As of December 31, 2017, the Bank had primary sources of liquidity of $149.0 million or 8.2% of assets. It is Management's
opinion that this is an appropriate level. In addition, the Bank has an additional $167.9 million in borrowing capacity under the
Federal Reserve Bank of Boston's Borrower in Custody program, $44.0 million in credit lines with correspondent banks, and
$180.7 million in unencumbered securities available as collateral for borrowing. These bring the Bank's primary sources of
liquidity to $541.6 million or 29.9% of assets. The Asset/Liability Committee ("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.
Liquidity is the ability of a financial institution to meet maturing liability obligations and customer loan demand. The Bank's
primary source of liquidity is deposits, which funded 75.0% of total average assets in 2017. While the generally preferred
funding strategy is to attract and retain low cost deposits, the ability to do so is affected by competitive interest rates and terms
in the marketplace. Other sources of funding include discretionary use of purchased liabilities (e.g., FHLB term advances and
other borrowings), cash flows from the securities portfolios and loan repayments. Securities designated as available for sale
may also be sold in response to short-term or long-term liquidity needs, although Management has no intention to do so at this
time.
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 in two major categories: runoff of in-market deposit balances and the inability
to renew wholesale sources of funding. Of the two categories, 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 unexpected 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. The Bank has established collateralized borrowing capacity with the Federal Reserve Bank of Boston and also
maintains additional collateralized borrowing capacity with the FHLB in excess of levels used in the ordinary course of
business as well as Fed Funds lines with three correspondent banks.
Deposits
During 2017, total deposits increased by $175.9 million, ending the year at $1.419 billion compared to $1.243 billion at
December 31, 2016. Low-cost deposits (demand, NOW, and savings accounts) increased by $55.2 million or 8.6% during the
year, money market deposits increased $38.4 million or 30.6%, and certificates of deposit increased $82.4 million or 17.3%.
The majority of the change in certificates of deposit year-to-date was primarily from a shift in funding between borrowed funds
and certificates of deposit. The increase in low-cost deposits resulted from an inflow of low-cost deposits due to the low interest
rate environment. Average deposits increased $214.9 million in 2017, as shown in the following table which sets forth the
average daily balance for the Bank's principal deposit categories for each period:
Dollars in thousands
Demand deposits
NOW accounts
Money market accounts
Savings
Certificates of deposit
Total deposits
Years ended December 31,
% change
$
2017
185,372
268,589
136,624
227,024
523,966
$ 1,341,575
$
2016
132,726
259,462
82,563
210,540
441,341
$ 1,126,632
$
2015
116,151
220,815
99,507
187,379
418,092
$ 1,041,944
2017 vs. 2016
39.67%
3.52%
65.48%
7.83%
18.72%
19.08%
The First Bancorp - 2017 Form 10-K - Page 46
The average cost of deposits (including non-interest-bearing accounts) was 0.71% for the year ended December 31, 2017,
compared to 0.53% for the year ended December 31, 2016 and 0.51% for the year ended December 31, 2015. The following
table sets forth the average cost of each category of interest-bearing deposits for the periods indicated.
NOW
Money market
Savings
Certificates of deposit
Total interest-bearing deposits
2017
Years ended December 31,
2016
2015
0.59%
0.73%
0.26%
1.20%
0.82%
0.44%
0.28%
0.23%
0.96%
0.61%
0.33%
0.28%
0.22%
0.92%
0.57%
Of all certificates of deposit, $393.3 million or 67.46% will mature by December 31, 2018. As of December 31, 2017, the
Bank held a total of $274.9 million in certificate of deposit accounts with balances in excess of $100,000. The following table
summarizes the time remaining to maturity for these certificates of deposit:
Dollars in thousands
Within 3 Months
3 Months through 6 months
6 months through 12 months
Over 12 months
Total
Borrowed Funds
As of December 31,
2017
2016
$
131,527
$
159,791
32,184
14,034
97,190
7,481
21,542
92,781
$
274,935
$
281,505
Borrowed funds consists mainly of advances from the FHLB which are secured by FHLB stock, funds on deposit with FHLB,
U.S. Agency notes and mortgage-backed securities and qualifying first mortgage loans. As of December 31, 2017, advances
totaled $158.2 million, with a weighted average interest rate of 1.69% and remaining maturities ranging from three days to 14
years. This compares to advances totaling $194.7 million, with a weighted average interest rate of 1.67% and remaining
maturities ranging from four days to 15 years, as of December 31, 2016, and advances totaling $250.4 million, with a weighted
average interest rate of 1.53% and remaining maturities ranging from two days to ten years, as of December 31, 2015. The
increase in the weighted average rate paid on borrowed funds in 2017 compared to 2016 is consistent with the interest rate
policy and actions of the FOMC.
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, 2017 was $70.6 million, compared to $84.2 million on December 31, 2016,
and $87.1 million on December 31, 2015. The weighted average rates of these agreements were 1.25% as of December 31,
2017, compared to 1.06% as of December 31, 2016 and 0.80% as of December 31, 2015.
The maximum amount of borrowed funds outstanding at any month-end during each of the last three years was $282.3
million at the end of June in 2017, $388.5 million at the end of January in 2016, and $337.5 million at the end of December in
2015. The average amount outstanding during 2017 was $252.1 million with a weighted average interest rate of 1.61%. This
compares to an average outstanding amount of $295.4 million with a weighted average interest rate of 1.62% in 2016, and an
average outstanding amount of $289.4 million with a weighted average interest rate of 1.53% in 2015.
Capital Resources
Shareholders' equity as of December 31, 2017 was $181.3 million, compared to $172.5 million as of December 31, 2016.
Capital at December 31, 2017 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 available for sale and postretirement benefits, stood at 8.57% on December 31, 2017 and
8.71% at December 31, 2016. To be rated "well-capitalized", regulatory requirements call for a minimum leverage capital ratio
of 5.00%. At December 31, 2017, the Company had tier-one risk-based capital of 14.23% and tier-two risk-based capital of
15.24%, versus 14.64% and 15.69%, respectively, at December 31, 2016. To be rated "well-capitalized", regulatory
requirements call for minimum tier-one and tier-two risk-based capital ratios of 8.00% and 10.00%, respectively. The
The First Bancorp - 2017 Form 10-K - Page 47
company's actual levels of capitalization were comfortably above the standards to be rated "well-capitalized" by regulatory
authorities.
During 2017, the Company declared cash dividends of $0.23 per share in the first quarter and $0.24 per share in the
remaining three quarters or $0.95 per share for the year. The dividend payout ratio, which is calculated by dividing dividends
declared per share by diluted earnings per share, was 52.20% for the year ended December 31, 2017 compared to 61.31%
(including a special dividend declared in December 2016) for the year ended December 31, 2016. 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 retained net profits of the preceding two years.
The amount available for dividends in 2018 is this year's net income plus $15.8 million.
On January 9, 2009 the Company issued $25 million in Fixed Rate Cumulative Perpetual Preferred Stock, Series A, to the
U.S. Treasury under the Capital Purchase Program ("the CPP Shares"). The CPP Shares qualified as Tier 1 capital on the
Company's books for regulatory purposes and ranked senior to the Company's common stock and senior or at an equal level in
the Company's capital structure to any other shares of preferred stock the Company may issue in the future. In three separate
transactions in 2012 and 2013, the Company repurchased all of the CPP Shares from the Treasury.
Incident to such issuance of the CPP Shares, the Company issued to the Treasury warrants (the "Warrants") to purchase up to
225,904 shares of the Company's common stock at a price per share of $16.60 (subject to adjustment). The Warrants (and any
shares of common stock issuable pursuant to the Warrants) are freely transferable by Treasury to third parties. The Warrants
have a term of ten years and could be exercised by Treasury or a subsequent holder at any time or from time to time during their
term. To the extent they had not previously been exercised, the Warrants will expire after ten years. The Warrants were
unchanged as a result of the CPP Shares repurchase transactions.
In May 2015, the Treasury sold the Warrants to private parties. In accordance with the contractual terms of the Warrants, the
number of shares issuable upon exercise and strike price were adjusted at the time of the sale. As a result of this transaction, the
aggregate number of shares of common stock issuable under the Warrants were adjusted to 226,819 shares with a strike price of
$16.53 per share. In November 2016, the Company repurchased all of the outstanding Warrants for an aggregate purchase price
of $1,750,000.
In 2017, 41,534 shares were issued via employee stock programs, the dividend reinvestment plan, the exercise of stock
options, and restricted stock grants. The Company received consideration totaling $632,000. The following table summarizes
the Company's 2017 stock issuances:
Dividend reinvestment plan
Employee stock program
Restricted stock grants
Total
9,922
12,762
18,850
41,534
Financial institution regulators have established guidelines for minimum capital ratios for banks and bank holding
companies. The net unrealized gain or loss on available for sale 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. The adoption of this new framework modified the calculation of the various capital ratios, added a
new ratio, common equity tier 1, and revised the adequately and well capitalized thresholds. Additionally, under the new rule, in
order to avoid limitations on capital distributions, including dividend payments, the Company must hold a capital conservation
buffer above the adequately capitalized risk-based capital ratios. The capital conservation buffer is being phased in from 0.0%
for 2015 to 2.50% by 2019. The amounts shown below as the adequately capitalized ratio plus capital conservation buffer
includes the fully phased-in 2.50% buffer.
The Company met each of the well-capitalized ratio guidelines at December 31, 2017. The following tables indicate the
capital ratios for the Bank and the Company at December 31, 2017 and December 31, 2016.
As of December 31, 2017
Leverage
Tier 1
Common
Equity Tier 1
Total Risk-
Based
Bank
Company
Adequately capitalized ratio
Adequately capitalized ratio plus capital
conservation buffer
Well capitalized ratio (Bank only)
8.49 %
8.57 %
4.00 %
4.00 %
5.00 %
14.09 %
14.23 %
6.00 %
8.50 %
8.00 %
14.09 %
14.23 %
4.50 %
7.00 %
6.50 %
15.09 %
15.24 %
8.00 %
10.50 %
10.00 %
The First Bancorp - 2017 Form 10-K - Page 48
As of December 31, 2016
Leverage
Tier 1
Common
Equity Tier 1
Total Risk-
Based
Bank
Company
Adequately capitalized ratio
Adequately capitalized ratio plus capital
conservation buffer
Well capitalized ratio (Bank only)
8.63 %
8.71 %
4.00 %
4.00 %
5.00 %
14.50 %
14.64 %
6.00 %
8.50 %
8.00 %
14.50 %
14.64 %
4.50 %
7.00 %
6.50 %
15.55 %
15.69 %
8.00 %
10.50 %
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 capital resources, liquidity, or results of operations.
Contractual Obligations
The following table sets forth the contractual obligations and commitments to extend credit of the Company as of December 31,
2017:
Dollars in thousands
Borrowed funds
Operating leases
Certificates of deposit
Total
Unused lines, collateralized by residential real estate
Other unused commitments
Standby letters of credit
Commitments to extend credit
Total
Less than
1 year
1-3 years
3-5 years
More than
5 years
$
228,758
$
113,639
$
55,000
$
10,000
$
50,119
$
$
$
$
244
559,001
788,003
76,887
62,771
3,497
8,724
$
$
104
393,316
507,059
76,887
62,771
3,497
8,724
89
134,988
31
30,667
20
30
190,077
$
40,698
$
50,169
— $
— $
—
—
—
—
—
—
—
—
—
—
—
Total loan commitments and unused lines of credit
$
151,879
$
151,879
$
— $
— $
The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the
financing needs of its customers. These include commitments to originate loans, commitments for unused lines of credit, and
standby letters of credit. The instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized
in the consolidated balance sheets. Commitments for unused lines are agreements to lend to a customer provided there is no
violation of any condition established in the contract and generally have fixed expiration dates. Standby letters of credit are
conditional commitments issued by the Bank to guarantee a customer's performance to a third party. The credit risk involved in
issuing letters of credit is essentially the same as that involved in extending loans to customers. As of December 31, 2017, the
Company's off-balance-sheet activities consisted entirely of commitments to extend credit.
Derivative Financial Instruments Designated as Hedges
As part of its overall asset and liability management strategy, the Company periodically uses derivative instruments to minimize
significant unplanned fluctuations in earnings and cash flows caused by interest rate volatility. The Company's interest rate risk
management strategy involves modifying the re-pricing characteristics of certain assets and/or liabilities so that change in
interest rates does not have a significant adverse effect on net interest income. Derivative instruments that Management
periodically uses as part of its interest rate risk management strategy may include interest rate swap agreements, interest rate
floor agreements, and interest rate cap agreements.
At December 31, 2017, the Company had two outstanding, off-balance sheet, derivative instruments. These derivative
instruments were interest rate swap agreements, with notional principal amounts totaling $50,000,000 and an unrealized gain of
$1,544,000, net of tax. The notional amounts of the financial derivative instruments do not represent exposure to credit loss.
The Company is exposed to credit loss only to the extent the counter-party defaults in its responsibility to pay interest under the
terms of the agreements. The credit risk in derivative instruments is mitigated by entering into transactions with highly-rated
counterparties that Management believes to be creditworthy and by limiting the amount of exposure to each counter-party. At
December 31, 2017, the Company’s derivative instrument counterparties were credit rated “A” by the major credit rating
agencies. The interest rate swap agreements were entered into by the Company to limit its exposure to rising interest rates and
were designated as cash flow hedges.
The First Bancorp - 2017 Form 10-K - Page 49
Off-Balance Sheet Financial Instruments
No material off-balance sheet risk exists that requires a separate liability presentation.
Capital Purchases
In 2017, the Company made capital purchases totaling $2,529,000 for real estate improvements for branch or operations
premises and equipment related to technology. This cost will be amortized over an average of 18 years, adding approximately
$312,000 to pre-tax operating costs per year.
Goodwill
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 for 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 is being 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, 2017, 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 minimus
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 recently enacted Federal legislation will not have a significant impact on the Company's future operating
results or financial condition.
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 Bank's Asset/Liability Committee (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 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
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, 2017, was -3.13% of total assets, compared to +0.77% of assets at December 31, 2016. 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 First Bancorp - 2017 Form 10-K - Page 50
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, 2017, is presented in the following table:
Dollars in thousands
0-90
Days
90-365
Days
1-5
Years
5+
Years
Investment securities at amortized cost (HTM) and fair value (AFS) $ 34,319
9,321
Restricted equity securities, at cost
$ 65,116
—
$ 210,874
—
$ 246,430
1,037
Loans held for sale
Loans
Other interest-earning assets
Non-rate-sensitive assets
Total assets
Interest-bearing deposits
Borrowed funds
Non-rate-sensitive liabilities and equity
Total liabilities and equity
Period gap
Percent of total assets
Cumulative gap (current)
Percent of total assets
—
369,334
—
8,736
421,710
474,862
103,639
1,900
580,401
—
198,478
22,897
—
286,491
119,817
60,000
5,700
185,517
—
435,087
—
—
645,961
165,637
65,000
32,350
262,987
386
161,240
—
79,675
488,768
513,792
119
300,114
814,025
$(158,691)
$ 100,974
$ 382,974
$(325,257)
(8.61)%
5.48 %
20.78%
(17.65)%
$(158,691)
$ (57,717)
$ 325,257
—
(8.61)%
(3.13)%
17.65%
0.00 %
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 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 projects net interest income would increase by approximately 0.97% of
stable-rate net interest income if short-term rates affected by Federal Open Market Committee actions fall gradually by one
percentage point over the next year, and decrease by approximately 5.10% if rates rise gradually by two percentage points. Both
scenarios are well within 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 a stable rate
environment by 1.08% in a falling-rate scenario, and lower than that earned in a stable rate environment by 7.09% in a rising
rate scenario, when compared to the year-one base scenario. A summary of the Bank's interest rate risk simulation modeling, as
of December 31, 2017 and 2016 is presented in the following table:
Changes in Net Interest Income
Year 1
Projected changes if rates decrease by 1.0%
Projected change if rates increase by 2.0%
Year 2
Projected changes if rates decrease by 1.0%
Projected change if rates increase by 2.0%
2017
0.97%
-5.10%
1.08%
-7.09%
2016
-0.38%
-3.06%
0.48%
1.18%
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
The First Bancorp - 2017 Form 10-K - Page 51
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 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 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, 2017, the Company was
using interest rate swaps for interest rate risk management.
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, 2017, 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 increase slightly in the next year and believes that the current level of
interest rate risk is acceptable.
The First Bancorp - 2017 Form 10-K - Page 52
ITEM 8. Financial Statements and Supplementary Data
Consolidated Balance Sheets
The First Bancorp, Inc. and Subsidiary
As of December 31,
Assets
Cash and cash equivalents
Interest-bearing deposits in other banks
Securities available for sale
Securities to be held to maturity (fair value of $259,655,000 at December 31, 2017, and
$225,537,000 at December 31, 2016)
Restricted equity securities, at cost
Loans held for sale
Loans
Less allowance for loan losses
Net loans
Accrued interest receivable
Premises and equipment, net
Other real estate owned
Goodwill
Other assets
Total assets
Liabilities
Demand deposits
NOW deposits
Money market deposits
Savings deposits
Certificates of deposit
Total deposits
Borrowed funds – short term
Borrowed funds – long term
Other liabilities
Total liabilities
Commitments and contingent liabilities
Shareholders' equity
Common stock, one cent par value per share
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
Net unrealized loss on securities available for sale
Net unrealized loss on securities transferred from available for sale to held to maturity
Net unrealized gain on cash flow hedging derivative instruments
Net unrecognized loss on postretirement benefit costs
Total shareholders' equity
Total liabilities and shareholders' equity
Common stock
Number of shares authorized
Number of shares issued and outstanding
Book value per common share
Tangible book value per common share
2017
2016
$
19,207,000
$
17,366,000
860,000
300,172,000
293,000
300,416,000
256,567,000
10,358,000
386,000
1,164,139,000
10,729,000
1,153,410,000
5,867,000
22,502,000
1,012,000
29,805,000
42,784,000
$ 1,842,930,000
226,828,000
11,930,000
782,000
1,071,526,000
10,138,000
1,061,388,000
5,532,000
22,202,000
375,000
29,805,000
35,958,000
$ 1,712,875,000
$
181,970,000
$
140,482,000
281,405,000
163,898,000
232,605,000
559,001,000
282,971,000
125,544,000
217,340,000
476,620,000
1,418,879,000
1,242,957,000
113,638,000
115,120,000
13,972,000
1,661,609,000
158,774,000
120,127,000
18,496,000
1,540,354,000
108,000
61,747,000
121,144,000
108,000
60,723,000
111,693,000
(2,901,000)
(174,000)
1,544,000
(147,000)
181,321,000
$ 1,842,930,000
(935,000)
(129,000)
1,163,000
(102,000)
172,521,000
$ 1,712,875,000
18,000,000
10,829,918
16.74
13.97
$
$
18,000,000
10,793,946
15.98
13.20
$
$
The accompanying notes are an integral part of these consolidated financial statements
The First Bancorp - 2017 Form 10-K - Page 53
Consolidated Statements of Income and Comprehensive Income
The First Bancorp, Inc. and Subsidiary
Years ended December 31,
Interest and dividend income
Interest and fees on loans (includes tax-exempt income of $798,000 in 2017,
$670,000 in 2016, and $578,000 in 2015)
Interest on deposits with other banks
Interest and dividends on investments (includes tax-exempt income of $6,501,000 in
2017, $5,168,000 in 2016, and $5,157,000 in 2015)
Total interest and dividend income
Interest expense
Interest on deposits
Interest on borrowed funds
Total interest expense
Net interest income
Provision for loan losses
Net interest income after provision for loan losses
Non-interest income
Fiduciary and investment management income
Service charges on deposit accounts
Net securities gains
Mortgage origination and servicing income
Other operating income
Total non-interest income
Non-interest expense
Salaries and employee benefits
Occupancy expense
Furniture and equipment expense
FDIC insurance premiums
Amortization of identified intangibles
Other operating expense
Total non-interest expense
Income before income taxes
Applicable tax expense
Net income
Basic earnings per common share
Diluted earnings per common share
Other comprehensive income (loss), net of tax
2017
2016
2015
$ 45,373,000
52,000
$ 39,996,000
22,000
$ 36,620,000
19,000
15,407,000
13,741,000
14,171,000
60,832,000
53,759,000
50,810,000
9,479,000
4,050,000
13,529,000
47,303,000
2,000,000
45,303,000
2,680,000
2,081,000
471,000
1,853,000
5,463,000
6,028,000
4,784,000
10,812,000
42,947,000
1,600,000
41,347,000
2,411,000
2,237,000
673,000
2,192,000
4,986,000
5,285,000
4,589,000
9,874,000
40,936,000
1,550,000
39,386,000
2,258,000
2,384,000
1,399,000
1,558,000
4,631,000
12,548,000
12,499,000
12,230,000
16,601,000
15,215,000
15,080,000
2,400,000
3,681,000
1,008,000
43,000
2,313,000
3,305,000
789,000
43,000
2,312,000
3,171,000
890,000
58,000
7,918,000
7,718,000
8,385,000
31,651,000
29,383,000
29,896,000
26,200,000
24,463,000
21,720,000
6,612,000
6,454,000
5,514,000
$ 19,588,000
1.82
$
1.81
$ 18,009,000
1.68
$
1.66
$ 16,206,000
1.52
$
1.51
Net unrealized loss on securities available for sale
(1,452,000)
(2,058,000)
(1,399,000)
Net unrealized loss on securities transferred from available for sale to held to
maturity, net of amortization
Net unrealized gain on cash flow hedging derivative instruments
Net unrecognized gain (loss) on postretirement benefits
Other comprehensive loss
Comprehensive income
(14,000)
107,000
(19,000)
(1,378,000)
$ 18,210,000
(17,000)
1,163,000
54,000
(858,000)
$ 17,151,000
(64,000)
—
(31,000)
(1,494,000)
$ 14,712,000
The accompanying notes are an integral part of these consolidated financial statements
The First Bancorp - 2017 Form 10-K - Page 54
Consolidated Statements of Changes in Shareholders' Equity
The First Bancorp, Inc. and Subsidiary
Common stock and
additional paid-in capital
Amount
Shares
Retained
earnings
Accumulated
other
comprehensive
income (loss)
Total
shareholders'
equity
Balance at December 31, 2014
Net income
10,724,359
—
$59,389,000
$ 99,816,000
— 16,206,000
$
2,349,000
$161,554,000
— 16,206,000
Net unrealized loss on securities available for sale,
net of tax
Net unrealized loss on securities transferred from
available for sale to held to maturity, net of tax
Unrecognized loss for post-retirement benefits, net
of tax
Comprehensive income
Cash dividends declared ($0.87 per share)
Equity compensation expense
—
—
—
—
—
—
—
—
—
—
(1,399,000)
(1,399,000)
(64,000)
(64,000)
—
—
— 16,206,000
(31,000)
(1,494,000)
(31,000)
14,712,000
—
296,000
(9,349,000)
—
Payment for repurchase of common stock
(10,138)
(180,000)
Issuance of restricted stock
Proceeds from sale of common stock
14,179
25,455
—
465,000
—
—
—
Balance at December 31, 2015
Net income
10,753,855
—
$59,970,000
$106,673,000
— 18,009,000
$
855,000
$167,498,000
— 18,009,000
—
—
—
—
—
(9,349,000)
296,000
(180,000)
—
465,000
Net unrealized loss on securities available for sale,
net of tax
Net unrealized gain on cash flow hedging derivate
instruments, net of tax
Net unrealized loss on securities transferred from
available for sale to held to maturity, net of tax
Unrecognized gain for post-retirement benefits, net
of tax
Comprehensive income
Cash dividends declared ($1.03 per share)
Equity compensation expense
Payment for repurchase of common stock
Repurchase of warrants
Tax benefit from vesting restricted stock
Issuance of restricted stock
—
—
—
—
—
—
—
(7,156)
—
—
21,847
—
—
—
—
—
—
(2,058,000)
(2,058,000)
1,163,000
1,163,000
(17,000)
(17,000)
—
—
— 18,009,000
54,000
(858,000)
54,000
17,151,000
— (11,110,000)
—
298,000
— (11,110,000)
298,000
—
—
—
(129,000)
(1,750,000)
32,000
—
—
—
—
—
—
—
—
—
(129,000)
(1,750,000)
32,000
—
531,000
Proceeds from sale of common stock
25,400
531,000
Balance at December 31, 2016
10,793,946
$60,831,000
$111,693,000
$
(3,000) $172,521,000
The First Bancorp - 2017 Form 10-K - Page 55
Balance at December 31, 2016
Net income
Net unrealized loss on securities available for sale,
net of tax
Net unrealized gain on cash flow hedging
derivative instruments, net of tax
Net unrealized loss on securities transferred from
available for sale to held to maturity, net of tax
Unrecognized loss for post-retirement benefits, net
of tax
Comprehensive income
Cash dividends declared ($0.95 per share)
Equity compensation expense
Common stock and
additional paid-in capital
Amount
Shares
Retained
earnings
Accumulated
other
comprehensive
income (loss)
Total
shareholders'
equity
10,793,946
—
$60,831,000
$111,693,000
— 19,588,000
$
(3,000) $172,521,000
19,588,000
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(1,452,000)
(1,452,000)
107,000
107,000
(14,000)
(14,000)
—
—
— 19,588,000
(19,000)
(1,378,000)
(19,000)
18,210,000
— (10,280,000)
—
392,000
— (10,280,000)
392,000
—
Payment for repurchase of common stock
Reclassification adjustment for effect of enacted
tax law changes
Issuance of restricted stock
Proceeds from sale of common stock
(5,562)
—
18,850
22,684
—
—
—
632,000
(154,000)
—
(154,000)
297,000
—
—
(297,000)
—
—
—
—
632,000
Balance at December 31, 2017
10,829,918
$61,855,000
$121,144,000
$
(1,678,000) $181,321,000
The accompanying notes are an integral part of these consolidated financial statements
The First Bancorp - 2017 Form 10-K - Page 56
Consolidated Statements of Cash Flows
The First Bancorp, Inc. and Subsidiary
For the years ended December 31,
Cash flows from operating activities
Net income
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation
Change in deferred taxes
Provision for loan losses
Loans originated for resale
Proceeds from sales and transfers of loans
Net gain on sales of loans
Net gain on sale or call of securities
Net amortization of investment premiums
Net (gain) loss on sale of other real estate owned
Provision for losses on other real estate owned
Equity compensation expense
Tax benefit from vesting of restricted stock
Net increase in other assets and accrued interest
Net increase (decrease) in other liabilities
Net gain on disposal of premises and equipment
Amortization of investments in limited partnerships
Net acquisition amortization
Net cash provided by operating activities
Cash flows from investing activities
(Increase) decrease in interest-bearing deposits in other banks
Proceeds from sales of securities available for sale
Proceeds from maturities, payments, calls of securities available for sale
Proceeds from maturities, payments, calls of securities held to maturity
Proceeds from sales of other real estate owned
Purchases of securities available for sale
Purchases of securities to be held to maturity
Investment in bank-owned life insurance
Purchase of Federal Home Loan Bank Stock
Redemption of restricted equity securities
Net increase in loans
Capital expenditures
Proceeds from sale of premises and equipment
Net cash used in investing activities
2017
2016
2015
$ 19,588,000
$ 18,009,000
$ 16,206,000
1,864,000
2,083,000
2,000,000
(39,039,000)
40,172,000
(737,000)
(471,000)
3,390,000
(84,000)
17,000
1,745,000
(139,000)
1,600,000
(54,257,000)
55,035,000
(1,211,000)
(673,000)
2,810,000
(177,000)
132,000
392,000
298,000
—
(4,742,000)
(2,020,000)
(108,000)
178,000
43,000
32,000
(2,460,000)
665,000
—
194,000
43,000
1,720,000
332,000
1,550,000
(31,306,000)
31,671,000
(714,000)
(1,399,000)
783,000
5,000
311,000
296,000
—
(455,000)
1,418,000
—
266,000
58,000
22,526,000
21,646,000
20,742,000
(567,000)
15,587,000
157,013,000
14,770,000
607,000
(177,706,000)
(44,334,000)
—
—
1,572,000
(95,199,000)
(2,529,000)
473,000
(130,313,000)
3,720,000
10,309,000
79,223,000
88,899,000
1,786,000
(172,343,000)
(75,573,000)
—
—
2,327,000
(84,850,000)
(2,131,000)
—
(148,633,000)
(454,000)
35,468,000
36,588,000
45,688,000
3,260,000
(111,616,000)
(9,644,000)
(10,000,000)
(345,000)
—
(74,375,000)
(927,000)
10,000
(86,347,000)
The First Bancorp - 2017 Form 10-K - Page 57
Cash flows from financing activities
Net increase in demand, savings, and money market accounts
Net increase (decrease) in certificates of deposit
Advances on long-term borrowings
Repayment on long-term borrowings
Net increase (decrease) in short-term borrowings
Payment to repurchase common stock
Proceeds from sale of common stock
Repurchase of warrants
Dividends paid
Net cash provided by financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Interest paid
Income taxes paid
Non-cash transactions:
88,372,000
82,381,000
50,000,000
(70,000,000)
(30,143,000)
(154,000)
632,000
—
(11,460,000)
109,628,000
1,841,000
17,366,000
94,130,000
105,638,000
35,000,000
(30,000,000)
(63,556,000)
(129,000)
531,000
(1,750,000)
(9,810,000)
130,054,000
3,067,000
14,299,000
94,889,000
(76,519,000)
55,000,000
(40,000,000)
42,541,000
(180,000)
465,000
—
(9,349,000)
66,847,000
1,242,000
13,057,000
$ 19,207,000
$ 13,366,000
$ 17,366,000
$ 10,767,000
$ 14,299,000
9,960,000
$
5,730,000
6,367,000
4,235,000
Net transfer from loans to other real estate owned
1,177,000
584,000
1,323,000
The accompanying notes are an integral part of these consolidated financial statements
The First Bancorp - 2017 Form 10-K - Page 58
Notes to Consolidated Financial Statements
Nature of Operations
The First Bancorp, Inc. (the "Company") through its wholly-owned subsidiary, First National Bank ("the Bank"), provides a full
range of banking services to individual and corporate customers from sixteen offices in coastal and eastern Maine. First Advisors, a
division of the Bank, provides investment management, private banking and financial planning services. On January 28, 2016, the
Board of Directors voted to change the Bank's name to First National Bank from The First, N.A.
Note 1. Summary of Significant Accounting Policies
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and the Bank. All intercompany accounts and
transactions have been eliminated in consolidation.
Subsequent Events
Events occurring subsequent to December 31, 2017, have been evaluated as to their potential impact to the financial statements.
Use of Estimates in Preparation of Financial Statements
In preparing the financial statements in accordance with accounting principles generally accepted in the United States of America
("GAAP"), Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosures of contingent assets and liabilities as of the date of the balance sheet and revenues and expenses for the reporting period.
Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant
change in the near-term relate to the determination of the allowance for loan losses, goodwill, the valuation of mortgage servicing
rights, and other-than-temporary impairment of securities.
Investment Securities
Investment securities are classified as available for sale or held to maturity when purchased. There are no trading account 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 Bank's funds management strategy, and may be sold in response to changes in interest rates or
prepayment risk, changes in liquidity needs, or for other reasons. They are accounted for at fair value, with unrealized gains or
losses adjusted through shareholders' equity, net of related income taxes. The cost basis is adjusted for the amortization of premiums
and accretion of discounts, computed using the effective interest method over the securities' contractual lives. Securities to be held
to maturity consist primarily of debt securities which Management has acquired solely for long-term investment purposes, rather
than for purposes of trading or future sale. For securities to be held to maturity, Management has the intent and the Bank has the
ability to hold such securities until their respective maturity dates. Such securities are carried at cost adjusted for the amortization of
premiums and accretion of discounts, computed using the effective interest method over the securities' contractual lives. Investment
securities transactions are accounted for on a settlement date basis; reported amounts would not be materially different from those
accounted for on a trade date basis. Gains and losses on the sales of investment securities are determined using the amortized cost of
the specifically identified security. For declines in the fair value of individual debt securities available for sale below their cost that
are deemed to be other than temporary, where the Bank does not intend to sell the security and it is more likely than not that the
Bank will not be required to sell the security before recovery of its amortized cost basis, the other-than-temporary decline in the fair
value of the debt security related to 1) credit loss is recognized in earnings and 2) other factors is recognized in other comprehensive
income or loss. Credit loss is deemed to exist if the present value of expected future cash flows using the effective rate at acquisition
is less than the amortized cost basis of the debt security. For individual debt securities where the Bank intends to sell the security or
more likely than not will be required to sell the security before recovery of its amortized cost, the other-than-temporary impairment
is recognized in earnings equal to the entire difference between the security's cost basis and its fair value at the balance sheet date.
Derivative Financial Instruments Designated as Hedges
The Company recognizes all derivatives in the consolidated balance sheets at fair value. On the date the Bank enters into the
derivative contract, the Company designates the derivative 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 Bank formally documents relationships between hedging instruments and hedged items, as well as its risk
management objectives and strategy for undertaking various hedge transactions. The Company also assesses, both at the hedge’s
inception and on an ongoing basis, 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 that is effective and that qualifies as a cash flow
hedge are recorded in other comprehensive income (loss) 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
The First Bancorp - 2017 Form 10-K - Page 59
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 are recorded at fair value with changes in fair value recorded in earnings. The Company
discontinues hedge accounting when it determines 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.
Loans Held for Sale
Loans held for sale consist of residential real estate mortgage loans and are carried at the lower of aggregate cost or fair value, as
determined by current investor yield requirements.
Loans
Loans are generally reported at their outstanding principal balances, adjusted for chargeoffs, the allowance for loan losses and any
deferred fees or costs to originate loans. Loan commitments are recorded when funded.
Loan Fees and Costs
Loan origination fees and certain direct loan origination costs are deferred and recognized in interest income as an adjustment to the
loan yield over the life of the related loans. The unamortized net deferred fees and costs are included on the balance sheets with the
related loan balances, and the amortization is included with the related interest income.
Allowance for Loan Losses
Loans considered to be uncollectible are charged against the allowance for loan losses. The allowance for loan losses is maintained
at a level determined by Management to be appropriate to absorb probable losses. This allowance is increased by provisions charged
to operating expenses and recoveries on loans previously charged off. Arriving at an appropriate level of allowance for loan losses
necessarily involves a high degree of judgment. In determining the appropriate level of allowance for loan losses, Management
takes into consideration several factors, including reviews of individual non-performing loans and performing loans listed on the
watch report requiring periodic evaluation, loan portfolio size by category, recent loss experience, delinquency trends and current
economic conditions. For all loan classes, loans over 30 days past due are considered delinquent. Impaired loans include
restructured loans and loans placed on non-accrual status when, based on current information and events, it is probable that the Bank
will be unable to collect all amounts due according to the contractual terms of the loan agreement. 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. Management takes into consideration impaired loans in addition to the above mentioned factors in
determining the appropriate level of allowance for loan losses.
Troubled Debt Restructured
A troubled debt restructured ("TDR") constitutes a restructuring of debt if the Bank, for economic or legal reasons related to the
borrower's financial difficulties, grants a concession to the borrower that it would not otherwise consider. To determine whether or
not a loan should be classified as a TDR, Management evaluates a loan to first determine if the borrower demonstrates financial
difficulty. Common indicators of this include past due status with bank obligations, substandard credit bureau reports, or an inability
to refinance with another lender. If the borrower is experiencing financial difficulty and concessions are granted, such as maturity
date extension, interest rate adjustments to below market pricing, or a deferral of payments, the loan will generally be classified as a
TDR.
Accrual of Interest Income and Expense
Interest on loans and investment securities is taken into income using methods which relate the income earned to the balances of
loans and investment securities outstanding. Interest expense on liabilities is derived by applying applicable interest rates to
principal amounts outstanding. For all classes of loans, recording of interest income on problem loans, which includes impaired
loans, ceases when collectibility of principal and interest within a reasonable period of time becomes doubtful. Cash payments
received on non-accrual loans, which includes impaired 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.
Premises and Equipment
Premises, furniture and equipment are stated at cost, less accumulated depreciation. Depreciation expense is computed by straight-
line methods over the asset's estimated useful life.
The First Bancorp - 2017 Form 10-K - Page 60
Other Real Estate Owned ("OREO")
Real estate acquired by foreclosure or deed in lieu of foreclosure is transferred to OREO and recorded at fair value, less estimated
costs to sell, based on appraised value at the date actually or constructively received. Loan losses arising from the acquisition of
such property are charged against the allowance for loan losses. Subsequent provisions to reduce the carrying value of a property are
recorded to the allowance for OREO losses and a charge to operations on a property specific basis.
Goodwill and Identified Intangible Assets
Intangible assets include the excess of the purchase price over the fair value of net assets acquired (goodwill) from the acquisition of
FNB Bankshares in 2005 as well as the core deposit intangible related to the same acquisition. The core deposit intangible is
amortized on a straight-line basis over ten years. There was no annual amortization expense for 2017 or 2016 as the expense is now
fully amortized. For 2015 the annual amortization expense was $15,000. Intangible assets also include the goodwill and core deposit
intangible from the 2012 acquisition of a bank branch in Rockland, Maine and a bank building in Bangor, Maine. The core deposit
intangible will be amortized on a straight-line basis over ten years. Annual amortization expense for each of 2017, 2016 and 2015
was $43,000, and the amortization expense for each year until fully amortized (presently expected to be 2022) will be $43,000. The
straight-line basis is used because the Company does not expect significant run off in the core deposits acquired. The Company
annually evaluates goodwill, and periodically evaluates other intangible assets, for impairment. At December 31, 2017, the
Company determined goodwill and other intangible assets were not impaired.
Income Taxes
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial
statement carrying amounts of assets and liabilities and their respective tax bases, and for tax credits that are available to offset
future taxable income. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in
the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on
deferred tax assets and liabilities is recognized in income in the period the change is enacted. On December 22, 2017 the Tax Cuts
and Jobs Act of 2017 ("TCJA") was enacted. One facet of TCJA reduced the federal corporate income tax rate from 35% to 21%
effective January 1, 2018. As a result of this legislation, the Company evaluated its deferred tax assets and deferred tax liabilities.
The effect of the new corporate income tax rate reduced the value of our net tax deferred assets by $134,000, and a charge to
earnings was recorded for this amount in the fourth quarter of 2017.
Loan Servicing
Servicing rights are recognized when they are acquired through sale of loans. Capitalized servicing rights are reported in other assets
and 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. Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to
amortized cost. Impairment is determined by stratifying rights by predominant characteristics, such as interest rates and terms.
Impairment is recognized through a valuation allowance for an individual stratum, to the extent that fair value is less than the
capitalized amount for the stratum.
Post-Retirement Benefits
The cost of providing post-retirement benefits is accrued during the active service period of the employee or director.
Earnings Per Share
Basic earnings per share data are based on the weighted average number of common shares outstanding during each year. Diluted
earnings per share gives effect to restricted stock granted and stock options and warrants outstanding, determined by the treasury
stock method.
Comprehensive Income (Loss)
Comprehensive income (loss) includes net income and other comprehensive income (loss), which is comprised of the change in
unrealized gains and losses on securities available for sale, net of tax, change in unrealized losses on securities transferred from
available for sale to held to maturity, net of amortization, change in unrealized gain on cash flow hedging derivative instruments, net
of tax, and unrecognized gains and losses related to post-retirement benefit costs, net of tax.
Segments
The First Bancorp, Inc., through the branches of its subsidiary, First National Bank, provides a broad range of financial services to
individuals and companies in coastal Maine. These services include demand, time, and savings deposits; lending; ATM processing;
and investment management and trust services. Operations are managed and financial performance is evaluated on a corporate-wide
basis. Accordingly, all of the Company's banking operations are considered by Management to be aggregated in one reportable
operating segment.
The First Bancorp - 2017 Form 10-K - Page 61
Note 2. Cash and Cash Equivalents
For the purposes of reporting consolidated cash flows, cash and cash equivalents include cash on hand, amounts due from banks and
federal funds sold. At December 31, 2017, the Company had a contractual clearing balance of $500,000 and a reserve balance
requirement of $2,654,000 at the Federal Reserve Bank, which are satisfied by both cash on hand at branches and balances held at
the Federal Reserve Bank of Boston. The Company maintains a portion of its cash in bank deposit accounts which, at times, may
exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not
exposed to any significant risk with respect to these accounts.
The First Bancorp - 2017 Form 10-K - Page 62
Note 3. Investment Securities
The following tables summarize the amortized cost and estimated fair value of investment securities at December 31, 2017 and
2016:
As of December 31, 2017
Securities available for sale
Mortgage-backed securities
State and political subdivisions
Other equity securities
Securities to be held to maturity
U.S. Government-sponsored agencies
Mortgage-backed securities
State and political subdivisions
Corporate securities
Restricted equity securities
Federal Home Loan Bank Stock
Federal Reserve Bank Stock
As of December 31, 2016
Securities available for sale
Mortgage-backed securities
State and political subdivisions
Other equity securities
Securities to be held to maturity
U.S. Government-sponsored agencies
Mortgage-backed securities
State and political subdivisions
Corporate securities
Restricted equity securities
Federal Home Loan Bank Stock
Federal Reserve Bank Stock
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair Value
(Estimated)
$ 293,689,000
6,860,000
3,296,000
$ 303,845,000
$ 11,155,000
23,284,000
217,828,000
4,300,000
$ 256,567,000
$
9,321,000
1,037,000
$ 10,358,000
$
$
$
$
$
$
722,000
16,000
121,000
859,000
$
$
(4,422,000) $ 289,989,000
6,769,000
3,414,000
(4,532,000) $ 300,172,000
(107,000)
(3,000)
— $
568,000
3,931,000
—
4,499,000
$
(180,000) $ 10,975,000
(128,000)
23,724,000
(1,103,000)
—
220,656,000
4,300,000
(1,411,000) $ 259,655,000
— $
—
— $
— $
9,321,000
—
1,037,000
— $ 10,358,000
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair Value
(Estimated)
$ 282,397,000
$
1,334,000
$
475,000
63,000
1,872,000
35,000
967,000
1,971,000
—
2,973,000
$
$
$
(3,127,000) $ 280,604,000
16,482,000
3,330,000
(3,310,000) $ 300,416,000
(176,000)
(7,000)
(233,000) $ 11,745,000
(147,000)
32,021,000
(3,884,000)
—
4,300,000
(4,264,000) $ 225,537,000
177,471,000
— $
—
— $
— $ 10,893,000
1,037,000
—
— $ 11,930,000
16,183,000
3,274,000
$ 301,854,000
$ 11,943,000
31,201,000
179,384,000
4,300,000
$ 226,828,000
$ 10,893,000
1,037,000
$ 11,930,000
$
$
$
$
$
The First Bancorp - 2017 Form 10-K - Page 63
The following table summarizes the contractual maturities of investment securities at December 31, 2017:
Due in 1 year or less
Due in 1 to 5 years
Due in 5 to 10 years
Due after 10 years
Equity securities
Securities available for sale
Securities to be held to maturity
Amortized
Cost
Fair Value
(Estimated)
Amortized
Cost
Fair Value
(Estimated)
$
111,000
$
112,000
$
635,000
$
637,000
841,000
29,003,000
270,594,000
3,296,000
842,000
29,177,000
266,627,000
3,414,000
18,059,000
37,182,000
200,691,000
—
18,164,000
37,719,000
203,135,000
—
$ 303,845,000
$ 300,172,000
$ 256,567,000
$ 259,655,000
The following table summarizes the contractual maturities of investment securities at December 31, 2016:
Due in 1 year or less
Due in 1 to 5 years
Due in 5 to 10 years
Due after 10 years
Equity securities
Securities available for sale
Securities to be held to maturity
Amortized
Cost
Fair Value
(Estimated)
Amortized
Cost
Fair Value
(Estimated)
$
253,000
$
253,000
$
906,000
$
913,000
2,251,000
21,043,000
2,298,000
21,505,000
13,451,000
41,588,000
13,714,000
42,448,000
275,033,000
273,030,000
170,883,000
168,462,000
3,274,000
3,330,000
—
—
$ 301,854,000
$ 300,416,000
$ 226,828,000
$ 225,537,000
At December 31, 2017, securities with a fair value of $231,516,000 were pledged to secure borrowings from the Federal Home
Loan Bank of Boston, public deposits, repurchase agreements, and for other purposes as required by law. This compares to
securities with a fair value of $222,328,000 as of December 31, 2016 pledged for the same purposes.
Gains and losses on the sale of securities available for sale 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 for 2017, 2016 and 2015:
Proceeds from sales of securities
Gross realized gains
Gross realized losses
Net gain
Related income taxes
2017
2016
2015
$ 15,587,000
$ 10,309,000
$ 35,468,000
471,000
—
471,000
165,000
$
$
673,000
—
673,000
236,000
$
$
1,399,000
—
1,399,000
490,000
$
$
Management reviews securities with unrealized losses for other than temporary impairment. As of December 31, 2017, there
were 241 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of
changes in interest rates reducing their fair value, of which 157 had been temporarily impaired for 12 months or more. At the present
time, there have been no material changes in the credit quality of these securities resulting in other than temporary impairment, and
in Management's opinion, no additional write-down for other-than-temporary impairment is warranted.
The First Bancorp - 2017 Form 10-K - Page 64
Information regarding securities temporarily impaired as of December 31, 2017 is summarized below:
As of December 31, 2017
U.S. Government-sponsored
agencies
Mortgage-backed securities
State and political subdivisions
Other equity securities
Less than 12 months
12 months or more
Total
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
$
7,161,000
$
(94,000) $
3,814,000
$
(86,000) $ 10,975,000
$
(180,000)
132,025,000
9,425,000
—
$148,611,000
(1,857,000)
(149,000)
—
101,707,000
38,864,000
(2,693,000)
(1,061,000)
(3,000)
233,732,000
48,289,000
(4,550,000)
(1,210,000)
9,000
$ (2,100,000) $144,394,000
9,000
$ (3,843,000) $293,005,000
(3,000)
$ (5,943,000)
As of December 31, 2016, there were 299 securities with unrealized losses held in the Company's portfolio. These securities
were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 15 had been temporarily
impaired for 12 months or more. Information regarding securities temporarily impaired as of December 31, 2016 is summarized
below:
As of December 31, 2016
U.S. Government-sponsored
agencies
Mortgage-backed securities
State and political subdivisions
Other equity securities
Less than 12 months
12 months or more
Total
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
$ 6,642,000
$
(233,000) $
— $
— $
6,642,000
$
(233,000)
197,528,000
72,348,000
—
(3,090,000)
(4,060,000)
—
2,905,000
—
128,000
$276,518,000
$ (7,383,000) $
3,033,000
(184,000)
—
(7,000)
200,433,000
(3,274,000)
72,348,000
(4,060,000)
128,000
$ (191,000) $279,551,000
(7,000)
$ (7,574,000)
During the third quarter of 2014, the Company transferred securities with a total amortized cost of $89,780,000 and 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
accumulated other comprehensive income (loss), 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 accumulated other comprehensive income (loss) 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 $174,000 at December 31, 2017. These
securities were transferred as a part of the Company's overall investment and balance sheet strategies.
The Bank is a member of the Federal Home Loan Bank ("FHLB") of Boston, a cooperatively owned wholesale bank for
housing and finance in the six New England States. As a requirement of membership in the FHLB, the Bank must own a minimum
required amount of FHLB stock, calculated periodically based primarily on its level of borrowings from the FHLB. The Bank uses
the FHLB for much of its wholesale funding needs. As of December 31, 2017 and 2016, the Bank's investment in FHLB stock
totaled $9,321,000 and $10,893,000, respectively. FHLB stock is a restricted equity security and therefore is reported at cost, which
equals par value.
The Company periodically evaluates its investment in FHLB stock for impairment based on, among other factors, the capital
adequacy of the FHLB and its overall financial condition. No impairment losses have been recorded through December 31, 2017.
The Bank will continue to monitor its investment in FHLB stock.
Note 4. Mortgage Servicing Rights
At December 31, 2017 and 2016, the Bank serviced loans for others totaling $260,258,000 and $250,083,000, respectively. Net
gains from the sale of loans totaled $737,000 in 2017, $1,211,000 in 2016, and $714,000 in 2015. In 2017, mortgage servicing rights
of $567,000 were capitalized and amortization for the year totaled $362,000. At December 31, 2017, mortgage servicing rights had a
fair value of $2,321,000. In 2016, mortgage servicing rights of $554,000 were capitalized and amortization for the year totaled
$459,000. At December 31, 2016, mortgage servicing rights had a fair value of $1,696,000.
The First Bancorp - 2017 Form 10-K - Page 65
Financial Accounting Standards Board ("FASB") Accounting Standards Codification (the "Codification" or "ASC") Topic 860,
"Transfers and Servicing", requires all separately recognized servicing assets and servicing liabilities to be initially measured at fair
value, if practicable. Servicing assets and servicing liabilities are reported using the amortization method or the fair value
measurement method. In evaluating the carrying values of mortgage servicing rights, the Company obtains third party valuations
based on loan level data including note rate, type and term of the underlying loans. The model utilizes several assumptions, the most
significant of which are loan prepayments, calculated using a three-month moving average of weekly prepayment data published by
the Public Securities Association (PSA) and modeled against the serviced loan portfolio, and the discount rate to discount future
cash flows. As of December 31, 2017, the prepayment assumption using the PSA model was 167, which translates into an
anticipated annual prepayment rate of 10.00%. The discount rate is 9.50%. Other assumptions include delinquency rates, foreclosure
rates, servicing cost inflation, and annual unit loan cost. All assumptions are adjusted periodically to reflect current circumstances.
Amortization of mortgage servicing rights, as well as write-offs due to prepayments of the related mortgage loans, are recorded as a
charge against mortgage servicing fee income.
Mortgage servicing rights are included in other assets and detailed in the following table:
As of December 31,
Mortgage servicing rights
Accumulated amortization
Impairment reserve
Note 5. Loans
$
2017
5,428,000
(4,160,000)
—
$
2016
5,901,000
(4,680,000)
(108,000)
$
1,268,000
$
1,113,000
The following table shows the composition of the Company's loan portfolio as of December 31, 2017 and 2016:
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Total loans
December 31, 2017
December 31, 2016
$ 323,809,000
38,056,000
181,528,000
33,391,000
432,661,000
17,868,000
111,302,000
25,524,000
$ 1,164,139,000
27.8% $ 302,506,000
3.3%
25,406,000
15.6%
2.9%
150,769,000
27,056,000
37.1%
411,469,000
1.5%
9.6%
18,303,000
110,907,000
2.2%
25,110,000
100.0% $ 1,071,526,000
28.2%
2.4%
14.1%
2.5%
38.4%
1.7%
10.4%
2.3%
100.0%
Loan balances include net deferred loan costs of $5,748,000 in 2017 and $4,921,000 in 2016. Pursuant to collateral agreements,
qualifying first mortgage loans, which were valued at $239,805,000 and $257,122,000 at December 31, 2017 and 2016,
respectively, were used to collateralize borrowings from the Federal Home Loan Bank of Boston. In addition, commercial,
construction and home equity loans totaling $290,247,000 at December 31, 2017 and $261,463,000 at December 31, 2016, were
used to collateralize a standby line of credit at the Federal Reserve Bank of Boston that is currently unused.
At December 31, 2017 and 2016, non-accrual loans were $14,736,000 and $7,774,000, respectively. For the years ended
December 31, 2017, 2016 and 2015, interest income which would have been recognized on these loans, if interest had been accrued,
was $496,000, $288,000, and $369,000, respectively. Loans more than 90 days past due accruing interest totaled $445,000 at
December 31, 2017 and $777,000 at December 31, 2016. The Company continues to accrue interest on these loans because it
believes collection of principal and interest is reasonably assured.
The First Bancorp - 2017 Form 10-K - Page 66
Loans to directors, officers and employees totaled $34,715,000 at December 31, 2017 and $34,889,000 at December 31, 2016.
A summary of loans to directors and executive officers is as follows:
For the years ended December 31,
Balance at beginning of year
New loans
Repayments
Balance at end of year
2017
2016
$ 23,293,000
867,000
(1,863,000)
$ 22,297,000
$ 20,401,000
6,278,000
(3,386,000)
$ 23,293,000
Information on the past-due status of loans as of December 31, 2017, 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
$
574,000
$
80,000
$
220,000
$
874,000
$ 322,935,000
$ 323,809,000
$
—
—
—
—
38,056,000
38,056,000
542,000
6,663,000
574,000
7,779,000
173,749,000
181,528,000
—
—
—
—
33,391,000
33,391,000
—
—
—
—
1,031,000
4,372,000
2,256,000
7,659,000
425,002,000
432,661,000
436,000
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
101,000
370,000
—
471,000
17,397,000
17,868,000
Home equity line of
credit
Consumer
Total
537,000
159,000
445,000
18,000
725,000
1,707,000
109,595,000
111,302,000
9,000
186,000
25,338,000
25,524,000
9,000
$ 2,944,000
$11,948,000
$ 3,784,000
$18,676,000
$1,145,463,000
$1,164,139,000
$ 445,000
—
—
Information on the past-due status of loans as of December 31, 2016, 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
$ 1,039,000
$
22,000
$ 2,415,000
$ 3,476,000
$ 299,030,000
$ 302,506,000
$ 753,000
—
202,000
—
631,000
—
704,000
135,000
—
33,000
—
—
796,000
—
—
1,031,000
—
25,406,000
149,738,000
27,056,000
25,406,000
150,769,000
27,056,000
3,970,000
—
1,802,000
—
6,403,000
—
405,066,000
18,303,000
411,469,000
18,303,000
157,000
45,000
703,000
4,000
1,564,000
184,000
109,343,000
24,926,000
110,907,000
25,110,000
—
20,000
—
—
—
—
4,000
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of
credit
Consumer
Total
$ 2,711,000
$ 4,227,000
$ 5,720,000
$12,658,000
$1,058,868,000
$1,071,526,000
$ 777,000
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
The First Bancorp - 2017 Form 10-K - Page 67
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.
Information on nonaccrual loans as of December 31, 2017 and 2016 is presented in the following table:
As of December 31,
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Total
2017
2016
$
$
752,000
—
1,907,000
—
9,357,000
—
3,778,000
—
833,000
16,000
964,000
—
4,060,000
—
843,000
—
$ 14,736,000
$
7,774,000
Information regarding impaired loans is as follows:
For the years ended December 31,
Average investment in impaired loans
2017
2016
2015
$ 29,108,000
$ 28,217,000
$ 32,698,000
Interest income recognized on impaired loans, all on cash basis
784,000
1,104,000
1,220,000
As of December 31,
Balance of impaired loans
Less portion for which no allowance for loan losses is allocated
Portion of impaired loan balance for which an allowance for loan losses is allocated
Portion of allowance for loan losses allocated to the impaired loan balance
2017
2016
$ 31,392,000
(18,023,000)
$ 13,369,000
$
1,812,000
$ 27,583,000
(19,716,000)
$
$
7,867,000
974,000
Impaired loans include restructured loans and loans placed on non-accrual. 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 impaired 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 impaired loan is lower than the
recorded investment in the loan and estimated selling costs, the difference is written off.
The First Bancorp - 2017 Form 10-K - Page 68
A breakdown of impaired loans by category as of December 31, 2017, is presented in the following table:
With No Related Allowance
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
With an Allowance Recorded
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Total
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Recorded
Investment
Unpaid
Principal
Balance
Related
Allowance
Average
Recorded
Investment
Recognized
Interest
Income
$ 3,791,000
$ 3,996,000
$
— $ 5,124,000
$
164,000
741,000
2,591,000
—
9,769,000
—
1,115,000
16,000
741,000
2,671,000
—
10,909,000
—
1,429,000
29,000
—
—
—
62,000
1,908,000
—
— 10,770,000
—
—
—
—
1,351,000
12,000
38,000
36,000
—
297,000
—
18,000
—
$ 18,023,000
$ 19,775,000
$
— $ 19,227,000
$
553,000
$ 3,999,000
$ 4,116,000
$
224,000
$ 4,460,000
$
152,000
—
—
—
699,000
7,327,000
7,371,000
1,309,000
2,584,000
—
—
—
—
—
—
—
1,979,000
2,144,000
255,000
2,106,000
79,000
—
64,000
—
—
67,000
—
—
24,000
—
—
32,000
—
—
—
—
$ 13,369,000
$ 13,698,000
$ 1,812,000
$ 9,881,000
$
231,000
$ 7,790,000
$ 8,112,000
$
224,000
$ 9,584,000
$
316,000
741,000
9,918,000
—
741,000
10,042,000
—
—
1,309,000
—
761,000
4,492,000
—
11,748,000
—
1,179,000
16,000
$ 31,392,000
13,053,000
—
1,496,000
29,000
$ 33,473,000
255,000
—
24,000
—
$ 1,812,000
12,876,000
—
1,383,000
12,000
$ 29,108,000
$
38,000
36,000
—
376,000
—
18,000
—
784,000
Substantially all interest income recognized on impaired loans for all classes of financing receivables was recognized on a cash
basis as received.
The First Bancorp - 2017 Form 10-K - Page 69
A breakdown of impaired loans by category as of December 31, 2016, is presented in the following table:
With No Related Allowance
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
With an Allowance Recorded
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Total
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Recorded
Investment
Unpaid
Principal
Balance
Related
Allowance
Average
Recorded
Investment
Recognized
Interest
Income
$ 5,201,000
$ 5,614,000
$
— $ 6,252,000
$
220,000
—
1,671,000
—
—
1,852,000
—
11,483,000
—
1,361,000
—
12,654,000
—
1,733,000
—
—
—
—
32,000
1,074,000
—
— 11,025,000
—
—
—
—
1,213,000
9,000
—
86,000
—
442,000
—
33,000
—
$19,716,000
$21,853,000
$
— $19,605,000
$
781,000
$ 4,820,000
$ 4,925,000
$
505,000
$ 4,153,000
$
186,000
763,000
72,000
—
763,000
72,000
—
100,000
39,000
—
816,000
317,000
—
36,000
—
—
2,186,000
2,328,000
304,000
3,209,000
101,000
—
26,000
—
—
28,000
—
—
26,000
—
—
69,000
48,000
—
—
—
$ 7,867,000
$ 8,116,000
$
974,000
$ 8,612,000
$
323,000
$10,021,000
$10,539,000
$
505,000
$10,405,000
$
406,000
763,000
1,743,000
—
763,000
100,000
1,924,000
—
39,000
—
848,000
1,391,000
—
36,000
86,000
—
13,669,000
—
1,387,000
—
$27,583,000
14,982,000
—
1,761,000
—
$29,969,000
$
304,000
—
26,000
—
974,000
14,234,000
—
1,282,000
57,000
$28,217,000
543,000
—
33,000
—
$ 1,104,000
The First Bancorp - 2017 Form 10-K - Page 70
A breakdown of impaired loans by category as of December 31, 2015, is presented in the following table:
With No Related Allowance
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
With an Allowance Recorded
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Total
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Recorded
Investment
Unpaid
Principal
Balance
Related
Allowance
Average
Recorded
Investment
Recognized
Interest
Income
$ 7,173,000
$ 7,496,000
$
— $ 8,990,000
$
301,000
30,000
1,163,000
—
30,000
1,210,000
—
11,122,000
—
1,401,000
—
12,157,000
—
2,054,000
—
—
—
—
3,000
1,893,000
—
— 10,480,000
—
—
—
—
1,400,000
42,000
1,000
76,000
—
415,000
—
43,000
3,000
$20,889,000
$22,947,000
$
— $22,808,000
$
839,000
$ 3,544,000
$ 3,627,000
$
89,000
$ 3,066,000
$
149,000
996,000
71,000
—
996,000
77,000
—
302,000
1,153,000
8,000
—
256,000
—
44,000
5,000
—
3,966,000
4,193,000
326,000
5,228,000
180,000
—
65,000
—
—
66,000
—
—
—
29,000
187,000
—
—
—
3,000
—
$ 8,642,000
$ 8,959,000
$
754,000
$ 9,890,000
$
381,000
$10,717,000
$11,123,000
$
89,000
$12,056,000
$
450,000
1,026,000
1,234,000
—
1,026,000
1,287,000
—
15,088,000
—
1,466,000
—
$29,531,000
16,350,000
—
2,120,000
—
$31,906,000
$
302,000
8,000
—
326,000
—
29,000
—
754,000
1,156,000
2,149,000
—
45,000
81,000
—
15,708,000
—
1,587,000
42,000
$32,698,000
595,000
—
46,000
3,000
$ 1,220,000
The First Bancorp - 2017 Form 10-K - Page 71
Troubled Debt Restructured
A TDR constitutes a restructuring of debt if the Company, for economic or legal reasons related to the borrower's financial
difficulties, grants a concession to the borrower that it would not otherwise consider. To determine whether or not a loan should be
classified as a TDR, Management evaluates a loan based upon the following criteria:
• The borrower demonstrates financial difficulty; common indicators include past due status with bank obligations,
substandard credit bureau reports, or an inability to refinance with another lender, and
• The Company has granted a concession; common concession types include maturity date extension, interest rate adjustments
to below market pricing, and deferment of payments.
As of December 31, 2017, the Company had 62 loans with a value of $17,801,000 that have been classified as TDRs. This
compares to 71 loans with a value of $21,526,000 classified as TDRs as of December 31, 2016. The impairment carried as a specific
reserve in the allowance for loan losses is calculated by present valuing the cashflow modification on the loan, or, for collateral-
dependent loans, using the fair value of the collateral less costs to sell.
The following table shows TDRs by class and the specific reserve as of December 31, 2017:
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Number of
Loans
Balance
Specific
Reserves
8
1
4
—
46
—
3
—
62
$
7,038,000
$
90,000
741,000
561,000
—
—
—
—
8,948,000
233,000
—
513,000
—
—
—
—
$ 17,801,000
$
323,000
The following table shows TDRs by class and the specific reserve as of December 31, 2016:
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Number of
Loans
Balance
Specific
Reserves
10
1
5
—
52
—
3
—
71
$
8,937,000
$
763,000
779,000
—
10,503,000
—
544,000
—
$ 21,526,000
$
375,000
100,000
—
—
261,000
—
—
—
736,000
The First Bancorp - 2017 Form 10-K - Page 72
As of December 31, 2017, 12 of the loans classified as TDRs with a total balance of $1,407,000 were more than 30 days past
due. None of these loans had been placed on TDR status in the previous 12 months. The following table shows past-due TDRs by
class and the associated specific reserves included in the allowance for loan losses as of December 31, 2017:
Number of
Loans
Balance
Specific
Reserves
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
— $
—
—
—
11
—
1
—
12
— $
—
—
—
—
—
—
—
1,240,000
44,000
—
167,000
—
—
—
—
$
1,407,000
$
44,000
As of December 31, 2016, 12 of the loans classified as TDRs with a total balance of $2,303,000 were more than 30 days past
due. None of these loans had been placed on TDR status in the previous 12 months. The following table shows past-due TDRs by
class and the associated specific reserves included in the allowance for loan losses as of December 31, 2016:
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Number of
Loans
Balance
Specific
Reserves
1
—
—
—
10
—
1
—
12
$
822,000
$
264,000
—
—
—
—
—
—
1,314,000
26,000
—
167,000
—
—
—
—
$
2,303,000
$
290,000
For the years ended December 31, 2017 and 2016, no loans were placed on TDR status.
As of December 31, 2017, Management is aware of four loans classified as TDRs that are involved in bankruptcy with an
outstanding balance of $688,000. As of December 31, 2017, there were nine loans with an outstanding balance of $1,145,000 that
were classified as TDRs and were on non-accrual status, three of which, with an outstanding balance of $458,000, were in the
process of foreclosure.
Residential Mortgage Loans in Process of Foreclosure
As of December 31, 2017, there were 12 mortgage loans collateralized by residential real estate in the process of foreclosure with a
total balance of $1,777,000; this compares to 15 mortgage loans collateralized by residential real estate in the process of foreclosure
with a total balance of $2,058,000 as of December 31, 2016.
The First Bancorp - 2017 Form 10-K - Page 73
Note 6. Allowance for Loan Losses
The Company provides for loan losses through the establishment of an allowance for loan losses which represents an estimated
reserve for existing losses in the loan portfolio. A systematic methodology is used for determining the allowance that includes a
quarterly review process, risk rating changes, and adjustments to the allowance. The loan portfolio is classified in eight classes and
credit risk is evaluated separately in each class. The loan portfolio is classified in eight classes and credit risk is evaluated separately
in each class. Major risk characteristics relevant to each portfolio segment are as follows:
Commercial Real Estate - Commercial real estate loans are impacted by factors such as competitive market forces, vacancy rates,
cap rates, net operating incomes, lease renewals and overall economic demand. In addition, 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 real estate lending.
Commercial Construction - 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 Other - 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.
Municipal Loans - 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 Term - 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 - The overall health of the economy, including unemployment rates and housing prices, has an
impact on the credit quality of this segment. 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 Line of Credit - The overall health of the economy, including unemployment rates and housing prices, has an impact
on the credit quality of this segment.
Consumer -The overall health of the economy, including unemployment rates, has an impact on the credit quality of this segment.
The appropriate level of the allowance is evaluated continually based on a review of significant loans, with a particular emphasis on
nonaccruing, past due, and other loans that may require special attention. Other factors include general conditions in local and
national economies; loan portfolio composition and asset quality indicators; and internal factors such as changes in underwriting
policies, credit administration practices, experience, ability and depth of lending management, among others. The allowance
consists of four elements: (1) specific reserves for loans evaluated individually for impairment; (2) general reserves for each
portfolio segment based on historical loan loss experience, (3) qualitative reserves judgmentally adjusted for local and national
economic conditions, concentrations, portfolio composition, volume and severity of delinquencies and nonaccrual loans, trends of
criticized and classified loans, changes in credit policies and underwriting standards, credit administration practices, and other
factors as applicable for each portfolio segment; and (4) unallocated reserves. All outstanding loans are considered in evaluating the
appropriateness of the allowance.
The First Bancorp - 2017 Form 10-K - Page 74
The following table summarizes the composition of the allowance for loan losses, by class of financing receivable and
allowance, as of December 31, 2017 and 2016:
As of December 31,
Allowance for Loans Evaluated Individually for Impairment
2017
2016
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Total
Allowance for Loans Evaluated Collectively for Impairment
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Unallocated
Total
Total Allowance for Loan Losses
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Unallocated
Total
The First Bancorp - 2017 Form 10-K - Page 75
$
$
224,000
—
1,309,000
—
255,000
—
24,000
—
1,812,000
$
505,000
100,000
39,000
—
304,000
—
26,000
—
$
974,000
$
3,648,000
$
3,483,000
434,000
2,049,000
20,000
875,000
36,000
668,000
545,000
642,000
296,000
1,741,000
18,000
984,000
44,000
781,000
559,000
1,258,000
$
8,917,000
$
9,164,000
$
3,872,000
$
3,988,000
434,000
3,358,000
20,000
396,000
1,780,000
18,000
1,130,000
36,000
692,000
545,000
642,000
$ 10,729,000
1,288,000
44,000
807,000
559,000
1,258,000
$ 10,138,000
The allowance consists of four elements: (1) specific reserves for loans evaluated individually for impairment; (2) general
reserves for each portfolio segment based on historical loan loss experience; (3) qualitative reserves judgmentally adjusted for local
and national economic conditions, concentrations, portfolio composition, volume and severity of delinquencies and nonaccrual
loans, trends of criticized and classified loans, changes in credit policies, and underwriting standards, credit administration practices,
and other factors as applicable for each portfolio segment; and (4) unallocated reserves. All outstanding loans are considered in
evaluating the appropriateness of the allowance.
A breakdown of the allowance for loan losses as of December 31, 2017 and 2016, by class of financing receivable and
allowance element, is presented in the following tables:
As of December 31, 2017
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Unallocated
As of December 31, 2016
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Unallocated
Specific
Reserves on
Loans
Evaluated
Individually
for
Impairment
General
Reserves on
Loans Based
on Historical
Loss
Experience
Reserves for
Qualitative
Factors
Unallocated
Reserves
Total
Reserves
$
224,000
$
1,285,000
$
2,363,000
$
— $
3,872,000
—
1,309,000
—
255,000
—
24,000
—
—
153,000
723,000
—
311,000
13,000
297,000
251,000
—
281,000
1,326,000
20,000
564,000
23,000
371,000
294,000
—
—
—
—
—
—
—
—
642,000
434,000
3,358,000
20,000
1,130,000
36,000
692,000
545,000
642,000
$
1,812,000
$
3,033,000
$
5,242,000
$
642,000
$ 10,729,000
Specific
Reserves on
Loans
Evaluated
Individually
for
Impairment
General
Reserves on
Loans Based
on Historical
Loss
Experience
Reserves for
Qualitative
Factors
Unallocated
Reserves
Total
Reserves
$
505,000
$
1,471,000
$
2,012,000
$
— $
3,988,000
100,000
39,000
—
304,000
—
26,000
—
—
125,000
735,000
—
563,000
25,000
444,000
328,000
—
171,000
1,006,000
18,000
421,000
19,000
337,000
231,000
—
—
—
—
—
—
—
—
1,258,000
396,000
1,780,000
18,000
1,288,000
44,000
807,000
559,000
1,258,000
$
974,000
$
3,691,000
$
4,215,000
$
1,258,000
$ 10,138,000
The First Bancorp - 2017 Form 10-K - Page 76
Qualitative adjustment factors are taken into consideration when determining reserve estimates. These adjustment factors are
based upon our evaluation of various current conditions, including those listed below.
• General economic conditions.
• Credit quality trends with emphasis on loan delinquencies, nonaccrual levels and classified loans.
• Recent loss experience in particular segments of the portfolio.
• Loan volumes and concentrations, including changes in mix.
• Other factors, including changes in quality of the loan origination; loan policy changes; changes in credit risk
management processes; Bank regulatory and external loan review examination results.
The qualitative portion of the allowance for loan losses was 0.45% of related loans as of December 31, 2017, compared to
0.39% of related loans as of December 31, 2016. The qualitative portion increased $1,027,000 between December 31, 2016 and
December 31, 2017 due to loan growth, slippage in certain economic factors, and an increase in nonaccrual loans.
The unallocated component totaled $642,000 at December 31, 2017, or 6.0% of the total reserve. This compares to $1,258,000
or 12.4% as of December 31, 2016. The change results from reduced imprecision owing to additional information related to certain
loan relationships having been obtained and analyzed.
The allowance for loan losses as a percent of total loans stood at 0.92% as of December 31, 2017, compared to 0.95% of total
loans as of December 31, 2016.
Commercial loans are comprised of three major classes; commercial real estate loans, commercial construction loans and other
commercial loans.
Commercial real estate loans consist of mortgage loans to finance investments in real property such as multi-family residential,
commercial/retail, office, industrial, hotels, educational and other specific or mixed use properties. Commercial real estate 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. Commercial real estate loans typically have a loan-to-value ratio of
up to 80% based upon current valuation information at the time the loan is made. Commercial real estate loans are primarily paid
by the cash flow generated from the real property, such as operating leases, rents, or other operating cash flows from the borrower.
Commercial construction loans consist of loans to finance construction in a mix of owner- and non-owner occupied commercial
real estate properties. Commercial construction loans typically have maturities of less than two years. 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. At the end of
the construction period, loan repayment typically comes from a third party source in the event that the Bank will not be providing
permanent term financing. Collateral valuation and loan-to-value guidelines follow those for commercial real estate loans.
Other commercial 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. Collateral generally consists of pledges of business assets
including, but not limited to, accounts receivable, inventory, plant and equipment, and/or real estate, if applicable. Commercial loans
are primarily paid by the operating cash flow of the borrower. Commercial loans may be secured or unsecured.
Municipal loans are comprised of loans to municipalities in Maine for capitalized expenditures, construction projects or tax-
anticipation notes. All municipal loans are considered general obligations of the municipality and are collateralized by the taxing
ability of the municipality for repayment of debt.
Residential loans are comprised of two classes: term loans and construction loans.
Residential term loans consist of residential real estate loans held in the Bank's loan portfolio 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.
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 Bank 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.
Home equity lines of credit 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-
The First Bancorp - 2017 Form 10-K - Page 77
value ratios usually not exceeding 80% inclusive of priority liens. Collateral valuation guidelines follow those for residential real
estate loans.
Consumer loan products including personal lines of credit and amortizing loans made to qualified individuals for various
purposes such as auto, 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.
Construction, land and land development loans, both commercial and residential, comprise a small portion of the portfolio, and
at 34.4% of capital are below the regulatory guidance of 100.0% of capital at December 31, 2017. Construction loans and non-
owner-occupied commercial real estate loans are at 129.2% of total capital at December 31, 2017, below the regulatory limit of
300.0% of capital.
The process of establishing the allowance with respect to the commercial loan portfolio begins when a Loan Officer or Senior
Officer (or designate) initially assigns each loan a risk rating, using established credit criteria, which is reviewed and updated if
necessary at least annually or when conditions may warrant a change in the assigned risk rating. Approximately 50% of the
outstanding loans and commitments are subject to review and validation annually by an independent consulting firm. Additionally,
commercial loan relationships with exposure greater than or equal to $500,000 and lines of credit greater than $250,000 are subject
to review annually by the Bank's internal credit review function. The methodology employs Management's judgment as to the level
of losses on existing loans based on internal review of the loan portfolio, including an analysis of a borrower's current financial
position, and the consideration of current and anticipated economic conditions and their potential effects on specific borrowers and
or lines of business.
The First Bancorp - 2017 Form 10-K - Page 78
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 (OAEM)
Loans in this category are currently supported 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 Bank's credit position at some future date.
7 Substandard
Loans in this category are inadequately supported by the current paying capacity of the borrower or of the collateral, if any. These
loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Substandard loans are characterized
by the distinct possibility that the Bank may sustain some loss if 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.
The following table summarizes the risk ratings for the Company's commercial construction, commercial real estate,
commercial other and municipal loans as of December 31, 2017:
1 Strong
2 Above average
3 Satisfactory
4 Average
5 Watch
6 OAEM
7 Substandard
8 Doubtful
Total
Commercial
Real Estate
Commercial
Construction
Commercial
Other
Municipal
Loans
All Risk-
Rated Loans
$
— $
— $
1,586,000
$
— $
1,586,000
12,534,000
73,899,000
173,956,000
41,652,000
3,442,000
18,203,000
123,000
$ 323,809,000
$
40,000
2,856,000
22,446,000
12,714,000
—
—
—
38,056,000
5,776,000
38,151,000
84,360,000
33,934,000
2,765,000
14,956,000
—
$ 181,528,000
$
32,673,000
718,000
—
—
—
—
—
33,391,000
51,023,000
115,624,000
280,762,000
88,300,000
6,207,000
33,159,000
123,000
$ 576,784,000
The First Bancorp - 2017 Form 10-K - Page 79
The following table summarizes the risk ratings for the Company's commercial construction, commercial real estate,
commercial other and municipal loans as of December 31, 2016:
1 Strong
2 Above average
3 Satisfactory
4 Average
5 Watch
6 OAEM
7 Substandard
8 Doubtful
Total
Commercial
Real Estate
Commercial
Construction
Commercial
Other
Municipal
Loans
All Risk-
Rated Loans
$
2,000
13,981,000
$
81,286,000
139,421,000
43,181,000
4,569,000
20,066,000
—
— $
49,000
1,345,000
16,506,000
7,349,000
—
157,000
—
850,000
8,934,000
$
48,212,000
65,146,000
16,864,000
1,587,000
9,176,000
—
— $
25,527,000
1,529,000
—
—
—
—
—
852,000
48,491,000
132,372,000
221,073,000
67,394,000
6,156,000
29,399,000
—
$ 302,506,000
$
25,406,000
$ 150,769,000
$
27,056,000
$ 505,737,000
Commercial loans are generally charged off when all or a portion of the principal amount is determined to be uncollectible. This
determination is based on circumstances specific to a borrower including repayment ability, analysis of collateral and other factors
as applicable.
Residential loans are comprised of two classes: term loans, which include traditional amortizing home mortgages, and
construction loans, which include loans for owner-occupied residential construction. Residential loans typically have a 75% to 80%
loan to value based upon current appraisal information at the time the loan is made. Home equity loans and lines of credit are
typically written to the same underwriting standards. Consumer loans are primarily amortizing loans to individuals collateralized by
automobiles, pleasure craft and recreation vehicles, typically with a maximum loan to value of 80% to 90% of the purchase price of
the collateral. Consumer loans also include a small amount of unsecured short-term time notes to individuals.
Residential loans, consumer loans and home equity lines of credit are segregated into homogeneous pools with similar risk
characteristics. Trends and current conditions are analyzed and historical loss experience is adjusted accordingly. Quantitative and
qualitative adjustment factors for these segments are consistent with those for the commercial and municipal classes. Certain loans
in the residential, home equity lines of credit and consumer classes identified as having the potential for further deterioration are
analyzed individually to confirm impairment status, and to determine the need for a specific reserve; however, there is no formal
rating system used for these classes. Consumer loans greater than 120 days past due are generally charged off. Residential loans 90
days or more past due are placed on non-accrual status unless the loans are both well secured and in the process of collection. One-
to four-family residential real estate loans and home equity loans are written down or charged-off no later than 180 days past due, or
for residential real estate secured loans having a borrower in bankruptcy, within 60 days of receipt of notification of filing from the
bankruptcy court, whichever is sooner. This is subject to completion of a current assessment of the value of the collateral with any
outstanding loan balance in excess of the fair value of the property, less costs to sell, written down or charged-off.
There were no changes to the Company's accounting policies or methodology used to estimate the allowance for loan losses
during the year ended December 31, 2017.
The First Bancorp - 2017 Form 10-K - Page 80
The following tables present allowance for loan losses activity by class, allowance for loan loss balances by class and related
loan balances by class for the years ended December 31, 2017, 2016 and 2015:
Commercial
Residential
Real Estate
Construction
Other
Municipal
Term
Construction
Home Equity
Line of
Credit
Consumer
Unallocated
Total
For the year ended
December 31, 2017
Allowance for loan
losses:
Beginning balance
$
3,988,000
$
396,000
$
1,780,000
$
18,000
$
1,288,000
$
44,000
$
807,000
$
559,000
$ 1,258,000
$
10,138,000
Chargeoffs
Recoveries
587,000
—
—
—
212,000
49,000
—
—
Provision (credit)
471,000
38,000
1,741,000
2,000
456,000
40,000
258,000
—
—
28,000
11,000
(8,000)
(98,000)
335,000
109,000
212,000
—
—
1,618,000
209,000
(616,000)
2,000,000
Ending balance
$
3,872,000
$
434,000
$
3,358,000
$
20,000
$
1,130,000
$
36,000
$
692,000
$
545,000
$
642,000
$
10,729,000
Ending balance
specifically evaluated
for impairment
Ending balance
collectively evaluated
for impairment
Related loan
balances:
$
224,000
$
— $
1,309,000
$
— $
255,000
$
— $
24,000
$
— $
— $
1,812,000
$
3,648,000
$
434,000
$
2,049,000
$
20,000
$
875,000
$
36,000
$
668,000
$
545,000
$
642,000
$
8,917,000
Ending balance
$323,809,000
$ 38,056,000
$181,528,000
$33,391,000
$432,661,000
$ 17,868,000
$111,302,000
$ 25,524,000
$
— $ 1,164,139,000
Ending balance
specifically evaluated
for impairment
Ending balance
collectively evaluated
for impairment
For the year ended
December 31, 2016
Allowance for loan
losses:
$
7,790,000
$
741,000
$
9,918,000
$
— $ 11,748,000
$
— $
1,179,000
$
16,000
$
— $
31,392,000
$316,019,000
$ 37,315,000
$171,610,000
$33,391,000
$420,913,000
$ 17,868,000
$110,123,000
$ 25,508,000
$
— $ 1,132,747,000
Commercial
Residential
Real Estate
Construction
Other
Municipal
Term
Construction
Home Equity
Line of
Credit
Consumer
Unallocated
Total
Beginning balance
$
3,120,000
$
580,000
$
1,452,000
$
17,000
$
1,391,000
$
24,000
$
893,000
$
566,000
$ 1,873,000
$
9,916,000
Chargeoffs
Recoveries
294,000
—
75,000
8,000
Provision (credit)
1,162,000
(117,000)
376,000
129,000
575,000
—
—
1,000
379,000
93,000
183,000
—
—
20,000
147,000
5,000
56,000
450,000
108,000
335,000
—
—
1,721,000
343,000
(615,000)
1,600,000
Ending balance
$
3,988,000
$
396,000
$
1,780,000
$
18,000
$
1,288,000
$
44,000
$
807,000
$
559,000
$ 1,258,000
$
10,138,000
Ending balance
specifically evaluated
for impairment
Ending balance
collectively evaluated
for impairment
Related loan
balances:
$
505,000
$
100,000
$
39,000
$
— $
304,000
$
— $
26,000
$
— $
— $
974,000
$
3,483,000
$
296,000
$
1,741,000
$
18,000
$
984,000
$
44,000
$
781,000
$
559,000
$ 1,258,000
$
9,164,000
Ending balance
$302,506,000
$ 25,406,000
$150,769,000
$27,056,000
$411,469,000
$ 18,303,000
$110,907,000
$ 25,110,000
$
— $ 1,071,526,000
Ending balance
specifically evaluated
for impairment
Ending balance
collectively evaluated
for impairment
$ 10,021,000
$
763,000
$
1,743,000
$
— $ 13,669,000
$
— $
1,387,000
$
— $
— $
27,583,000
$292,485,000
$ 24,643,000
$149,026,000
$27,056,000
$397,800,000
$ 18,303,000
$109,520,000
$ 25,110,000
$
— $ 1,043,943,000
The First Bancorp - 2017 Form 10-K - Page 81
Commercial
Residential
Real Estate
Construction
Other
Municipal
Term
Construction
Home Equity
Line of
Credit
Consumer
Unallocated
Total
For the year ended
December 31, 2015
Allowance for loan
losses:
Beginning balance
$
3,532,000
$
823,000
$
1,505,000
$
15,000
$
1,185,000
$
20,000
$
1,060,000
$
542,000
$ 1,662,000
$
10,344,000
Chargeoffs
Recoveries
280,000
2,000
9,000
1,000
Provision (credit)
(134,000)
(235,000)
732,000
88,000
591,000
—
—
2,000
420,000
152,000
474,000
—
—
4,000
582,000
31,000
384,000
350,000
121,000
253,000
—
—
211,000
2,373,000
395,000
1,550,000
Ending balance
$
3,120,000
$
580,000
$
1,452,000
$
17,000
$
1,391,000
$
24,000
$
893,000
$
566,000
$ 1,873,000
$
9,916,000
Ending balance
specifically evaluated
for impairment
Ending balance
collectively evaluated
for impairment
Related loan
balances:
$
89,000
$
302,000
$
8,000
$
— $
326,000
$
— $
29,000
$
— $
— $
754,000
$
3,031,000
$
278,000
$
1,444,000
$
17,000
$
1,065,000
$
24,000
$
864,000
$
566,000
$ 1,873,000
$
9,162,000
Ending balance
$269,462,000
$ 24,881,000
$128,341,000
$19,751,000
$403,030,000
$ 8,451,000
$110,202,000
$24,520,000
$
— $ 988,638,000
Ending balance
specifically evaluated
for impairment
Ending balance
collectively evaluated
for impairment
$ 10,717,000
$ 1,026,000
$
1,234,000
$
— $ 15,088,000
$
— $
1,466,000
$
— $
— $
29,531,000
$258,745,000
$ 23,855,000
$127,107,000
$19,751,000
$387,942,000
$ 8,451,000
$108,736,000
$24,520,000
$
— $ 959,107,000
Note 7. Premises and Equipment
Premises and equipment are carried at cost and consist of the following:
As of December 31,
Land
Land improvements
Buildings
Equipment
Less accumulated depreciation
2017
2016
$
4,639,000
$
4,742,000
1,052,000
22,254,000
13,147,000
41,092,000
18,590,000
$ 22,502,000
1,041,000
21,601,000
12,032,000
39,416,000
17,214,000
$ 22,202,000
Future minimum receipts under lease agreements at December 31, 2017 for each of the next five years and in the aggregate are:
2018
2019
2020
2021
2022
Thereafter
$192,000
141,000
101,000
97,000
94,000
9,000
$634,000
The First Bancorp - 2017 Form 10-K - Page 82
Note 8. Other Real Estate Owned
The following summarizes other real estate owned:
As of December 31,
Real estate acquired in settlement of loans
Changes in the allowance for losses from other real estate owned were as follows:
For the years ended December 31,
Balance at beginning of year
Losses charged to allowance
Provision charged to operating expenses
Balance at end of year
$
$
$
2017
205,000
(169,000)
17,000
53,000
$
$
2017
1,012,000
2016
$
375,000
2016
2015
162,000
(89,000)
132,000
205,000
$
$
654,000
(803,000)
311,000
162,000
The First Bancorp - 2017 Form 10-K - Page 83
Note 9. Income Taxes
The current and deferred components of income tax expense (benefit) were as follows:
For the years ended December 31,
Federal income tax
Current
Deferred
State franchise tax
2017
2016
2015
$
4,184,000
$
2,083,000
6,267,000
345,000
6,612,000
$
$
6,276,000
(139,000)
6,137,000
317,000
6,454,000
$
4,895,000
332,000
5,227,000
287,000
5,514,000
$
The actual tax expense differs from the expected tax expense (computed by applying the applicable U.S. Federal corporate
income tax rate to income before income taxes) as follows:
For the years ended December 31,
Expected tax expense
Non-taxable income
State franchise tax, net of federal tax benefit
Equity compensation
Tax credits, net of amortization
Change in federal tax rate
Other
2017
2016
2015
$
$
9,170,000
(2,625,000)
224,000
(83,000)
(88,000)
134,000
(120,000)
6,612,000
$
$
8,562,000
(2,176,000)
206,000
—
(105,000)
—
(33,000)
6,454,000
$
7,602,000
(2,086,000)
187,000
—
(185,000)
—
(4,000)
5,514,000
$
The First Bancorp - 2017 Form 10-K - Page 84
Deferred tax assets and liabilities are recognized at the expected future tax rate. On December 22, 2017, the federal tax rate
decreased from 35% to 21% effective January 1, 2018. Accordingly, deferred tax assets and liabilities were revalued at December
31, 2017 to reflect the 21% tax rate.
Deferred tax assets and liabilities are classified in other assets and other liabilities in the consolidated balance sheets. No
valuation allowance is deemed necessary for the deferred tax asset. Items that give rise to the deferred income tax assets and
liabilities and the tax effect of each at December 31, 2017 and 2016 are as follows:
Allowance for loan losses
OREO
Accrued pension and post-retirement
Goodwill
Unrealized loss on securities transferred from available for sale to held to maturity
Unrealized loss on securities available for sale
Restricted stock grants
Core deposit intangible
Investment in flow through entities
Other assets
Total deferred tax asset
Net deferred loan costs
Depreciation
Goodwill
Mortgage servicing rights
Unrealized gain on derivative instruments
Prepaid expense
Total deferred tax liability
Net deferred tax asset
$
2017
2,253,000
11,000
1,036,000
$
2016
3,548,000
72,000
1,730,000
—
46,000
772,000
173,000
15,000
22,000
28,000
4,356,000
(1,313,000)
(1,306,000)
(39,000)
(266,000)
(410,000)
(821,000)
(4,155,000)
201,000
2,000
70,000
503,000
237,000
20,000
29,000
48,000
6,259,000
(1,895,000)
(1,808,000)
—
(390,000)
(626,000)
—
(4,719,000)
$
1,540,000
$
At December 31, 2017 and 2016, the Company held investments in two limited partnerships with related low income housing
tax credits. The investments are carried at cost and amortized on the effective yield method as they were entered into prior to 2015.
The tax credits from the investments are estimated at $204,000 and $231,000 for the years ended December 31, 2017 and 2016,
respectively, and are recorded as a reduction of income tax expense. Amortization of the investment in the limited partnership
totaled $178,000 and $194,000 for the years ended December 31, 2017 and 2016, respectively, and is recognized as a component of
income tax expense in the consolidated statements of income. The carrying value of these investments was $1,408,000 and
$1,503,000 at December 31, 2017 and 2016, respectively, and is recorded in securities available for sale. The Company's total
exposure to the limited partnerships was $1,408,000 and $1,503,000 at December 31, 2017 and 2016, respectively, which is
comprised of the Company's equity investment in the limited partnerships.
FASB ASC Topic 740, "Income Taxes," defines the criteria that an individual tax position must satisfy for some or all of the
benefits of that position to be recognized in a company's financial statements. Topic 740 prescribes a recognition threshold of more-
likely-than-not, and a measurement attribute for all tax positions taken or expected to be taken on a tax return, in order for those tax
positions to be recognized in the financial statements. The Company is currently open to audit under the statute of limitations by the
Internal Revenue Service for the years ended December 31, 2014 through 2017.
The First Bancorp - 2017 Form 10-K - Page 85
Note 10. Certificates of Deposit
The following table represents the breakdown of certificates of deposit at December 31, 2017 and 2016:
Certificates of deposit < $100,000
Certificates $100,000 to $250,000
Certificates $250,000 and over
December 31, 2017
December 31, 2016
$
$
284,066,000
232,759,000
42,176,000
559,001,000
$
$
195,115,000
240,904,000
40,601,000
476,620,000
At December 31, 2017, the scheduled maturities of certificates of deposit are as follows:
Year of Maturity
2018
2019
2020
2021
2022
2023 and thereafter
Less than
$100,000
$100,000 and
Greater
$ 215,571,000
$ 177,745,000
26,401,000
17,516,000
13,137,000
11,411,000
30,000
27,164,000
33,710,000
17,060,000
19,256,000
—
All
Certificates of
Deposit
$ 393,316,000
53,565,000
51,226,000
30,197,000
30,667,000
30,000
$ 284,066,000
$ 274,935,000
$ 559,001,000
Interest on certificates of deposit of $100,000 or more was $2,105,000, $1,970,000, and $2,431,000 in 2017, 2016 and 2015,
respectively.
Note 11. Borrowed Funds
Borrowed funds consist of advances from the FHLB and securities sold under agreements to repurchase with municipal and
commercial customers. Pursuant to collateral agreements, FHLB advances are collateralized by all stock in FHLB, qualifying first
mortgage loans, U.S. Government and Agency securities not pledged to others, and funds on deposit with FHLB. All FHLB
advances as of December 31, 2017 had fixed rates of interest until their respective maturity dates. Securities sold under agreements
to repurchase include U.S. agencies securities and other securities. Repurchase agreements have maturity dates ranging from one to
365 days. The Bank also has in place $44,000,000 in credit lines with correspondent banks and a credit facility of $168,000,000
with the Federal Reserve Bank of Boston using commercial and home equity loans as collateral which are currently not in use.
Borrowed funds at December 31, 2017 and 2016 have the following range of interest rates and maturity dates:
As of December 31, 2017
Federal Home Loan Bank Advances
2018
2020
2021
2023 and thereafter
Repurchase agreements
Municipal and commercial customers
1.59% - 3.25% $
1.60% - 1.97%
1.55%
0.00% - 0.99%
43,074,000
55,000,000
10,000,000
50,120,000
158,194,000
0.15% - 2.48%
70,564,000
$ 228,758,000
The First Bancorp - 2017 Form 10-K - Page 86
As of December 31, 2016
Federal Home Loan Bank Advances
2017
2018
2020
2021
2022 and thereafter
Repurchase agreements
Municipal and commercial customers
Note 12. Employee Benefit Plans
0.99% - 3.69% $
2.25% - 3.25%
1.60% - 1.97%
1.55%
0.00% - 0.59%
74,600,000
30,000,000
55,000,000
10,000,000
25,127,000
194,727,000
0.15% - 1.93%
84,174,000
$ 278,901,000
401(k) Plan
The Bank has a defined contribution plan available to substantially all employees who have completed three months of service.
Employees may contribute up to Internal Revenue Service determined limits and the Bank may provide a match to employee
contributions not to exceed 3.0% of compensation depending on contribution level. Subject to a vote of the Board of Directors, the
Bank may also make a profit-sharing contribution to the Plan. Such contribution equaled 2.0% of each eligible employee's
compensation in 2017, 2016, and 2015. The expense related to the 401(k) plan was $554,000, $435,000, and $462,000 in 2017,
2016, and 2015, respectively.
Deferred Compensation and Supplemental Retirement Plan
The Bank also provides unfunded supplemental retirement benefits for certain officers, payable in installments over 20 years upon
retirement or death. The agreements consist of individual contracts with differing characteristics that, when taken together, do not
constitute a post-retirement plan. The costs for these benefits are recognized over the service periods of the participating officers in
accordance with FASB ASC Topic 712, "Compensation – Nonretirement Postemployment Benefits". The expense of these
supplemental plans was $219,000 in 2017, $215,000 in 2016, and $312,000 in 2015. As of December 31, 2017 and 2016, the
accrued liability of these plans was $3,060,000 and $3,073,000, respectively, and is recorded in other liabilities.
Post-Retirement Benefit Plans
The Bank sponsors two post-retirement benefit plans. One plan currently provides a subsidy for health insurance premiums to
certain retired employees and a future subsidy for seven active employees who were age 50 and over in 1996. These subsidies are
based on years of service and range between $40 and $1,200 per month per person. The Bank also provides health insurance for
retired directors. The other plan provides life insurance coverage to certain retired employees. None of these plans are pre-funded.
The Company utilizes FASB ASC Topic 712 to recognize the overfunded or underfunded status of a defined benefit post-retirement
plan as an asset or liability in its balance sheet and to recognize changes in the funded status in the year in which the changes occur
through comprehensive income (loss).
The First Bancorp - 2017 Form 10-K - Page 87
The following table sets forth the accumulated post-retirement benefit obligation and funded status:
At December 31,
Change in benefit obligations
Benefit obligation at beginning of year:
Interest cost
Benefits paid
Actuarial (gain) loss
Benefit obligation at end of year:
Funded status
Benefit obligation at end of year
Unamortized loss
Accrued benefit cost
Weighted average discount rate as of December 31
The following table sets forth the net periodic benefit cost:
For the years ended December 31,
Components of net periodic benefit cost
Interest cost
Amortization of loss
Other settlement expense
Net periodic benefit cost
Weighted average discount rate for net periodic cost
2017
2016
2015
$ 1,870,000
$ 1,967,000
$ 1,928,000
77,000
(113,000)
40,000
$ 1,874,000
81,000
(109,000)
(69,000)
$ 1,870,000
80,000
(102,000)
61,000
$ 1,967,000
$ (1,874,000)
186,000
$ (1,688,000)
4.25%
$ (1,870,000)
156,000
$ (1,714,000)
4.25%
$ (1,967,000)
240,000
$ (1,727,000)
4.25%
2017
2016
2015
$
$
77,000
$
81,000
$
80,000
—
11,000
88,000
$
4,000
11,000
96,000
$
—
12,000
92,000
4.25%
4.25%
4.25%
The measurement date for benefit obligations was as of year-end for all years presented. The estimated amount of benefits to be
paid in 2018 is $128,000. For years ending 2019 through 2022, the estimated amount of benefits to be paid is $128,000, $127,000,
$126,000 and $124,000, respectively, and the total estimated amount of benefits to be paid for years ended 2023 through 2027 is
$636,000. Plan expense for 2018 is estimated to be $77,000.
In accordance with FASB ASC Topic 715, "Compensation – Retirement Benefits", amounts not yet reflected in net periodic
benefit cost and included in accumulated other comprehensive income (loss) are as follows:
At December 31,
Unamortized net actuarial loss
Deferred tax benefit at 35%
Reclassification adjustment for effect of enacted tax law changes
Net unrecognized post-retirement benefits included in accumulated other
comprehensive income (loss)
$
2017
(186,000) $
65,000
(26,000)
2016
(156,000) $
54,000
—
Portion to Be
Recognized in
Income in
2018
(185,000)
65,000
—
$
(147,000) $
(102,000) $
(120,000)
The First Bancorp - 2017 Form 10-K - Page 88
Note 13. Other Comprehensive Income (Loss)
The following table summarizes activity in the unrealized gain or loss on available for sale securities included in other
comprehensive income (loss) for the years ended December 31, 2017, 2016 and 2015.
For the years ended December 31,
Balance at beginning of year
Unrealized losses arising during the year
Reclassification of realized gains during the year
Related deferred taxes
Reclassification adjustment for effect of enacted tax law changes
Net change
Balance at end of year
2017
(935,000) $
(1,763,000)
(471,000)
782,000
(514,000)
(1,966,000)
(2,901,000) $
$
$
$
2016
1,123,000
(2,493,000)
(673,000)
1,108,000
—
(2,058,000)
2015
2,522,000
(754,000)
(1,399,000)
754,000
—
(1,399,000)
(935,000) $
1,123,000
The reclassification of realized gains is included in the net securities gains line of the consolidated statements of income and
comprehensive income and the tax effect is included in the income tax expense line of the same statement.
The following table summarizes activity in the unrealized loss on securities transferred from available for sale to held to maturity
included in other comprehensive income (loss) for the years ended December 31, 2017, 2016, and 2015.
For the years ended December 31,
Balance at beginning of year
Amortization of net unrealized losses
Related deferred taxes
Reclassification adjustment for effect of enacted tax law changes
Net change
Balance at end of year
2017
2016
2015
$
$
(129,000) $
(22,000)
8,000
(31,000)
(45,000)
(174,000) $
(112,000) $
(26,000)
9,000
—
(17,000)
(129,000) $
(48,000)
(98,000)
34,000
—
(64,000)
(112,000)
The following table represents the effect of the Company's derivative financial instruments included in other comprehensive
income (loss) for the years ended December 31, 2017, 2016, and 2015.
For the years ended December 31,
Balance at beginning of year
Unrealized gains on cash flow hedging derivatives arising during the year
Related deferred taxes
Reclassification adjustment for effect of enacted tax law changes
Net change
Balance at end of year
2017
2016
2015
$
1,163,000 $
— $
165,000
(58,000)
274,000
1,790,000
(627,000)
—
381,000
1,544,000 $
1,163,000
1,163,000 $
$
—
—
—
—
—
—
The First Bancorp - 2017 Form 10-K - Page 89
The following table summarizes activity in the unrealized gain or loss on postretirement benefits included in other
comprehensive income (loss) for the years ended December 31, 2017, 2016, and 2015:
For the years ended December 31,
Unrecognized postretirement benefits at beginning of year
Change in unamortized net actuarial loss
Related deferred taxes
Reclassification adjustment for effect of enacted tax law changes
Net change
Unrecognized postretirement benefits at end of year
2017
(102,000) $
(30,000)
11,000
(26,000) $
(45,000) $
(147,000) $
2016
(156,000) $
84,000
(30,000)
— $
$
54,000
(102,000) $
2015
(125,000)
(48,000)
17,000
—
(31,000)
(156,000)
$
$
The reclassification of accumulated losses is a component of net periodic benefit cost (see Note 12) and the income tax effect is
included in the income tax expense line of the consolidated statements of income and comprehensive income.
Note 14 - Financial Derivative Instruments
As part of its overall asset and liability management strategy, the Company periodically uses derivative instruments to mitigate
significant unplanned fluctuations in earnings and cash flows caused by interest rate volatility. The Company’s interest rate risk
management strategy involves modifying the re-pricing characteristics of certain assets or liabilities so that changes in interest rates
do not have a significant effect on net interest income.
The Company recognizes its derivative instruments in the consolidated balance sheet at fair value. On the date the derivative
instrument is entered into, the Company designates whether the derivative is part of a hedging relationship (i.e., cash flow or fair
value hedge). The Company formally documents relationships between hedging instruments and hedged items, as well as its risk
management objective and strategy for undertaking hedge transactions. The Company also assesses, both at the hedge’s inception
and on an ongoing basis, whether the derivatives used in hedging transactions are highly effective in offsetting the changes in cash
flows or fair values of hedged items. Changes in fair value of derivative instruments that are highly effective and qualify as cash
flow hedges are recorded in other comprehensive income or loss. Any ineffective portion is recorded in earnings. The Company
discontinues hedge accounting when it is determined that the derivative is no longer highly effective in offsetting changes of the
hedged risk on the hedged item, or management determines that the designation of the derivative as a hedging instrument is no
longer appropriate.
In 2016, interest rate swaps were contracted to limit the Company’s exposure to rising interest rates on short-term liabilities
indexed to one-month London Inter-bank Offered Rates (LIBOR). The interest rate swaps were designated as cash flow hedges. No
new derivate instruments were added in 2017.
The details of the interest rate swap agreements are as follows:
Notional Amount
Effective Date Maturity Date
$
$
$
30,000,000
June 28, 2016
June 28, 2021
20,000,000
June 27, 2016
June 27, 2021
50,000,000
Variable Index
Received
1-Month USD
LIBOR
1-Month USD
LIBOR
(1) Presented within other assets in the consolidated balance sheet.
As of December 31,
2017
2016
Fixed Rate
Paid
Fair Value(1)
Fair Value(1)
0.94% $
1,154,000 $
1,049,000
0.89% $
801,000
741,000
$
1,955,000 $
1,790,000
The Company would reclassify unrealized gains or losses accounted for within accumulated other comprehensive income (loss)
into earnings if the interest rate swaps were to become ineffective or the swaps were to terminate. In the next 12 months, the
Company does not believe it will be required to reclassify any unrealized gains or losses accounted for within accumulated other
comprehensive income (loss) into earnings as a result of ineffectiveness or swap termination. Amounts paid or received under the
swaps are reported in interest expense in the statement of income, and in interest paid in the statement of cash flows.
The First Bancorp - 2017 Form 10-K - Page 90
Note 15. Preferred and Common Stock
Preferred Stock
On January 9, 2009, the Company issued $25,000,000 in Fixed Rate Cumulative Perpetual Preferred Stock, Series A, to the U.S.
Treasury under the Capital Purchase Program ("the CPP Shares"). The CPP Shares qualified as Tier 1 capital on the Company's
books for regulatory purposes and ranked senior to the Company's common stock and senior or at an equal level in the Company's
capital structure to any other shares of preferred stock the Company may issue in the future. In three separate transactions in 2012
and 2013, the Company repurchased all of the CPP Shares from the Treasury.
Incident to such issuance of the CPP Shares, the Company issued to the U.S. Treasury warrants (the "Warrants") to purchase up
to 225,904 shares of the Company's common stock at a price per share of $16.60 (subject to adjustment). The Warrants (and any
shares of common stock issuable pursuant to the Warrants) are freely transferable by Treasury to third parties. The warrants have a
term of 10 years and could be exercised by Treasury or a subsequent holder at any time or from time to time during their term. To
the extent they had not previously been exercised, the Warrants will expire after ten years. The Warrants were unchanged as a result
of the CPP Shares repurchase transactions.
In May 2015, the Treasury sold all of the Warrants to private parties. In accordance with the contractual terms of the Warrants,
the number of shares issuable upon exercise of the Warrants and the strike price were adjusted at the time of the sale. As a result of
this transaction, the number of shares issuable under the Warrants was adjusted to 226,819 with a strike price of $16.53 per share. In
November 2016, the Company repurchased all of the outstanding Warrants for an aggregate purchase price of $1,750,000.
Common Stock
In 2016, the Company reserved 250,000 shares of its common stock to be made available to directors and employees who elect to
participate in the stock purchase or savings and investment plans. As of December 31, 2017, 27,273 shares had been issued pursuant
to these plans, leaving 222,727 shares available for future use. The issuance price is based on the market price of the stock at
issuance date. Prior to 2016, the Company had reserved 700,000 shares of its common stock to be made available to directors and
employees who elect to participate in the stock purchase or savings investment plans. Sales of stock to directors and employees
amounted to 12,762 shares in 2017, and 14,511 shares in 2016, and 13,787 shares in 2015.
In 2001, the Company established a dividend reinvestment plan to allow shareholders to use their cash dividends for the
automatic purchase of shares in the Company. When the plan was established, 600,000 shares were registered with the Securities
and Exchange Commission, and as of December 31, 2017, 257,759 shares have been issued, leaving 342,241 shares usable for
future issuance. Participation in this plan is optional and at the individual discretion of each shareholder. Shares are purchased for
the plan from the Company at a price per share equal to the average of the daily bid and asked prices reported on the NASDAQ
System for the five trading days immediately preceding, but not including, the dividend payment date. Sales of stock under the
dividend reinvestment plan amounted to 9,922 shares in 2017, 10,889 shares in 2016, and 11,668 shares in 2015.
Issuance of common stock for these plans totaled $632,000, $531,000 and $465,000 for the years ended December 31, 2017,
2016 and 2015, respectively.
Note 16. Stock Options and Stock-Based Compensation
At the 2010 Annual Meeting, shareholders approved the 2010 Equity Incentive Plan (the "2010 Plan"). This reserves 400,000 shares
of common stock for issuance in connection with stock options, restricted stock awards and other equity based awards to attract and
retain the best available personnel, provide additional incentive to officers, employees and non-employee Directors and promote the
success of our business. Such grants and awards have been and will be structured in a manner that does not encourage the recipients
to expose the Company to undue or inappropriate risk. Options issued under the 2010 Plan will qualify for treatment as incentive
stock options for purposes of Section 422 of the Internal Revenue Code. Other compensation under the 2010 Plan will qualify as
performance-based for purposes of Section 162(m) of the Internal Revenue Code, and will satisfy NASDAQ guidelines relating to
equity compensation.
The First Bancorp - 2017 Form 10-K - Page 91
As of December 31, 2017, 127,560 shares of restricted stock had been granted under the 2010 Plan, of which 71,086 shares
remain restricted as of December 31, 2017 as detailed in the following table:
Year
Granted
2013
2014
2015
2016
2017
2017
2017
Vesting Term
(In Years)
5.0
5.0
5.0
5.0
1.0
3.0
5.0
Shares
14,776
10,422
12,023
15,015
3,976
4,902
9,972
71,086
Remaining Term
(In Years)
0.3
1.3
2.3
3.3
0.4
2.3
4.3
2.0
The compensation cost related to these restricted stock grants was $1,428,000 and will be recognized over the vesting terms of
each grant. In 2017, $392,000 of expense was recognized for these restricted shares, leaving $601,000 in unrecognized expense as
of December 31, 2017. In 2016, $298,000 of expense was recognized for restricted shares, leaving $457,000 in unrecognized
expense as of December 31, 2016.
The Company established a shareholder-approved stock option plan in 1995 (the "1995 Plan"), under which the Company
granted options to employees for 600,000 shares of common stock. Only incentive stock options were granted under the 1995 Plan.
The exercise price of each option grant was determined by the Options Committee of the Board of Directors, and in no instance was
less than the fair market value on the date of the grant. An option's maximum term was ten years from the date of grant, with 50% of
the options granted vesting two years from the date of grant and the remaining 50% vesting five years from the date of grant. As of
January 16, 2005, all options under the 1995 Plan had been granted, and as of January 16, 2015, all options under the 1995 Plan had
been exercised or expired.
Note 17. Earnings Per Share
The following table provides detail for basic earnings per share (EPS) and diluted (EPS) for the years ended December 31, 2017,
2016 and 2015:
Income
(Numerator)
Shares
(Denominator)
Per-Share
Amount
For the year ended December 31, 2017
Net income as reported
$ 19,588,000
Basic EPS: Income available to common shareholders
19,588,000
10,747,306
$
1.82
Effect of dilutive securities: restricted stock
Diluted EPS: Income available to common shareholders plus assumed
conversions
For the year ended December 31, 2016
Net income as reported
Basic EPS: Income available to common shareholders
Effect of dilutive securities: restricted stock and warrants
Diluted EPS: Income available to common shareholders plus assumed
conversions
For the year ended December 31, 2015
Net income as reported
Basic EPS: Income available to common shareholders
Effect of dilutive securities: restricted stock and warrants
71,712
$ 19,588,000
10,819,018
$
1.81
$ 18,009,000
18,009,000
10,713,290
116,512
$
1.68
$ 18,009,000
10,829,802
$
1.66
$ 16,206,000
16,206,000
10,674,755
$
1.52
90,114
Diluted EPS: Income available to common shareholders plus assumed
conversions
$ 16,206,000
10,764,869
$
1.51
The First Bancorp - 2017 Form 10-K - Page 92
All EPS calculations have been made using the weighted average number of shares outstanding during the period. The dilutive
securities are restricted stock granted to certain key members of Management and warrants granted to the U.S. Treasury under the
Capital Purchase Program. The dilutive number of shares has been calculated using the treasury method, assuming that all granted
stock and warrants were vested and exercised at the end of each period.
The following table presents the number of options and warrants outstanding as of December 31, 2015 and the amount for
which the average price at year end is above or below the strike price:
As of December 31, 2015
Warrants issued to private parties
Total dilutive securities
Note 18. Regulatory Capital Requirements
Outstanding
In-the-Money
Out-of-the-Money
226,819
226,819
226,819
226,819
—
—
The ability of the Company to pay cash dividends to its shareholders depends primarily on receipt of dividends from its subsidiary,
the Bank. The Bank may pay dividends to its parent out of so much of its net income 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
income of that year combined with its retained net income of the preceding two years and subject to minimum regulatory capital
requirements. The amount available for dividends in 2018 will be 2018 earnings plus retained earnings of $15,846,000 from 2017
and 2016.
The payment of dividends by the Company is also affected by various regulatory requirements and policies, such as the
requirements to maintain adequate capital. In addition, if, in the opinion of the applicable regulatory authority, a bank under its
jurisdiction is engaged in or is about to engage in an unsafe or unsound practice (which, depending on the financial condition of the
bank, could include the payment of dividends), that authority may require, after notice and hearing, that such bank cease and desist
from that practice. The Federal Reserve Bank and the Comptroller of the Currency have each indicated that paying dividends that
deplete a bank's capital base to an inadequate level would be an unsafe and unsound banking practice. The Federal Reserve Bank,
the Comptroller of the Currency and the Federal Deposit Insurance Corporation have issued policy statements which provide that
bank holding companies and insured banks should generally only pay dividends out of current operating earnings.
In addition to the effect on the payment of dividends, failure to meet minimum capital requirements can also result in
mandatory and discretionary actions by regulators that, if undertaken, could have an impact on the Company's operations. Under
capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital
guidelines that involve quantitative measurements of the Bank's assets, liabilities, and certain off-balance-sheet items as calculated
under regulatory accounting practices. The Bank's capital amounts and classifications are also subject to qualitative judgments by
the regulators about components, risk weightings, and other factors.
Financial institution regulators have established guidelines for minimum capital ratios for banks and bank holding companies.
The net unrealized gain or loss on securities available for sale 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. The adoption of this new framework modified the calculation of the various capital ratios, added a new ratio, common
equity tier 1, and revised the adequately and well capitalized thresholds. Additionally, under the new rule, in order to avoid
limitations on capital distributions, including dividend payments, the Company must hold a capital conservation buffer above the
adequately capitalized risk-based capital ratios. The capital conservation buffer is being phased in from 0.0% for 2015 to 2.50% by
2019. As of December 31, 2017, the Company's capital conservation buffer was 7.24%, and met both the 2017 minimum
requirement of 2.25% and the fully phased-in 2019 minimum requirement.
As of December 31, 2017, the most recent notification from the Office of the Comptroller of the Currency classified the Bank
as well-capitalized under the regulatory framework for prompt corrective action. To be categorized as well-capitalized, the Bank
must maintain minimum total risk-based, Tier 1 risk-based, common equity Tier 1 risk-based and Tier 1 leverage ratios as set forth
in the table. There are no conditions or events since this notification that Management believes have changed the institution's
category.
The First Bancorp - 2017 Form 10-K - Page 93
The actual and minimum capital amounts and ratios for the Bank are presented in the following table:
As of December 31, 2017
Tier 2 capital to
risk-weighted assets
Tier 1 capital to
risk-weighted assets
Common equity Tier 1 capital to
risk-weighted assets
Tier 1 capital to
average assets
As of December 31, 2016
Tier 2 capital to
risk-weighted assets
Tier 1 capital to
risk-weighted assets
Common equity Tier 1 capital to
risk-weighted assets
Tier 1 capital to
average assets
Actual
For capital
adequacy
purposes
To be well-
capitalized
under prompt
corrective
action
provisions
$ 162,355,000
$ 86,063,000
$ 107,579,000
15.09%
8.00%
10.00%
$ 151,526,000
$ 64,548,000
$ 86,063,000
14.09%
6.00%
8.00%
$ 151,526,000
$ 48,411,000
$ 69,926,000
14.09%
4.50%
6.50%
$ 151,526,000
$ 71,386,000
$ 89,233,000
8.49%
4.00%
5.00%
$ 151,487,000
$ 77,928,000
$ 97,410,000
15.55%
8.00%
10.00%
$ 141,249,000
$ 58,446,000
$ 77,928,000
14.50%
6.00%
8.00%
$ 141,249,000
$ 43,835,000
$ 63,317,000
14.50%
4.50%
6.50%
$ 141,249,000
$ 65,437,000
$ 81,797,000
8.63%
4.00%
5.00%
The First Bancorp - 2017 Form 10-K - Page 94
The actual and minimum capital amounts and ratios for the Company, on a consolidated basis, are presented in the following
table:
As of December 31, 2017
Tier 2 capital to
risk-weighted assets
Tier 1 capital to
risk-weighted assets
Common equity Tier 1 capital to
risk-weighted assets
Tier 1 capital to
average assets
As of December 31, 2016
Tier 2 capital to
risk-weighted assets
Tier 1 capital to
risk-weighted assets
Common equity Tier 1 capital to
risk-weighted assets
Tier 1 capital to
average assets
Actual
For capital
adequacy
purposes
$ 163,943,000
$ 86,070,000
15.24%
8.00%
$ 153,114,000
$ 64,553,000
14.23%
6.00%
$ 153,114,000
$ 48,415,000
14.23%
4.50%
$ 153,114,000
$ 71,435,000
8.57%
4.00%
$ 152,802,000
$ 77,928,000
15.69%
8.00%
$ 142,564,000
$ 58,446,000
14.64%
6.00%
$ 142,564,000
$ 43,835,000
14.64%
4.50%
$ 142,564,000
$ 65,470,000
8.71%
4.00%
To be well-
capitalized
under prompt
corrective
action
provisions
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Note 19. Off-Balance-Sheet Financial Instruments and Concentrations of Credit Risk
The Bank is party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs
of its customers. These financial instruments include commitments to originate loans, commitments for unused lines of credit, and
standby letters of credit. The instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in
the consolidated balance sheets. The contract amounts of those instruments reflect the extent of involvement the Bank has in
particular classes of financial instruments.
Commitments for unused lines of credit are agreements to lend to a customer provided there is no violation of any condition
established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require
payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts
do not necessarily represent future cash requirements. The Bank evaluates each customer's creditworthiness on a case-by-case basis.
The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on Management's credit
evaluation of the borrower. The Bank did not incur any losses on its commitments in 2017, 2016 or 2015.
Standby letters of credit are conditional commitments issued by the Bank to guarantee a customer's performance to a third
party, with the customer being obligated to repay (with interest) any amounts paid out by the Bank under the letter of credit. The
credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers.
The Bank's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for loan
commitments and standby letters of credit is represented by the contractual amount of those instruments. The Bank uses the same
credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments.
The First Bancorp - 2017 Form 10-K - Page 95
At December 31, 2017 and 2016, the Bank had the following off-balance-sheet financial instruments, whose contract amounts
represent credit risk:
As of December 31,
Unused lines, collateralized by residential real estate
Other unused commitments
Standby letters of credit
Commitments to extend credit
Total
2017
2016
$ 76,887,000
62,771,000
$ 76,646,000
57,738,000
3,497,000
8,724,000
4,198,000
10,684,000
$ 151,879,000
$ 149,266,000
The Bank grants residential, commercial and consumer loans to customers principally located in the Mid-Coast and Down East
regions of Maine. Collateral on these loans typically consists of residential or commercial real estate, or personal property. Although
the loan portfolio is diversified, a substantial portion of borrowers' ability to honor their contracts is dependent on the economic
conditions in the area, especially in the real estate sector.
Derivative Financial Instruments Designated as Hedges
As part of its overall asset and liability management strategy, the Company periodically uses derivative instruments to minimize
significant unplanned fluctuations in earnings and cash flows caused by interest rate volatility. The Company's interest rate risk
management strategy involves modifying the re-pricing characteristics of certain assets and/or liabilities so that change in interest
rates does not have a significant adverse effect on net interest income. Derivative instruments that Management periodically uses as
part of its interest rate risk management strategy may include interest rate swap agreements, interest rate floor agreements, and
interest rate cap agreements.
At December 31, 2017, the Company had two outstanding, off-balance sheet, derivative instruments. These derivative
instruments were interest rate swap agreements, with notional principal amounts totaling $50,000,000 and an unrealized gain of
$1,544,000, net of tax. The notional amounts of the financial derivative instruments do not represent exposure to credit loss. The
Company is exposed to credit loss only to the extent the counter-party defaults in its responsibility to pay interest under the terms of
the agreements. The credit risk in derivative instruments is mitigated by entering into transactions with highly-rated counterparties
that Management believes to be creditworthy and by limiting the amount of exposure to each counter-party. At December 31, 2017,
the Company’s derivative instrument counterparties were credit rated “A” by the major credit rating agencies. The interest rate swap
agreements were entered into by the Company to limit its exposure to rising interest rates and were designated as cash flow hedges.
Note 20. Fair Value Disclosures
Certain assets and liabilities are recorded at fair value to provide additional insight into the Company's quality of earnings. Some of
these assets and liabilities are measured on a recurring basis while others are measured on a nonrecurring basis, with the
determination based upon applicable existing accounting pronouncements. For example, securities available for sale are recorded at
fair value on a recurring basis. Other assets, such as mortgage servicing rights, loans held for sale, and impaired loans, are recorded
at fair value on a nonrecurring basis using the lower of cost or market methodology to determine impairment of individual assets.
The Company groups assets and liabilities which are recorded at fair value in three levels, based on the markets in which the assets
and liabilities are traded and the reliability of the assumptions used to determine fair value. A financial instrument's level within the
fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement (with level 1 considered
highest and level 3 considered lowest). A brief description of each level follows.
Level 1 – Valuation is based upon quoted prices for identical instruments in active markets.
Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar
instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are
observable in the market.
Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the
market. These unobservable assumptions reflect estimates that market participants would use in pricing the asset or liability.
Valuation includes use of discounted cash flow models and similar techniques.
The fair value methods and assumptions for the Company's financial instruments and other assets measured at fair value are set
forth below.
Cash, Cash Equivalents and Interest-Bearing Deposits in Other Banks
The carrying values of cash equivalents, due from banks and federal funds sold approximate their relative fair values. As such, the
Company classifies these financial instruments as Level 1.
The First Bancorp - 2017 Form 10-K - Page 96
Investment Securities
The fair values of investment securities are estimated by independent providers using a market approach with observable inputs,
including matrix pricing and recent transactions. In obtaining such valuation information from third parties, the Company has
evaluated their valuation methodologies used to develop the fair values in order to determine whether the valuations are
representative of an exit price in the Company's principal markets. The Company's principal markets for its securities portfolios are
the secondary institutional markets, with an exit price that is predominantly reflective of bid level pricing in those markets. Fair
values are calculated based on the value of one unit without regard to any premium or discount that may result from concentrations
of ownership of a financial instrument, possible tax ramifications, or estimated transaction costs. If these considerations had been
incorporated into the fair value estimates, the aggregate fair value could have been changed. The carrying values of restricted equity
securities approximate fair values. As such, the Company classifies investment securities as Level 2.
Loans Held for Sale
Loans held for sale are recorded at the lower of carrying value or market value. The fair value of mortgage loans held for sale is
based on what secondary markets are currently offering for portfolios with similar characteristics. As such, the Company classifies
mortgage loans held for sale as Level 2.
Loans
Fair values are estimated for portfolios of loans with similar financial characteristics. The fair values of performing loans are
calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the
credit and interest risk inherent in the loan. The estimates of maturity are based on the Company's historical experience with
repayments for each loan classification, modified, as required, by an estimate of the effect of current economic and lending
conditions, and the effects of estimated prepayments. Assumptions regarding credit risk, cash flows, and discount rates are
judgmentally determined using available market information and specific borrower information. Management has made estimates of
fair value using discount rates that it believes to be reasonable. However, because there is no market for many of these financial
instruments, Management has no basis to determine whether the fair value presented above would be indicative of the value
negotiated in an actual sale. As such, the Company classifies loans as Level 3, except for certain collateral-dependent impaired
loans. Fair values of impaired loans are based on estimated cash flows and are discounted using a rate commensurate with the risk
associated with the estimated cash flows, or if collateral dependent, discounted to the appraised value of the collateral as determined
by reference to sale prices of similar properties, less costs to sell. As such, the Company classifies collateral dependent impaired
loans for which a specific reserve results in a fair value measure as Level 2. All other impaired loans are classified as Level 3.
Other Real Estate Owned
Real estate acquired through foreclosure is initially recorded at fair value. The fair value of other real estate owned is based on
property appraisals and an analysis of sales prices of similar properties currently available. As such, the Company records other real
estate owned as nonrecurring Level 2.
Mortgage Servicing Rights
Mortgage servicing rights represent the value associated with servicing residential mortgage loans. Servicing assets and servicing
liabilities are reported using the amortization method and compared to fair value for impairment. In evaluating the fair values of
mortgage servicing rights, the Company obtains third party valuations based on loan level data including note rate, type and term of
the underlying loans. As such, the Company classifies mortgage servicing rights as Level 2.
Accrued Interest Receivable
The fair value estimate of this financial instrument approximates the carrying value as this financial instrument has a short maturity.
It is the Company's policy to stop accruing interest on loans for which it is probable that the interest is not collectible. Therefore,
this financial instrument has been adjusted for estimated credit loss. As such, the Company classifies accrued interest receivable as
Level 2.
Deposits
The fair value of deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates
currently offered for deposits of similar remaining maturities. As such, the Company classifies deposits as Level 2. The fair value
estimates do not include the benefit that results from the low-cost funding provided by the deposits compared to the cost of
borrowing funds in the market. If that value were considered, the fair value of the Company's net assets could increase.
Borrowed Funds
The fair value of borrowed funds is based on the discounted value of contractual cash flows. The discount rate is estimated using the
rates currently available for borrowings of similar remaining maturities. As such, the Company classifies borrowed funds as Level 2.
The First Bancorp - 2017 Form 10-K - Page 97
Accrued Interest Payable
The fair value estimate approximates the carrying amount as this financial instrument has a short maturity. As such, the Company
classifies accrued interest payable as Level 2.
Derivatives
The fair value of interest rate swaps is determined using inputs that are observable in the market place obtained from third parties
including yield curves, publicly available volatilities, and floating indexes and, accordingly, are classified as Level 2 inputs. The
credit value adjustments associated with derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the
likelihood of default by the Company and its counterparties. As of December 31, 2017 and 2016, the Company has assessed the
significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined
that the credit valuation adjustments are not significant to the overall valuation of its derivatives due to collateral postings.
Off-Balance-Sheet Instruments
Off-balance-sheet instruments include loan commitments. Fair values for loan commitments have not been presented as the future
revenue derived from such financial instruments is not significant.
Limitations
Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial
instrument. These values do not reflect any premium or discount that could result from offering for sale at one time the Company's
entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company's financial
instruments, fair value estimates are based on Management's judgments regarding future expected loss experience, current economic
conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and
involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in
assumptions could significantly affect the estimates. Fair value estimates are based on existing on- and off-balance-sheet financial
instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not
considered financial instruments. Other significant assets and liabilities that are not considered financial instruments include the
deferred tax asset, premises and equipment, and other real estate owned. In addition, tax ramifications related to the realization of
the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the
estimates.
Assets and Liabilities Recorded at Fair Value on a Recurring Basis
The following tables present the balances of assets and liabilities that were measured at fair value on a recurring basis as of
December 31, 2017 and 2016.
Securities available for sale
Mortgage-backed securities
State and political subdivisions
Other equity securities
Total securities available for sale
Interest rate swap agreements
Total assets
At December 31, 2017
Level 1
Level 2
Level 3
Total
$
$
$
$
— $ 289,989,000
—
6,769,000
—
3,414,000
— $ 300,172,000
— $
1,955,000
— $ 302,127,000
$
$
$
$
— $ 289,989,000
—
6,769,000
—
3,414,000
— $ 300,172,000
— $
1,955,000
— $ 302,127,000
The First Bancorp - 2017 Form 10-K - Page 98
Securities available for sale
Mortgage-backed securities
State and political subdivisions
Other equity securities
Total securities available for sale
Interest rate swap agreements
Total assets
At December 31, 2016
Level 1
Level 2
Level 3
Total
$
$
$
$
— $ 280,604,000
—
16,482,000
—
3,330,000
— $ 300,416,000
— $
1,790,000
— $ 302,206,000
$
$
$
$
— $ 280,604,000
—
16,482,000
—
3,330,000
— $ 300,416,000
— $
1,790,000
— $ 302,206,000
Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis
The following tables present assets measured at fair value on a nonrecurring basis that have had a fair value adjustment since their
initial recognition. Other real estate owned is presented net of an allowance for losses of $53,000 and $205,000 at December 31,
2017 and 2016, respectively. Only collateral-dependent impaired loans with a related specific allowance for loan losses or a partial
charge off are included in impaired loans for purposes of fair value disclosures. Impaired loans below are presented net of specific
allowances of $1,531,000 and $478,000 at December 31, 2017 and 2016, respectively.
Other real estate owned
Impaired loans
Total assets
Other real estate owned
Impaired loans
Total assets
Fair Value of Financial Instruments
At December 31, 2017
Level 1
Level 2
Level 3
— $
—
— $
1,012,000
6,521,000
7,533,000
$
$
At December 31, 2016
Level 1
Level 2
Level 3
— $
—
— $
375,000
827,000
1,202,000
$
$
$
$
$
$
Total
1,012,000
6,521,000
7,533,000
— $
—
— $
Total
375,000
827,000
1,202,000
— $
—
— $
FASB ASC Topic 825, "Financial Instruments," requires disclosures of fair value information about financial instruments, whether
or not recognized in the balance sheet, if the fair values can be reasonably determined. Fair value is best determined based upon
quoted market prices. However, in many instances, there are no quoted market prices for the Company's various financial
instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other
valuation techniques using observable inputs when available. Those techniques are significantly affected by the assumptions used,
including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an
immediate settlement of the instrument. FASB ASC Topic 825 excludes certain financial instruments and all nonfinancial
instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent
the underlying fair value of the Company.
The First Bancorp - 2017 Form 10-K - Page 99
The carrying amounts and estimated fair values for financial instruments as of December 31, 2017 were as follows:
Interest-bearing deposits in other banks
860,000
860,000
860,000
$
19,207,000
$
19,207,000
$
19,207,000
$
As of December 31, 2017
Financial assets
Cash and cash equivalents
Securities available for sale
Securities to be held to maturity
Restricted equity securities
Loans held for sale
Loans (net of allowance for loan losses)
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Total loans
Mortgage servicing rights
Interest rate swap agreements
Accrued interest receivable
Financial liabilities
Demand deposits
NOW deposits
Money market deposits
Savings deposits
Local certificates of deposit
National certificates of deposit
Total deposits
Repurchase agreements
Federal Home Loan Bank advances
Total borrowed funds
Accrued interest payable
Carrying
value
Estimated
fair value
Level 1
Level 2
Level 3
300,172,000
300,172,000
256,567,000
259,655,000
10,358,000
10,358,000
386,000
386,000
319,691,000
311,321,000
37,594,000
36,610,000
177,956,000
175,455,000
33,370,000
33,280,000
431,459,000
431,028,000
17,830,000
17,613,000
110,566,000
109,012,000
24,944,000
24,408,000
1,153,410,000
1,138,727,000
1,268,000
1,955,000
5,867,000
2,321,000
1,955,000
5,867,000
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
— $
—
300,172,000
259,655,000
10,358,000
386,000
—
—
—
—
—
—
72,000
311,249,000
—
36,610,000
6,018,000
169,437,000
—
33,280,000
391,000
430,637,000
—
17,613,000
40,000
108,972,000
—
24,408,000
6,521,000
1,132,206,000
2,321,000
1,955,000
5,867,000
$
181,970,000
$
174,481,000
$
— $
174,481,000
$
281,405,000
261,702,000
163,898,000
153,497,000
232,605,000
203,799,000
223,074,000
220,734,000
335,927,000
335,775,000
—
—
—
—
—
261,702,000
153,497,000
203,799,000
220,734,000
335,775,000
1,418,879,000
1,349,988,000
— 1,349,988,000
70,564,000
67,976,000
158,194,000
156,396,000
228,758,000
224,372,000
642,000
642,000
—
—
—
—
67,976,000
156,396,000
224,372,000
642,000
The First Bancorp - 2017 Form 10-K - Page 100
—
—
—
—
—
—
—
—
—
—
—
—
—
—
The carrying amounts and estimated fair values for financial instruments as of December 31, 2016 were as follows:
Interest-bearing deposits in other banks
293,000
293,000
293,000
$
17,366,000
$
17,366,000
$
17,366,000
$
As of December 31, 2016
Financial assets
Cash and cash equivalents
Securities available for sale
Securities to be held to maturity
Restricted equity securities
Loans held for sale
Loans (net of allowance for loan losses)
Commercial
Real estate
Construction
Other
Municipal
Residential
Term
Construction
Home equity line of credit
Consumer
Total loans
Mortgage servicing rights
Interest rate swap agreements
Accrued interest receivable
Financial liabilities
Demand deposits
NOW deposits
Money market deposits
Savings deposits
Local certificates of deposit
National certificates of deposit
Total deposits
Repurchase agreements
Federal Home Loan Bank advances
Total borrowed funds
Accrued interest payable
Carrying
value
Estimated
fair value
Level 1
Level 2
Level 3
300,416,000
300,416,000
226,828,000
225,537,000
11,930,000
11,930,000
782,000
782,000
297,952,000
293,103,000
24,954,000
24,548,000
148,737,000
147,394,000
27,035,000
27,446,000
409,999,000
410,327,000
18,253,000
18,125,000
109,986,000
108,740,000
24,472,000
24,131,000
1,061,388,000
1,053,814,000
1,113,000
1,790,000
5,532,000
1,696,000
1,790,000
5,532,000
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
— $
—
300,416,000
225,537,000
11,930,000
782,000
—
—
—
—
—
—
558,000
292,545,000
—
24,548,000
33,000
147,361,000
—
27,446,000
236,000
410,091,000
—
—
—
18,125,000
108,740,000
24,131,000
827,000
1,052,987,000
1,696,000
1,790,000
5,532,000
$
140,482,000
$
133,342,000
$
— $
133,342,000
$
282,971,000
259,418,000
125,544,000
115,087,000
217,340,000
188,260,000
210,316,000
209,370,000
266,304,000
266,372,000
—
—
—
—
—
259,418,000
115,087,000
188,260,000
209,370,000
266,372,000
1,242,957,000
1,171,849,000
— 1,171,849,000
84,174,000
79,827,000
194,727,000
193,733,000
278,901,000
273,560,000
479,000
479,000
—
—
—
—
79,827,000
193,733,000
273,560,000
479,000
The First Bancorp - 2017 Form 10-K - Page 101
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Note 21. Other Operating Income and Expense
Other operating income and other operating expense include the following items greater than 1% of revenues.
For the years ended December 31,
Other operating income
ATM and debit card income
Other operating expense
Advertising and marketing expense
Accounting and auditing expenses
ATM and interchange expense
Note 22. Legal Contingencies
2017
2016
2015
$
$
$
$
3,378,000
1,208,000
818,000
886,000
3,024,000
1,099,000
690,000
853,000
$
$
2,714,000
1,178,000
797,000
814,000
Various legal claims also arise from time to time in the normal course of business which, in the opinion of Management, will have
no material effect on the Company's consolidated financial statements.
Note 23. Reclassifications
Certain items from prior years were reclassified in the financial statements to conform with the current year presentation. These do
not have a material impact on the balance sheet or statement of income presentations.
The First Bancorp - 2017 Form 10-K - Page 102
Note 24. Condensed Financial Information of Parent
Condensed financial information for The First Bancorp, Inc. exclusive of its subsidiary is as follows:
Balance Sheets
As of December 31,
Assets
Cash and cash equivalents
Dividends receivable
Investments
Investment in subsidiary
Premises and equipment
Goodwill
Other assets
Total assets
Liabilities and shareholders' equity
Dividends payable
Other liabilities
Total liabilities
Shareholders' equity
Common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income
Net unrealized gain on available for sale securities,
net of tax
Total accumulated other comprehensive income
Total shareholders' equity
Total liabilities and shareholders' equity
2017
2016
$
958,000
2,500,000
$
613,000
3,800,000
441,000
152,174,000
3,000
27,559,000
432,000
143,611,000
4,000
27,559,000
312,000
$ 183,947,000
300,000
$ 176,319,000
$
2,599,000
$
3,778,000
27,000
20,000
2,626,000
3,798,000
108,000
108,000
61,747,000
60,723,000
119,373,000
111,653,000
93,000
93,000
37,000
37,000
181,321,000
$ 183,947,000
172,521,000
$ 176,319,000
The First Bancorp - 2017 Form 10-K - Page 103
Statements of Income
For the years ended December 31,
Interest and dividends on investments
Net securities losses
Total income
Occupancy expense
Other operating expense
Total expense
Loss before income taxes and Bank earnings
Applicable income taxes
Loss before Bank earnings
Equity in earnings of Bank
Remitted
Unremitted
Net income
Statements of Cash Flows
For the years ended December 31,
Cash flows from operating activities:
Net income
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
Equity compensation expense
Loss on sale of investments
Tax benefit from vesting of restricted stock
(Increase) decrease in other assets
(Increase) decrease in dividends receivable
Increase (decrease) in dividends payable
Increase (decrease) in other liabilities
Unremitted earnings of Bank
Net cash provided by operating activities
Cash flows from investing activities:
Proceeds from sales/maturities of investments
Capital expenditures
Net cash provided by (used in) investing activities
Cash flows from financing activities:
Purchase of common stock
Proceeds from sale of common stock
Repurchase of warrants
Dividends paid
Net cash used in financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
2017
2016
2015
$
$
15,000
(3,000)
12,000
5,000
$
22,000
(6,000)
16,000
9,000
588,000
593,000
(581,000)
(187,000)
(394,000)
528,000
537,000
(521,000)
(186,000)
(335,000)
18,000
—
18,000
12,000
488,000
500,000
(482,000)
(172,000)
(310,000)
11,180,000
8,802,000
$ 19,588,000
11,300,000
7,044,000
10,000,000
6,516,000
$ 18,009,000
$ 16,206,000
2017
2016
2015
$ 19,588,000
$ 18,009,000
$ 16,206,000
5,000
392,000
3,000
—
27,000
1,300,000
(1,179,000)
(3,000)
(8,802,000)
11,331,000
8,000
298,000
6,000
32,000
136,000
(1,300,000)
112,000
(4,000)
(7,044,000)
10,253,000
12,000
296,000
—
—
(135,000)
(50,000)
—
160,000
(6,516,000)
9,973,000
—
(4,000)
(4,000)
87,000
—
87,000
—
—
—
(154,000)
632,000
—
(11,460,000)
(10,982,000)
345,000
613,000
(129,000)
531,000
(1,750,000)
(9,810,000)
(11,158,000)
(818,000)
1,431,000
(180,000)
465,000
—
(9,349,000)
(9,064,000)
909,000
522,000
$
958,000
$
613,000
$
1,431,000
The First Bancorp - 2017 Form 10-K - Page 104
Note 25. New Accounting Pronouncements
The FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, in 2014 to replace
the current plethora of industry-specific rules with a broad, principles-based framework for recognizing and measuring revenue. Due
to the complexity of the new pronouncement and the anticipated effort required by entities in many industries to implement ASU
No. 2014-09, FASB delayed the effective date. Public business entities, certain not-for-profit entities, and certain employee benefit
plans should apply the guidance to annual reporting periods beginning after December 15, 2017, and all other entities should apply
the guidance to annual reporting periods beginning after December 15, 2018. FASB formed a Transition Resource Group to assist it
in identifying implementation issues that may require further clarification or amendment to ASU No. 2014-09. As a result of that
group’s deliberations, FASB has issued the following amendments, which will be effective concurrently with ASU No. 2014-09:
ASU No. 2016-08, Principal versus Agent Considerations, which clarifies whether an entity should record the gross amount of
revenue or only its ultimate share when a third party is also involved in providing goods or services to a customer; ASU No.
2016-10, Identifying Performance Obligations and Licensing, which clarifies and simplifies the process for determining whether
performance obligations to a customer should be segregated and accounted for individually, and clarifies how the new revenue rules
apply to licenses of intellectual property; and ASU No. 2016-12, Narrow-Scope Improvements and Practical Expedients, which
clarifies and simplifies the process of assessing collectability of consideration under a contract, presentation of sales taxes,
accounting for noncash consideration received, and certain transitional issues. Since the guidance does not apply to revenue
associated with financial instruments, including loans and securities that are accounted for under other U.S. GAAP, the Company
does not expect the new guidance to have a material impact on revenue most closely associated with financial instruments, including
interest income and expense. The Company is currently performing an overall assessment of revenue streams and reviewing
contracts potentially affected by the ASU including trust and asset management fees, deposit related fees, interchange fees, and
merchant income, to determine the potential impact the new guidance is expected to have on the Company’s Consolidated Financial
Statements. In addition, the Company continues to follow certain implementation issues relevant to the banking industry which are
still pending resolution. The Company plans to adopt ASU No. 2014-09 on January 1, 2018 utilizing the modified retrospective
approach.
In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall: Recognition and Measurement of
Financial Assets and Financial Liabilities. The ASU was issued to enhance the reporting model for financial instruments to provide
users of financial statements with more decision-useful information. This ASU changes how entities account for equity investments
that do not result in consolidation and are not accounted for under the equity method of accounting. The ASU also changes certain
disclosure requirements and other aspects of U.S. GAAP, including a requirement for public business entities to use the exit price
notion when measuring the fair value of financial instruments for disclosure purposes. The ASU is effective for fiscal years
beginning after December 15, 2017, including interim periods within those fiscal years. Management does not expect the ASU to
have a material effect on the Company's consolidated financial statements.
In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The ASU was issued to increase transparency and
comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key
information about leasing arrangements. The ASU is effective for annual periods, and interim periods within those annual periods,
beginning after December 15, 2018. Management is reviewing the guidance in the ASU to determine whether it will have a material
effect on the Company’s consolidated financial statements.
In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting. This ASU
includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the
financial statements. Some of the key provisions of this new ASU include: (1) companies will no longer record excess tax benefits
and certain tax deficiencies in additional paid-in capital (APIC). Instead, they will record all excess tax benefits and tax deficiencies
as income tax expense or benefit in the income statement, and APIC pools will be eliminated. The guidance also eliminates the
requirement that excess tax benefits be realized before companies can recognize them. In addition, the guidance requires companies
to present excess tax benefits as an operating activity on the statement of cash flows rather than as a financing activity; (2) increase
the amount an employer can withhold to cover income taxes on awards and still qualify for the exception to liability classification
for shares used to satisfy the employer’s statutory income tax withholding obligation. The new guidance will also require an
employer to classify the cash paid to a tax authority when shares are withheld to satisfy its statutory income tax withholding
obligation as a financing activity on its statement of cash flows (current guidance did not specify how these cash flows should be
classified); and (3) permit companies to make an accounting policy election for the impact of forfeitures on the recognition of
expense for share-based payment awards. Forfeitures can be estimated on the date the award is granted, or recognized when they
occur. ASU No. 2016-09 is effective for interim and annual reporting periods beginning after December 15, 2016. The adoption of
the ASU did not have a material effect on the Company’s consolidated financial statements.
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit
Losses on Financial Instruments. Under the new guidance, which will replace the existing incurred loss model for recognizing credit
losses, banks and other lending institutions will be required to recognize the full amount of expected credit losses. The new
guidance, which is referred to as the current expected credit loss model, requires that expected credit losses for financial assets held
at the reporting date that are accounted for at amortized cost be measured and recognized based on historical experience and current
The First Bancorp - 2017 Form 10-K - Page 105
and reasonably supportable forecasted conditions to reflect the full amount of expected credit losses. A modified version of these
requirements also applies to debt securities classified as available for sale. The ASU is effective for fiscal years beginning after
December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after
December 15, 2018, including interim periods within such years. The Company is currently evaluating the impact of the adoption of
the ASU on its consolidated financial statements, and anticipates it may have a material impact. The Bank has formed an
implementation committee for ASU 2016-13. To date, committee members have participated in educational seminars on the new
standards, begun the process of identifying the historical data sets that will be necessary to implement the new standard, and chose a
third-party vendor who provides software solutions for ASU 2016-13 modeling and calculation.
In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for
Goodwill Impairment. The ASU was issued to reduce the cost and complexity of the goodwill impairment test. To simplify the
subsequent measurement of goodwill, step two of the goodwill impairment test was eliminated. Instead, a Company will recognize
an impairment of goodwill should the carrying value of a reporting unit exceed its fair value (i.e. step one). The ASU will be
effective for the Company on January 1, 2020 and will be applied prospectively. The Company does not expect the implementation
to have a material effect on the Company's consolidated financial statements.
In March 2017, the FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities. This ASU
shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. Today, entities
generally amortize the premium over the contractual life of the security. The new guidance does not change the accounting for
purchased callable debt securities held at a discount; the discount continues to be accreted to maturity. The ASU is effective for
interim and annual reporting periods beginning after December 15, 2018; early adoption is permitted. The guidance calls for a
modified retrospective transition approach under which a cumulative-effect adjustment will be made to retained earnings as of the
beginning of the first reporting period in which the guidance is adopted. The Company's current practice aligns with the ASU
therefore Management believes there will be no impact on the Company's consolidated financial statements.
In May 2017, the FASB issued ASU No. 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification
Accounting. The ASU was issued to provide clarity and reduce both 1) diversity in practice and 2) cost and complexity when
applying the guidance in Topic 718, Compensation-Stock Compensation, to a change to the terms or conditions of a shared-based
payment award. The ASU include guidance on determining which changes to the terms and conditions of share-based payment
awards require and entity to apply modification accounting under Topic 718. The ASU is effective for the annual period, and interim
periods within the annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any
interim period. The ASU should be applied prospectively to an award modified on or after the adoption date. Management does not
expect the ASU to have a material effect on the Company's consolidated financial statements.
In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815). The amendments in this ASU improve
the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its
financial statements. In addition, this ASU makes certain targeted improvements to simplify the application of the hedge accounting
guidance in current US GAAP. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, and
interim periods within those fiscal year. Early application is permitted in any interim period after issuance of the ASU. Management
is reviewing the guidance in this ASU to determine whether it will have a material effect on the Company's consolidated financial
statements.
In February 2018, the FASB issued ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220):
Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Loss). This ASU was issued to allow a
reclassification from accumulated other comprehensive income (loss) to retained earnings for stranded tax effects resulting from the
Tax Cuts and Jobs Act. Consequently, the amendments eliminate the stranded tax effects resulting from the Tax Cuts and Jobs Act
and will improve the usefulness of information reported to financial statement users. However, because the amendments only relate
to the reclassification of the income tax effects of the Tax Cuts and Jobs Act, the underlying guidance that requires that the effect of
a change in tax laws or rates be included in income from continuing operations is not affected. The ASU is effective for fiscal years
beginning after December 15, 2018, with early adoption permitted for financial statements which have not yet been issued. The
Company adopted the ASU for the December 31, 2017 consolidated financial statements, which resulted in a reclassification
adjustment on the Consolidated Statements of Changes in Shareholders' Equity of $297,000 from accumulated other comprehensive
income (loss) to retained earnings. Refer to Note 9, Income Taxes, for additional information.
The First Bancorp - 2017 Form 10-K - Page 106
Note 26. Quarterly Information
The following tables provide unaudited financial information by quarter for each of the past two years:
Dollars in thousands
except per share data
Balance Sheets
Cash and cash equivalents $
Interest-bearing deposits
in other banks
Investments
Restricted equity
securities
Net loans and loans held
for sale
Other assets
Total assets
Deposits
Borrowed funds
Other liabilities
Shareholders' equity
Total liabilities
& equity
Interest income
Interest expense
Net interest income
Provision for
loan losses
Net interest income after
provision for loan losses
Non-interest income
Non-interest expense
Income before taxes
Income taxes
Net income
Basic earnings per share
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
14,533
$
20,838
$
23,456
$
17,366
$
17,600
$
23,718
$
22,375
$
19,207
6,372
7,568
453,336
457,599
15,098
471,063
293
3,272
291
584
860
527,244
553,453
552,269
541,678
556,739
13,875
14,441
14,048
11,930
13,363
12,311
10,798
10,358
994,947
1,029,568
1,019,922
1,062,170
1,080,347
1,110,919
1,110,508
1,153,796
91,618
91,440
91,501
93,872
95,793
96,143
95,758
101,970
$ 1,574,681
$ 1,621,454
$ 1,635,088
$ 1,712,875
$ 1,763,828
$ 1,795,651
$ 1,781,701
$ 1,842,930
$ 1,109,441
$ 1,145,709
$ 1,173,749
$ 1,242,957
$ 1,346,483
$ 1,319,259
$ 1,350,049
$ 1,418,879
276,531
17,165
171,544
283,095
17,862
174,788
268,098
17,247
175,994
278,901
18,496
172,521
226,467
15,968
174,910
282,277
16,578
177,537
234,328
17,442
179,882
228,758
13,972
181,321
$ 1,574,681
$ 1,621,454
$ 1,635,088
$ 1,712,875
$ 1,763,828
$ 1,795,651
$ 1,781,701
$ 1,842,930
$
13,276
$
13,600
$
13,283
$
13,600
$
14,491
$
15,002
$
15,517
$
15,822
2,547
10,729
375
2,649
10,951
375
2,754
10,529
375
2,862
10,738
475
3,015
11,476
500
3,337
11,665
500
3,563
11,954
750
3,614
12,208
250
10,354
10,576
10,154
10,263
10,976
11,165
11,204
11,958
2,964
7,200
6,118
1,615
4,503
0.42
$
$
3,006
7,245
6,337
1,713
4,624
0.43
0.43
$
$
$
3,469
7,405
6,218
1,656
4,562
0.43
0.42
$
$
$
3,060
7,533
5,790
1,470
4,320
0.40
0.39
$
$
$
2,843
7,698
6,121
1,484
4,637
0.43
0.43
$
$
$
3,002
7,640
6,527
1,644
4,883
0.45
0.45
$
$
$
3,493
8,013
6,684
1,702
4,982
0.46
0.46
$
$
$
3,210
8,300
6,868
1,782
5,086
0.48
0.47
$
$
$
Income and Comprehensive Income Statements
Diluted earnings per share $
0.42
Other comprehensive income (loss), net of tax
Net unrealized gain (loss)
on securities available for
sale
Net unrealized gain (loss)
on securities transfered
from available for sale to
held to maturity
Net unrealized gain (loss)
on cash flow hedging
derivative instruments
Unrecognized gain (loss)
on postretirement benefit
costs
Other comprehensive
income (loss)
Comprehensive income
$
1,852
$
1,025
$
(1,292) $
(3,643) $
1
$
349
$
(240) $
(1,562)
(11)
(10)
9
(5)
(4)
(4)
(3)
(3)
(135)
193
1,105
—
—
$
$
1,841
6,344
$
$
—
880
5,504
$
$
—
54
(1,090) $
(2,489) $
3,472
$
1,831
$
4,697
63
—
60
(171)
(20)
235
—
174
5,057
$
$
$
$
—
(19)
(263) $
(1,349)
4,719
$
3,737
The First Bancorp - 2017 Form 10-K - Page 107
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(cid:3)
ITEM 15. Exhibits, Financial Statement Schedules
A. Exhibits (cid:3) (cid:3)
Exhibit 3.1 Conformed Copy of the Registrant's Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the
Company's Form 8-K filed under item 5.03 on October 7, 2004).
Exhibit 3.2 Amendment to the Registrant's Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Company's
Form 8-K filed under item 5.03 on May 1, 2008).
Exhibit 3.3 Amendment to the Registrant's Articles of Incorporation (incorporated by reference to the Definitive Proxy Statement
for the Company's 2008 Annual Meeting filed on March 14, 2008).
Exhibit 3.4 Amendment to the Registrant's Articles of Incorporation authorizing issuance of preferred stock (incorporated by
reference to Exhibit 3.1 to Current Report on Form 8-K filed on December 29, 2008).
Exhibit 3.5 Conformed Copy of the Company's Bylaws (incorporated by reference to Exhibit 3.5 to the Company's Form 10-K
filed March 10, 2017).
Exhibit 10.1 Director Split Dollar Insurance Plan and Specimen Agreement dated January 1, 2016, attached as Exhibit 10.1 to the
Company's Form 8-K filed under item 1.01 on October 25, 2017.
Exhibit 10.2 Executive Split Dollar Insurance Plan and Specimen Agreement dated January 1, 2016, attached as Exhibit 10.2 to
the Company's Form 8-K filed under item 1.01 on October 25, 2017.
Exhibit 14.1 Code of Ethics for Senior Financial Officers, adopted by the Board of Directors on September 19, 2003.
Incorporated by reference to Exhibit 14.1 to the Company's Annual Report on Form 10-K filed on March 15, 2006.
Exhibit 14.2 Code of Business Conduct and Ethics, adopted by the Board of Directors on April 15, 2004. Incorporated by
reference to Exhibit 14.2 to the Company's Annual Report on Form 10-K filed on March 15, 2006.
Exhibit 23.1 Consent of Independent Registered Public Accounting Firm
Exhibit 31.1 Certification of Chief Executive Officer Pursuant to Rule 13A-14(A) of The Securities Exchange Act of 1934
Exhibit 31.2 Certification of Chief Financial Officer Pursuant to Rule 13A-14(A) of The Securities Exchange Act of 1934
Exhibit 32.1 Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of
The Sarbanes-Oxley Act of 2002
Exhibit 32.2 Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of
The Sarbanes-Oxley Act of 2002
Exhibit 101.INS XBRL Instance Document
Exhibit 101.SCH XBRL Taxonomy Extension Schema Document
Exhibit 101.CAL XBRL Taxonomy Extension Calculation Linkbase Document
Exhibit 101.LAB XBRL Taxonomy Extension Label Linkbase Document
Exhibit 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document
Exhibit 101.DEF XBRL Taxonomy Extension Definitions Linkbasea
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Board of Directors
Office Locations
David B. Soule, Jr., Chairman of the Board
Katherine M. Boyd
Robert B. Gregory
Renee W. Kelly
Tony C. McKim
Mark N. Rosborough
Cornelius J. Russell
Stuart G. Smith
Bruce B. Tindal
Directors of The First Bancorp also serve
as Directors of First National Bank
The First Bancorp Executive Officers
Tony C. McKim
President & Chief Executive Officer
F. Stephen Ward
Executive Vice President & Chief Financial Officer
Charles A. Wootton
Executive Vice President & Clerk
Bangor
Bar Harbor
Blue Hill
Boothbay Harbor
Calais
Camden
Damariscotta
Eastport
Ellsworth
Northeast Harbor
Rockland Park Street
Rockland Union Street
Rockport
Southwest Harbor
Waldoboro
Wiscasset
First National Bank Executive Management Team
Tony C. McKim
President & Chief Executive Officer
Richard M. Elder
Executive Vice President & Treasurer
Susan A. Norton
Executive Vice President & Chief Administrative Officer
Steven K. Parady, Esq.
Executive Vice President,
Senior Trust Officer & Chief Fiduciary Officer
Tammy L. Plummer
Executive Vice President & Chief Information Officer
Sarah J. Tolman
Executive Vice President, Branch Administration
F. Stephen Ward
Executive Vice President & Chief Financial Officer
Charles A. Wootton
Executive Vice President & Senior Lending Officer
Office Locations
Bangor
Bar Harbor
Damariscotta
Ellsworth
Rockland Union Street
23
TheFirst.com | PO Box 940 | Damariscotta, ME 04543 | 800-564-3195
TheFirst.com | PO Box 940 | Damariscotta, ME 04543 | 800-564-3195
2 0 1 7 A N N U A L
R E P O R T
Cover photo by: © Jerry Monkman
Cover photo by: © Jerry Monkman
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