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First Bancorp
FNLC
#7912
Rank
C$0.43 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
C$38.93
Share price
-0.67%
Change (1 day)
13.41%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. First Bancorp
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q2

First Bancorp - 10-Q quarterly report FY2025 Q2


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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549


FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
For the quarterly period ended June 30, 2025

Commission File Number 0-26589



THE FIRST BANCORP, INC.
(Exact name of Registrant as specified in its charter)
Maine01-0404322
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
223 Main StreetDamariscottaMaine04543
(Address of principal executive offices) (Zip code)

(207) 563-3195
Registrant's telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:
 Title of Each ClassTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01 per shareFNLCNASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒    No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒    No ☐

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

Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards provided pursuant to
Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes ☐    No ☒

Indicate the number of shares outstanding of each of the registrant's classes of common stock as of August 1, 2025
Common Stock: 11,210,588 shares


Table of Contents
1
1
2
2
3
4
5
7
9
9
10
15
25
39
39
39
40
41
Note 10 – Financial Derivative Instruments
42
44
44
45
45
45
51
52
52
52
54
55
56
59
60
60
60
60
Debt Securities-Unrealized Loss Position
62
63
64
65
68
71
71
72
72
73
73
Capital Resources
73


74
76
76
76
77
Item 4 - Controls and Procedures
78
79
79
79
79
79
Item 4 – Mine Safety Disclosures
79
Item 5 – Other Information
79
80
81



Part I. Financial Information
Selected Financial Data (Unaudited)
The First Bancorp, Inc. and Subsidiary
Dollars in thousands,
As of and for the six months ended June 30,As of and for the quarter ended June 30,
except for per share amounts
2025202420252024
Summary of Operations
Interest Income$78,534 $71,546 $39,825 $36,558 
Interest Expense42,326 41,591 21,416 21,483 
Net Interest Income36,208 29,955 18,409 15,075 
Credit Loss Expense (Reduction)878 (1)486 512 
Non-Interest Income8,131 7,797 4,129 4,157 
Non-Interest Expense25,043 23,011 12,199 11,250 
Net Income15,140 12,192 8,063 6,171 
Per Common Share Data
Basic Earnings per Share$1.37 $1.10 $0.73 $0.56 
Diluted Earnings per Share1.35 1.10 0.72 0.55 
Cash Dividends Declared0.73 0.71 0.37 0.36 
Book Value per Common Share23.69 21.96 23.69 21.96 
Tangible Book Value per Common Share2
20.94 19.20 20.94 19.20 
Market Value25.41 24.85 25.41 24.85 
Financial Ratios
Return on Average Equity1
11.73 %10.04 %12.31 %10.16 %
Return on Average Tangible Common Equity1,2
13.31 %11.49 %13.95 %11.63 %
Return on Average Assets1
0.96 %0.82 %1.01 %0.82 %
Average Equity to Average Assets8.19 %8.18 %8.23 %8.10 %
Average Tangible Equity to Average Assets2
7.22 %7.15 %7.27 %7.08 %
Net Interest Margin Tax-Equivalent1,2
2.50 %2.21 %2.52 %2.21 %
Dividend Payout Ratio53.40 %64.31 %50.89 %64.40 %
Allowance for Credit Losses/Total Loans1.04 %1.10 %1.04 %1.10 %
Non-Performing Loans to Total Loans0.25 %0.11 %0.25 %0.11 %
Non-Performing Assets to Total Assets0.19 %0.09 %0.19 %0.09 %
Efficiency Ratio2
54.63 %58.70 %52.39 %56.35 %
At Period End
Total Assets$3,199,510 $3,084,944 $3,199,510 $3,084,944 
Total Loans2,394,007 2,247,670 2,394,007 2,247,670 
Total Investment Securities653,855 658,133 653,855 658,133 
Total Deposits2,705,337 2,578,080 2,705,337 2,578,080 
Total Shareholders' Equity265,492 244,668 265,492 244,668 
1Annualized using a 365-day basis in 2025 and a 366-day basis in 2024.
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

Item 1 – Financial Statements










Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders
The First Bancorp, Inc.

Results of Review of Interim Financial Information

We have reviewed the accompanying interim consolidated financial information of The First Bancorp, Inc. and Subsidiary as of June 30, 2025 and 2024 and for the three-month and six-month periods then ended, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for them to be in conformity with accounting principles generally accepted in the United States of America.

Basis for Review Results

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


/s/ BDMP Assurance, LLP
Portland, Maine
August 8, 2025
2

Consolidated Balance Sheets (Unaudited)
The First Bancorp, Inc. and Subsidiary
June 30, 2025December 31, 2024June 30, 2024
Assets
Cash and cash equivalents$27,360,000 $27,636,000 $27,816,000 
Interest bearing deposits in other banks3,253,000 22,100,000 33,133,000 
Securities available for sale278,248,000 274,680,000 273,501,000 
Securities held-to-maturity (net of ACL), fair value of $312,508,000 at June 30, 2025, $314,993,000 at December 31, 2024 and $321,616,000 at June 30, 2024
367,873,000 369,704,000 377,522,000 
Restricted equity securities, at cost7,734,000 7,203,000 7,110,000 
Loans2,394,007,000 2,340,940,000 2,247,670,000 
Less allowance for credit losses24,829,000 24,871,000 24,693,000 
Net loans2,369,178,000 2,316,069,000 2,222,977,000 
Accrued interest receivable19,386,000 13,976,000 17,760,000 
Premises and equipment, net28,198,000 27,855,000 27,929,000 
Other real estate owned— 173,000 208,000 
Goodwill30,646,000 30,646,000 30,646,000 
Other assets67,634,000 66,968,000 66,342,000 
Total assets$3,199,510,000 $3,157,010,000 $3,084,944,000 
Liabilities
Demand deposits$291,150,000 $292,255,000 $270,858,000 
NOW deposits590,536,000 676,107,000 609,878,000 
Money market deposits388,214,000 376,627,000 317,133,000 
Savings deposits256,584,000 265,451,000 268,472,000 
Certificates of deposit1,178,853,000 1,114,811,000 1,111,739,000 
Total deposits2,705,337,000 2,725,251,000 2,578,080,000 
Borrowed funds – short term101,170,000 51,278,000 160,620,000 
Borrowed funds – long term95,000,000 95,000,000 70,000,000 
Other liabilities32,511,000 32,988,000 31,576,000 
Total liabilities2,934,018,000 2,904,517,000 2,840,276,000 
Shareholders' equity
Common stock, one cent par value per share
112,000 112,000 111,000 
Additional paid-in capital72,795,000 71,832,000 70,942,000 
Retained earnings229,511,000 222,823,000 215,999,000 
Accumulated other comprehensive income (loss)
Net unrealized loss on securities available-for-sale(37,237,000)(42,671,000)(43,369,000)
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity(60,000)(47,000)(51,000)
Net unrealized gain on cash flow hedging derivative instruments84,000 157,000 733,000 
Net unrealized gain on postretirement costs287,000 287,000 303,000 
Total shareholders' equity265,492,000 252,493,000 244,668,000 
Total liabilities & shareholders' equity$3,199,510,000 $3,157,010,000 $3,084,944,000 
Common Stock
Number of shares authorized18,000,000 18,000,000 18,000,000 
Number of shares issued and outstanding11,205,861 11,155,528 11,139,639 
Book value per common share$23.69 $22.63 $21.96 
Tangible book value per common share$20.94 $19.87 $19.20 
See Report of Independent Registered Public Accounting Firm. The accompanying notes are an integral part of these consolidated financial statements.
3

Consolidated Statements of Income and Comprehensive Income (Unaudited)
The First Bancorp, Inc. and Subsidiary
For the six months ended June 30,For the quarter ended June 30,
2025202420252024
Interest income
Interest and fees on loans (includes YTD tax-exempt income of $1,388,000 for June 30, 2025 and $1,111,000 for June 30, 2024)
$68,938,000 $62,043,000 $35,014,000 $31,839,000 
Interest on deposits with other banks107,000 134,000 51,000 56,000 
Interest and dividends on investments (includes YTD tax-exempt income of $3,913,000 for June 30, 2025 and $3,985,000 for June 30, 2024)
9,489,000 9,369,000 4,760,000 4,663,000 
     Total interest income78,534,000 71,546,000 39,825,000 36,558,000 
Interest expense
Interest on deposits38,994,000 38,993,000 19,725,000 19,816,000 
Interest on borrowed funds3,332,000 2,598,000 1,691,000 1,667,000 
     Total interest expense42,326,000 41,591,000 21,416,000 21,483,000 
Net interest income36,208,000 29,955,000 18,409,000 15,075,000 
Credit loss expense - loans744,000 638,000 348,000 539,000 
Credit loss expense (reduction) - debt securities HTM2,000 (286,000)1,000 (34,000)
Credit loss expense (reduction) - off-balance sheet credit exposures132,000 (353,000)137,000 7,000 
     Total credit loss expense (reduction)878,000 (1,000)486,000 512,000 
Net interest income after provision for credit losses35,330,000 29,956,000 17,923,000 14,563,000 
Non-interest income
Investment management and fiduciary income2,653,000 2,457,000 1,336,000 1,269,000 
Service charges on deposit accounts1,070,000 1,041,000 539,000 542,000 
Mortgage origination and servicing income, net of amortization416,000 319,000 221,000 189,000 
Debit card income2,456,000 2,519,000 1,286,000 1,333,000 
Other operating income1,536,000 1,461,000 747,000 824,000 
     Total non-interest income8,131,000 7,797,000 4,129,000 4,157,000 
Non-interest expense
Salaries and employee benefits13,126,000 11,642,000 6,276,000 5,585,000 
Occupancy expense1,753,000 1,709,000 876,000 843,000 
Furniture and equipment expense2,900,000 2,766,000 1,438,000 1,377,000 
FDIC insurance premiums1,395,000 1,126,000 701,000 562,000 
Amortization of identified intangibles13,000 13,000 6,000 6,000 
Other operating expense5,856,000 5,755,000 2,902,000 2,877,000 
     Total non-interest expense25,043,000 23,011,000 12,199,000 11,250,000 
Income before income taxes18,418,000 14,742,000 9,853,000 7,470,000 
Income tax expense3,278,000 2,550,000 1,790,000 1,299,000 
NET INCOME$15,140,000 $12,192,000 $8,063,000 $6,171,000 
Basic earnings per common share$1.37 $1.10 $0.73 $0.56 
Diluted earnings per common share$1.35 $1.10 $0.72 $0.55 
Other comprehensive income (loss) net of tax
Net unrealized gain (loss) on securities available for sale, net of taxes$5,434,000 $(3,794,000)$1,465,000 $(553,000)
Net unrealized (loss) gain on transferred securities, net of taxes(13,000)5,000 (15,000)3,000 
Net unrealized (loss) gain on hedging derivative instruments(73,000)433,000 2,000 (2,000)
      Other comprehensive gain (loss)5,348,000 (3,356,000)1,452,000 (552,000)
Comprehensive income $20,488,000 $8,836,000 $9,515,000 $5,619,000 
See Report of Independent Registered Public Accounting Firm. The accompanying notes are an integral part of these consolidated financial statements.
4

Consolidated Statements of Changes in Shareholders' Equity (Unaudited)
The First Bancorp, Inc. and Subsidiary
Six Month Period Ended June 30, 2025 and 2024
Common stock and
additional paid-in capital		Retained
earnings		Accumulated
other
comprehensive
income (loss)		Total
shareholders'
equity
SharesAmount
Balance at December 31, 202311,098,057 $70,182,000 $211,925,000 $(39,028,000)$243,079,000 
Net income— — 12,192,000 — 12,192,000 
Net unrealized loss on securities available for sale, net of tax— — — (3,794,000)(3,794,000)
Net unrealized gain on securities transferred from available for sale to held to maturity, net of tax— — — 5,000 5,000 
Net unrealized gain on hedging derivative instruments, net of tax— — — 433,000 433,000 
Comprehensive income (loss) — — 12,192,000 (3,356,000)8,836,000 
Cash dividends declared ($0.71 per share)
— — (7,906,000)— (7,906,000)
Equity compensation expense— 450,000 — — 450,000 
Payment to repurchase common stock(8,881)— (212,000)— (212,000)
Issuance of restricted stock32,859 — — — — 
Proceeds from sale of common stock17,604 421,000 — — 421,000 
Balance at June 30, 202411,139,639$71,053,000 $215,999,000 $(42,384,000)$244,668,000 
Balance at December 31, 202411,155,528$71,944,000 $222,823,000 $(42,274,000)$252,493,000 
Net income— — 15,140,000 — 15,140,000 
Net unrealized gain on securities available for sale, net of tax— — — 5,434,000 5,434,000 
Net unrealized loss on securities transferred from available for sale to held to maturity, net of tax— — — (13,000)(13,000)
Net unrealized loss on hedging derivative instruments, net of tax— — — (73,000)(73,000)
Comprehensive income— — 15,140,000 5,348,000 20,488,000 
Cash dividends declared ($0.73 per share)
— — (8,177,000)— (8,177,000)
Equity compensation expense— 510,000 — — 510,000 
Payment to repurchase common stock(11,434)— (275,000)— (275,000)
Issuance of restricted stock43,297 — — — — 
Proceeds from sale of common stock18,470453,000 — — 453,000 
Balance at June 30, 202511,205,861$72,907,000 $229,511,000 $(36,926,000)$265,492,000 
5

Three Month Period Ended June 30, 2025 and 2024
Common stock and
additional paid-in capital		Retained
earnings		Accumulated
other
comprehensive
income (loss)		Total
shareholders'
equity
SharesAmount
Balance at March 31, 202411,130,933$70,617,000 $213,839,000 $(41,832,000)$242,624,000 
Net income— — 6,171,000 — 6,171,000 
Net unrealized loss on securities available for sale, net of tax— — — (553,000)(553,000)
Net unrealized gain on securities transferred from available for sale to held to maturity, net of tax— — — 3,000 3,000 
Net unrealized loss on cash flow hedging derivative instruments, net of tax— — — (2,000)(2,000)
Comprehensive income (loss)— — 6,171,000 (552,000)5,619,000 
Cash dividends declared ($0.36 per share)
— — (4,011,000)— (4,011,000)
Equity compensation expense— 218,000 — — 218,000 
Payment to repurchase common stock(850)— — — — 
Proceeds from sale of common stock9,556 218,000 — — 218,000 
Balance at June 30, 202411,139,639 $71,053,000 $215,999,000 $(42,384,000)$244,668,000 
Balance at March 31, 202511,196,881$72,467,000 $225,592,000 $(38,378,000)$259,681,000 
Net income— — 8,063,000 — 8,063,000 
Net unrealized gain on securities available for sale, net of tax— — — 1,465,000 1,465,000 
Net unrealized loss on securities transferred from available for sale to held to maturity, net of tax— — — (15,000)(15,000)
Net unrealized gain on hedging derivative instruments, net of tax— — — 2,000 2,000 
Comprehensive income — — 8,063,000 1,452,000 9,515,000 
Cash dividends declared ($0.37 per share)
— — (4,146,000)— (4,146,000)
Equity compensation expense— 212,000 — — 212,000 
Payment to repurchase common stock(650)— 2,000 — 2,000 
Proceeds from sale of common stock9,630 228,000 — — 228,000 
Balance at June 30, 202511,205,861$72,907,000 $229,511,000 $(36,926,000)$265,492,000 
See Report of Independent Registered Public Accounting Firm. The accompanying notes are an integral part of these consolidated financial statements.
6

Consolidated Statements of Cash Flows (Unaudited)
The First Bancorp, Inc. and Subsidiary
For the six months ended June 30,
20252024
Cash flows from operating activities
     Net income$15,140,000 $12,192,000 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation1,090,000 1,088,000 
Change in deferred taxes178,000 100,000 
Credit loss expense (reduction)878,000 (1,000)
Loans originated for resale(5,198,000)(819,000)
Proceeds from sales and transfers of loans5,312,000 851,000 
Net gain on sales of loans(114,000)(32,000)
Net amortization of premiums on investments281,000 286,000 
Net gain on sale of other real estate owned(33,000)— 
Equity compensation expense510,000 450,000 
Net increase in other assets and accrued interest(8,279,000)(6,979,000)
Net decrease in other liabilities(847,000)(2,511,000)
Net (gain) loss on disposal of premises and equipment(10,000)9,000 
Amortization of investment in limited partnership626,000 234,000 
Net acquisition amortization13,000 13,000 
     Net cash provided by operating activities9,547,000 4,881,000 
Cash flows from investing activities
Decrease (increase) in interest-bearing deposits in other banks18,847,000 (29,645,000)
Proceeds from maturities, payments and calls of securities available for sale17,151,000 12,508,000 
Proceeds from maturities, payments, calls and sales of securities to be held to maturity2,549,000 9,205,000 
Proceeds from sales of other real estate owned206,000 — 
Purchases of securities available for sale(14,109,000)(8,994,000)
Purchases of securities to be held to maturity(750,000)(1,250,000)
Change in restricted equity securities(531,000)(3,725,000)
Net increase in loans(53,853,000)(118,399,000)
Capital expenditures(1,487,000)(385,000)
Proceeds from disposal of premises and equipment43,000 — 
     Net cash used by investing activities(31,934,000)(140,685,000)
Cash flows from financing activities
Net decrease in demand, savings, and money market accounts(83,956,000)(63,074,000)
Net increase in certificates of deposit64,042,000 41,492,000 
Net increase in short-term borrowings49,892,000 90,968,000 
Advances on long-term borrowings— 70,000,000 
Payment to repurchase common stock(275,000)(212,000)
Proceeds from sale of common stock453,000 421,000 
Dividends paid(8,045,000)(7,917,000)
     Net cash provided by financing activities22,111,000 131,678,000 
Net decrease in cash and cash equivalents(276,000)(4,126,000)
Cash and cash equivalents at beginning of period27,636,000 31,942,000 
     Cash and cash equivalents at end of period$27,360,000 $27,816,000 
7

For the six months ended June 30,
20252024
Interest paid$42,250,000 $40,905,000 
Income taxes paid2,060,000 2,657,000 
Non-cash transactions
   Change in net unrealized loss on available for sale securities, net of tax$(5,434,000)$3,794,000 
    Net transfer from loans to other real estate owned— 208,000 
See Report of Independent Registered Public Accounting Firm. The accompanying notes are an integral part of these consolidated financial statements.
8

Notes to Consolidated Financial Statements
The First Bancorp, Inc. and Subsidiary

Note 1 – Basis of Presentation
The Company is a financial holding company that owns all of the common stock of the Bank. The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of Management, all adjustments (consisting of normally recurring accruals) considered necessary for a fair presentation have been included. All significant intercompany transactions and balances are eliminated in consolidation. The income reported for the 2025 period is not necessarily indicative of the results that may be expected for the year ending December 31, 2025. For further information, refer to the consolidated financial statements and notes included in the Company's annual report on Form 10-K for the year ended December 31, 2024.

The abbreviations and definitions identified below may be used throughout this Form 10-Q, including Item 1 - Financial Statements and Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations. The following is provided to aid the reader and provide a reference page when reviewing these sections of the Form 10-Q.
AbbreviationDescriptionAbbreviationDescription
ACLAllowance for credit lossesGDPGross domestic product
AFSAvailable-for-saleGNMAGovernment National Mortgage Association
ALCOAsset/Liability CommitteeHTMHeld-to-maturity
AOCIAccumulated other comprehensive income (loss)IALIndividually Analyzed Loans
ASCAccounting Standards CodificationIRSInternal Revenue Service
ASUAccounting Standards UpdateMPFMortgage Partnership Finance Program
C&ICommercial and IndustrialOAEMOther assets especially mentioned
CDsCertificates of depositOCCOffice of the Comptroller of the Currency
CECLCurrent Expected Credit LossOCIOther comprehensive income (loss)
CET1Common Equity Tier 1OISOvernight Indexed Swap
CLLDConstruction, land, and land developmentOREOOther real estate owned
EPSEarnings per sharePORPeriod of Redemption
FASBFinancial Accounting Standards BoardPSAPublic Securities Association
FDICFederal Deposit Insurance CorporationSECSecurities and Exchange Commission
FHLBFederal Home Loan BankSOFRSecured Overnight Financing Rate
FHLBBFederal Home Loan Bank of BostonThe 2020 PlanThe 2020 Equity Incentive Plan
FHLMCFederal Home Loan Mortgage CorporationThe BankFirst National Bank
FNMAFederal National Mortgage AssociationThe CompanyThe First Bancorp, Inc.
FOMCFederal Open Market CommitteeU.S.United States of America
FRBFederal Reserve BoardUSDU.S. Dollar
FRBBFederal Reserve Bank of BostonWSJPWall Street Journal Prime
GAAPAccounting principles generally accepted in the U.S.
Risks and Uncertainties
Global markets have calmed somewhat after experiencing heightened volatility amidst an escalation of trade disputes, and the continuing impacts of ongoing conflicts between Russia and Ukraine, and Israel and Hamas, as well as other conflicts globally. All have the potential to reignite leading to economic uncertainty and geopolitical instability. Domestically, a budget package which featured spending reforms and renewal of 2017 tax cuts, that had been scheduled to sunset, has been met favorably by markets, further lessening volatility. The future economic outlook continues to be clouded pending the outcome of threatened tariffs amidst trade negotiations. The FOMC has cited the potential for tariff induced rekindling of inflation in keeping interest rates unchanged year-to-date. Any or all of the foregoing could ultimately have negative downstream effects on the Company's operating results, the extent of which is indeterminable at this time.
Subsequent Events
Events occurring subsequent to June 30, 2025, have been evaluated as to their potential impact to the financial statements.

9

Note 2 – Investment Securities
The following table summarizes the amortized cost and estimated fair value of investment securities at June 30, 2025:
Amortized
Cost		Unrealized GainsUnrealized LossesFair Value (Estimated)
Securities available for sale
U.S. Treasury & Agency securities$24,544,000 $— $(5,510,000)$19,034,000 
Mortgage-backed securities258,633,000 487,000 (34,704,000)224,416,000 
State and political subdivisions40,087,000 — (7,400,000)32,687,000 
Asset-backed securities2,117,000 10,000 (16,000)2,111,000 
$325,381,000 $497,000 $(47,630,000)$278,248,000 
Securities to be held to maturity
U.S. Treasury & Agency securities$38,100,000 $— $(8,879,000)$29,221,000 
Mortgage-backed securities50,510,000 78,000 (10,211,000)40,377,000 
State and political subdivisions251,461,000 44,000 (34,833,000)216,672,000 
Corporate securities28,000,000 — (1,762,000)26,238,000 
$368,071,000 $122,000 $(55,685,000)$312,508,000 
Less allowance for credit losses(198,000)— — — 
Net securities to be held to maturity$367,873,000 $122,000 $(55,685,000)$312,508,000 
Restricted equity securities
Federal Home Loan Bank Stock$6,697,000 $— $— $6,697,000 
Federal Reserve Bank Stock1,037,000 — — 1,037,000 
$7,734,000 $— $— $7,734,000 
The following table summarizes the amortized cost and estimated fair value of investment securities at December 31, 2024:
Amortized
Cost		Unrealized GainsUnrealized LossesFair Value (Estimated)
Securities available for sale
U.S. Treasury & Agency securities$26,042,000 $— $(6,246,000)$19,796,000 
Mortgage-backed securities260,267,000 141,000 (41,026,000)219,382,000 
State and political subdivisions40,148,000 — (6,896,000)33,252,000 
Asset-backed securities2,236,000 14,000 — 2,250,000 
$328,693,000 $155,000 $(54,168,000)$274,680,000 
Securities to be held to maturity
U.S. Treasury & Agency securities$38,100,000 $— $(9,938,000)$28,162,000 
Mortgage-backed securities52,370,000 15,000 (11,360,000)41,025,000 
State and political subdivisions252,180,000 83,000 (31,739,000)220,524,000 
Corporate securities27,250,000 — (1,968,000)25,282,000 
$369,900,000 $98,000 $(55,005,000)$314,993,000 
Less allowance for credit losses(196,000)— — — 
Net securities to be held to maturity$369,704,000 $98,000 $(55,005,000)$314,993,000 
Restricted equity securities
Federal Home Loan Bank Stock$6,166,000 $— $— $6,166,000 
Federal Reserve Bank Stock1,037,000 — — 1,037,000 
$7,203,000 $— $— $7,203,000 
10

The following table summarizes the amortized cost and estimated fair value of investment securities at June 30, 2024:
Amortized
Cost		Unrealized GainsUnrealized LossesFair Value (Estimated)
Securities available for sale
U.S. Treasury & Agency securities$26,038,000 $— $(6,260,000)$19,778,000 
Mortgage-backed securities259,574,000 50,000 (41,801,000)217,823,000 
State and political subdivisions40,272,000 — (6,902,000)33,370,000 
Asset-backed securities2,514,000 19,000 (3,000)2,530,000 
$328,398,000 $69,000 $(54,966,000)$273,501,000 
Securities to be held to maturity
U.S. Treasury & Agency securities$38,100,000 $— $(10,063,000)$28,037,000 
Mortgage-backed securities54,501,000 11,000 (11,352,000)43,160,000 
State and political subdivisions252,820,000 105,000 (32,268,000)220,657,000 
Corporate securities32,250,000 — (2,488,000)29,762,000 
$377,671,000 $116,000 $(56,171,000)$321,616,000 
Less allowance for credit losses(149,000)— — — 
Net securities to be held to maturity$377,522,000 $116,000 $(56,171,000)$321,616,000 
Restricted equity securities
Federal Home Loan Bank Stock$6,073,000 $— $— $6,073,000 
Federal Reserve Bank Stock1,037,000 — — 1,037,000 
$7,110,000 $— $— $7,110,000 
Allowance for Credit Losses: AFS securities, as shown in the above tables, consist of securities issued by U.S. Government Agencies, U.S. Government Sponsored Entities, State or Local Municipal Governments, or are backed by collateral that is guaranteed by the U.S. Government. We monitor the credit quality of these investments through credit ratings issued by major rating providers and through substantial price changes not consistent with general market movements. Each of the AFS securities is deemed to be investment grade, and no ACL has been established for AFS securities.
Similarly, the agency and mortgage-backed securities in the HTM portfolio have been determined to all be investment grade with no ACL required. Municipal securities within HTM include two private activity bonds issued by well-known customers of the Bank with total balances of $18,690,000 as of June 30, 2025. Corporate securities in HTM consist of 14 individual companies in the banking industry. Management reviewed the collectability of these securities taking into consideration such factors as the financial condition of the issuers, reported regulatory capital ratios of the issuers, and other performance factors. Aggregate credit risk of the private activity bonds and corporate securities is considered very low and an immaterial ACL has been established. As of June 30, 2025 and 2024, and December 31, 2024, the total ACL for HTM securities was $198,000, $149,000 and $196,000, respectively.
Changes in the ACL are recorded as credit loss expense, or reversal. Losses would be charged against the allowance when management believes collection of the full contractual amount due on a security is unlikely.
Contractual Maturities: The following table summarizes the contractual maturities of investment securities at June 30, 2025:
Securities available for saleSecurities to be held to maturity
Amortized
Cost		Fair Value (Estimated)Amortized
Cost		Fair Value (Estimated)
Due in 1 year or less$1,520,000 $1,514,000 $3,449,000 $3,451,000 
Due in 1 to 5 years1,144,000 1,032,000 25,972,000 24,904,000 
Due in 5 to 10 years28,577,000 25,480,000 107,248,000 99,952,000 
Due after 10 years294,140,000 250,222,000 231,402,000 184,201,000 
$325,381,000 $278,248,000 $368,071,000 $312,508,000 



11

The following table summarizes the contractual maturities of investment securities at December 31, 2024:
Securities available for saleSecurities to be held to maturity
Amortized
Cost		Fair Value (Estimated)Amortized
Cost		Fair Value (Estimated)
Due in 1 year or less$2,997,000 $2,967,000 $2,683,000 $2,694,000 
Due in 1 to 5 years294,000 293,000 20,488,000 19,335,000 
Due in 5 to 10 years29,768,000 25,700,000 99,505,000 92,362,000 
Due after 10 years295,634,000 245,720,000 247,224,000 200,602,000 
$328,693,000 $274,680,000 $369,900,000 $314,993,000 
The following table summarizes the contractual maturities of investment securities at June 30, 2024:
Securities available for saleSecurities to be held to maturity
Amortized
Cost		Fair Value (Estimated)Amortized
Cost		Fair Value (Estimated)
Due in 1 year or less$1,497,000 $1,464,000 $322,000 $321,000 
Due in 1 to 5 years1,940,000 1,887,000 20,181,000 19,361,000 
Due in 5 to 10 years28,319,000 24,353,000 101,723,000 93,597,000 
Due after 10 years296,642,000 245,797,000 255,445,000 208,337,000 
$328,398,000 $273,501,000 $377,671,000 $321,616,000 

Pledged Securities: At June 30, 2025, securities with a carrying value of $347,745,000 were pledged to secure public deposits, repurchase agreements, and for other purposes as required by law. This compares to securities with a carrying value of $349,833,000 as of December 31, 2024 and $310,931,000 at June 30, 2024, pledged for the same purposes.

Realized Gains and Losses: Gains and losses on the sale of securities are computed by subtracting the amortized cost at the time of sale from the security's selling price, net of accrued interest to be received. There were no gains or losses on the sale of securities for the six months ended June 30, 2025 and 2024.

Unrealized Gains and Losses on AFS Securities: As of June 30, 2025, there were 235 AFS securities with unrealized losses held in the Company's portfolio. The Company has the ability and intent to hold its securities which are in an unrealized loss position until a recovery of their amortized cost, which may be at maturity.
The following table summarizes AFS debt securities in an unrealized loss position for which an ACL has not been recorded at June 30, 2025, aggregated by major security type and length of time in a continuous unrealized loss position:
Less than 12 months12 months or moreTotal
Fair Value (Estimated)Unrealized LossesFair Value (Estimated)Unrealized LossesFair Value (Estimated)Unrealized Losses
U.S. Treasury & Agency securities$— $— $19,034,000 $(5,510,000)$19,034,000 $(5,510,000)
Mortgage-backed securities5,994,000 (91,000)182,167,000 (34,613,000)188,161,000 (34,704,000)
State and political subdivisions4,791,000 (241,000)27,716,000 (7,159,000)32,507,000 (7,400,000)
Asset-backed securities1,151,000 (16,000)— — 1,151,000 (16,000)
$11,936,000 $(348,000)$228,917,000 $(47,282,000)$240,853,000 $(47,630,000)




12

As of December 31, 2024, there were 243 AFS securities with unrealized losses held in the Company's portfolio. The Company has the ability and intent to hold its securities which are in an unrealized loss position until a recovery of their amortized cost, which may be at maturity.
The following table summarizes AFS debt securities in an unrealized loss position for which an ACL has not been recorded at December 31, 2024 aggregated by major security type and length of time in a continuous unrealized loss position:
Less than 12 months12 months or moreTotal
Fair Value (Estimated)Unrealized LossesFair Value (Estimated)Unrealized LossesFair Value (Estimated)Unrealized Losses
U.S. Treasury & Agency securities$— $— $19,796,000 $(6,246,000)$19,796,000 $(6,246,000)
Mortgage-backed securities18,544,000 (222,000)186,155,000 (40,804,000)204,699,000 (41,026,000)
State and political subdivisions4,968,000 (70,000)28,104,000 (6,826,000)33,072,000 (6,896,000)
$23,512,000 $(292,000)$234,055,000 $(53,876,000)$257,567,000 $(54,168,000)
As of June 30, 2024, there were 238 AFS securities with unrealized losses held in the Company's portfolio. The Company has the ability and intent to hold its securities which are in an unrealized loss position until a recovery of their amortized cost, which may be at maturity.
The following table summarizes AFS debt securities in an unrealized loss position for which an ACL has not been recorded at June 30, 2024 aggregated by major security type and length of time in a continuous unrealized loss position:
Less than 12 months12 months or moreTotal
Fair Value (Estimated)Unrealized LossesFair Value (Estimated)Unrealized LossesFair Value (Estimated)Unrealized Losses
U.S. Treasury & Agency securities$— $— $19,778,000 $(6,260,000)$19,778,000 $(6,260,000)
Mortgage-backed securities8,451,000 (43,000)197,155,000 (41,758,000)205,606,000 (41,801,000)
State and political subdivisions4,484,000 (62,000)28,616,000 (6,840,000)33,100,000 (6,902,000)
Asset-backed securities1,300,000 (3,000)— — 1,300,000 (3,000)
$14,235,000 $(108,000)$245,549,000 $(54,858,000)$259,784,000 $(54,966,000)

Credit Quality Indicators: Agency-backed and government-sponsored enterprise securities have a long history with no credit losses, including during times of severe stress. The principal and interest payments on agency-guaranteed debt is backed by the U.S. Government. Government-sponsored enterprises similarly guarantee principal and interest payments and carry an implicit guarantee from the U.S. Department of the Treasury. Additionally, government-sponsored enterprise securities are exceptionally liquid, readily marketable, and provide a substantial amount of price transparency and price parity, indicating a perception of zero credit losses. HTM municipal debt holdings are comprised primarily of high credit quality (rated A- or higher) state and municipal obligations. High credit quality state and municipal obligations have a history of zero to near-zero credit loss. All of the Mortgage-backed securities owned were issued either by GNMA, FNMA or FHLMC. HTM municipal debt holdings also include two unrated private activity bonds issued by well known customers of the Bank. These securities are regularly monitored as part of an overall credit relationship with the issuers; both issuers were in good standing as of June 30, 2025. HTM corporate debt holdings consist of 14 individual companies in the banking industry. Management conducts periodic reviews of the collectability of these securities taking into consideration such factors as the financial condition of the issuers; each issuer was in good standing as of June 30, 2025.













13

ACL for HTM Securities: The following tables present the activity in the ACL for HTM debt securities by major security type for the six months and quarters ended June 30, 2025 and 2024:
For the six months ended June 30, 2025For the six months ended June 30, 2024
State and Political SubdivisionsCorporate SecuritiesTotalState and Political SubdivisionsCorporate SecuritiesTotal
Allowance for credit losses:
   Beginning balance$80,000 $116,000 $196,000 $212,000 $222,000 $434,000 
   Credit loss (reduction) expense1
(1,000)3,000 2,000 (156,000)(129,000)(285,000)
   Securities charged-off— — — — — — 
   Recoveries— — — — — — 
   Total ending allowance balance$79,000 $119,000 $198,000 $56,000 $93,000 $149,000 
1June 30, 2024 total of (285,000) will not tie to Consolidated Statement of Income Credit loss reduction - debt securities HTM due to rounding.
For the three months ended June 30, 2025For the three months ended June 30, 2024
State and Political SubdivisionsCorporate SecuritiesTotalState and Political SubdivisionsCorporate SecuritiesTotal
Allowance for credit losses:
   Beginning balance$81,000 $116,000 $197,000 $69,000 $113,000 $182,000 
   Credit loss (reduction) expense1
(2,000)3,000 1,000 (13,000)(20,000)(33,000)
   Securities charged-off— — — — — — 
   Recoveries— — — — — — 
   Total ending allowance balance$79,000 $119,000 $198,000 $56,000 $93,000 $149,000 
1June 30, 2024 total of (33,000) will not tie to Consolidated Statement of Income Credit loss reduction - debt securities HTM due to rounding.

There was no ACL on U.S. Government-sponsored enterprise, agency securities, or mortgage-backed securities as of June 30, 2025. A security is considered to be past due once it is 30 days contractually past due under the terms of the agreement. As of June 30, 2025, none of the Company’s HTM debt securities were past due or on non-accrual status.

Re-Classified Securities: During the third quarter of 2014, the Company transferred securities with a total amortized cost of $89,780,000 with a corresponding fair value of $89,757,000 from available for sale to held to maturity. The net unrealized loss, net of taxes, on these securities at the date of the transfer was $15,000. The net unrealized holding loss at the time of transfer continues to be reported in AOCI, net of tax and is amortized over the remaining lives of the securities as an adjustment of the yield. The amortization of the net unrealized loss reported in AOCI will offset the effect on interest income of the discount for the transferred securities. The remaining unamortized balance of the net unrealized losses for the securities transferred from available for sale to held to maturity was $60,000, net of taxes, at June 30, 2025. This compares to $47,000 and $51,000, net of taxes, at December 31, 2024 and June 30, 2024, respectively. These securities were transferred as a part of the Company's overall investment and balance sheet strategies.

Restricted Equity Securities: The Bank is a member of the FHLBB, a cooperatively owned wholesale bank for housing and finance in the six New England States. As a requirement of membership in the FHLBB, the Bank must own a minimum required amount of FHLBB stock, calculated periodically based primarily on its level of borrowings from the FHLBB. The Bank uses the FHLBB for a portion of its wholesale funding needs. As of June 30, 2025 and 2024, and December 31, 2024, the Bank's investment in FHLBB stock totaled $6,697,000, $6,073,000 and $6,166,000, respectively. FHLBB stock is a non-marketable equity security and therefore is reported at cost, which equals par value.
The Bank is also a member of the FRBB. As a requirement for membership in the FRBB, the Bank must own a minimum required amount of FRBB stock. The Bank uses FRBB for certain correspondent banking services and maintains borrowing capacity at its discount window. The Bank's investment in FRBB stock totaled $1,037,000 at June 30, 2025 and 2024, and December 31, 2024.
The Company periodically evaluates its investment in FHLBB and FRBB stock for impairment based on, among other factors, the capital adequacy of the Banks and their overall financial condition. No impairment losses have been recorded through June 30, 2025. The Bank will continue to monitor its investment in these restricted equity securities.
14


Note 3 – Loans
The Company periodically reviews and updates the segmentation of its loan portfolio. Updates performed in conjunction with adoption of ASC 326 in 2023 consisted of reporting what had been a single class, commercial real estate loans, as three classes - commercial real estate owner occupied, commercial real estate non-owner occupied, and commercial multi-family. In addition home equity installment loans which had previously been included in the residential term class were included in the home equity revolving and term class. In the first quarter of 2024, a new segment was established for Agriculture loans, and there have been no subsequent segmentation changes.

Loan Portfolio by Class: The following table shows the composition of the Company's loan portfolio by class of financing receivable as of June 30, 2025 and 2024 and at December 31, 2024:
June 30, 2025December 31, 2024June 30, 2024
Commercial
   Real estate owner occupied$371,332,000 15.5 %$358,588,000 15.3 %$341,043,000 15.1 %
   Real estate non-owner occupied424,610,000 17.7 %403,899,000 17.3 %406,480,000 18.1 %
   Construction53,077,000 2.2 %99,717,000 4.3 %98,726,000 4.4 %
   C&I381,434,000 16.0 %365,817,000 15.6 %330,542,000 14.7 %
   Multifamily136,951,000 5.7 %108,732,000 4.6 %105,704,000 4.7 %
   Agriculture52,931,000 2.2 %52,219,000 2.2 %48,748,000 2.2 %
Municipal62,924,000 2.6 %61,827,000 2.6 %62,105,000 2.8 %
Residential
   Term724,330,000 30.3 %710,807,000 30.4 %686,006,000 30.5 %
   Construction31,579,000 1.3 %35,481,000 1.5 %35,574,000 1.6 %
Home Equity
   Revolving and term134,280,000 5.6 %123,063,000 5.3 %112,228,000 5.0 %
Consumer20,559,000 0.9 %20,790,000 0.9 %20,514,000 0.9 %
Total$2,394,007,000 100.0 %$2,340,940,000 100.0 %$2,247,670,000 100.0 %
Loan balances include net deferred loan costs of $12,821,000 as of June 30, 2025, $12,457,000 as of December 31, 2024, and $12,130,000 as of June 30, 2024. Net deferred loan costs have increased from a year ago and year-to-date based upon loan origination unit volume over the periods, prepayments, and normal repayment activity. Loan balances in the Residential Term segment also include a valuation adjustment for fair value swaps hedged by certain loans in the portfolio. This adjustment added $1,003,000 and $758,000 to the loan balances as of June 30, 2025 and December 31, 2024, respectively, and subtracted $68,000 from the loan balances as of June 30, 2024.

Pledged Loans: Pursuant to collateral agreements, qualifying first mortgage loans and commercial real estate loans, which totaled $603,943,000 at June 30, 2025, were used to collateralize borrowings from the FHLBB. This compares to qualifying loans which totaled $626,851,000 at December 31, 2024, and $624,058,000 at June 30, 2024. In addition, commercial, residential construction and home equity loans totaling $384,083,000 at June 30, 2025, $392,562,000 at December 31, 2024, and $353,650,000 at June 30, 2024, were used to collateralize a standby line of credit at the FRBB.
15

Past Due Loans: For all loan classes, loans over 30 days past due are considered delinquent. Information on the past-due status of loans by class of financing receivable as of June 30, 2025, is presented in the following table:
30-59 Days
Past Due		60-89 Days
Past Due		90+ Days
Past Due		All
Past Due		CurrentTotal90+ Days
& Accruing
Commercial
    Real estate owner occupied$395,000 $— $— $395,000 $370,937,000 $371,332,000 $— 
    Real estate non-owner occupied — — — — 424,610,000 424,610,000 — 
    Construction — — — — 53,077,000 53,077,000 — 
    C&I480,000 14,000 710,000 1,204,000 380,230,000 381,434,000 — 
    Multifamily— — — — 136,951,000 136,951,000 — 
    Agriculture— — — — 52,931,000 52,931,000 — 
 Municipal — — — — 62,924,000 62,924,000 — 
Residential
   Term 309,000 822,000 1,307,000 2,438,000 721,892,000 724,330,000 341,000 
   Construction — — — — 31,579,000 31,579,000 — 
Home equity
    Revolving and term 494,000 262,000 126,000 882,000 133,398,000 134,280,000 — 
Consumer 302,000 139,000 205,000 646,000 19,913,000 20,559,000 116,000 
Total$1,980,000 $1,237,000 $2,348,000 $5,565,000 $2,388,442,000 $2,394,007,000 $457,000 
Information on the past-due status of loans by class of financing receivable as of December 31, 2024, is presented in the following table:
30-59 Days
Past Due		60-89 Days
Past Due		90+ Days
Past Due		All
Past Due		CurrentTotal90+ Days
& Accruing
Commercial
    Real estate owner occupied$— $257,000 $292,000 $549,000 $358,039,000 $358,588,000 $— 
    Real estate non-owner occupied— — — — 403,899,000 403,899,000 — 
    Construction— — — — 99,717,000 99,717,000 — 
    C&I346,000 1,112,000 540,000 1,998,000 363,819,000 365,817,000 10,000 
    Multifamily— — — — 108,732,000 108,732,000 — 
    Agriculture115,000 — — 115,000 52,104,000 52,219,000 — 
Municipal— — — — 61,827,000 61,827,000 — 
Residential
    Term137,000 2,614,000 935,000 3,686,000 707,121,000 710,807,000 778,000 
    Construction390,000 — — 390,000 35,091,000 35,481,000 — 
Home equity
    Revolving and term1,074,000 368,000 94,000 1,536,000 121,527,000 123,063,000 — 
Consumer592,000 285,000 232,000 1,109,000 19,681,000 20,790,000 232,000 
Total$2,654,000 $4,636,000 $2,093,000 $9,383,000 $2,331,557,000 $2,340,940,000 $1,020,000 








16

Information on the past-due status of loans by class of financing receivable as of June 30, 2024, is presented in the following table:
30-59 Days
Past Due		60-89 Days
Past Due		90+ Days
Past Due		All
Past Due		CurrentTotal90+ Days
& Accruing
Commercial
    Real estate owner occupied$503,000 $64,000 $383,000 $950,000 $340,093,000 $341,043,000 $— 
    Real estate non-owner occupied— — — — 406,480,000 406,480,000 — 
    Construction— — — — 98,726,000 98,726,000 — 
    C&I585,000 — 37,000 622,000 329,920,000 330,542,000 19,000 
    Multifamily— — — — 105,704,000 105,704,000 — 
    Agriculture— — — — 48,748,000 48,748,000 — 
Municipal— — — — 62,105,000 62,105,000 — 
Residential
    Term110,000 232,000 446,000 788,000 685,218,000 686,006,000 48,000 
    Construction— — — — 35,574,000 35,574,000 — 
Home equity
    Revolving and term553,000 127,000 67,000 747,000 111,481,000 112,228,000 — 
Consumer147,000 44,000 20,000 211,000 20,303,000 20,514,000 20,000 
Total$1,898,000 $467,000 $953,000 $3,318,000 $2,244,352,000 $2,247,670,000 $87,000 
Non-Accrual Loans: For all classes, loans are placed on non-accrual status when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement or when principal and interest is 90 days or more past due unless the loan is both well secured and in the process of collection (in which case the loan may continue to accrue interest in spite of its past due status). A loan is "well secured" if it is secured (1) by collateral in the form of liens on or pledges of real or personal property, including securities, that have a realizable value sufficient to discharge the debt (including accrued interest) in full, or (2) by the guarantee of a financially responsible party. A loan is "in the process of collection" if collection of the loan is proceeding in due course either (1) through legal action, including judgment enforcement procedures, or, (2) in appropriate circumstances, through collection efforts not involving legal action which are reasonably expected to result in repayment of the debt or in its restoration to a current status in the near future.
Cash payments received on non-accrual loans are applied to reduce the loan's principal balance until the remaining principal balance is deemed collectible, after which interest is recognized when collected. As a general rule, a loan may be restored to accrual status when payments are current for a substantial period of time, generally six months, and repayment of the remaining contractual amounts is expected, or when it otherwise becomes well secured and in the process of collection.














17

The following table presents the amortized cost basis of loans on non-accrual status as of June 30, 2025, December 31, 2024 and June 30, 2024:
June 30, 2025December 31, 2024June 30, 2024
Non-accrual with Allowance for Credit LossNon-accrual with no Allowance for Credit LossTotal Non-accrualNon-accrual with Allowance for Credit LossNon-accrual with no Allowance for Credit LossTotal Non-accrualNon-accrual with Allowance for Credit LossNon-accrual with no Allowance for Credit LossTotal Non-accrual
Commercial
   Real estate owner occupied$— $522,000 $522,000 $— $553,000 $553,000 $— $383,000 $383,000 
   Real estate non-owner occupied— 61,000 61,000 — 61,000 61,000 — — — 
   Construction— 17,000 17,000 — 18,000 18,000 — 19,000 19,000 
   C&I326,000 1,249,000 1,575,000 1,359,000 336,000 1,695,000 — 111,000 111,000 
   Multifamily— 15,000 15,000 — — — — — — 
   Agriculture— 103,000 103,000 — 31,000 31,000 — 32,000 32,000 
Municipal— — — — — — — — — 
Residential
   Term— 3,193,000 3,193,000 — 1,599,000 1,599,000 — 1,731,000 1,731,000 
   Construction— — — — — — — — — 
Home equity
   Revolving and term— 553,000 553,000 — 291,000 291,000 — 288,000 288,000 
Consumer— — — — — — — — — 
Total$326,000 $5,713,000 $6,039,000 $1,359,000 $2,889,000 $4,248,000 $— $2,564,000 $2,564,000 

Individually Analyzed Loans: IAL include loans with balances of $250,000 or more that have been placed into non-accrual or are loans identified by management as having characteristics that may impact ultimate collectibility and therefore merit individual analysis. These loans are measured at the present value of expected future cash flows discounted at the loan's effective interest rate or at the fair value of the collateral if the loan is collateral dependent. If the measure of an IAL loan is lower than the recorded investment in the loan and estimated selling costs, a specific reserve is established for the difference, or, in certain situations, if the measure of an IAL loan is lower than the recorded investment in the loan and estimated selling costs, the difference is written off.
The following table presents the amortized cost basis of collateral-dependent loans as of June 30, 2025, December 31, 2024 and June 30, 2024, by collateral type:
June 30, 2025December 31, 2024June 30, 2024
Collateral TypeCollateral TypeCollateral Type
Commercial Real EstateResidential Real EstateOtherCommercial Real EstateResidential Real EstateOtherCommercial Real EstateResidential Real Estate
Commercial
   Real estate owner occupied$249,000 $— $— $263,000 $— $— $283,000 $— 
   Real estate non-owner occupied61,000 — — 67,000 — — — — 
   Construction— — — — — — — — 
   C&I— — 1,394,000 — — 1,438,000 — — 
   Multifamily— — — — — — — — 
   Agriculture— — — — — — — — 
Municipal— — — — — — — — 
Residential
   Term— 2,081,000 — — 558,000 — — 569,000 
   Construction— — — — — — — — 
Home equity
   Revolving and term— — — — — — — — 
Consumer— — — — — — — — 
Total$310,000 $2,081,000 $1,394,000 $330,000 $558,000 $1,438,000 $283,000 $569,000 
18

Loan Modifications to Borrowers Experiencing Financial Difficulty: Loan modifications to borrowers experiencing financial difficulty may include interest rate reduction, term extension, payment deferral, principle forgiveness or a combination thereof. It is the intent to minimize future losses while providing borrowers with financial relief.
The following table represents loan modifications made to borrowers experiencing financial difficulty by modification type and class of financing receivable, during the three months ended June 30, 2025:

Amortized Cost Basis
Payment DeferralTerm ExtensionCombination Payment Deferral and Term ExtensionCombination Payment Deferral and Rate ModCombination of Payment Deferral, Term & Rate Mod% of Total Class of Financing Receivable
Commercial
  Real estate owner occupied$— $— $337,000 $— $— 0.09 %
  Real estate non-owner occupied— — — 61,000 1,285,000 0.32 %
  Construction— — — — — — %
  C&I212,000 — 189,000 471,000 — 0.23 %
  Multifamily— — — — — — %
  Agriculture179,000 — — — — 0.34 %
Municipal— — — — — — %
Residential
  Term— — 972,000 — 357,000 0.18 %
  Construction— — — — — — %
Home Equity
  Revolving and term— — 367,000 — — 0.27 %
Consumer— — — — — — %
Total$391,000 $— $1,865,000 $532,000 $1,642,000 

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty for the three months ended June 30, 2025:

Payment Deferral
Financial Effect
Commercial
  C&I
Temporary payment accommodations, 5 yr balloon payment
  Agriculture
Payments deferred for 6 months

Combination Payment Deferral and Term Extension
Financial Effect
Commercial
  Real estate owner occupiedTemporary payment accommodation, payments deferred to end of loan.
  C&ITemporary payment accommodation, payments deferred to end of loan.
Residential
  TermTemporary payment accommodation, payments deferred to end of loan.
Home Equity
  Revolving and termTemporary payment accommodation, payments deferred to end of loan.
19

Combination Payment Deferral and Rate Mod
Financial Effect
Commercial
  Real estate non-owner occupied
Payments deferred for 6 months; rate reduction to 2.0%
  C&I
Payments deferred for 6 months; rate reduction to 2.0%

Combination of Payment Deferral, Term & Rate Mod
Financial Effect
Commercial
  Real estate non-owner occupied
Seasonal payments, 5 yr balloon; 60 month term, 120 month amort; WSJP 0.50%
Residential
  Term
Seasonal payments, 3 yr balloon; 36 month term, 300 month amort; fixed rate

The following table represents loan modifications made to borrowers experiencing financial difficulty by modification type and class of financing receivable, during the six months ended June 30, 2025:

Amortized Cost Basis
Payment DeferralTerm ExtensionCombination Payment Deferral and Term ExtensionCombination Payment Deferral and Rate ModCombination of Payment Deferral, Term & Rate Mod% of Total Class of Financing Receivable
Commercial
  Real estate owner occupied$156,000 $— $337,000 $— $— 0.13 %
  Real estate non-owner occupied— 364,000 — 61,000 1,285,000 0.40 %
  Construction— — — — — — %
  C&I285,000 — 189,000 471,000 — 0.25 %
  Multifamily908,000 — — — — 0.66 %
  Agriculture1,715,000 — — — — 3.24 %
Municipal— — — — — — %
Residential
  Term— — 972,000 — 357,000 0.18 %
  Construction— — — — — — %
Home Equity
  Revolving and term— — 367,000 — — 0.27 %
Consumer— — — — — — %
Total$3,064,000 $364,000 $1,865,000 $532,000 $1,642,000 












20

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty for the six months ended June 30, 2025:
Payment Deferral
Financial Effect
Commercial
  Real estate owner occupied
Temporary payment accommodation - payments deferred to end of loan; 5 yr balloon payment
  C&ITemporary payment accommodation, payments deferred to end of loan.
  MultifamilyTemporary payment accommodation, payments deferred to end of loan.
  Agriculture
Temporary payment accommodation - payments deferred to end of loan; payments deferred for 6 months
Term Extension
Financial Effect
Commercial
  Real estate non-owner occupied
Temporary payment accommodation, extended term 6 months.

Combination Payment Deferral and Term Extension
Financial Effect
Commercial
  Real estate owner occupiedTemporary payment accommodation, payments deferred to end of loan.
  C&ITemporary payment accommodation, payments deferred to end of loan.
Residential
  TermTemporary payment accommodation, payments deferred to end of loan.
Home Equity
  Revolving and termTemporary payment accommodation, payments deferred to end of loan.

Combination of Payment Deferral & Rate Mod
Financial Effect
Commercial
  Real estate non-owner occupied
Payments deferred for 6 months; rate reduction to 2.0%
  C&I
Payments deferred for 6 months; rate reduction to 2.0%

Combination of Payment Deferral, Term & Rate Mod
Financial Effect
Commercial
  Real estate non-owner occupied
Seasonal payments, 5 yr balloon; 60 month term, 120 month amort; WSJP 0.50%
Residential
  Term
Seasonal payments, 3 yr balloon; 36 month term, 300 month amort; fixed rate









21

The following table represents loan modifications made to borrowers experiencing financial difficulty by modification type and class of financing receivable, during the three months ended June 30, 2024:

Amortized Cost Basis
Payment DeferralTerm ExtensionInterest Rate ReductionPrincipal ForgivenessCombination Payment Deferral and Term Extension% of Total Class of Financing Receivable
Commercial
  Real estate owner occupied$635,000 $— $— $— $— 0.19 %
  Real estate non-owner occupied— — — — — — %
  Construction— — — — — — %
  C&I177,000 — — — 170,000 0.11 %
  Multifamily— — — — — — %
  Agriculture— — — — — — %
Municipal— — — — — — %
Residential
  Term— — — — — — %
  Construction— — — — — — %
Home Equity
  Revolving and term— — — — — — %
Consumer— — — — — — %
Total$812,000 $— $— $— $170,000 

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty for the three months ended June 30, 2024:
Payment Deferral
Financial Effect
Commercial
  Real estate owner occupiedTemporary payment accommodation, payments deferred to end of loan.
  C&ITemporary payment accommodation, payments deferred to end of loan.

Payment Deferral & Term Extension
Financial Effect
Commercial
  C&I
Temporary payment accommodation, extended term 60 days.












22

The following table represents loan modifications made to borrowers experiencing financial difficulty by modification type and class of financing receivable, during the six months ended June 30, 2024:

Amortized Cost Basis
Payment DeferralTerm ExtensionInterest Rate ReductionPrincipal ForgivenessCombination Payment Deferral and Term Extension% of Total Class of Financing Receivable
Commercial
  Real estate owner occupied$635,000 $— $— $— $— 0.19 %
  Real estate non-owner occupied— — — — — — %
  Construction69,000 — — — — 0.08 %
  C&I238,000 — — — 170,000 0.13 %
  Multifamily1,932,000 — — — — 1.91 %
  Agriculture— — — — — — %
Municipal— — — — — — %
Residential
  Term1,023,000 — — — — 0.15 %
  Construction— — — — — — %
Home Equity
  Revolving and term— — — — 69,000 0.07 %
Consumer— — — — — — %
Total$3,897,000 $— $— $— $239,000 — %

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty for the six months ended June 30, 2024:

Payment Deferral
Financial Effect
Commercial
  Real estate owner occupiedTemporary payment accommodation, payments deferred to end of loan.
  ConstructionTemporary payment accommodation, payments deferred to end of loan.
  C&ITemporary payment accommodation, payments deferred to end of loan.
  MultifamilyTemporary payment accommodation, payments deferred to end of loan.
Residential
  TermTemporary payment accommodation, payments deferred to end of loan.

Payment Deferral & Term Extension
Financial Effect
Commercial
  C&I
Temporary payment accommodation, extended term 60 days.
Home Equity
  Revolving and Term
Temporary payment accommodation, extended term 60 days.



23

The Company monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts loans that were modified during the previous 12 months as of June 30, 2025 which defaulted upon the modified terms within 12 months of the modification:

Payment Status (Amortized Cost Basis)
30-59 Days
Past Due		60-89 Days
Past Due		90+ Days
Past Due
Commercial
     C&I$— $— $— 
Residential
     Term125,000 — — 
Total$125,000 $— $— 

The following table depicts the performance of loans that have been modified during the previous 12 months as of June 30, 2025:

Payment Status (Amortized Cost Basis)
Current30-59 Days
Past Due		60-89 Days
Past Due		90+ Days
Past Due
Commercial
     Real estate owner occupied$493,000 $— $— $— 
     Real Estate non-owner occupied1,710,000 — — — 
     Construction— — — — 
     C&I1,010,000 — — — 
     Multifamily908,000 — — — 
     Agriculture1,715,000 — — — 
Residential
     Term1,452,000 — — — 
Home Equity
     Revolving and term367,000 — — — 
Consumer— — — — 
Total$7,655,000 $— $— $— 

The following table depicts loans that were modified during the previous 12 months as of June 30, 2024 which defaulted upon the modified terms within 12 months of the modification:

Payment Status (Amortized Cost Basis)
30-59 Days
Past Due		60-89 Days
Past Due		90+ Days
Past Due
Commercial
     Real estate owner occupied$504,000 $— $283,000 
     C&I60,000 205,000 — 
Residential
     Term— 449,000 — 
Consumer— — 13,000 
Total$564,000 $654,000 $296,000 




24

The following table depicts the performance of loans that had been modified during the the previous 12 months as of June 30, 2024:

Payment Status (Amortized Cost Basis)
Current30-59 Days
Past Due		60-89 Days
Past Due		90+ Days
Past Due
Commercial
     Real estate owner occupied$635,000 $503,000 $— $283,000 
     Construction69,000 — — — 
     C&I402,000 41,000 — — 
     Multifamily1,932,000 — — — 
Residential
     Term1,023,000 — — — 
Home Equity
     Revolving and term70,000 — — — 
Consumer19,000 — — 13,000 
Total$4,150,000 $544,000 $— $296,000 

Residential Mortgage Loans in Process of Foreclosure: As of June 30, 2025, there were two mortgage loans collateralized by residential real estate in the process of foreclosure with a total balance of $859,000. This compares to three mortgage loans collateralized by residential real estate in the process of foreclosure with a total balance of $192,000 as of December 31, 2024, and two mortgage loans collateralized by residential real estate in the process of foreclosure with a total balance of $127,000 as of June 30, 2024.

Note 4. Allowance for Credit Losses
The ACL is a valuation amount that is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. Loans, or portions thereof, are charged off against the allowance when they are deemed uncollectible. The ACL consists of three elements: (1) specific reserves for loans individually analyzed; (2) general reserves for each portfolio segment; and, (3) qualitative reserves. All outstanding loans are considered in evaluating the appropriateness of the allowance. Loans are segmented by common risk characteristics as delineated in the paragraph below. The Company provides for loan losses through the ACL which represents an estimated reserve for losses in the loan portfolio. To determine an appropriate level for general reserves, a discounted cash flow approach is applied to each portfolio segment implementing a probability of default and loss given default estimate based upon a number of factors including historical losses over an economic cycle, economic forecasts, loan prepayment speeds and curtailment rates. To determine an appropriate level for qualitative reserves, various factors are considered including underwriting policies, credit administration practices, experience, ability and depth of lending management, and economic factors not captured in the general reserve calculation.

Loan Portfolio Composition & Risk Characteristics: The loan portfolio is segmented into eleven classes and credit risk is evaluated separately in each class. Major risk characteristics relevant to each portfolio segment are as follows: 
Commercial Real Estate Owner Occupied - commercial real estate owner occupied loans consist of mortgage loans to finance investments in real property such as retail space, offices, industrial buildings, hotels, educational facilities, and other specific or mixed use properties. Loans are typically written with amortizing payment structures. Collateral values are determined based on appraisals and evaluations in accordance with established policy and regulatory guidelines. Loans typically have a loan-to-value ratio of up to 80% based upon current valuation information at the time the loan is made, and are primarily paid by the cash flow generated from the real property, typically the operating entity of owner occupant. Risk factors typically include competitive market forces, net operating incomes of the operating entity, and overall economic demand. Loans in the recreational and tourism sector can be affected by weather conditions, such as unseasonably low winter snowfalls. Commercial real estate lending also carries a higher degree of environmental risk than other types of lending.
Commercial Real Estate Non-Owner Occupied - commercial real estate loans non-owner occupied share many of the purpose, loan structure and risk characteristics of owner-occupied commercial real estate. The primary differentiating factor from Owner Occupied is that repayment is generally reliant upon cash flow generated from tenants rather than an operating entity. Risk factors are also influenced by vacancy rates, cap rates, lease renewals, and underlying financial health of lessees.
25

Commercial Construction - commercial construction loans consist of loans to finance construction in a mix of owner- and non-owner occupied commercial real estate properties. Loans typically have construction periods of less than two years, and payment structures during the construction period are typically on an interest only basis, although principal payments may be established depending on the type of construction project being financed. During the construction phase, commercial construction loans are primarily paid by cash flow generated from the construction project or other operating cash flows from the borrower or guarantors, if applicable. Commercial construction loans will typically convert to permanent financing from the Company, or loan repayment may come from a third party source in the event that the Company will not be providing permanent term financing. Collateral valuation and loan-to-value guidelines follow those for commercial real estate loans. Commercial construction loans are impacted by factors similar to those for commercial real estate loans in addition to risks related to contractor financial capacity and ability to complete a project within acceptable time frames and within budget.
Commercial and Industry - C&I loans consist of revolving and term loan obligations extended to business and corporate enterprises for the purpose of financing working capital and or capital investment. C&I loans may be secured or unsecured; when secured, collateral generally consists of pledges of business assets including, but not limited to, accounts receivable, inventory, equipment, and/or other tangible and intangible assets. C&I loans are primarily paid by the operating cash flow of the borrower. A weakened economy, soft consumer spending, and the rising cost of labor or raw materials are examples of issues that can impact the credit quality in this segment.
Commercial Multifamily - multifamily loans share structure and risk characteristics with non-owner occupied commercial real estate; underlying collateral is residential in nature rather than commercial, consisting of properties with five or more units.
Municipal Loans - municipal loans are comprised of loans to municipalities in Maine for capitalized expenditures, construction projects, or tax anticipation notes. All municipal loans are considered either general obligations of the municipality collateralized by the taxing ability of the municipality for repayment of debt or have a pledge of specific revenues. The overall health of the economy, including unemployment rates and housing prices, has an impact on the credit quality of this segment.
Agriculture - agriculture loans consist mostly of amortizing term loans and revolving lines of credit made to borrowers in agriculture related industries. For the Company, this includes loans made to land based agricultural production and to participants in the fishing industry. Collateral values are determined based on appraisals and evaluations in accordance with established policy and regulatory guidelines. Loans are primarily paid by the cash flow generated from the agricultural property or operation of equipment. Risk factors typically include competitive market forces, overall economic demand for the product, and may be further influenced by weather conditions which impact growing and/or harvesting, or other factors such as changes in government regulation(s).
Residential Real Estate Term - residential term loans consist of residential real estate loans made to borrowers who demonstrate the ability to make scheduled payments with full consideration to underwriting factors. Borrower qualifications include favorable credit history combined with supportive income requirements and loan-to-value ratios within established policy and regulatory guidelines. Collateral values are determined based on appraisals and evaluations in accordance with established policy and regulatory guidelines. Residential loans typically have a loan-to-value ratio of up to 80% based on appraisal information at the time the loan is made. Collateral consists of mortgage liens on one-to four-family residential properties. Loans are offered with fixed or adjustable rates with amortization terms of up to thirty years. The overall health of the economy, including unemployment rates and housing prices, has an impact on the credit quality of this segment.
Residential Real Estate Construction - residential construction loans typically consist of loans for the purpose of constructing single family residences to be owned and occupied by the borrower. Borrower qualifications include favorable credit history combined with supportive income requirements and loan-to-value ratios within established policy and regulatory guidelines. Residential construction loans normally have construction terms of one year or less and payment during the construction term is typically on an interest only basis from sources including interest reserves, borrower liquidity, and/or income. Residential construction loans will typically convert to permanent financing from the Company or have another financing commitment in place from an acceptable mortgage lender. Collateral valuation and loan-to-value guidelines are consistent with those for residential term loans. Residential construction loans are impacted by factors similar to those for residential real estate term loans in addition to risks related to contractor financial capacity and ability to complete a project within acceptable time frames and within budget.
Home Equity Revolving and Term - home equity revolving and term loans are made to qualified individuals and are secured by senior or junior mortgage liens on owner occupied one- to four-family homes, condominiums, or vacation homes. The home equity line of credit typically has a variable interest rate and is billed as interest-only payments during the draw period. At the end of the draw period, the home equity line of credit is billed as a percentage of the principal balance plus all accrued interest. Loan maturities are normally 300 months. Borrower qualifications include favorable credit history combined with supportive income requirements and combined loan-to-value ratios usually not exceeding 80% inclusive of priority liens. Collateral valuation guidelines follow those for residential real estate loans. The overall health of the economy, including unemployment rates and housing prices, has an impact on the credit quality of this segment. 
26

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

Construction, land, and land development: CLLD loans, both commercial and residential, represented 28.6% of total Bank capital as of June 30, 2025 and remain below the regulatory guidance of 100.0% of total Bank capital. Construction loans and non-owner-occupied commercial real estate loans represented 218.1% of total Bank capital at June 30, 2025, below the regulatory guidance of 300.0% of total Bank capital.

Composition of the ACL: A breakdown of the ACL as of June 30, 2025, by class of financing receivable and allowance element, is presented in the following table:
As of June 30, 2025Specific Reserves on Loans Evaluated Individually General Reserves on Loans Based on Historical Loss ExperienceReserves for Qualitative FactorsTotal Reserves
Commercial
   Real estate owner occupied$— $4,476,000 $719,000 $5,195,000 
   Real estate non-owner occupied— 4,289,000 645,000 4,934,000 
   Construction— 335,000 101,000 436,000 
   C&I326,000 3,946,000 593,000 4,865,000 
   Multifamily— 1,408,000 164,000 1,572,000 
   Agriculture— 517,000 149,000 666,000 
Municipal— 36,000 231,000 267,000 
Residential
   Term— 5,075,000 410,000 5,485,000 
   Construction— 360,000 55,000 415,000 
Home Equity
   Revolving and term— 741,000 82,000 823,000 
Consumer— 164,000 7,000 171,000 
326,000 21,347,000 3,156,000 24,829,000 

















27

A breakdown of the ACL as of December 31, 2024, by class of financing receivable and allowance element, is presented in the following table:
As of December 31, 2024Specific Reserves on Loans Evaluated IndividuallyGeneral Reserves on Loans Based on Historical Loss ExperienceReserves for Qualitative FactorsTotal Reserves
Commercial
    Real estate owner occupied$— $4,355,000 $690,000 $5,045,000 
    Real estate non-owner occupied— 4,237,000 592,000 4,829,000 
    Construction— 786,000 158,000 944,000 
    C&I1,047,000 3,744,000 573,000 5,364,000 
    Multifamily— 1,108,000 131,000 1,239,000 
    Agriculture— 449,000 156,000 605,000 
Municipal— 35,000 227,000 262,000 
Residential
    Term— 4,811,000 430,000 5,241,000 
    Construction— 414,000 60,000 474,000 
Home Equity
    Revolving and term— 600,000 86,000 686,000 
Consumer— 175,000 7,000 182,000 
$1,047,000 $20,714,000 $3,110,000 $24,871,000 
A breakdown of the ACL as of June 30, 2024, by class of financing receivable and allowance element, is presented in the following table:
As of June 30, 2024Specific Reserves on Loans Evaluated IndividuallyGeneral Reserves on Loans Based on Historical Loss ExperienceReserves for Qualitative FactorsTotal Reserves
Commercial
    Real estate owner occupied$— $4,434,000 $819,000 $5,253,000 
    Real estate non-owner occupied— 3,819,000 429,000 4,248,000 
    Construction— 1,032,000 (110,000)922,000 
    C&I219,000 4,098,000 704,000 5,021,000 
    Multifamily— 1,439,000 128,000 1,567,000 
    Agriculture— 402,000 26,000 428,000 
Municipal— 37,000 143,000 180,000 
Residential
    Term22,000 4,984,000 554,000 5,560,000 
    Construction— 683,000 (96,000)587,000 
Home Equity
    Revolving and term— 644,000 100,000 744,000 
Consumer— 170,000 13,000 183,000 
$241,000 $21,742,000 $2,710,000 $24,693,000 

The ACL as a percent of total loans stood at 1.04% as of June 30, 2025, 1.06% at December 31, 2024 and 1.10% as of June 30, 2024.





28

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

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

The following table presents the activity in the ACL for off-balance sheet credit exposures for the six months and quarters ended June 30, 2025 and 2024:
For the six months ended June 30,For the quarter ended June 30,
2025202420252024
Allowance for credit losses:
Beginning balance$714,000 $1,255,000 $709,000 $895,000 
Credit loss expense (reduction)132,000 (353,000)137,000 7,000 
Total ending allowance balance$846,000 $902,000 $846,000 $902,000 



























29

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

The risk rating system has eight levels, defined as follows:
1    Strong
Credits rated "1" are characterized by borrowers fully responsible for the credit with excellent capacity to pay principal and interest. Loans rated "1" may be secured with acceptable forms of liquid collateral.
2    Above Average
Credits rated "2" are characterized by borrowers that have better than average liquidity, capitalization, earnings, and/or cash flow with a consistent record of solid financial performance.
3    Satisfactory
Credits rated "3" are characterized by borrowers with favorable liquidity, profitability, and financial condition with adequate cash flow to pay debt service.
4    Average
Credits rated "4" are characterized by borrowers that present risk more than 1, 2 and 3 rated loans and merit an ordinary level of ongoing monitoring. Financial condition is on par or somewhat below industry averages while cash flow is generally adequate to meet debt service requirements.
5    Watch
Credits rated "5" are characterized by borrowers that warrant greater monitoring due to financial condition or unresolved and identified risk factors.
6    Other Assets Especially Mentioned
Loans in this category are currently protected but are potentially weak and constitute an undue and unwarranted credit risk, but not to the point of justifying a classification of substandard. OAEM have potential weaknesses which may, if not checked or corrected, weaken the asset or inadequately protect the Company's credit position at some future date.
7    Substandard
Loans in this category are inadequately protected by the paying capacity of the borrower or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Substandard loans are characterized by the distinct possibility that the Company may sustain some loss if the deficiencies are not corrected.
8    Doubtful
Loans classified "Doubtful" have the same weaknesses as those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, based on currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is high, but because of certain important and reasonably specific pending factors which may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined.

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










30

The following table summarizes the credit quality for the Company's portfolio by risk category of loans and by class by vintage as of June 30, 2025:
Term Loans Amortized Cost Basis by Origination Year
Dollars in thousands20252024202320222021PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
As of June 30, 2025
Commercial
  Real estate owner occupied
    Pass (risk rating 1-5)$32,552 $47,207 $63,949 $67,078 $34,061 $100,153 $11,748 $960 $357,708 
    Special Mention (risk rating 6)135 — 3,026 1,989 — 1,601 134 — 6,885 
    Substandard (risk rating 7)— 80 247 5,322 257 833 — — 6,739 
    Doubtful (risk rating 8)— — — — — — — — — 
  Total Real Estate Owner Occupied32,687 47,287 67,222 74,389 34,318 102,587 11,882 960 371,332 
    Current period gross write-offs— — — — — — — — — 
  Real estate non-owner occupied
    Pass (risk rating 1-5)35,181 30,331 43,369 71,213 100,381 128,787 13,485 — 422,747 
    Special Mention (risk rating 6)— — — — 43 199 — — 242 
    Substandard (risk rating 7)1,285 213 62 — — 61 — — 1,621 
    Doubtful (risk rating 8)— — — — — — — — — 
  Total Real Estate Non-Owner Occupied36,466 30,544 43,431 71,213 100,424 129,047 13,485 — 424,610 
    Current period gross write-offs— — — — — — — — — 
  Construction
    Pass (risk rating 1-5)11,423 26,707 4,468 3,198 3,991 3,128 — — 52,915 
    Special Mention (risk rating 6)— — — — — — — — — 
    Substandard (risk rating 7)— 95 — — 67 — — — 162 
    Doubtful (risk rating 8)— — — — — — — — — 
  Total Construction11,423 26,802 4,468 3,198 4,058 3,128 — — 53,077 
    Current period gross write-offs— — — — — — — — — 
  C&I
    Pass (risk rating 1-5)32,765 73,646 48,847 40,994 37,266 33,925 109,122 945 377,510 
    Special Mention (risk rating 6)— 25 309 296 461 71 839 — 2,001 
    Substandard (risk rating 7)244 — 684 238 36 274 189 — 1,665 
    Doubtful (risk rating 8)— — — — — 258 — — 258 
  Total C&I33,009 73,671 49,840 41,528 37,763 34,528 110,150 945 381,434 
    Current period gross write-offs— (47)(571)— — (136)— — (754)
  Multifamily
    Pass (risk rating 1-5)5,901 17,019 11,884 52,855 18,867 24,341 1,071 — 131,938 
    Special Mention (risk rating 6)160 — 1,600 — — — — — 1,760 
    Substandard (risk rating 7)— — — 1,020 1,325 908 — — 3,253 
    Doubtful (risk rating 8)— — — — — — — — — 
  Total Multifamily6,061 17,019 13,484 53,875 20,192 25,249 1,071 — 136,951 
    Current period gross write-offs— — — — — — — — — 
  Agriculture
    Pass (risk rating 1-5)5,507 10,721 2,278 4,939 3,663 18,146 4,149 222 49,625 
    Special Mention (risk rating 6)132 — 450 — 52 134 600 — 1,368 
    Substandard (risk rating 7)1,325 — 254 211 27 121 — — 1,938 
    Doubtful (risk rating 8)— — — — — — — — — 
  Total Agriculture6,964 10,721 2,982 5,150 3,742 18,401 4,749 222 52,931 
    Current period gross write-offs— — — — — — — — — 
31

Term Loans Amortized Cost Basis by Origination Year
Dollars in thousands20252024202320222021PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
As of June 30, 2025
Municipal
    Pass (risk rating 1-5)8,834 9,981 18,726 3,897 4,136 17,350 — — 62,924 
    Special Mention (risk rating 6)— — — — — — — — — 
    Substandard (risk rating 7)— — — — — — — — — 
    Doubtful (risk rating 8)— — — — — — — — — 
  Total Municipal8,834 9,981 18,726 3,897 4,136 17,350 — — 62,924 
    Current period gross write-offs— — — — — — — — — 
Residential
  Term
    Performing28,887 68,438 90,906 146,470 123,293 260,426 2,598 119 721,137 
    Non-performing— 166 53 412 682 1,880 — — 3,193 
  Total Term28,887 68,604 90,959 146,882 123,975 262,306 2,598 119 724,330 
    Current period gross write-offs— — — — — (1)— — (1)
  Construction
    Performing9,716 18,095 3,214 554 — — — — 31,579 
    Non-performing— — — — — — — — — 
  Total Construction9,716 18,095 3,214 554 — — — — 31,579 
    Current period gross write-offs— — — — — — — — — 
Home Equity Revolving and Term
    Performing4,339 11,830 8,921 7,893 1,842 2,591 87,402 8,909 133,727 
    Non-performing— 114 16 85 — 90 88 160 553 
  Total Home Equity Revolving and Term4,339 11,944 8,937 7,978 1,842 2,681 87,490 9,069 134,280 
    Current period gross write-offs— — — — — — — — — 
Consumer
    Performing1,532 2,307 1,864 923 263 5,404 8,266 — 20,559 
    Non-performing— — — — — — — — — 
  Total Consumer1,532 2,307 1,864 923 263 5,404 8,266 — 20,559 
    Current period gross write-offs(1)(23)(22)(12)(5)(56)— — (119)
Total loans$179,918 $316,975 $305,127 $409,587 $330,713 $600,681 $239,691 $11,315 $2,394,007 















32

The following table summarizes the credit quality for the Company's portfolio by risk category of loans and by class by vintage as of December 31, 2024:
Term Loans Amortized Cost Basis by Origination Year
Dollars in thousands20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
As of December 31, 2024
Commercial
  Real estate owner occupied
    Pass (risk rating 1-5)$47,724 $62,376 $77,469 $39,635 $26,448 $81,529 $10,727 $1,126 $347,034 
    Special Mention (risk rating 6)125 3,026 5,334 — 195 1,603 50 — 10,333 
    Substandard (risk rating 7)41 261 — 257 160 502 — — 1,221 
    Doubtful (risk rating 8)— — — — — — — — — 
  Total Real Estate Owner Occupied47,890 65,663 82,803 39,892 26,803 83,634 10,777 1,126 358,588 
    Current period gross write-offs— — — — — — — — — 
  Real estate non-owner occupied
    Pass (risk rating 1-5)33,083 29,546 72,025 113,630 45,421 96,778 11,241 1,520 403,244 
    Special Mention (risk rating 6)— 62 — 44 — 199 — — 305 
    Substandard (risk rating 7)289 — — — — 61 — — 350 
    Doubtful (risk rating 8)— — — — — — — — — 
  Total Real Estate Non-Owner Occupied33,372 29,608 72,025 113,674 45,421 97,038 11,241 1,520 403,899 
    Current period gross write-offs— — — — — — — — — 
  Construction
    Pass (risk rating 1-5)36,478 22,629 26,650 7,826 1,356 2,314 — — 97,253 
    Special Mention (risk rating 6)— — 2,007 44 — 199 — — 2,250 
    Substandard (risk rating 7)145 — — 69 — — — — 214 
    Doubtful (risk rating 8)— — — — — — — — — 
  Total Construction36,623 22,629 28,657 7,939 1,356 2,513 — — 99,717 
    Current period gross write-offs— — — — — — — — — 
  C&I
    Pass (risk rating 1-5)69,543 50,204 45,986 39,217 14,958 25,284 114,567 778 360,537 
    Special Mention (risk rating 6)25 15 561 478 723 — 900 — 2,702 
    Substandard (risk rating 7)473 1,227 356 30 15 19 200 — 2,320 
    Doubtful (risk rating 8)— — — — — 258 — — 258 
  Total C&I70,041 51,446 46,903 39,725 15,696 25,561 115,667 778 365,817 
    Current period gross write-offs— (128)(39)(72)(47)(165)— — (451)
  Multifamily
    Pass (risk rating 1-5)14,048 13,102 33,558 17,335 14,483 12,152 781 — 105,459 
    Special Mention (risk rating 6)— — — — — — — — — 
    Substandard (risk rating 7)— — 1,020 1,341 912 — — — 3,273 
    Doubtful (risk rating 8)— — — — — — — — — 
  Total Multifamily14,048 13,102 34,578 18,676 15,395 12,152 781 — 108,732 
    Current period gross write-offs— — — — — — — — — 
  Agriculture
    Pass (risk rating 1-5)11,694 2,749 5,790 3,835 14,651 6,023 4,546 215 49,503 
    Special Mention (risk rating 6)— 474 — 52 — 152 600 — 1,278 
    Substandard (risk rating 7)— 75 731 30 — 602 — — 1,438 
    Doubtful (risk rating 8)—————————
  Total Agriculture11,694 3,298 6,521 3,917 14,651 6,777 5,146 215 52,219 
    Current period gross write-offs— — — — — — — — — 
33

Term Loans Amortized Cost Basis by Origination Year
Dollars in thousands20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
As of December 31, 2024
Municipal
    Pass (risk rating 1-5)9,503 18,642 4,017 3,822 8,498 17,345 — — 61,827 
    Special Mention (risk rating 6)— — — — — — — — — 
    Substandard (risk rating 7)— — — — — — — — — 
    Doubtful (risk rating 8)— — — — — — — — — 
  Total Municipal9,503 18,642 4,017 3,822 8,498 17,345 — — 61,827 
    Current period gross write-offs— — — — — — — — — 
Residential
  Term
    Performing56,378 94,816 148,877 130,413 84,028 192,466 2,109 121 709,208 
    Non-performing— — 297 257 380 665 — — 1,599 
  Total Term56,378 94,816 149,174 130,670 84,408 193,131 2,109 121 710,807 
    Current period gross write-offs— — — — — (37)— — (37)
  Construction
    Performing26,386 7,487 925 — 683 — — — 35,481 
    Non-performing— — — — — — — — — 
  Total Construction26,386 7,487 925 — 683 — — — 35,481 
    Current period gross write-offs— — — — — — — — — 
Home Equity Revolving and Term
    Performing12,449 8,917 8,310 1,894 1,021 1,857 79,132 9,192 122,772 
    Non-performing— — — — — 96 15 180 291 
  Total Home Equity Revolving and Term12,449 8,917 8,310 1,894 1,021 1,953 79,147 9,372 123,063 
    Current period gross write-offs— — — — — (7)— — (7)
Consumer
    Performing3,146 2,438 1,218 734 1,114 5,805 6,335 — 20,790 
    Non-performing— — — — — — — — — 
  Total Consumer3,146 2,438 1,218 734 1,114 5,805 6,335 — 20,790 
    Current period gross write-offs(13)(53)(72)(39)(20)(55)— — (252)
Total loans$321,530 $318,046 $435,131 $360,943 $215,046 $445,909 $231,203 $13,132 $2,340,940 

34

The following table summarizes the credit quality for the Company's portfolio by risk category of loans and by class by vintage as of June 30, 2024:
Term Loans Amortized Cost Basis by Origination Year
Dollars in thousands20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
As of June 30, 2024
Commercial
  Real estate owner occupied
    Pass (risk rating 1-5)$25,788 $66,261 $75,715 $40,225 $27,932 $83,905 $11,946 $— $331,772 
    Special Mention (risk rating 6)— 1,903 — — — 6,352 50 — 8,305 
    Substandard (risk rating 7)— 283 — — 164 519 — — 966 
    Doubtful (risk rating 8)— — — — — — — — — 
  Total Real Estate Owner Occupied25,788 68,447 75,715 40,225 28,096 90,776 11,996 — 341,043 
    Current period gross write-offs— — — — — — — — — 
  Real estate non-owner occupied
    Pass (risk rating 1-5)18,753 30,722 75,841 117,684 47,167 105,808 10,458 — 406,433 
    Special Mention (risk rating 6)— — — 47 — — — — 47 
    Substandard (risk rating 7)— — — — — — — — — 
    Doubtful (risk rating 8)— — — — — — — — — 
  Total Real Estate Non-Owner Occupied18,753 30,722 75,841 117,731 47,167 105,808 10,458 — 406,480 
    Current period gross write-offs— — — — — — — — — 
  Construction
    Pass (risk rating 1-5)14,735 32,272 39,063 8,191 1,451 2,800 — — 98,512 
    Special Mention (risk rating 6)— — — — — — — — — 
    Substandard (risk rating 7)145 — — 69 — — — — 214 
    Doubtful (risk rating 8)— — — — — — — — — 
  Total Construction14,880 32,272 39,063 8,260 1,451 2,800 — — 98,726 
    Current period gross write-offs— — — — — — — — — 
  C&I
    Pass (risk rating 1-5)22,262 38,700 50,381 43,544 16,725 27,893 97,746 4,400 301,651 
    Special Mention (risk rating 6)— 23,316 512 502 458 3,012 450 — 28,250 
    Substandard (risk rating 7)— — 352 103 18 31 137 — 641 
    Doubtful (risk rating 8)— — — — — — — — — 
  Total C&I22,262 62,016 51,245 44,149 17,201 30,936 98,333 4,400 330,542 
    Current period gross write-offs— — — — — — — — — 
  Multifamily
    Pass (risk rating 1-5)9,538 12,291 34,230 17,581 14,771 13,196 816 — 102,423 
    Special Mention (risk rating 6)— — — — — — — — — 
    Substandard (risk rating 7)— — 1,020 1,349 912 — — — 3,281 
    Doubtful (risk rating 8)— — — — — — — — — 
  Total Multifamily9,538 12,291 35,250 18,930 15,683 13,196 816 — 105,704 
    Current period gross write-offs— — — — — — — — — 
  Agriculture
    Pass (risk rating 1-5)5,725 2,992 6,804 4,234 15,283 7,369 4,438 231 47,076 
    Special Mention (risk rating 6)21 500 — 61 — 211 600 — 1,393 
    Substandard (risk rating 7)— 87 — 32 — 160 — — 279 
    Doubtful (risk rating 8)—————————
  Total Agriculture5,7463,5796,8044,32715,2837,7405,03823148,748
    Current period gross write-offs— — — — — — — — — 
35

Term Loans Amortized Cost Basis by Origination Year
Dollars in thousands20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
As of June 30, 2024
Municipal
    Pass (risk rating 1-5)7,505 20,704 4,608 4,254 9,370 15,664 — — 62,105 
    Special Mention (risk rating 6)— — — — — — — — — 
    Substandard (risk rating 7)— — — — — — — — — 
    Doubtful (risk rating 8)— — — — — — — — — 
  Total Municipal7,505 20,704 4,608 4,254 9,370 15,664 — — 62,105 
    Current period gross write-offs— — — — — — — — — 
Residential
  Term
    Performing22,303 73,148 155,571 136,033 90,033 204,072 2,991 124 684,275 
    Non-performing— — 303 266 403 759 — — 1,731 
  Total Term22,303 73,148 155,874 136,299 90,436 204,831 2,991 124 686,006 
    Current period gross write-offs— — — — — (36)— — (36)
  Construction
    Performing6,821 26,326 1,088 — 1,339 — — — 35,574 
    Non-performing— — — — — — — — — 
  Total Construction6,821 26,326 1,088 — 1,339 — — — 35,574 
    Current period gross write-offs— — — — — — — — — 
Home Equity Revolving and Term
    Performing5,153 9,781 8,652 1,976 1,157 2,090 72,582 10,549 111,940 
    Non-performing— — — — — 100 18 170 288 
  Total Home Equity Revolving and Term5,153 9,781 8,652 1,976 1,157 2,190 72,600 10,719 112,228 
    Current period gross write-offs— — — — — (7)— — (7)
Consumer
    Performing1,984 2,979 1,575 919 1,441 4,660 6,956 — 20,514 
    Non-performing— — — — — — — — — 
  Total Consumer1,984 2,979 1,575 919 1,441 4,660 6,956 — 20,514 
    Current period gross write-offs(2)(22)(57)(30)(5)(32)— — (148)
Total loans$140,733 $342,265 $455,715 $377,070 $228,624 $478,601 $209,188 $15,474 $2,247,670 

36

Loss Recognition: 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. 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.
The following table presents ACL activity by class for the six months and quarter ended June 30, 2025:
Dollars in thousandsCommercialMunicipalResidentialHome EquityConsumerTotal
Real Estate Owner OccupiedReal Estate Non-Owner OccupiedConstructionC&IMultifamilyAgricultureTermConstructionRevolving and term
For the six months ended June 30, 2025
Beginning balance$5,045 $4,829 $944 $5,364 $1,239 $605 $262 $5,241 $474 $686 $182 $24,871 
Charge offs— — — (754)— — — (1)— — (119)(874)
Recoveries— — — 28 — — — 4 — 12 44 88 
Credit loss expense (reduction) 150 105 (508)227 333 61 5 241 (59)125 64 744 
Ending balance$5,195 $4,934 $436 $4,865 $1,572 $666 $267 $5,485 $415 $823 $171 $24,829 
For the three months ended June 30, 2025
Beginning balance$5,189 $4,870 $619 $5,499 $1,455 $587 $235 $5,260 $465 $751 $184 $25,114 
Charge offs— — — (608)— — — — — — (58)(666)
Recoveries— — — 2 — — — 2 — 10 19 33 
Credit loss expense (reduction)6 64 (183)(28)117 79 32 223 (50)62 26 348 
Ending balance$5,195 $4,934 $436 $4,865 $1,572 $666 $267 $5,485 $415 $823 $171 $24,829 
The following table presents ACL activity by class for the year ended December 31, 2024:
Dollars in thousandsCommercialMunicipalResidentialHome Equity ConsumerTotal
Real Estate Owner OccupiedReal Estate Non-Owner OccupiedConstructionC&IMultifamilyAgricultureTermConstructionRevolving and term
For the year ended December 31, 2024
Beginning balance$4,633 $4,285 $1,978 $5,001 $1,318 $— $334 $4,991 $618 $626 $246 $24,030 
Charge offs— — — (451)— — — (37)— (7)(252)(747)
Recoveries100 — — 25 — — — 32 — 24 103 284 
Credit loss expense (reduction) 312 544 (1,034)789 (79)605 (72)255 (144)43 85 1,304 
Ending balance$5,045 $4,829 $944 $5,364 $1,239 $605 $262 $5,241 $474 $686 $182 $24,871 
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The following table presents ACL activity by class for the six months and quarter ended June 30, 2024:
Dollars in thousandsCommercialMunicipalResidential Home EquityConsumerTotal
Real Estate Owner OccupiedReal Estate Non-Owner OccupiedConstructionC&IMultifamilyAgricultureTermConstructionRevolving and term
For the six months ended June 30, 2024
Beginning balance$4,633 $4,285 $1,978 $5,001 $1,318 $— $334 $4,991 $618 $626 $246 $24,030 
Charge offs— — — — — — — (36)— (7)(148)(191)
Recoveries100 — — 23 — — — 29 — 18 46 216 
Credit loss expense (reduction)520 (37)(1,056)(3)249 428 (154)576 (31)107 39 638 
Ending balance$5,253 $4,248 $922 $5,021 $1,567 $428 $180 $5,560 $587 $744 $183 $24,693 
For the three months ended June 30, 2024
Beginning balance$5,180 $4,265 $820 $5,083 $1,507 $392 $194 $5,354 $562 $677 $173 $24,207 
Charge offs— — — — — — — (36)— (7)(52)(95)
Recoveries— — — — — — — 4 — 15 23 42 
Credit loss expense (reduction) 73 (17)102 (62)60 36 (14)238 25 59 39 539 
Ending balance$5,253 $4,248 $922 $5,021 $1,567 $428 $180 $5,560 $587 $744 $183 $24,693 

As of June 30, 2025, the significant model inputs and assumptions used within the discounted cash flow model for purposes of estimating the ACL on loans were:

Macroeconomic loss drivers: The following loss drivers for each loan segment were used to calculate the expected probability of default over the forecast and reversion period:

•Commercial Real Estate Owner Occupied: FOMC median forecasts of national unemployment and change in national real GDP
•Commercial Real Estate Non-Owner Occupied: FOMC median forecasts of national unemployment and change in national real GDP
•Commercial Construction: FOMC median forecasts of national unemployment and change in national real GDP
•Commercial & Industrial: FOMC median forecasts of national unemployment and change in national real GDP
•Commercial Multifamily: FOMC median forecast of national unemployment
•Commercial Agriculture: FOMC median forecasts of national unemployment and change in national real GDP
•Municipal: Probability of default is measured based upon an index supplied by a nationally recognized ratings agency
•Residential Real Estate Term: FOMC median forecasts of national unemployment and change in national real GDP
•Residential Real Estate Construction: FOMC median forecast of national unemployment and change in national real GDP
•Home Equity Revolving & Term: FOMC median forecasts of national unemployment and change in national real GDP
•Consumer: FOMC median forecasts of national unemployment and change in national real GDP

Reasonable and supportable forecast period: The ACL on loans estimate used a reasonable and supportable forecast period of one year.
Reversion period: The ACL on loans estimate used a reversion period of one year.
Prepayment speeds: The estimate of prepayment speed for each loan segment was derived using internally sourced prepayment data.
Qualitative factors: The ACL on loans estimate incorporated various qualitative factors into the calculation such as changes in lending policies, changes in the nature and volume and terms of loans, changes in the experience, depth and ability of lending management, and economic factors not captured in the quantitative model.

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Note 5 – Stock-Based Compensation
At the 2020 Annual Meeting, shareholders approved the 2020 Equity Incentive Plan. The 2020 Plan 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 the Company. Such grants and awards 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 2020 Plan qualify for treatment as incentive stock options for purposes of Section 422 of the Internal Revenue Code. Other compensation under the 2020 Plan qualifies as performance-based for purposes of Section 162(m) of the Internal Revenue Code, and satisfies NASDAQ guidelines relating to equity compensation.
As of June 30, 2025, 172,916 shares of restricted stock had been granted under the 2020 Plan, of which 95,974 shares remain restricted as of June 30, 2025 as detailed in the following table:
Year
Granted		Vesting Term
(In Years)		SharesRemaining Term
(In Years)
20233.026,359 0.6
20243.027,537 1.6
20242.01,869 0.6
20253.039,509 2.6
20251.0700 0.6
                 95,974 1.7
The compensation cost related to these non-vested restricted stock grants is $2,590,000 and is recognized over the vesting terms of each grant. In the six months ended June 30, 2025, $510,000 of expense was recognized for these restricted shares, leaving $1,368,000 in unrecognized expense as of June 30, 2025. In the six months ended June 30, 2024, $450,000 of expense was recognized for restricted shares, leaving $1,242,000 in unrecognized expense as of June 30, 2024.

Note 6 – Common Stock
Proceeds from sale of common stock totaled $453,000 and $421,000 for the six months ended June 30, 2025 and 2024, respectively.

Note 7 – Earnings Per Share
The following table sets forth the computation of basic and diluted EPS for the six months ended June 30, 2025 and 2024:
Income (Numerator)Shares (Denominator)Per-Share Amount
For the six months ended June 30, 2025
Net income as reported$15,140,000 
Basic EPS: Income available to common shareholders15,140,000 11,079,614 $1.37 
Effect of dilutive securities: restricted stock113,454 
Diluted EPS: Income available to common shareholders plus assumed conversions$15,140,000 11,193,068 $1.35 
For the six months ended June 30, 2024
Net income as reported$12,192,000 
Basic EPS: Income available to common shareholders12,192,000 11,041,483 $1.10 
Effect of dilutive securities: restricted stock87,023 
Diluted EPS: Income available to common shareholders plus assumed conversions$12,192,000 11,128,506 $1.10 





39

The following table sets forth the computation of basic and diluted EPS for the quarters ended June 30, 2025 and 2024:
Income (Numerator)Shares (Denominator)Per-Share Amount
For the quarter ended June 30, 2025
Net income as reported$8,063,000 
Basic EPS: Income available to common shareholders8,063,000 11,084,335 $0.73 
Effect of dilutive securities: restricted stock118,760 
Diluted EPS: Income available to common shareholders plus assumed conversions$8,063,000 11,203,095 $0.72 
For the quarter ended June 30, 2024
Net income as reported$6,171,000 
Basic EPS: Income available to common shareholders6,171,000 11,049,110 $0.56 
Effect of dilutive securities: restricted stock88,081 
Diluted EPS: Income available to common shareholders plus assumed conversions$6,171,000 11,137,191 $0.55 

Note 8 – Employee Benefit Plans
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 IRS determined limits and the Bank may match employee contributions not to exceed 3.0% of compensation depending on contribution level. The Plan is a safe harbor plan whereby the Bank also contributes a minimum 3.0% of annual compensation to the plan for all eligible employees. The expense related to the 401(k) plan was $564,000 and $585,000 for the six months ended June 30, 2025 and 2024, respectively.
Deferred Compensation and Supplemental Retirement Benefits
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 postretirement plan. There are no active officers eligible for these benefits. 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 retirement benefits was $72,000 and $74,000 for the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, the associated accrued liability included in other liabilities in the balance sheet was $2,506,000 compared to $2,578,000 and $2,594,000 at December 31, 2024 and June 30, 2024, respectively.
Postretirement Benefit Plans
The Bank sponsors two postretirement benefit plans. One plan currently provides a subsidy for health insurance premiums to certain retired employees; these subsidies are based on years of service and range between $40 and $1,200 per month per person. The other plan provides life insurance coverage to certain retired employees and health insurance for retired directors. None of these plans are prefunded. The Company utilizes FASB ASC Topic 712 to recognize the overfunded or underfunded status of a defined benefit postretirement 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).












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The following table sets forth the accumulated postretirement benefit obligation and funded status:
At or for the six months ended June 30,
20252024
Change in benefit obligation
Benefit obligation at beginning of year$843,000 $1,091,000 
Interest cost— — 
Benefits paid(45,000)(42,000)
Benefit obligation at end of period$798,000 $1,049,000 
Funded status
Benefit obligation at end of period$(798,000)$(1,049,000)
Unamortized gain(363,000)(384,000)
Accrued benefit cost at end of period$(1,161,000)$(1,433,000)
There was no net periodic pension cost for the six months ended June 30, 2025 and 2024.
Amounts not yet reflected in net periodic benefit cost and included in AOCI are as follows:
June 30, 2025December 31, 2024June 30, 2024
Unamortized net actuarial gain$363,000 $363,000 $384,000 
Deferred tax expense(76,000)(76,000)(81,000)
Net unrecognized postretirement benefits included in AOCI$287,000 $287,000 $303,000 

A weighted average discount rate of 5.30% was used in determining the accumulated benefit obligation and the net periodic benefit cost. The assumed health care cost trend rate is 7.00%. The measurement date for benefit obligations was as of year-end for prior years presented. The expected benefit payments for all of 2025 are $90,000. Plan expense for 2025 is estimated to be $0. A 1.00% change in trend assumptions would create an approximate change in the same direction of $100,000 in the accumulated benefit obligation, $7,000 in the interest cost, and $1,000 in the service cost.

Note 9 - Other Comprehensive Income (Loss)
The following table summarizes activity in the unrealized gain or loss on available for sale securities included in OCI for the six months and quarters ended June 30, 2025 and 2024.
For the six months ended June 30,For the quarter ended June 30,
2025202420252024
Balance at beginning of period$(42,671,000)$(39,575,000)$(38,702,000)$(42,816,000)
Unrealized gains (losses) arising during the period6,880,000 (4,802,000)1,856,000 (700,000)
Related deferred taxes(1,446,000)1,008,000 (391,000)147,000 
Net change5,434,000 (3,794,000)1,465,000 (553,000)
Balance at end of period$(37,237,000)$(43,369,000)$(37,237,000)$(43,369,000)
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.









41

The following table summarizes activity in the unrealized loss on securities transferred from available for sale to held to maturity included in OCI for the six months and quarters ended June 30, 2025 and 2024.
For the six months ended June 30,For the quarter ended June 30,
2025202420252024
Balance at beginning of period$(47,000)$(56,000)$(45,000)$(54,000)
Amortization of net unrealized gains(17,000)6,000 (20,000)3,000 
Related deferred taxes4,000 (1,000)5,000 — 
Net change(13,000)5,000 (15,000)3,000 
Balance at end of period$(60,000)$(51,000)$(60,000)$(51,000)

The following table presents the effect of the Company's derivative financial instruments included in OCI for the six months and quarters ended June 30, 2025 and 2024.
For the six months ended June 30,For the quarter ended June 30,
2025202420252024
Balance at beginning of period$157,000 $300,000 $82,000 $735,000 
Unrealized (losses) gains on cash flow hedging derivatives arising during the period(92,000)548,000 2,000 (3,000)
Related deferred taxes19,000 (115,000)— 1,000 
Net change(73,000)433,000 2,000 (2,000)
Balance at end of period$84,000 $733,000 $84,000 $733,000 
There was no activity in the unrealized gain or loss on postretirement benefits included in OCI for the six months and quarters ended June 30, 2025 and 2024.
Note 10 - Financial Derivative Instruments

The Bank uses derivative financial instruments for risk management purposes and not for trading or speculative purposes. As part of its overall asset and liability management strategy, the Bank periodically uses derivative instruments to minimize significant unplanned fluctuations in earnings and cash flows caused by interest rate volatility. The Bank’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 Bank recognizes its derivative instruments in the consolidated balance sheets at fair value. On the date the derivative instrument is entered into, the Bank designates whether the derivative is part of a hedging relationship (i.e., cash flow or fair value hedge). The Bank formally documents relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking hedge transactions. The Bank 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 OCI. Any ineffective portion is recorded in earnings. The Bank 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.

42

The details of the Bank's swap agreements are as follows:
June 30, 2025December 31, 2024June 30, 2024
Effective DateMaturity DateVariable Index ReceivedFixed Rate PaidPresentation on Consolidated Balance SheetsNotional Amount
Fair Value
Notional Amount
Fair Value
Notional Amount
Fair Value
Cash Flow Hedges
01/10/202301/01/2026USD-SOFR-OIS COMPOUND3.836%Other Assets$75,000,000 $106,000 $75,000,000 $198,000 $75,000,000 $928,000 
$75,000,000 $106,000 $75,000,000 $198,000 $75,000,000 $928,000 
Fair Value Hedges
03/08/202303/01/2026USD-SOFR-OIS COMPOUND4.712%Other Liabilities$— $— $40,000,000 $(270,000)$40,000,000 $(24,000)
03/08/202303/01/2027USD-SOFR-OIS COMPOUND4.402%Other Liabilities30,000,000 (404,000)30,000,000 (216,000)30,000,000 (32,000)
03/08/202303/01/2028USD-SOFR-OIS COMPOUND4.189%Other Liabilities30,000,000 (590,000)30,000,000 (137,000)30,000,000 (11,000)
07/12/202308/01/2025USD-SOFR-OIS COMPOUND4.703%Other (Liabilities) Assets50,000,000 (9,000)50,000,000 (135,000)50,000,000 135,000 
$110,000,000 $(1,003,000)$150,000,000 $(758,000)$150,000,000 $68,000 
Total swap agreements$185,000,000 $(897,000)$225,000,000 $(560,000)$225,000,000 $996,000 

The Company would reclassify unrealized gains or losses accounted for within AOCI into earnings if the interest rate swaps were to become ineffective or the swaps were to terminate for cash flow hedges, or would amortize the gain or loss over the remaining life of the hedged instrument for fair value hedges. In the second quarter of 2025, a fair value swap with a notional amount of $40,000,000 was terminated; the termination fee paid by the Bank is being amortized over the remaining lives of the underlying hedged instruments. Amounts paid or received under the swaps are reported in interest income or interest expense in the consolidated statements of income, and reflected in net income in the consolidated statements of cash flows.
Customer loan derivatives
The Bank will enter into interest rate swaps with qualified commercial customers. Through these arrangements, the Bank is able to provide a means for a loan customer to obtain a long-term fixed rate, while it simultaneously contracts with an approved, highly-rated, third-party financial institution as counterparty to swap the fixed rate for a variable rate. Such loan level arrangements are not designated as hedges for accounting purposes, and are recorded at fair value in the Company’s consolidated balance sheets.








43

At June 30, 2025 there were 12 customer loan swap arrangements in place. This compares to 10 customer loan swap arrangements in place at December 31, 2024 and eight customer loan swap arrangements in place at June 30, 2024. The details of the Bank's customer loan swap arrangements are detailed below:
June 30, 2025December 31, 2024June 30, 2024
Presentation on Consolidated Balance SheetNumber of PositionsNotional AmountFair ValueNumber of PositionsNotional AmountFair ValueNumber of PositionsNotional AmountFair Value
Pay Fixed, Receive VariableOther Assets6$34,105,000 $3,707,000 8$43,415,000 $4,772,000 7 $40,290,000 $4,851,000 
Pay Fixed, Receive VariableOther Liabilities623,618,000 (611,000)24,342,000 (87,000)1 2,662,000 (61,000)
1257,723,000 3,096,000 1047,757,000 4,685,000 8 42,952,000 4,790,000 
Receive Fixed, Pay VariableOther Assets623,618,000 611,000 24,342,000 87,000 1 2,662,000 61,000 
Receive Fixed, Pay VariableOther Liabilities634,105,000 (3,707,000)843,415,000 (4,772,000)7 40,290,000 (4,851,000)
1257,723,000 (3,096,000)1047,757,000 (4,685,000)8 42,952,000 (4,790,000)
Total24$115,446,000 $— 20$95,514,000 $— 16 $85,904,000 $— 
Derivative collateral
The Bank has entered into a master netting arrangement with its counterparty and settles payments with the counterparty as necessary. The Bank's arrangement with its institutional counterparty requires it to post cash or other assets as collateral for its various loan swap contracts in a net liability position based on their fair values and the Bank's credit rating or receive cash collateral for contracts in a net asset position as requested. At June 30, 2025, there was no collateral posted on its swap contracts or required amount to be pledged.
Note 11 – Mortgage Servicing Rights
FASB ASC Topic 860 "Transfers and Servicing", requires all separately recognized servicing assets and servicing liabilities to be initially measured at fair value, if practicable. The Company's servicing assets and servicing liabilities are reported using the amortization method and carried at the lower of amortized cost or fair value by strata. 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 is loan prepayments, calculated using a three-months moving average of weekly prepayment data published by the PSA and modeled against the serviced loan portfolio, and the discount rate to discount future cash flows. As of June 30, 2025, the prepayment assumption using the PSA model was 132, which translates into an anticipated prepayment rate of 6.34%. The discount rate is 9.75%. 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.
For the six months ended June 30, 2025 and 2024, servicing rights capitalized totaled $27,000 and $8,000, respectively. Servicing rights amortized for the six-month periods ended June 30, 2025 and 2024 were $144,000 and $164,000, respectively. The fair value of servicing rights was $2,903,000, $3,054,000, and $3,281,000 at June 30, 2025, December 31, 2024 and June 30, 2024, respectively. The Bank serviced loans for others totaling $287,718,000, $297,950,000, and $307,637,000 at June 30, 2025, December 31, 2024, and June 30, 2024, respectively.
Mortgage servicing rights are included in other assets and detailed in the following table:
June 30, 2025December 31, 2024June 30, 2024
Mortgage servicing rights$8,768,000 $8,741,000 $8,709,000 
Accumulated amortization(6,991,000)(6,847,000)(6,690,000)
Carrying value$1,777,000 $1,894,000 $2,019,000 



44

Note 12 – Income Taxes
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 IRS for the years ended December 31, 2021 through 2024.

Note 13 - Certificates of Deposit
The following table represents the breakdown of certificates of deposit at June 30, 2025 and 2024, and at December 31, 2024:
June 30, 2025December 31, 2024June 30, 2024
Certificates of deposit < $100,000$774,521,000 $702,632,000 $728,410,000 
Certificates $100,000 to $250,000231,926,000 225,106,000 219,732,000 
Certificates $250,000 and over172,406,000 187,073,000 163,597,000 
$1,178,853,000 $1,114,811,000 $1,111,739,000 
Note 14 – Reclassifications
Certain items from the prior year were reclassified in the consolidated financial statements to conform with the current year presentation. These do not have a material impact on the consolidated balance sheet or statement of income and comprehensive income presentations.

Note 15 – Fair Value
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 other real estate owned and IAL, 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.
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.
45

Loans
Fair values are estimated for portfolios of loans are based on an exit pricing notion. 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 IAL. Fair values of IAL 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 IAL for which a specific reserve results in a fair value measure as Level 2. All other IAL 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 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.
Time Deposits
The fair value of maturity deposits is based on the discounted value of contractual cash flows using a replacement cost of funds approach. The discount rate is estimated using the cost of funds borrowing rate in the market. As such, the Company classifies time deposits as Level 2.
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.
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 June 30, 2025 and 2024, and December 31, 2024, 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.
Customer Loan Derivatives
The valuation of the Company’s customer loan derivatives is obtained from a third-party pricing service and is determined using a discounted cash flow analysis on the expected cash flows of each derivative. The pricing analysis is based on observable inputs for the contractual terms of the derivatives, including the period to maturity and interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of master netting arrangements and any applicable credit enhancements, such as collateral postings.
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
46

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 June 30, 2025, December 31, 2024 and June 30, 2024.
At June 30, 2025
Level 1Level 2Level 3Total
Securities available for sale
   U.S. Treasury & Agency securities$— $19,034,000 $— $19,034,000 
   Mortgage-backed securities— 224,416,000 — 224,416,000 
   State and political subdivisions— 32,687,000 — 32,687,000 
   Asset-backed securities— 2,111,000 — 2,111,000 
Total securities available for sale— 278,248,000 — 278,248,000 
   Interest rate swap agreements— 106,000 — 106,000 
   Customer loan interest swap agreements— 4,318,000 — 4,318,000 
Total interest rate swap agreements— 4,424,000 — 4,424,000 
Total assets$— $282,672,000 $— $282,672,000 

At June 30, 2025
Level 1Level 2Level 3Total
Interest rate swap agreements $— $1,003,000 $— $1,003,000 
Customer loan interest swap agreements — 4,318,000 — 4,318,000 
Total liabilities$— $5,321,000 $— $5,321,000 

At December 31, 2024
Level 1Level 2Level 3Total
Securities available for sale
   U.S. Treasury & Agency securities$— $19,796,000 $— $19,796,000 
   Mortgage-backed securities— 219,382,000 — 219,382,000 
   State and political subdivisions— 33,252,000 — 33,252,000 
   Asset-backed securities— 2,250,000 — 2,250,000 
Total securities available for sale— 274,680,000 — 274,680,000 
   Interest rate swap agreements— 198,000 — 198,000 
   Customer loan interest swap agreements— 4,859,000 — 4,859,000 
Total interest rate swap agreements— 5,057,000 — 5,057,000 
Total assets$— $279,737,000 $— $279,737,000 

At December 31, 2024
Level 1Level 2Level 3Total
Interest rate swap agreements$— $758,000 $— $758,000 
Customer loan interest swap agreements— 4,859,000 — 4,859,000 
Total liabilities$— $5,617,000 $— $5,617,000 

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At June 30, 2024
Level 1Level 2Level 3Total
Securities available for sale
   U.S. Treasury & Agency securities$— $19,778,000 $— $19,778,000 
   Mortgage-backed securities— 217,823,000 — 217,823,000 
   State and political subdivisions— 33,370,000 — 33,370,000 
   Asset-backed securities— 2,530,000 — 2,530,000 
Total securities available for sale— 273,501,000 — 273,501,000 
   Interest rate swap agreements— 1,063,000 — 1,063,000 
   Customer loan interest swap agreements— 4,912,000 — 4,912,000 
Total interest swap agreements— 5,975,000 — 5,975,000 
Total assets$— $279,476,000 $— $279,476,000 

At June 30, 2024
Level 1Level 2Level 3Total
Interest rate swap agreements$— $67,000 $— $67,000 
Customer loan interest swap agreements— 4,912,000 — 4,912,000 
Total liabilities$— $4,979,000 $— $4,979,000 

Assets Recorded at Fair Value on a Non-Recurring Basis
The following tables include assets measured at fair value on a nonrecurring basis that have had a fair value adjustment since their initial recognition. Mortgage servicing rights are presented at fair value with no impairment reserve for each of the periods presented. There was no OREO or related allowance at June 30, 2025. OREO is presented net of an allowance of $35,000 at December 31, 2024 and with no related allowance at June 30, 2024. Only collateral-dependent IAL with a related specific ACL or a partial charge off are included in IAL for purposes of fair value disclosures. IAL below are presented net of specific allowances of $326,000 and $821,000 at June 30, 2025 and December 31, 2024, respectively. There were no collateral-dependent IAL with a related specific ACL or a partial charge off at June 30, 2024.

At June 30, 2025
Level 1Level 2Level 3Total
Mortgage servicing rights$— $2,903,000 $— $2,903,000 
Individually analyzed loans— 403,000 — 403,000 
Total assets$— $3,306,000 $— $3,306,000 

At December 31, 2024
Level 1Level 2Level 3Total
Mortgage servicing rights$— $3,054,000 $— $3,054,000 
Other real estate owned— 173,000 — 173,000 
Individually analyzed loans— 538,000 — 538,000 
Total assets$— $3,765,000 $— $3,765,000 

At June 30, 2024
Level 1Level 2Level 3Total
Mortgage servicing rights— 3,281,000 $— $3,281,000 
Other real estate owned— 208,000 — 208,000 
Total assets— 3,489,000 $— $3,489,000 
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Fair Value of Financial Instruments
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. 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.
This summary excludes financial assets and liabilities for which carrying value approximates fair values and financial instruments that are recorded at fair value on a recurring basis. Financial instruments for which carrying values approximate fair value include cash equivalents, interest-bearing deposits in other banks, demand, NOW, savings, and money market deposits. The estimated fair value of demand, NOW, savings, and money market deposits is the amount payable on demand at the reporting date. Carrying value is used because the accounts have no stated maturity and the customer has the ability to withdraw funds immediately.
The carrying amount and estimated fair values for financial instruments as of June 30, 2025 were as follows:
Carrying valueEstimated fair valueLevel 1Level 2Level 3
Financial assets
Securities to be held to maturity (net of allowance for credit losses)$367,873,000 $312,508,000 $— $312,508,000 $— 
Loans (net of allowance for credit losses)
Commercial
   Real estate785,745,000 763,818,000 — — 763,818,000 
   Construction52,641,000 51,172,000 — — 51,172,000 
   Other564,539,000 561,070,000 — 403,000 560,667,000 
Municipal62,657,000 59,193,000 — — 59,193,000 
Residential
   Term718,587,000 662,101,000 — — 662,101,000 
   Construction31,164,000 30,880,000 — — 30,880,000 
Home equity line of credit133,457,000 133,188,000 — — 133,188,000 
Consumer20,388,000 18,196,000 — — 18,196,000 
Total loans2,369,178,000 2,279,618,000 — 403,000 2,279,215,000 
Mortgage servicing rights1,777,000 2,903,000 — 2,903,000 — 
Financial liabilities
Local certificates of deposit$382,289,000 $364,312,000 $— $364,312,000 $— 
National certificates of deposit796,564,000 813,756,000 — 813,756,000 — 
Total certificates of deposit1,178,853,000 1,178,068,000 — 1,178,068,000 — 
Repurchase agreements65,050,000 64,929,000 — 64,929,000 — 
Federal Home Loan Bank advances131,120,000 131,854,000 — 131,854,000 — 
Total borrowed funds196,170,000 196,783,000 — 196,783,000 — 









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The carrying amounts and estimated fair values for financial instruments as of December 31, 2024 were as follows:
Carrying valueEstimated fair valueLevel 1Level 2Level 3
Financial assets
Securities to be held to maturity (net of allowance for credit losses)$369,704,000 $314,993,000 $— $314,993,000 $— 
Loans (net of allowance for credit losses)
Commercial
   Real estate752,613,000 720,898,000 — — 720,898,000 
   Construction98,773,000 94,611,000 — — 94,611,000 
   Other519,560,000 513,417,000 — 538,000 512,879,000 
Municipal61,565,000 57,657,000 — — 57,657,000 
Residential
   Term705,566,000 643,402,000 — — 643,402,000 
   Construction35,007,000 34,631,000 — — 34,631,000 
Home equity line of credit122,377,000 119,930,000 — — 119,930,000 
Consumer20,608,000 18,274,000 — — 18,274,000 
Total loans2,316,069,000 2,202,820,000 — 538,000 2,202,282,000 
Mortgage servicing rights1,894,000 3,054,000 — 3,054,000 — 
Financial liabilities
Local certificates of deposit$385,897,000 $365,937,000 $— $365,937,000 $— 
National certificates of deposit728,914,000 747,681,000 — 747,681,000 — 
Total certificates of deposit1,114,811,000 1,113,618,000 — 1,113,618,000 — 
Repurchase agreements51,278,000 51,181,000 — 51,181,000 — 
Federal Home Loan Bank advances95,000,000 95,066,000 — 95,066,000 — 
Total borrowed funds146,278,000 146,247,000 — 146,247,000 — 






















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The carrying amount and estimated fair values for financial instruments as of June 30, 2024 were as follows:
Carrying valueEstimated fair valueLevel 1Level 2Level 3
Financial assets
Securities to be held to maturity (net of allowance for credit losses)$377,522,000 $321,616,000 $— $321,616,000 $— 
Loans (net of allowance for credit losses)
Commercial
   Real estate738,022,000 700,230,000 — — 700,230,000 
   Construction97,804,000 92,796,000 — — 92,796,000 
   Other477,978,000 468,464,000 — — 468,464,000 
Municipal61,925,000 59,216,000 — — 59,216,000 
Residential
   Term680,446,000 610,008,000 — — 610,008,000 
   Construction34,987,000 34,556,000 — — 34,556,000 
Home equity line of credit111,484,000 111,424,000 — — 111,424,000 
Consumer20,331,000 18,049,000 — — 18,049,000 
Total loans2,222,977,000 2,094,743,000 — — 2,094,743,000 
Mortgage servicing rights2,019,000 3,281,000 — 3,281,000 — 
Financial liabilities
Local certificates of deposit$369,948,000 $350,698,000 $— $350,698,000 $— 
National certificates of deposit741,791,000 750,751,000 — 750,751,000 — 
Total certificates of deposit1,111,739,000 1,101,449,000 — 1,101,449,000 — 
Repurchase agreements56,502,000 56,372,000 — 56,372,000 — 
Federal Home Loan Bank advances174,118,000 123,851,000 — 123,851,000 — 
Total borrowed funds230,620,000 180,223,000 — 180,223,000 — 


Note 16 – Impact of Recently Issued Accounting Standards

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires public business entities, such as the Company, to provide enhanced disclosures on the amount of income taxes paid disaggregated by type and jurisdiction. Adoption is required for annual periods beginning after December 15, 2024 and is not expected to have a material impact on the Company's consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03). Under ASU 2024-03, public business entities, such as the Company, are required to disclose in the notes to their financial statements disaggregated information about certain costs and expenses in both annual and interim filings. ASU 2024-03 is effective for calendar year-end public business entities beginning in calendar year 2027, and is not expected to have a material impact on the Company's consolidated financial statements.

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Item 2 – Management's Discussion and Analysis of Financial Condition
and Results of Operations
The First Bancorp, Inc. and Subsidiary
Forward-Looking Statements
This report contains statements that are "forward-looking statements." We may also make written or oral forward-looking statements in other documents we file with the SEC, in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward-looking statements by the use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "outlook," "will," "should," and other expressions that predict or indicate future events and trends and which do not relate to historical matters. You should not rely on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors, some of which are beyond the control of the Company. These risks, uncertainties and other factors may cause the actual results, performance or achievements of the Company to be materially different from the anticipated future results, performance or achievements expressed or implied by the forward-looking statements.
Some of the factors that might cause these differences include the following: changes in general national, regional or international economic conditions or conditions affecting the banking or financial services industries or financial capital markets, volatility and disruption in national and international financial markets, government intervention in the U.S. financial system, reductions in net interest income resulting from interest rate volatility as well as changes in the balance and mix of loans and deposits, reductions in the market value of wealth management assets under administration, changes in the value of securities and other assets, reductions in loan demand, changes in loan collectability, default and charge-off rates, changes in the size and nature of the Company's competition, changes in legislation or regulation and accounting principles, policies and guidelines, and changes in the assumptions used in making such forward-looking statements. In addition, the factors described under "Risk Factors" in Item 1A of this Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the SEC, may result in these differences, as well as the "Risk Factors" in Part II, Item 1A listed below. 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 quarterly 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 ACL, fair value of securities, goodwill, the valuation of mortgage servicing rights, derivative financial instruments, and credit losses on securities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets that are not readily apparent from other sources. Actual results could differ from the amounts derived from Management's estimates and assumptions under different assumptions or conditions.
Allowance for Credit Losses. Management believes the ACL requires the most significant estimates and assumptions used in the preparation of the consolidated financial statements. The ACL is based on Management's evaluation of the level of the allowance required in relation to the estimated loss exposure in the loan portfolio, off-balance sheet commitments, and investment portfolio.
Management regularly evaluates the allowance, typically monthly, to determine the appropriate level by taking into consideration factors such as the size and growth trajectory of the portfolio, quality trends as measured by key indicators, prior loan loss experience in major portfolio segments, local and national business conditions, economic forecasts, the results of any stress testing undertaken during the period, and Management's estimation of potential losses. Period-to-period changes to any or all of these of these factors could change the level of ACL required, in turn impacting our level of provision expense and ultimately our net income. Similarly, the use of different estimates or assumptions could produce different provisions for credit losses which would likely result in changes to the Company's net income.
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In the six months ended June 30, 2025 the ACL-Loans decreased by $42,000, the ACL-Off-Balance Commitments increased by $132,000 and the ACL-HTM Securities increased by $2,000. Further discussion of the ACL may be found in Note 2, "Investment Securities", Note 3, "Loans", and Note 4, "Allowance for Credit Losses", to the consolidated financial statements contained in Item 1 of the Form 10-Q.
Goodwill. Management utilizes numerous techniques to estimate the value of various assets held by the Company, including methods to determine the appropriate carrying value of goodwill as required under FASB ASC Topic 350 "Intangibles – Goodwill and Other." In addition, goodwill from a purchase acquisition is subject to ongoing periodic impairment tests, which include an evaluation of the ongoing assets, liabilities and revenues from the acquisition and an estimation of the impact of business conditions.
Fair Value of Securities. Determining a market price for securities carried at fair value is a critical accounting estimate in the Company's financial statements. Pricing of individual securities is subject to a number of factors including changes in market interest rates, changes in prepayment speeds and assumptions, changes in market tolerance for risk, and any changes in the risk profile of the security. The Company subscribes to a widely recognized, independent pricing service and updates carrying values no less frequently than monthly. It also validates the values provided by the pricing service no less frequently than quarterly by measuring against security prices provided by a secondary source. Results of the validation are reported to the ALCO each quarter and any variances between the two sources above defined thresholds are investigated by management. A finding that the Company's methodology for valuation of its investment securities is materially incorrect could result in changes to the carrying value of securities on its balance sheet and corresponding changes in shareholders equity position. As of June 30, 2025 the fair value of AFS securities increased by $3.6 million and the fair value of HTM securities decreased by $2.5 million from that of December 31, 2024. The increase in the fair value of AFS securities is attributable to a combination of rate-driven market price adjustments for the underlying securities and new purchases. The decrease in the fair value of HTM securities in attributable to reinvestment of incoming cash flow to other segments of the balance sheet. Further discussion of the fair value of securities may be found in Note 2, "Investment Securities", to the consolidated financial statements contained in Item 1 of the Form 10-Q.
Credit Loss Recognition on Securities. Another significant estimate related to investment securities is the evaluation of potential credit losses on investment securities. The evaluation of securities for potential credit losses is a quantitative and qualitative process, which is subject to risks and uncertainties and is intended to determine whether declines in the fair value of investments should be recognized as a charge to the ACL. The risks and uncertainties include changes in general economic conditions, the issuer's financial condition and/or future prospects, the effects of changes in interest rates or credit spreads and the expected recovery period of unrealized losses. Securities that are in an unrealized loss position are reviewed at least quarterly to determine if recognition of a loss is required. The primary factors considered in this evaluation (a) the length of time and extent to which the fair value has been less than cost or amortized cost and the expected recovery period of the security, (b) the financial condition, credit rating and future prospects of the issuer, (c) whether the debtor is current on contractually obligated interest and principal payments, (d) the volatility of the securities' market price, (e) the intent and ability of the Company to retain the investment for a period of time sufficient to allow for recovery, which may be at maturity and (f) any other information and observable data considered relevant, including the expectation of receipt of all principal and interest when due. The Bank invests only in investment grade securities and no credit losses have been recognized on securities currently held. Further discussion of credit loss recognition on securities may be found in Note 2, "Investment Securities", to the consolidated financial statements contained in Item 1 of the Form 10-Q.
Derivative Financial Instruments Designated as Hedges. The Company recognizes all derivatives in the consolidated balance sheets at fair value. On the date a derivative contract is entered into, the derivative is designated as a hedge of either a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”), or a held for trading instrument (“trading instrument”). The relationships between hedging instruments and hedged items is formally documented, as is the risk management objectives and strategy for undertaking various hedge transactions. Both at the hedge’s inception and on an ongoing basis, determination is made as to whether the derivatives that are used in hedging transactions are effective in offsetting changes in cash flows or fair values of hedged items. Changes in fair value of a derivative that is effective and that qualifies as a cash flow hedge are recorded in OCI and are reclassified into earnings when the forecasted transaction or related cash flows affect earnings. Changes in fair value of a derivative that qualifies as a fair value hedge and the change in fair value of the hedged item are both recorded in earnings and offset each other when the transaction is effective. Those derivatives that are classified as trading instruments, including customer loan swaps, are recorded at fair value with changes in fair value recorded in earnings. Hedge accounting is discontinued when it is determined that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, that it is unlikely that the forecasted transaction will occur, or that the designation of the derivative as a hedging instrument is no longer appropriate. Among the factors that may influence the fair value of a derivative instrument are changes in market interest rates, changes in the time remaining to maturity of the instrument, or credit quality of the counter-party. Further information, including period-to-period
53

changes in the fair value of derivatives, may be found in Note 10, "Financial Derivative Instruments", to the consolidated financial statements contained in Item 1 of the Form 10-Q.
Risks and Uncertainties. Global markets have calmed somewhat after experiencing heightened volatility amidst an escalation of trade disputes, and the continuing impacts of ongoing conflicts between Russia and Ukraine, and Israel and Hamas, as well as other conflicts globally. All have the potential to reignite leading to economic uncertainty and geopolitical instability. Domestically, a budget package which featured spending reforms and renewal of 2017 tax cuts, that had been scheduled to sunset, has been met favorably by markets, further lessening volatility. The future economic outlook continues to be clouded pending the outcome of threatened tariffs amidst trade negotiations. The FOMC has cited the potential for tariff induced rekindling of inflation in keeping interest rates unchanged year-to-date. Any or all of the foregoing could ultimately have negative downstream effects on the Company's operating results, the extent of which is indeterminable at this time.

Use of Non-GAAP Financial Measures
Certain information in this release contains financial information determined by methods other than in accordance with GAAP. Management uses these “non-GAAP” measures in its analysis of the Company's performance (including for purposes of determining the compensation of certain executive officers and other Company employees) and believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods and with other financial institutions, as well as demonstrating the effects of significant gains and charges in the current period, in light of the disclosure practices employed by many other publicly-traded financial institutions. The Company believes that a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. Management believes that investors may use these non-GAAP financial measures to analyze financial performance without the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
In several places net interest income is calculated on a fully tax-equivalent basis. Specifically included in interest income was tax-exempt interest income from certain investment securities and loans. An amount equal to the tax benefit derived from this tax-exempt income has been added back to the interest income total which, as adjusted, increased net interest income accordingly. Management believes the disclosure of tax-equivalent net interest income information improves the clarity of financial analysis, and is particularly useful to investors in understanding and evaluating the changes and trends in the Company's results of operations. Other financial institutions commonly present net interest income on a tax-equivalent basis. This adjustment is considered helpful in the comparison of one financial institution's net interest income to that of another institution, as each will have a different proportion of tax-exempt interest from its earning assets. Moreover, net interest income is a component of a second financial measure commonly used by financial institutions, net interest margin, which is the ratio of net interest income to average earning assets. For purposes of this measure as well, other financial institutions generally use tax-equivalent net interest income to provide a better basis of comparison from institution to institution. The Company follows these practices.
The following table provides a reconciliation of tax-equivalent financial information to the Company's consolidated financial statements prepared in accordance with GAAP. A Federal Income Tax rate of 21.0% was used in 2025 and 2024.
For the six months ended June 30,
For the quarter ended June 30,
Dollars in thousands
2025202420252024
Net interest income as presented$36,208 $29,955 $18,409 $15,075 
Effect of tax-exempt income1,409 1,355 698 686 
Net interest income, tax equivalent$37,617 $31,310 $19,107 $15,761 
The Company presents its efficiency ratio using non-GAAP information which is most commonly used by financial institutions. The GAAP-based efficiency ratio is non-interest expenses divided by net interest income plus non-interest income from the Consolidated Statements of Income. The non-GAAP efficiency ratio excludes any losses on sales of securities from non-interest expenses, excludes any gains on sales of securities from non-interest income, and adds the tax-equivalent adjustment to net interest income.






54

The following table provides a reconciliation between the GAAP and non-GAAP efficiency ratio:
For the six months ended June 30,
For the quarter ended June 30,
Dollars in thousands
2025202420252024
Non-interest expense, as presented$25,043 $23,011 $12,199 $11,250 
Net interest income, as presented36,208 29,955 18,409 15,075 
Effect of tax-exempt interest income1,409 1,355 698 686 
Non-interest income, as presented8,131 7,797 4,129 4,157 
Effect of non-interest tax-exempt income96 91 48 45 
Adjusted net interest income plus non-interest income$45,844 $39,198 $23,284 $19,963 
Non-GAAP efficiency ratio54.63 %58.70 %52.39 %56.35 %
GAAP efficiency ratio56.48 %60.95 %54.13 %58.50 %
The Company presents certain information based upon tangible common equity instead of total shareholders' equity. The difference between these two measures is the Company's intangible assets, specifically goodwill from prior acquisitions. Management, banking regulators, and many stock analysts use the tangible common equity ratio and the tangible book value per common share in conjunction with more traditional bank capital ratios to compare the capital adequacy of banking organizations with significant amounts of goodwill or other intangible assets, typically stemming from the use of the purchase accounting method in accounting for mergers and acquisitions.
The following table provides a reconciliation of average tangible common equity to the Company's consolidated financial statements, which have been prepared in accordance with GAAP:
For the six months ended June 30,For the quarter ended June 30,
Dollars in thousands
2025202420252024
Average shareholders' equity as presented$260,248 $244,202 $262,663 $244,321 
  Less average intangible assets(30,798)(30,824)(30,801)(30,827)
Average tangible shareholders' common equity$229,450 $213,378 $231,862 $213,494 
To provide period-to-period comparison of operating results prior to consideration of credit loss provision and income taxes, the non-GAAP measure of Pre-Tax, Pre-Provision Net Income is presented. The following table provides a reconciliation to Net Income:
For the six months ended June 30,For the quarter ended June 30,
Dollars in thousands2025202420252024
Net Income, as presented$15,140 $12,192 $8,063 $6,171 
Add: credit loss expense (reduction) 878 (1)486 512 
Add: income taxes expense3,278 2,550 1,790 1,299 
Pre-tax, pre-provision net income$19,296 $14,741 $10,339 $7,982 

Executive Summary
Net income for the six months ended June 30, 2025 was $15.1 million, up $2.9 million or 24.2% from the same period in 2024. Earnings per common share on a fully diluted basis were $1.35 for the six months ended June 30, 2025, up $0.26 or 23.6% from the $1.10 posted for the same period in 2024. Dividends totaling $0.73 per share have been declared year-to-date, representing a payout to our shareholders of 53.4% of basic earnings per share for the period. For the quarter ended June 30, 2025, net income was $8.1 million, up $1.9 million or 30.7% from the same period in 2024. Earnings per common share on a fully diluted basis were $0.72 for the quarter ended June 30, 2025, up $0.17 or 30.0% from the $0.55 posted for the same period in 2024.
Net interest income on a tax-equivalent basis was up $6.3 million or 20.1% in the six months ended June 30, 2025 compared to the same period in 2024. The tax equivalent net interest margin for the six months ended June 30, 2025, was 2.50%, up from 2.21% for the same period in 2024. The period-to-period change in net interest income and net interest margin is attributable to favorable changes on both sides of the balance sheet as an increase in tax equivalent yield on earning assets was coupled with decrease in the cost of total liabilities. For the quarter ended June 30, 2025, net interest income on a tax-equivalent
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basis increased $3.3 million or 21.2% compared to the same period in 2024, with the net interest margin at 2.52% compared to 2.21% for the same period in 2024.
Non-interest income for the six months ended June 30, 2025 was $8.1 million, up $334,000 or 4.3%, from the six months ended June 30, 2024. As compared to the prior year, service charges on deposit accounts were up $29,000, or 2.8%, and debit card revenue decreased $63,000, or 2.5%. Revenue at First National Wealth Management increased $196,000 or 8.0% over the same period and mortgage banking revenue increased $97,000 or 30.4%.
Non-interest expense for the six months ended June 30, 2025 was $25.0 million, up $2.0 million or 8.8% from the six months ended June 30, 2024. FDIC insurance premiums increased $269,000 from the same period in 2024, salaries and employee benefits increased 12.7% and other operating expense increased 1.8% over the same period.
Asset quality continues to be strong and stable. Non-performing assets stood at 0.19% of total assets as of June 30, 2025, unchanged from December 31, 2024 and up modestly from 0.09% of total assets as of June 30, 2024. Total past-due loans remain low and were 0.23% of total loans as of June 30, 2025, down from 0.40% and up from 0.15% of total loans as of December 31, 2024 and June 30, 2024, respectively.
The provision for credit losses on loans for the first six months of 2025 was $744,000, up from the $638,000 provisioned in the same period in 2024. Net charge-offs for the six months ended June 30, 2025 were $786,000 or 0.067% of average loans on an annualized basis, compared to net recoveries of $25,000 or 0.002% as of the six months ended June 30, 2024. The ACL for loans decreased $42,000 between December 31, 2024 and June 30, 2025, and now stands at 1.04% of loans outstanding as of June 30, 2025, as compared to 1.06% at December 31, 2024 and 1.10% at June 30, 2024.
The Company's balance sheet continued to expand in the first six months of 2025 as total assets increased $42.5 million or 1.3% year-to-date. The loan portfolio increased $53.1 million or 2.3% in the six months ended June 30, 2025 and $146.3 million or 6.5% from a year ago. Loan growth in the first six months of 2025 was centered in the commercial and residential portfolios. Commercial loans increased by $31.4 million during the period, led by increases in owner-occupied commercial real estate of $12.7 million, non-owner occupied commercial real estate of $20.7 million, commercial & industrial loans of $15.6 million and multifamily of $28.2 million, and partially offset by a decrease of $46.6 million in the construction segment. Residential term increased by $13.5 million and home equity loans increased by $11.2 million in the first six months of 2025. The investment portfolio increased $2.3 million year-to-date and decreased $4.3 million from a year ago based upon cash flow of amortizing securities, limited reinvestment or new purchases, and changes in the carrying value of AFS securities.
On the liability side of the balance sheet, total deposits decreased $19.9 million, or 0.7%, year-to-date to $2.71 billion. Low-cost deposits (Demand, NOW, Savings) followed typical seasonal patterns and decreased $95.5 million in the period, money market balances increased $11.6 million, and local CDs decreased $3.6 million, year-to-date. To balance this activity and to support earning asset growth, wholesale CDs have increased $67.7 million year-to-date and borrowings have increased by $49.9 million.
Remaining well capitalized is a top priority for The Company. The Company's total risk-based capital ratio was 13.31% as of June 30, 2025, solidly above the well-capitalized threshold of 10.0% set by the FDIC, the FRBB, and the OCC.
Among the Company's operating ratios, the return on average assets was 0.96% and return on average tangible common equity of 13.31% for the six months ended June 30, 2025 compared to 0.82% and 11.49%, respectively, for the same period in 2024. Our non-GAAP efficiency ratio continues to be an important component in the Company's overall performance and stood at 54.63% for the six months ended June 30, 2025 compared to 58.70% for the same period in 2024, the change being attributable primarily to higher levels of net interest income.

Net Interest Income
Total interest income of $78.5 million for the six months ended June 30, 2025 was an increase of $7.0 million or 9.8% compared to total interest income of $71.5 million for the same period of 2024. Nearly all of the increase is attributable to the loan portfolio which benefited from both greater volume and higher average yields as compared to the prior year.
Total interest expense of $42.3 million for the six months ended June 30, 2025, was an increase of $735,000 or 1.8% compared to total interest expense for the six months ended June 30, 2024. The increase was concentrated within borrowed funds expense which was up $734,000 based mostly in higher utilization of FHLB funding as compared to the prior year.
As a result, net interest income of $36.2 million for the six months ended June 30, 2025 was an increase of $6.3 million or 20.9% compared to net interest income of $30.0 million for the same period ended June 30, 2024. The Company's net interest margin on a tax-equivalent basis for the six months ended June 30, 2025 was 2.50%, up from 2.21% for the first six months of 2024. Tax-exempt interest income amounted to $5.3 million for the six months ended June 30, 2025 compared to $5.1 million for the six months ended June 30, 2024.




56

The following table presents the amount of interest earned or paid, as well as the average yield or rate on an annualized basis, for each major category of assets or liabilities for the six months and quarters ended June 30, 2025 and 2024. Tax-exempt income is calculated on a tax-equivalent basis, using a 21.0% Federal Income Tax rate.
For the six months ended
June 30, 2025June 30, 2024
Dollars in thousands
Amount of
interest		Average
Yield/Rate		Amount of interestAverage
Yield/Rate
Interest on earning assets
Interest-bearing deposits$107 5.16 %$134 5.54 %
Investments10,529 3.25 %10,428 3.18 %
Loans69,307 5.88 %62,339 5.75 %
   Total interest income79,943 5.31 %72,901 5.15 %
Interest expense
Deposits38,994 3.25 %38,993 3.42 %
Other borrowings3,332 3.55 %2,598 3.33 %
   Total interest expense42,326 3.27 %41,591 3.42 %
Net interest income$37,617 $31,310 
Interest rate spread2.04 %1.74 %
Net interest margin2.50 %2.21 %

For the quarters ended
June 30, 2025June 30, 2024
Dollars in thousands
Amount of
interest		Average
Yield/Rate		Amount of
interest		Average
Yield/Rate
Interest on earning assets
Interest-bearing deposits$51 4.89 %$56 5.59 %
Investments5,280 3.24 %5,192 3.19 %
Loans35,192 5.91 %31,996 5.81 %
   Total interest-earning assets40,523 5.34 %37,244 5.22 %
Interest expense
Deposits19,725 3.25 %19,816 3.47 %
Other borrowings1,691 3.57 %1,667 3.61 %
   Total interest expense21,416 3.28 %21,483 3.48 %
Net interest income$19,107 $15,761 
Interest rate spread2.06 %1.74 %
Net interest margin2.52 %2.21 %










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The following table presents changes in interest income and expense attributable to changes in interest rates and volume for interest-earning assets and liabilities for the six months and quarters ended June 30, 2025 compared to 2024. Tax-exempt income is calculated on a tax-equivalent basis, using a 21% Federal Income Tax rate.
For the six months ended June 30, 2025 compared to 2024
Dollars in thousands
VolumeRate
Rate/Volume1
Total
Interest on earning assets
Interest-bearing deposits$(19)$(9)$1 $(27)
Investment securities(85)188 (2)101 
Loans held for sale— — — — 
Loans5,618 1,238 112 6,968 
   Change in interest income5,514 1,417 111 7,042 
Interest expense
Deposits2,158 (2,044)(113)1 
Other borrowings537 163 34 734 
   Change in interest expense2,695 (1,881)(79)735 
   Change in net interest income$2,819 $3,298 $190 $6,307 
1 Represents the change attributable to a combination of change in rate and change in volume.
For the quarter ended June 30, 2025 compared to 2024
Dollars in thousands
VolumeRate
Rate/Volume1
Total
Interest on earning assets
Interest-bearing deposits$2 $(7)$— $(5)
Investment securities(5)93 — 88 
Loans held for sale— — — — 
Loans2,523 624 49 3,196 
  Change in interest income2,520 710 49 3,279 
Interest expense
Deposits1,156 (1,178)(69)(91)
Other borrowings35 (11)— 24 
   Change in interest expense1,191 (1,189)(69)(67)
   Change in net interest income$1,329 $1,899 $118 $3,346 
58

Average Daily Balance Sheets
The following table shows the Company's average daily balance sheets for the six months and quarters ended June 30, 2025 and 2024:
For the six months endedFor the quarters ended
 Dollars in thousands
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Assets
Cash and cash equivalents$24,811 $24,002 $26,042 $24,485 
Interest-bearing deposits in other banks4,181 4,867 4,186 4,030 
Securities available for sale (includes tax exempt securities of $36,342 and $36,483 at June 30, 2025 and 2024, respectively)
277,300 272,772 277,824 269,647 
Securities to be held to maturity, net of ACL (included tax exempt securities of $250,865 and $252,892 at June 30, 2025 and 2024, respectively)
368,660 380,487 368,199 378,076 
Restricted equity securities, at cost7,823 5,913 7,772 6,743 
Loans held for sale22 20 15 24 
Loans2,378,525 2,181,882 2,387,893 2,213,404 
Allowance for credit losses(24,924)(24,281)(24,856)(24,375)
     Net loans2,353,601 2,157,601 2,363,037 2,189,029 
Accrued interest receivable17,717 15,449 18,935 16,944 
Premises and equipment28,125 28,473 28,487 28,255 
Other real estate owned69 6 — 11 
Goodwill30,646 30,646 30,646 30,646 
Other assets64,616 65,018 64,730 67,559 
        Total Assets$3,177,571 $2,985,254 $3,189,873 $3,015,449 
Liabilities & Shareholders' Equity
Demand deposits$281,620 $264,974 $277,919 $260,268 
NOW deposits609,334 621,309 601,960 617,837 
Money market deposits392,576 313,171 388,479 310,202 
Savings deposits262,088 281,132 259,742 274,239 
Certificates of deposit1,155,103 1,076,629 1,181,866 1,095,743 
     Total deposits2,700,721 2,557,215 2,709,966 2,558,289 
Borrowed funds – short term94,153 86,763 94,836 115,904 
Borrowed funds – long term95,000 70,000 95,000 70,000 
Dividends payable2,178 903 2,319 904 
Other liabilities25,271 26,171 25,089 26,031 
     Total Liabilities2,917,323 2,741,052 2,927,210 2,771,128 
Shareholders' Equity:
Common stock112 111 112 111 
Additional paid-in capital72,251 70,437 72,505 70,658 
Retained earnings227,905 216,692 229,604 217,856 
Net unrealized loss on securities available for sale(40,366)(43,971)(39,873)(45,467)
Net unrealized loss on securities transferred from available for sale to held to maturity(47)(54)(48)(52)
Net unrealized gain on cash flow hedging derivative instruments106 684 76 912 
Net unrealized gain on postretirement benefit costs287 303 287 303 
    Total Shareholders' Equity260,248 244,202 262,663 244,321 
       Total Liabilities & Shareholders' Equity$3,177,571 $2,985,254 $3,189,873 $3,015,449 

59

Non-Interest Income
Non-interest income of $8.1 million for the six months ended June 30, 2025 is an increase of $334,000 compared to the same period in 2024. Service charges on deposit accounts were up $29,000, or 2.8%, debit card revenue was down $63,000, or 2.5%, and revenue at First National Wealth Management increased $196,000 or 8.0%. Over the same period, Mortgage banking revenue was up $97,000, or 30.4%. Non-interest income of $4.1 million for the quarter ended June 30, 2025 is a decrease of $28,000 compared to the same period in 2024.

Non-Interest Expense
Non-interest expense of $25.0 million for the six months ended June 30, 2025 is an increase of 8.8% or $2.0 million compared to non-interest expense of $23.0 million for the same period in 2024. Salaries and employee benefits increased $1.5 million, or 12.7%, attributable to a combination of salary adjustments, incentive compensation accruals, increased benefit costs, and several one-time expenses resulting from retirements. Furniture and equipment expense was up $134,000 or 4.8% on higher software costs, and other operating expense increased $101,000 or 1.8%. FDIC insurance premiums increased by $269,000 due to balance sheet expansion. Non-interest expense of $12.2 million for the quarter ended June 30, 2025 is an increase of 8.4% compared to non-interest expense of $11.3 million for the same period in 2024 due to the reasons mentioned.

Income Taxes
Income taxes on operating earnings were $3.3 million for the six months ended June 30, 2025, up $728,000 from the same period in 2024.

Investments
The carrying value of the Company's investment portfolio increased by $2.3 million between December 31, 2024 and June 30, 2025 from $651.6 million to $653.9 million. The positive change in value of the portfolio is attributable to the effects of interest rate movement on the fair value of AFS holdings, partially countered by limited re-investment of incoming cash flow from amortizing investments and limited new purchases. As of June 30, 2025, mortgage-backed securities had a carrying value of $274.9 million and a fair value of $264.8 million. Of this total, securities with a fair value of $74.8 million or 28.7% of the mortgage-backed portfolio were issued by GNMA and securities with a fair value of $185.7 million or 71.3% of the mortgage-backed portfolio were issued by FHLMC and FNMA.
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 potential future sale. For securities to be categorized as HTM, Management must have the intent and the Company must have the ability to hold such investments until their respective maturity dates. 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 agency securities, mortgage-backed securities and tax-exempt obligations of states and political subdivisions. The individual securities have been selected to enhance the portfolio's overall yield while not materially adding to the Company's level of interest rate risk.
During the third quarter of 2014, the Company transferred securities with a total amortized cost of $89,780,000 and a corresponding fair value of $89,757,000 from AFS to HTM. The net unrealized loss, net of taxes, on these securities at the date of the transfer was $15,000. The net unrealized holding loss at the time of transfer continues to be reported in AOCI, net of tax and is amortized over the remaining lives of the securities as an adjustment of the yield. The amortization of the net unrealized loss reported in AOCI will offset the effect on interest income of the discount for the transferred securities. The remaining unamortized balance of the net unrealized losses for the securities transferred from AFS to HTM was $60,000 at June 30, 2025. This compares to $47,000 and $51,000, net of taxes, at December 31, 2024 and June 30, 2024, respectively. These securities were transferred as a part of the Company's overall investment and balance sheet strategies.

60

The following table sets forth the Company's investment securities at their carrying amounts as of June 30, 2025 and 2024 and December 31, 2024.
Dollars in thousands
June 30, 2025December 31, 2024June 30, 2024
Securities available for sale
U.S. Treasury & Agency securities$19,034 $19,796 $19,778 
Mortgage-backed securities224,416 219,382 217,823 
State and political subdivisions32,687 33,252 33,370 
Asset-backed securities2,111 2,250 2,530 
$278,248 $274,680 $273,501 
Securities to be held to maturity
U.S. Treasury & Agency securities$38,100 $38,100 $38,100 
Mortgage-backed securities50,510 52,370 54,501 
State and political subdivisions251,461 252,180 252,820 
Corporate securities28,000 27,250 32,250 
$368,071 $369,900 $377,671 
Less allowance for credit losses(198)(196)(149)
Net securities to be held to maturity$367,873 $369,704 $377,522 
Restricted equity securities
Federal Home Loan Bank Stock$6,697 $6,166 $6,073 
Federal Reserve Bank Stock1,037 1,037 1,037 
$7,734 $7,203 $7,110 
Total securities$653,855 $651,587 $658,133 
The Company adopted ASC 326, the CECL standard in 2023. In conjunction with adoption, holdings of AFS Securities and HTM securities were evaluated to determine the need to establish an ACL, if any. The total ACL for HTM securities was $198,000 as of June 30, 2025, $196,000 as of December 31, 2024 and $149,000 June 30, 2024. Further details are included in Note 2 of the accompanying financial statements.

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The following table sets forth yields and contractual maturities of the Company's investment securities as of June 30, 2025. Yields on tax-exempt securities have been computed on a tax-equivalent basis using a tax rate of 21%. Mortgage-backed securities are presented according to their final contractual maturity date, while the calculated yield takes into effect the intermediate cash flows from repayment of principal which results in a much shorter average life.
Available For SaleHeld to Maturity
 Dollars in thousands
Fair
Value		Yield to maturityAmortized CostYield to maturity
 U.S. Treasury & Agency Securities
 Due in 1 year or less$1,493 1.86 %$— 0.00 %
 Due in 1 to 5 years— 0.00 %6,500 1.11 %
 Due in 5 to 10 years8,565 1.17 %8,150 1.57 %
 Due after 10 years8,976 2.00 %23,450 1.53 %
  Total19,034 1.62 %38,100 1.46 %
 Mortgage-Backed Securities
 Due in 1 year or less21 2.84 %— 0.00 %
 Due in 1 to 5 years852 1.28 %5 6.71 %
 Due in 5 to 10 years7,405 3.62 %3,576 4.76 %
 Due after 10 years216,138 2.74 %46,929 1.50 %
  Total224,416 2.76 %50,510 1.73 %
 State & Political Subdivisions
 Due in 1 year or less— 0.00 %3,449 4.90 %
 Due in 1 to 5 years180 5.06 %17,717 3.49 %
 Due in 5 to 10 years9,510 2.62 %69,271 3.33 %
 Due after 10 years22,997 3.41 %161,024 2.26 %
  Total32,687 3.19 %251,461 2.68 %
 Asset-Backed Securities
Due in 1 year or less— 0.00 %— 0.00 %
Due in 1 to 5 years— 0.00 %— 0.00 %
Due in 5 to 10 years— 0.00 %— 0.00 %
Due after 10 years2,111 5.47 %— 0.00 %
Total2,111 5.47 %— 0.00 %
 Corporate Securities
 Due in 1 year or less— 0.00 %— 0.00 %
 Due in 1 to 5 years— 0.00 %1,750 3.58 %
 Due in 5 to 10 years— 0.00 %26,250 5.17 %
 Due after 10 years— 0.00 %— 0.00 %
  Total— 0.00 %28,000 5.07 %
$278,248 2.75 %$368,071 2.61 %

AFS Debt Securities in an Unrealized Loss Position
The securities portfolio contains certain AFS securities where the amortized cost of which exceeds fair value, which at June 30, 2025 amounted to $47.6 million, or 14.64% of the amortized cost of the total securities portfolio. At December 31, 2024, this amount was $54.2 million, or 16.48% of the amortized cost of total securities portfolio.
The Company's evaluation of securities for impairment is a quantitative and qualitative process intended to determine whether declines in the fair value of investment securities should be recognized as a charge against the ACL. The primary factors considered in evaluating whether a loss should be recognized include: (a) the length of time and extent to which the fair value has been less than cost or amortized cost and the expected recovery period of the security, (b) the financial condition, credit rating and future prospects of the issuer, (c) whether the debtor is current on contractually obligated interest and principal payments, (d) the volatility of the securities market price, (e) the intent and ability of the Company to retain the investment for a period of time sufficient to allow for recovery, which may be at maturity, and (f) any other information and observable data considered relevant in determining whether full collection of amounts contractually due will be realized.
62

The Company's best estimate of cash flows uses severe economic recession assumptions due to market uncertainty. The Company's assumptions include but are not limited to delinquencies, foreclosure levels and constant default rates on the underlying collateral, loss severity ratios, and constant prepayment rates. If the Company does not expect to receive 100% of future contractual principal and interest, a charge against the ACL is recognized. Estimating future cash flows is a quantitative and qualitative process that incorporates information received from third party sources along with certain internal assumptions and judgments regarding the future performance of the underlying collateral.
As of June 30, 2025, the Company had AFS debt securities in an unrealized loss position with a fair value of $240.9 million and unrealized losses of $47.6 million, as identified in the table below. AFS Securities in a continuous unrealized loss position for more than twelve months amounted to a fair value of $228.9 million as of June 30, 2025, compared with $234.1 million at December 31, 2024. The Company has concluded that these securities are fully collectible and that no charge against the allowance is required. This conclusion was based on the issuer's continued satisfaction of the securities obligations in accordance with their contractual terms and the expectation that the issuer will continue to do so, Management's intent and ability to hold these securities for a period of time sufficient to allow for any anticipated recovery in fair value which may be at maturity, the expectation that the Company will receive 100% of future contractual cash flows, as well as the evaluation of the fundamentals of the issuer's financial condition and other objective evidence. The following table summarizes AFS debt securities in an unrealized loss position for which an ACL has not been recorded at June 30, 2025:
Less than 12 months12 months or moreTotal
Dollars in thousands
Fair Value (Estimated)Unrealized
Losses		Fair Value (Estimated)Unrealized
Losses		Fair Value (Estimated)Unrealized
Losses
U.S. Treasury & Agency securities$— $— $19,034 $(5,510)$19,034 $(5,510)
Mortgage-backed securities5,994 (91)182,167 (34,613)188,161 (34,704)
State and political subdivisions4,791 (241)27,716 (7,159)32,507 (7,400)
Asset-backed securities1,151 (16)— — 1,151 (16)
$11,936 $(348)$228,917 $(47,282)$240,853 $(47,630)

For AFS securities with unrealized losses, the following information was considered in determining that no charge against the allowance for decline in fair value was required in the current reporting period:
AFS Securities issued by the U.S. Treasury and U.S. Government-sponsored agencies & enterprises. As of June 30, 2025, there were $5.5 million of unrealized losses on these securities compared to $6.2 million at December 31, 2024. All of these securities were credit rated "AAA" or "AA+" by the major credit rating agencies. Management believes that securities issued by the U.S. Treasury and U.S. Government-sponsored agencies and enterprises carry zero or near-zero credit risk, and that 100% of the amounts contractually due will be collected.
AFS Mortgage-backed securities issued by U.S. Government agencies and U.S. Government-sponsored enterprises. As of June 30, 2025, there were $34.7 million of unrealized losses on these securities compared with $41.0 million at December 31, 2024. All of these securities were credit rated "AAA" or "AA+" by the major credit rating agencies. Management believes that securities issued by 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 and enterprises play a vital role in the nation's financial markets. Management believes that the unrealized losses at June 30, 2025 were attributable to changes in current market yields and spreads since the date the underlying securities were purchased, and that 100% of the amounts contractually due will be realized. The Company also has the ability and intent to hold these securities until a recovery of their amortized cost, which may be at maturity.
AFS Obligations of state and political subdivisions. As of June 30, 2025, there were $7.4 million of unrealized losses on these securities compared to $6.9 million at December 31, 2024. Municipal securities are supported by the general taxing authority of the municipality or a dedicated revenue stream, and, in the case of school districts, are generally supported by state aid. At June 30, 2025, all municipal bond issuers were current on contractually obligated interest and principal payments. The Company attributes the unrealized losses at June 30, 2025 to changes in prevailing market yields and pricing spreads since the date the underlying securities were purchased, combined with general market conditions. The Company has the ability and intent to hold these securities until a recovery of their amortized cost, which may be at maturity, and believes that 100% of the amounts contractually due will be realized.
AFS Asset-backed securities. As of June 30, 2025, there were $16,000 of unrealized losses on these securities compared with none at December 31, 2024. These securities consist of U.S. Government backed student loans along with other credit enhancements.


63

FHLBB and FRBB Stock
The Bank is a member of the FHLBB, a cooperatively owned wholesale bank for housing and finance in the six New England States. As a requirement of membership in the FHLBB, the Bank must own a minimum required amount of FHLBB stock, calculated periodically based primarily on its level of borrowings from the FHLBB. The Bank uses the FHLBB for a portion of its wholesale funding needs. As of June 30, 2025, the Bank's investment in FHLBB stock totaled $6.7 million. This compares to $6.2 million as of December 31, 2024 and $6.1 million as of June 30, 2024. FHLBB stock is a non-marketable equity security and therefore is reported at cost, subject to adjustments for any observable market transactions on the same or similar instruments of the investee. No impairment losses have been recorded through June 30, 2025.
The Bank is also a member of the FRBB. As a requirement for membership in the FRBB, the Bank must own a minimum required amount of FRBB stock. The Bank uses FRBB for certain correspondent banking services and maintains borrowing capacity at its discount window. The Bank's investment in FRBB stock totaled $1.0 million at June 30, 2025 and 2024, and December 31, 2024.
The Company periodically evaluates its investment in FHLBB and FRBB stock for impairment based on, among other factors, the capital adequacy of the Banks and their overall financial condition. No impairment losses have been recorded through June 30, 2025. The Bank will continue to monitor its investment in these restricted equity securities.

Loans Held for Sale
Loans held for sale are carried at the lower of cost or market value. There were no loans held for sale as of June 30, 2025 and 2024 and December 31, 2024.
Loans
The Company provides loans to customers within our market area, the State of Maine, with very limited exposures outside of Maine. Loans are originated primarily via our network of branch offices, along with an online channel for residential mortgage loans.
The loan portfolio increased during the first six months of 2025, with total loans at $2.39 billion at June 30, 2025, up $53.1 million or 2.3% from total loans of $2.34 billion at December 31, 2024. Commercial loans increased $31.4 million or 2.3% between December 31, 2024 and June 30, 2025, municipal loans increased $1.1 million or 1.8%, residential term loans increased $13.5 million, and home equity lines of credit increased $11.2 million.
The loan portfolio is segmented into eleven classes. Commercial loans comprise six of the classes: commercial real estate owner occupied, commercial real estate non-owner occupied, commercial construction, C&I, multifamily and agriculture. Residential mortgage loans comprise two of the classes: residential real estate term and residential real estate construction. The remaining classes are municipal loans, home equity loans, and consumer loans. Further descriptions of each class, and the risk factors associated with each, are included in Note 4 of the accompanying financial statements.
The following table summarizes the loan portfolio, by class, at June 30, 2025 and 2024 and December 31, 2024.
Dollars in thousands
June 30, 2025December 31, 2024June 30, 2024
Commercial
   Real estate owner occupied$371,332 15.5 %$358,588 15.3 %$341,043 15.1 %
   Real estate non-owner occupied424,610 17.7 %403,899 17.3 %406,480 18.1 %
   Construction53,077 2.2 %99,717 4.3 %98,726 4.4 %
   C&I381,434 16.0 %365,817 15.6 %330,542 14.7 %
   Multifamily136,951 5.7 %108,732 4.6 %105,704 4.7 %
   Agriculture52,931 2.2 %52,219 2.2 %48,748 2.2 %
Municipal62,924 2.6 %61,827 2.6 %62,105 2.8 %
Residential
   Term724,330 30.3 %710,807 30.4 %686,006 30.5 %
   Construction31,579 1.3 %35,481 1.5 %35,574 1.6 %
Home Equity
   Revolving and term134,280 5.6 %123,063 5.3 %112,228 5.0 %
Consumer20,559 0.9 %20,790 0.9 %20,514 0.9 %
Total loans$2,394,007 100.0 %$2,340,940 100.0 %$2,247,670 100.0 %
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The following table sets forth certain information regarding the contractual maturities of the Bank's loan portfolio as of June 30, 2025.
Dollars in thousands
< 1 Year1 - 5 Years5 - 10 Years> 10 YearsTotal
Commercial
   Real estate owner occupied$5,821 $93,402 $33,326 $238,783 $371,332 
   Real estate non-owner occupied25,444 83,917 24,176 291,073 424,610 
   Construction9,600 21,612 3,465 18,400 53,077 
   C&I61,192 197,636 36,311 86,295 381,434 
   Multifamily84 22,733 814 113,320 136,951 
   Agriculture2,575 17,830 10,522 22,004 52,931 
Municipal17,928 12,378 14,072 18,546 62,924 
Residential
   Term1,065 49,147 38,675 635,443 724,330 
   Construction2,408 3,962 — 25,209 31,579 
Home Equity
   Revolving and term6,144 8,690 8,119 111,327 134,280 
Consumer7,335 7,116 1,187 4,921 20,559 
Total loans$139,596 $518,423 $170,667 $1,565,321 $2,394,007 

The following table provides a listing of loans by class, between variable and fixed rates as of June 30, 2025.
Fixed-RateAdjustable-RateTotal
Dollars in thousands
Amount% of totalAmount% of totalAmount% of total
Commercial
   Real estate owner occupied$66,954 2.8 %$304,378 12.7 %$371,332 15.5 %
   Real estate non-owner occupied130,409 5.4 %294,201 12.3 %424,610 17.7 %
   Construction30,480 1.3 %22,597 0.9 %53,077 2.2 %
   C&I151,292 6.3 %230,142 9.7 %381,434 16.0 %
   Multifamily16,036 0.7 %120,915 5.0 %136,951 5.7 %
   Agriculture10,540 0.4 %42,391 1.8 %52,931 2.2 %
Municipal62,716 2.6 %208 0.0 %62,924 2.6 %
Residential
   Term467,603 19.6 %256,727 10.7 %724,330 30.3 %
   Construction14,170 0.6 %17,409 0.7 %31,579 1.3 %
Home Equity
    Revolving and Term22,943 1.0 %111,337 4.6 %134,280 5.6 %
Consumer12,386 0.5 %8,173 0.4 %20,559 0.9 %
Total loans$985,529 41.2 %$1,408,478 58.8 %$2,394,007 100.0 %

Loan Concentrations
As of June 30, 2025, the Bank had one concentration of loans in one particular industry that exceeded 10% of its total loan portfolio: (1) loans to lessors of residential buildings and dwellings, totaling $272.0 million, or 11.36% of total loans. This compares to two concentrations of loans in one particular industry that exceeded 10% of its total loan portfolio: (1) loans to hotels (except Casino hotels) and motels, totaling $246.0 million, or 10.95% of total loans, and (2) loans to lessors of residential buildings and dwellings, $243.3 million, or 10.83% of total loans, as of June 30, 2024.



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Credit Risk Management and Allowance for Credit Losses on Loans
Upon adoption of the CECL standard, in 2023, the Company replaced the incurred loss model that recognized loan losses when it became probable that a credit loss would be incurred, with a requirement to recognize lifetime expected credit losses immediately when a financial asset is originated or purchased. The ACL is a valuation amount that is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. Loans, or portions thereof, are charged off against the allowance when they are deemed uncollectible. The ACL consists of three elements: (1) specific reserves for loans individually analyzed; (2) general reserves for each portfolio segment; and, (3) qualitative reserves. All outstanding loans are considered in evaluating the appropriateness of the allowance with similar risk characteristics in the portfolio. Prior to adoption of ASC 326, under the incurred loss methodology, the Company evaluated portfolio risk characteristics largely on loan purpose.
The Company provides for loan losses through the ACL which represents an estimated reserve for losses in the loan portfolio. To determine an appropriate level for general reserves, a discounted cash flow approach is applied to each portfolio segment implementing a probability of default and loss given default estimate based upon a number of factors including historical losses over an economic cycle, economic forecasts, loan prepayment speeds and curtailment rates. To determine an appropriate level for qualitative reserves various factors are considered including underwriting policies, credit administration practices, experience, ability and depth of lending management, and economic factors not captured in the general reserve calculation.
The ACL is increased by provisions charged against current earnings. Loan losses are charged against the allowance when Management believes that the collectibility of the loan principal is unlikely. Recoveries on loans previously charged off are credited to the allowance. The adequacy of the ACL is overseen by the ACL Committee whose membership includes senior level personnel from the Executive, Lending, Credit Administration, and Finance functions of the Bank. While Management uses available information to assess possible losses on loans, future additions to the allowance may be necessary based on increases in non-performing loans, changes in economic conditions or outlook, growth in loan portfolios, or for other reasons. Any future additions to the allowance would be recognized in the period in which they were determined to be necessary. In addition, various regulatory agencies periodically review the Company's ACL as an integral part of their examination process. Such agencies may require the Company to record additions to the allowance based on judgments different from those of Management.
The ACL includes reserve amounts assigned to IAL. This includes loans with balances of $250,000 or more that have been placed into non-accrual or are loans identified by management as having characteristics that may impact ultimate collectibility and therefore merit individual analysis. A specific reserve is allocated to an individual loan when the amount of a probable loss is estimable on the basis of its collateral value, the present value of anticipated future cash flows, or its net realizable value. At June 30, 2025, IAL with specific reserves totaled $729,000 and the amount of such reserves was $326,000. This compares to IAL with specific reserves of $1.7 million at December 31, 2024 and the amount of such reserves was $1.0 million.
The total ACL on loans at June 30, 2025 is considered by Management to be appropriate to address the potential for credit losses inherent in the loan portfolio at that date. However, determination of the appropriate allowance level is based upon a number of assumptions made about future events, which management believes are reasonable, but which may or may not prove valid. Thus, there can be no assurance charge-offs in future periods will not exceed the ACL or that additional increases in the ACL will not be necessary.
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The following table summarizes the allocation of allowance by loan class as of June 30, 2025 and 2024 and December 31, 2024. The percentages are the portion of each loan class to total loans.
Dollars in thousands
June 30, 2025December 31, 2024June 30, 2024
Commercial
   Real estate owner occupied$5,195 15.5 %$5,045 15.3 %$5,253 15.1 %
   Real estate non-owner occupied4,934 17.7 %4,829 17.3 %4,248 18.1 %
   Construction436 2.2 %944 4.3 %922 4.4 %
   C&I4,865 16.0 %5,364 15.6 %5,021 14.7 %
   Multifamily1,572 5.7 %1,239 4.6 %1,567 4.7 %
   Agriculture666 2.2 %605 2.2 %428 2.2 %
Municipal267 2.6 %262 2.6 %180 2.8 %
Residential
   Term5,485 30.3 %5,241 30.4 %5,560 30.5 %
   Construction415 1.3 %474 1.5 %587 1.6 %
Home Equity
   Revolving and term823 5.6 %686 5.3 %744 5.0 %
Consumer171 0.9 %182 0.9 %183 0.9 %
Total$24,829 100.0 %$24,871 100.0 %$24,693 100.0 %
A breakdown of the ACL on loans as of June 30, 2025, by loan class and allowance element, is presented in the following table:
 Dollars in thousands
Specific Reserves on Loans Evaluated Individually General Reserves on Loans Based on Historical Loss ExperienceReserves for Qualitative FactorsTotal Reserves
Commercial
   Real estate owner occupied$— $4,476 $719 $5,195 
   Real estate non-owner occupied— 4,289 645 4,934 
   Construction— 335 101 436 
   C&I326 3,946 593 4,865 
   Multifamily— 1,408 164 1,572 
   Agriculture— 517 149 666 
Municipal— 36 231 267 
Residential
   Term— 5,075 410 5,485 
   Construction— 360 55 415 
Home Equity
   Revolving and term— 741 82 823 
Consumer— 164 7 171 
$326 $21,347 $3,156 $24,829 
Based upon Management's evaluation, provisions are made to maintain the allowance as a best estimate of expected losses within the portfolio. The provision for credit losses to maintain the allowance was $744,000 for the first six months of 2025 and $638,000 the first six months of 2024. Net charge-offs were $786,000 in the first six months of 2025, compared to net recoveries of $25,000 in the first six months of 2024. The ACL as a percentage of outstanding loans was 1.04% as of June 30, 2025, down slightly from 1.06% as of December 31, 2024, and down from 1.10% as of June 30, 2024.
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The following table summarizes the activities in the ACL for the six months ended June 30, 2025 and 2024 and for the year ended December 31, 2024:
 Dollars in thousands
June 30, 2025December 31, 2024June 30, 2024
Balance at the beginning of period$24,871 $24,030 $24,030 
Loans charged off:
Commercial
   Real estate owner occupied— — — 
   Real estate non-owner occupied— — — 
   Construction— — — 
   C&I754 451 — 
   Multifamily— — — 
   Agriculture— — — 
Municipal— — — 
Residential
   Term1 37 36 
   Construction— — — 
Home Equity
   Revolving and term— 7 7 
Consumer119 252 148 
Total874 747 191 
Recoveries on loans previously charged off
Commercial
   Real estate owner occupied— 100 100 
   Real estate non-owner occupied— — — 
   Construction— — — 
   C&I28 25 23 
   Multifamily— — — 
   Agriculture— — — 
Municipal— — — 
Residential
   Term4 32 29 
   Construction— — — 
Home Equity
   Revolving and term12 24 18 
Consumer44 103 46 
Total88 284 216 
Net loans charged off (recovered)786 463 (25)
Credit loss expense744 1,304 638 
Balance at end of period$24,829 $24,871 $24,693 
Ratio of net loans charged off (recovered) to average loans outstanding1
0.067 %0.021 %(0.002)%
Ratio of allowance for credit losses to total loans outstanding1.04 %1.06 %1.10 %
1 Annualized using a 365-day basis in 2025 and a 366-day basis in 2024.



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ACL for Unfunded Commitments
The Bank's modeling methodology applies the same class level credit loss factors used in the ACL for loans model to applicable classes of unfunded commitments to determine an appropriate ACL level. Utilization assumptions are based upon an independent analysis of the Bank's historical data. The ACL for unfunded commitments is reported on the Company's consolidated balance sheets within other liabilities and totaled $846,000 as of June 30, 2025.
Nonperforming Loans
Nonperforming loans are comprised of loans, for which based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement or when principal and interest is 90 days or more past due unless the loan is both well secured and in the process of collection (in which case the loan may continue to accrue interest in spite of its past due status). A loan is "well secured" if it is secured (1) by collateral in the form of liens on or pledges of real or personal property, including securities, that have a realizable value sufficient to discharge the debt including accrued interest) in full, or (2) by the guarantee of a financially responsible party. A loan is "in the process of collection" if collection of the loan is proceeding in due course either (1) through legal action, including judgment enforcement procedures, or (2) in appropriate circumstances, through collection efforts not involving legal action which are reasonably expected to result in repayment of the debt or in its restoration to a current status in the near future.
Generally, when a loan becomes 90 days past due it is evaluated for collateral dependency based upon the most recent appraisal or other evaluation method. If the collateral value is lower than the outstanding loan balance plus accrued interest and estimated selling costs, the loan is placed on non-accrual status, all accrued interest is reversed from interest income, and a specific reserve is established for the difference between the loan balance and the collateral value less selling costs, or, in certain situations, the difference between the loan balance and the collateral value less selling costs is written off. Concurrently, a new appraisal or valuation may be ordered, depending on collateral type, currency of the most recent valuation, the size of the loan, and other factors appropriate to the loan. Upon receipt and acceptance of the new valuation, the loan may have an additional specific reserve or write down based on the updated collateral value. On an ongoing basis, appraisals or valuations may be done periodically on collateral dependent nonperforming loans and an additional specific reserve or write down will be made, if appropriate, based on the new collateral value.
Once a loan is placed on non-accrual, it remains in non-accrual 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.





















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Nonperforming loans, expressed as a percentage of total loans, totaled 0.25% at June 30, 2025 compared to 0.18% at December 31, 2024 and 0.11% at June 30, 2024. The following table shows the distribution of nonperforming loans by class as of June 30, 2025 and 2024 and December 31, 2024:
Dollars in thousands
June 30, 2025December 31, 2024June 30, 2024
Commercial
   Real estate owner occupied$522 553 $383 
   Real estate non-owner occupied61 61 — 
   Construction17 18 19 
   C&I1,575 1,695 111 
   Multifamily15 — — 
   Agriculture103 31 32 
Municipal— — — 
Residential
   Term3,193 1,599 1,731 
   Construction— — — 
Home Equity
   Revolving and term553 291 288 
Consumer— — — 
Total nonperforming loans$6,039 $4,248 $2,564 
Allowance for credit losses on loans as a percentage of nonperforming loans411.1 %585.5 %963.1 %
The amounts shown for total nonperforming loans do not include loans 90 or more days past due and still accruing interest. These are loans for which we expect to collect all amounts due, including past-due interest. As of June 30, 2025, loans 90 or more days past due and still accruing interest totaled $457,000, compared to $1.0 million at December 31, 2024 and $87,000 at June 30, 2024.
Loan Modifications Made to Borrowers Experiencing Financial Difficulty
The Company adopted ASU 2022-02 effective January 1, 2023. Reporting of loan modifications subject to ASU 2022-02 may be found in Note 3 of the accompanying financial statements.
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Past Due Loans
The Bank's overall loan delinquency ratio was 0.23% at June 30, 2025 compared to 0.40% at December 31, 2024 and 0.15% at June 30, 2024. Loans 90 or more days delinquent and accruing decreased from $1.0 million at December 31, 2024 to $457,000 as of June 30, 2025. The following table sets forth loan delinquencies as of June 30, 2025 and 2024 and December 31, 2024:
Dollars in thousands
June 30, 2025December 31, 2024June 30, 2024
Commercial
   Real estate owner occupied$395 $549 $950 
   Real estate non-owner occupied— — — 
   Construction— — — 
   C&I1,204 1,998 622 
   Multifamily— — — 
   Agriculture— 115 — 
Municipal— — — 
Residential
   Term2,438 3,686 788 
   Construction— 390 — 
Home Equity
   Revolving and term882 1,536 747 
Consumer646 1,109 211 
Total$5,565 $9,383 $3,318 
Loans 30-89 days past due to total loans0.134 %0.311 %0.105 %
Loans 90+ days past due and accruing to total loans0.019 %0.044 %0.004 %
Loans 90+ days past due on non-accrual to total loans0.079 %0.046 %0.039 %
Total past due loans to total loans0.232 %0.401 %0.148 %
Potential Problem Loans and Loans in Process of Foreclosure
Potential problem loans consist of classified, accruing commercial and commercial real estate loans that were between 30 and 89 days past due. Such loans are characterized by weaknesses in the financial condition of borrowers or collateral deficiencies. Based on historical experience, the credit quality of some of these loans may improve due to improvements in the economy as well as changes in collateral values or the financial condition of the borrowers, while the credit quality of other loans may deteriorate, resulting in some amount of loss. At June 30, 2025, there were two potential problem loans reported with a balance of $106,000 or 0.004% of total loans. This compares to one potential problem loan with a balance of $84,000 or 0.004% of total loans at December 31, 2024.
As of June 30, 2025, there were two residential loans in the process of foreclosure totaling $859,000. The Bank's residential foreclosure process begins when a loan becomes 75 days past due at which time a Demand/Breach Letter is sent to the borrower. If the loan becomes 120 days past due, copies of the promissory note and mortgage deed are forwarded to the Bank's attorney for review and a complaint for foreclosure is then prepared. An authorized Bank officer signs the affidavit certifying the validity of the documents and verification of the past due amount which is then forwarded to the court. Once a Motion for Summary Judgment is granted, a POR begins which gives the customer 90 days to cure the default. A foreclosure auction date is then set 30 days from the POR expiration date if the default is not cured.
As of June 30, 2025, there were no commercial loans in the process of foreclosure. 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.
The Bank’s written policies and procedures for foreclosures, along with implementation of same, are subject to annual review by its internal audit provider. The scope of this review includes loans held in portfolio and loans serviced for others. There were no issues requiring management attention in the most recent review. Servicing for others includes loans sold to
71

FHLMC, FNMA, and the FHLBB through its MPF program. The Bank follows the published guidelines of each investor. Loans serviced for FHLMC and FNMA have been sold without recourse, and the Bank has no liability for these loans in the event of foreclosure. A de minimis volume of loans has been sold to and serviced for MPF to date. The Bank retains a second loss layer credit enhancement obligation; no losses have been recorded on this credit enhancement obligation since the Bank started selling loans to MPF in 2013.

Other Real Estate Owned
OREO and repossessed assets are comprised of properties or other assets acquired through a foreclosure proceeding, or acceptance of a deed or title in lieu of foreclosure. Real estate acquired through foreclosure is carried at the lower of fair value less estimated cost to sell or the cost of the asset and is not included as part of the ACL totals. At June 30, 2025 there were no OREO properties and no allowance for losses. This compares to December 31, 2024, when there was one OREO property with a balance of $173,000, net of an allowance for OREO losses of $35,000, and June 30, 2024, when there was one OREO property with a balance of 208,000, with no allowance for losses. The table below presents the composition of OREO at June 30, 2025 and 2024, and December 31, 2024:
Dollars in thousands
June 30, 2025December 31, 2024June 30, 2024
Carrying Value
Residential
    Term$— $208 $208 
    Construction— — — 
Home Equity
    Revolving and Term— — — 
Consumer— — — 
Total— 208 208 
Related Allowance
Residential
    Term— 35 — 
    Construction— — — 
Home Equity
    Revolving and Term— — — 
Consumer— — — 
Total— 35 — 
Net Value
Residential
    Term— 173 208 
    Construction— — — 
Home Equity
    Revolving and Term— — — 
Consumer— — — 
Total$— $173 $208 

Liquidity
Liquidity is the ability of a financial institution to meet maturing liability obligations, depositor withdrawal requests, and customer loan demand. The Bank's lead source of liquidity is deposits, including brokered deposits, which funded 85.0% of total average assets in the first six months of 2025, down slightly from 85.7% a year ago. Other sources of funding include discretionary use of purchased liabilities (e.g., FHLBB term or overnight advances, and other borrowings), cash flows from the securities portfolio and loan repayments. Securities designated as 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. 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.
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
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Management's estimation, risks are concentrated amongst several major categories: runoff of in-market deposit balances, an inability to renew wholesale sources of funding, and materially increased utilization of available credit lines by borrowers. Of these, potential runoff of deposit balances would have the most significant impact on contingent liquidity. The modeling attempts to quantify deposits at risk over selected time horizons. In addition to these outflow risks, several other "business as usual" factors enter into the calculation of the adequacy of contingent liquidity, including payment proceeds from loans and investment securities, maturing debt obligations and maturing time deposits. Stress testing analysis of liquidity resources under various scenarios is conducted no less than quarterly and results are reported to the ALCO. Borrowings supplement deposits as a source of liquidity; the Company's borrowings typically consist of customer repurchase agreements and FHLBB advances. The Bank tests its borrowing capacity with the FRBB, the FHLBB and Fed Funds lines with other correspondents no less than annually; each has been tested within the past five months.
The Company defines its primary sources of contingent liquidity as cash & equivalents, unencumbered U.S. Government or Agency bond collateral, available capacity at FHLBB, and available authorized brokered deposit issuance capacity. As of June 30, 2025, the Bank had primary sources of contingent liquidity of $872.0 million or 27.5% of its total assets. It is Management's opinion that this is an appropriate level. In addition, the Bank has $331.0 million in borrowing capacity at FRBB under the FRBB's Borrower in Custody program as well as securities available as collateral, $101.0 million in credit lines with correspondent banks, and $54.0 million in other unencumbered securities available as collateral for borrowing. These bring the Bank's total sources of liquidity to $1.358 billion or 42.9% of its total assets.
The ALCO establishes guidelines for liquidity in its Asset/Liability policy and monitors internal liquidity measures to manage liquidity exposure. Based on its assessment of the liquidity considerations described above, Management believes the Company's sources of funding will meet anticipated funding needs.
The Company is dependent upon the payment of cash dividends by the Bank to service its commitments. As the sole shareholder of the Bank, the Company is entitled to such dividends when and as declared by the Bank's Board of Directors from legally available funds. For the six-month periods ended June 30, 2025 and 2024 the Bank declared dividends to the Company of $8.2 million and $7.9 million, respectively. The Bank's regulator, the OCC, may limit the amount of dividends declared and paid in a calendar year based upon certain factors. Further discussion may be found in Shareholder's Equity below.
Deposits
During the first six months of 2025, total deposits decreased by $19.9 million or 0.7% from December 31, 2024 levels. The Bank generally experiences a modest decline in deposit balances in the first six months of each year due to seasonal effects. In the first six months of 2025 low-cost deposits (demand, NOW, and savings accounts) decreased by $95.5 million or 7.7% . Money market deposits increased $11.6 million or 3.1%, and certificates of deposit increased $64.0 million or 5.7% as depositors shifted balances to higher cost product types and brokered certificates of deposit were issued to support earning asset growth. The decrease in low-cost deposits for the period was consistent with Management's estimates based upon historical seasonal deposit behaviors.
Between June 30, 2024 and June 30, 2025, total deposits increased by $127.3 million or 4.9%. Low-cost deposits decreased by $10.9 million or 1.0%, money market accounts increased $71.1 million or 22.4%, and certificates of deposit increased $67.1 million or 6.0%.
Estimated uninsured deposits totaled $479.3 million or 17.7% of total deposits as of June 30, 2025, and $506.2 million or 18.6% of total deposits as of December 31, 2024. The company has pledged assets as collateral covering certain deposits; these amounts were $347.7 million and $349.8 million as of June 30, 2025 and December 31, 2024, respectively.

Borrowed Funds
The Company uses funding from the FHLBB, the FRBB and customer repurchase agreements enabling it to grow its balance sheet and its revenues. This funding may also be used to balance seasonal deposit flows or to carry out interest rate risk management strategies, and may be used to replace or supplement other sources of funding, including core deposits and certificates of deposit. During the six months ended June 30, 2025, total borrowed funds increased $49.9 million. This change consisted of a $36.1 million increase in short-term FHLBB advances and a $13.8 million increase in customer repurchase agreement balances; long-term borrowings from FHLBB were unchanged. Between June 30, 2024 and June 30, 2025, total borrowed funds decreased by $34.5 million centered in redemption of a $25.0 million advance from FRBB under the Bank Term Financing Program.




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Capital Resources
Shareholders' equity as of June 30, 2025 was $265.5 million, compared to $252.5 million as of December 31, 2024 and $244.7 million as of June 30, 2024. The Company's earnings in the first six months of 2025, net of dividends declared, added $7.0 million to shareholders' equity. The net unrealized loss on AFS securities, net of tax, presented in accordance with FASB ASC Topic 320 "Investments – Debt and Equity Securities" stands at $37.2 million as of June 30, 2025 and was $42.7 million as of December 31, 2024. Additional information about the net unrealized loss on AFS securities was provided in Note 2 of the Consolidated Financial Statements and in the AFS Debit Securities section of Management's Discussion and Analysis of Financial Condition and Results of Operations.
A cash dividend of $0.37 per share was declared in the second quarter of 2025. The dividend payout ratio, which is calculated by dividing dividends declared per share by basic earnings per share, was 53.40% for the first six months of 2025 compared to 64.31% for the same period in 2024. In determining future dividend payout levels, the Board of Directors carefully analyzes capital requirements and earnings retention, as set forth in the Company's Dividend Policy. The ability of the Company to pay cash dividends to its shareholders depends on receipt of dividends from its subsidiary, the Bank. The subsidiary may pay dividends to its parent out of so much of its net profits as the Bank's directors deem appropriate, subject to the limitation that the total of all dividends declared by the Bank in any calendar year may not exceed the total of its net profits of that year combined with its retained net profits of the preceding two years. The amount available for dividends in 2025 is this year's net income plus $27.9 million.
Financial institution regulators have established guidelines for minimum capital ratios for banks and bank holding companies. The net unrealized gain or loss on AFS securities is generally not included in computing regulatory capital. During the first quarter of 2015, the Company adopted the new Basel III regulatory capital framework as approved by the federal banking agencies. In order to avoid limitations on capital distributions, including dividend payments, the Company must hold a capital conservation buffer of 2.5% above the adequately capitalized risk-based capital ratios. The Company met each of the well-capitalized ratio guidelines at June 30, 2025.

The following tables indicate the capital ratios for the Bank and the Company at June 30, 2025 and December 31, 2024:
As of June 30, 2025LeverageCommon Equity Tier 1Tier 1Total Risk-Based
Bank8.47 %12.10 %12.10 %13.26 %
Company8.48 %12.15 %12.15 %13.31 %
Adequately capitalized ratio4.00 %4.50 %6.00 %8.00 %
Adequately capitalized ratio plus capital conservation buffer                          n/a%7.00 %8.50 %10.50 %
Well capitalized ratio (Bank only)5.00 %6.50 %8.00 %10.00 %
As of December 31, 2024LeverageCommon Equity Tier 1Tier 1Total Risk-Based
Bank8.32 %11.98 %11.98 %13.16 %
Company8.47 %12.04 %12.04 %13.22 %
Adequately capitalized ratio4.00 %4.50 %6.00 %8.00 %
Adequately capitalized ratio plus capital conservation buffer                          n/a%7.00 %8.50 %10.50 %
Well capitalized ratio (Bank only)5.00 %6.50 %8.00 %10.00 %

The Bank maintains and annually updates a capital plan over a five year horizon. The capital plan was last updated and approved by the Board in July 2025. Based upon reasonable assumptions of growth and operating performance, the base capital plan model projects that the Bank will be well capitalized throughout the five year period. The base model is also stress tested for interest rate risk from increasing and decreasing rates, credit risk in normal, elevated and severe loss scenarios, and combinations of interest rate and credit risk. In each stress scenario, the Bank maintained well capitalized status.





74

Off-Balance Sheet Financial Credit Exposures and Contractual Obligations

Derivative Financial Instruments Designated as Hedges
As part of its overall asset and liability management strategy, the Bank periodically uses derivative instruments to minimize significant unplanned fluctuations in earnings and cash flows caused by interest rate volatility. The Bank's interest rate risk management strategy involves modifying the re-pricing characteristics of certain assets and/or liabilities to mitigate adverse impacts upon net interest income resulting from interest rate changes. 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 June 30, 2025, the Bank had one outstanding off-balance sheet, derivative instrument, designated as a cash flow hedge and three off-balance sheet, derivative instruments, designated as fair value hedges. These derivative instruments were interest rate swap agreements, with notional principal amounts totaling $75.0 million and $110.0 million, respectively, and an unrealized loss of $365,000, net of taxes. The notional amounts and net unrealized gain (loss) of the financial derivative instruments do not represent exposure to credit loss. The Bank is exposed to credit loss only to the extent the counterparty 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 June 30, 2025, the Bank's derivative instrument counterparties had a composite credit rating of “A-” based upon the ratings of several major credit rating agencies. The interest rate swap agreements were entered into by the Bank to limit its exposure to rising interest rates.

The Bank also enters into swap arrangements with qualified loan customers as a means to provide these customers with access to long-term fixed interest rates for borrowings, and simultaneously enters into a swap contract with an approved third- party financial institution. The terms of the contracts are designed to offset one another resulting in there being neither a net gain or a loss. The notional amounts of the financial derivative instruments do not represent exposure to credit loss. The Bank is exposed to credit loss only to the extent that either counter-party defaults in its responsibility to pay interest under the terms of the agreements. Credit risk is mitigated by prudent underwriting of the loan customer and financial institution counterparties. As of June 30, 2025, the Bank had 12 loan swap agreements in place with a total notional value of $115.4 million.

Contractual Obligations
The following table sets forth the contractual obligations of the Company as of June 30, 2025:
Dollars in thousands
TotalLess than 1 year1-3 years3-5 yearsMore than 5 years
Borrowed funds$196,170 $31,170 $70,000 $95,000 $— 
Operating leases636 105 107 56 368 
Certificates of deposit1,178,853 781,965 355,119 41,769 — 
Total$1,375,659 $813,240 $425,226 $136,825 $368 
Total loan commitments and unused lines of credit$299,810 $299,810 $— $— $— 


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Item 3 – Quantitative and Qualitative Disclosures About Market Risk
Market-Risk Management
Market risk is the risk of loss arising from adverse changes in the fair value of financial instruments due to changes in interest rates. The First Bancorp, Inc.'s market risk is composed primarily of interest rate risk. The Bank's ALCO is responsible for reviewing the interest rate sensitivity position of the Company and establishing policies to monitor and limit exposure to interest rate risk. All guidelines and policies established by the ALCO have been approved by the Board of Directors.
Asset/Liability Management
The primary goal of asset/liability management is to maximize net interest income within the interest rate risk limits set by the ALCO. Interest rate risk is monitored through the use of two complementary measures: static gap analysis and earnings simulation modeling. While each measurement has limitations, taken together they represent 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 that reprice within a specified time period. The Company's cumulative one-year gap at June 30, 2025 was (14.95)% of total assets compared to (15.98)% of total assets at December 31, 2024. Core deposits with non-contractual maturities are presented based upon historical patterns of balance attrition and pricing behavior, which are reviewed at least annually.
The gap repricing distributions include principal cash flows from residential mortgage loans and mortgage-backed securities in the time frames in which they are expected to be received. Mortgage prepayments are estimated by applying industry median projections of prepayment speeds to portfolio segments based on coupon range and loan age.
A summary of the Company's static gap, as of June 30, 2025, is presented in the following table:
0-9090-3651-55+
Dollars in thousands 
DaysDaysYearsYears
Investment securities at amortized cost (HTM) and fair value (AFS)$35,663 $33,560 $161,085 $415,813 
Restricted stock, at cost6,697 — — 1,037 
Loans held for sale— — — — 
Loans770,158 417,989 941,286 264,574 
Other interest-earning assets— — — 30,306 
Non-rate-sensitive assets15,464 — — 105,878 
 Total assets827,982 451,549 1,102,371 817,608 
Interest-bearing deposits997,581 564,154 400,109 452,343 
Borrowed funds101,170 95,000 — — 
Non-rate-sensitive liabilities and equity— — — 589,153 
 Total liabilities and equity1,098,751 659,154 400,109 1,041,496 
Period gap$(270,769)$(207,605)$702,262 $(223,888)
Percent of total assets(8.46)%(6.49)%21.95 %(7.00)%
Cumulative gap (current)$(270,769)$(478,374)$223,888 $— 
Percent of total assets(8.46)%(14.95)%7.00 %— %

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 consolidated balance sheet. None of the assets used in the simulation are held for trading purposes. The modeling is done for a variety of scenarios that incorporate changes in the absolute level of interest rates as well as basis risk, as represented by changes in the shape of the yield curve and changes in interest rate relationships. Management evaluates the effects on income of alternative interest rate scenarios against earnings in a stable interest rate environment. This analysis is also most useful in determining the short-run earnings exposures to changes in customer behavior involving loan payments and deposit additions and withdrawals.

76

The Company's most recent simulation model calculates projected impact on net interest income in scenarios where short-term interest rates gradually decrease by two percentage points, gradually decreases by one percentage point, and where short- term rates gradually increase by two percentage points. The Company's modeling as of June 30, 2025 projects net interest income would increase by approximately 3.1% if short-term rates affected by FOMC actions fall gradually by two percentage points over the next year, and would increase by approximately 1.6% if short term rates gradually fall by one percentage point over the next year; net interest income would decrease by approximately 3.2% if rates rise gradually by two percentage points over the next year. Each scenario is within the ALCO's policy limit of a decrease in net interest income of no more than 10.0% given a 2.0% move in interest rates, up or down. Management believes this reflects a reasonable interest rate risk position. In year two, and assuming no additional movement in rates, the model forecasts that net interest income would be higher than that earned in the first year of a stable rate environment by 18.4% in the two percentage point falling-rate scenario, and higher by 15.6% in the one percentage point falling rate scenario; net interest income would be higher than that earned in a stable rate environment by 4.0% in a two percentage point rising rate scenario, when compared to the year-one base scenario. Each year two scenario is well within the ALCO's policy limit of a decrease of no more than 20% given a 2.0% move in interest rates, up or down. A summary of the Bank's interest rate risk simulation modeling, as of June 30, 2025 and December 31, 2024 is presented in the following table:
Changes in Net Interest IncomeJune 30, 2025December 31, 2024
Year 1
Projected change if rates decrease by 1.0%1.6%1.7%
Projected change if rates decrease by 2.0%3.1%2.8%
Projected change if rates increase by 2.0%(3.2)%(4.2)%
Year 2
Projected change if rates decrease by 1.0%15.6%17.8%
Projected change if rates decrease by 2.0%18.4%19.1%
Projected change if rates increase by 2.0%4.0%2.6%
This dynamic simulation model includes assumptions about how the balance sheet is likely to evolve through time and in different interest rate environments. Loans and deposits are projected to maintain stable balances. All maturities, calls and prepayments in the securities portfolio are assumed to be reinvested in similar assets. Mortgage loan prepayment assumptions are developed from industry median estimates of prepayment speeds for portfolios with similar coupon ranges and seasoning. Non-contractual deposit volatility and pricing are assumed to follow historical patterns. The sensitivities of key assumptions are analyzed annually and reviewed by the ALCO.
This sensitivity analysis does not represent a Company forecast and should not be relied upon as being indicative of expected operating results. These hypothetical estimates are based upon numerous assumptions including, among others, the nature and timing of interest rate levels, yield curve shape, prepayments on loans and securities, pricing decisions on loans and deposits, and reinvestment/ replacement of asset and liability cash flows. While assumptions are developed based upon current economic and local market conditions, the Company cannot make any assurances as to the predictive ability of these assumptions, including how customer preferences or competitor influences might change.

Interest Rate Risk Management
A variety of financial instruments can be used to manage interest rate sensitivity. These may include investment securities, interest rate swaps, and interest rate caps and floors. Frequently called interest rate derivatives, interest rate swaps, caps and floors have characteristics similar to securities but possess the advantages of customization of the risk-reward profile of the instrument, minimization of balance sheet leverage and improvement of liquidity. As of June 30, 2025, 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 June 30, 2025, there were no significant differences between the views of the independent consultant and Management regarding the Company's interest rate risk exposure. Management expects interest rates will increase slightly in the next year and believes that the current level of interest risk is acceptable.


77

Item 4: Controls and Procedures
As required by Rule 13a-15 under the Securities Exchange Act of 1934, as of June 30, 2025, the end of the quarter covered by this report, the Company carried out an evaluation under the supervision and with the participation of the Company's management, including the Company's Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures. In designing and evaluating the Company's disclosure controls and procedures, the Company and its management recognize that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and the Company's management necessarily was required to apply its judgment in evaluating and implementing possible controls and procedures. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective at the reasonable assurance level to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission's rules and forms. There was no change in the Company's internal control over financial reporting that occurred during the quarter ended June 30, 2025 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting. The Company reviews its disclosure controls and procedures, which may include its internal controls over financial reporting on an ongoing basis, and may from time to time make changes aimed at enhancing their effectiveness and to ensure that the Company's systems evolve with its business.
78

Part II – Other Information
Item 1 – Legal Proceedings
The Company was not involved in any legal proceedings requiring disclosure under Item 103 of Regulation S-K during the reporting period.

Item 1A – Risk Factors
There have been no material changes from the risk factors previously disclosed in the Company's Form 10-K for the year
ended December 31, 2024.

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds

a. None

b. None

c. The Company made the following repurchases of its common stock in the six months ended June 30, 2025:
MonthShares PurchasedAverage Price Per ShareTotal shares purchased as part of publicly announced repurchase plansMaximum number of shares that may be purchased under the plans
January 202510,039 $25.74 — — 
February 2025745 25.73 — — 
March 2025— — — — 
April 2025— — — — 
May 2025— — — — 
June 2025— — — — 
10,784 $25.74 — 

Item 3 – Default Upon Senior Securities

None.

Item 4 – Mine Safety Disclosures

Not applicable.

Item 5 - Other Information

None.


79

Item 6 – Exhibits

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 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 3.6 Amendment to the Company Bylaws (incorporated by reference to Exhibit 3.6 to the Company's Form 8-K filed under item 5.03 on December 20, 2019.
Exhibit 23.1 Consent of Independent Registered Public Accounting Firm (incorporated by reference to Exhibit 2.3 to the Company's Form 10-K filed March 7, 2025).
Exhibit 31.1 Certification of Chief Executive Officer Pursuant to Rule 13A-14(A) of The Securities Exchange Act of 1934, furnished within.
Exhibit 31.2 Certification of Chief Financial Officer Pursuant to Rule 13A-14(A) of The Securities Exchange Act of 1934, furnished within.
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, furnished within.
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, furnished within.
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 Linkbase
Exhibit 104.Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).
80

Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
THE FIRST BANCORP, INC.



/s/ Tony C. McKim
Tony C. McKim
President & Chief Executive Officer

Date: August 8, 2025



/s/ Richard M. Elder
Richard M. Elder
Executive Vice President & Chief Financial Officer

Date: August 8, 2025



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