First Bancorp Inc

investors.thefirst.com

What Do They Do?

Provides banking services and loans to small businesses, government and nonprofit organizations, and individuals, plus investment management and private banking services to people and organizations.

How Do They Make Money?

It earns interest on loans and investments and pays interest on deposits and borrowed funds; it also brings in fees from deposit accounts, debit card use, mortgage sales and servicing, and wealth and private banking services.

revenue

Segment	Share	Revenue
Fiduciary and investment management income	39% FY2022: 32%
Service charges on deposit accounts	16% FY2022: 13%
Mortgage origination and servicing income, net of amortization	6.1% FY2022: 10%
Debit card income	39% FY2022: 45%

Who Are Their Customers?

The bank serves small businesses and individuals in coastal and eastern Maine, while its wealth division serves individuals, businesses, nonprofits, and municipalities.

Do Revenues Turn Into Profits?

Yes. It kept 21 cents of every revenue dollar as net income in FY2025 and turned 22 cents into free cash flow.

Net income, FY2025

21% of revenue

▲ +27% vs FY2024 ($27M, 18%)

Free cash flow, FY2025

22% of revenue

▲ +41% vs FY2024 ($24.6M, 17%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ 0%; vs $39.8M in Q2 FY2025
Net income: ▲ +19%; vs $8.1M in Q2 FY2025

Debit card income share of non-interest income vs 38.0% in Q2 FY2025

May 1, 2026 Cornelius Russell became board chair; Bruce Tindal retired from the board Russell succeeded Tindal, who retired from the board.

Growing. Revenue grew 2.1x in 4 years, from $77.1M in FY2021 to $160.3M in FY2025, about 20% a year.

Revenue over time

Fiduciary and investment management income Service charges on deposit accounts Mortgage origination and servicing income, net of amortization Debit card income

$20M$10M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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