This interactive report is designed to highlight the performance of First Bancorp, Inc.
TABLE of Contents
02
04
LETTER from the President
BOARD of Directors
06 FIVE
08 MAP
Year Summary
of Locations
09 MARKET
10 TECHNOLOGY
Expansion
and Innovation
11
11
LOAN Performance PROTECTING THE BANK and our Customers
TALENT Development
12
13
DEPOSIT Performance
14 COMMUNITY
15 AUDITED
Impact
Financials
principles that have guided us since 1979. With assets totaling $4.2 billion, we enter 2026 stronger than ever. Our results reflect consistent growth in earnings, sound credit quality, strong capital and liquidity positions, and a stable, core deposit base. More im- portantly, they indicate a deliberate strategy—one centered on prudent risk management, relationship-driven banking, and long-term value creation rather than short-term gains. Throughout the year, we remained disciplined in our approach to growth. We continued to focus on high-qual- ity lending opportunities, maintained conservative underwriting standards, and proactively managed interest rate and liquidity risk. As a result, asset quality metrics remained strong, and our balance sheet continues to provide flexibility in a wide range of economic scenarios. In an industry often tempt- ed to chase yield or scale, we believe our measured approach is a competi- tive advantage. The financial services industry is con- tinually evolving, which necessitates a proactive approach by management. We continue to invest strategically in the long term future of the Bank— enhancing our digital capabilities, strengthening cybersecurity, modern- izing internal systems, and developing the next generation of leaders. These investments are designed to ensure we can meet the evolving needs of our customers while maintaining the per-
LETTER from the President
Dear Shareholders, 2025 was a year that underscored the importance of discipline, focus, and strong fundamentals. Against a backdrop of elevated interest rates, economic uncertainty, and continued industry consolidation, our Bank delivered another year of strong per- formance while remaining true to the
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sonal service and local decision-mak- ing that defines community banking at its best. Our people are central to everything we do. The dedication, expertise, and integrity of our employees are the foundation of our success. In 2025, we continued to prioritize talent develop- ment, and a culture of accountability and service. I am proud of how our team serves customers every day and represents our Bank in the communi- ties we call home. As we look ahead, we remain confi- dent—but measured. The economic environment will continue to evolve, and challenges will arise. But with a strong balance sheet, a proven strate- gy, experienced leadership, a dedicat- ed and talented employee base, and a clear focus on our customers and communities, we are built to navigate whatever lies ahead, while continuing to provide an above-average return for our shareholders. On behalf of our Board of Directors and the entire team, thank you for your continued trust and support. We are proud of what we have ac- complished and optimistic about the opportunities before us.
Sincerely,
President & Chief Executive Officer
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Ronald L. Barrett, II Chairman
BOARD of Directors
The First Bancorp, Inc. and First Bank and Trust Company Board of Directors provide strategic oversight, governance, and leadership to ensure the Bank remains a strong, independent commu- nity financial institution that is built to provide above-average returns for our shareholders and to last for generations. Composed of experienced professionals from diverse backgrounds includ- ing banking, agriculture, business, and finance, the Board provides valuable expertise and per- spective that guides the Bank’s long-term growth and ensures stability. Board members work close- ly with executive leadership to uphold sound governance practices, manage risk, and support initiatives that strengthen customer relationships and community engagement across the markets served by the Bank.
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FIVE YEAR Summary
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TRADITION of Performance
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MAP of Locations
Wilson
Loan Production O ffi ces
Full- Service O ffi ces
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MORRISTOWN Tennessee
First Bank and Trust Company continued its strategic growth in 2025 with the opening of a new full-service office in Morristown, Ten- nessee. Located at 148 Cold Creek Drive, the office represents the Bank’s 28th full-service location and expands our footprint in East Tennessee, an area that continues to experi- ence strong economic and population growth. The new branch builds on the success of our existing loan production presence in Morris- town and reflects management’s disciplined approach to entering markets where we see long-term opportunities to deepen relation- ships, grow deposits, and responsibly expand our loan portfolio. The Morristown office also reflects an evo- lution in how we deliver on our promise of exceptional customer service. Rather than a traditional teller line, the branch was designed with dedicated workspaces for Relationship Bankers, allowing them to meet one-on-one with customers and provide more personal- ized financial guidance. This modern layout encourages deeper conversations around lending, treasury management, and financial planning while maintaining the convenience customers expect through lobby service, drive-through access, and digital banking tools. The investment demonstrates our continued commitment to thoughtful growth, innovation in service delivery, and long-term value creation for our shareholders. First Bank and Trust Company will strength- en its presence in North Carolina by opening a full-service office in Wilson in April 2026, becoming the fourth full-service office in the state, along with Red Oak, Lillington, and Mount Airy, in addition to a loan production office in Clinton. The central placement of the Wilson office will allow the Bank to better service the many agribusiness enterprises throughout the Coastal Plain Region that have already become Bank customers, many of whom repeatedly expressed a desire for a true community bank in the region. Wilson is also a rapidly growing center for industry, attract- ing investment from multiple large companies WILSON North Carolina
which will fuel job creation and development for years to come. Since entering North Carolina, the Bank has experienced consistent loan and deposit growth, building a customer base one account at a time, creating generational relationships, just as we have in our other markets. Earlier this year, the Bank hired Corey Alphin as Se- nior Vice President and Regional Manager to oversee local teams, lead strategic initiatives, and strengthen the Bank’s presence in North Carolina. The new Wilson office and hiring of Alphin reflects the Bank’s continued commit- ment to thoughtful, measured expansion and building long-term relationships in attractive community banking markets. For sharehold- ers, this growth demonstrates our mission to build lasting value and deliver sustained performance.
We have modernized nearly every layer of our technology environment to enhance the Bank’s continuity and security posture by ensuring our essential systems operate in highly protected environments with around the clock monitoring, redundant power, and hardened physical safeguards. Security remains our greatest responsibili- ty, and numerous upgrades to our de- fenses have been implemented including improved authentication, next generation firewalls, dark web monitoring, advanced malware detection, and multiple layers of fraud protection for our customers. Investments in customer facing technol- ogies have been equally significant. We introduced an easier, more secure online account opening system, making it faster for customers to join our Bank while reducing the risk of fraud. We expanded our digital services by integrating elec- tronic signatures, shortening turnaround times, reducing paperwork, and improv- ing the overall customer experience. We also expanded customer support to 7 AM to 11 PM Monday through Friday and 9 AM to 5 PM on weekends and holidays, including bilingual support, to serve our customers when they need us. These efforts represent only a portion of the transformational work completed in recent years. But taken together, they tell a clear story: we have deliberately built an institution designed for strength, reliabil- ity, and providing a satisfying customer experience, not merely keeping up with industry change, but staying ahead of it. Management is committed to continuing these investments, strengthening our foundation today to ensure that First Bank and Trust Company remains strong, resilient, and built to last for generations.
TECHNOLOGY and Innovation Over the last several years, First Bank and Trust Company has made significant, forward looking investments in technolo- gy and infrastructure to ensure we remain strong, secure, and positioned for long term success. While much of this work happens behind the scenes, these efforts form the foundation that allows our cus- tomers, communities, and shareholders to place their trust in us, today and for decades to come.
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PROTECTING THE BANK and our Customers
First Bank and Trust Company remains committed to safeguarding the financial well-being of our customers while guard- ing the value of our shareholders’ invest- ment. In 2025, the Bank established a dedicat- ed Fraud Department to strengthen our ability to prevent, detect, and respond to increasingly sophisticated financial fraud schemes. This specialized team works across multiple areas of the organization to quickly respond to suspected fraud- ulent activity, enhance fraud detection
tools and processes, and implement proactive strategies designed to protect customer accounts and Bank assets. The creation of this department reflects First Bank and Trust Company’s contin- ued focus on strong risk management and operational resilience. By centralizing fraud prevention efforts and investing in specialized expertise and technology, the Bank is better positioned to deliver on our commitment to protect our customers’ hard-earned money as well as preserving the integrity, stability, and long-term val- ue of the Bank for our shareholders. serve and perpetuate the unique culture of the organization to the next generation of leaders, as well as providing oppor- tunities for advancement for our staff. Management and the Board of Directors have focused on building depth across the organization, with back-ups and eventual successors identified at each key position. Continuity of the First Bank and Trust Company culture is vital for the stability and future success of the organization and to ensure that we are able to provide long lasting shareholder value and growth.
TALENT Development
Recruiting and developing talent across the organization is a priority as the Bank continues to grow in asset size and enter new markets. We remain committed to providing the necessary investment in training and leadership development, ensuring that our employees have the knowledge and expertise necessary to serve our current and future customers and communities, adapt to a changing industry, and sustain our track record of high performance. By fostering internal advancement and mentorship, we pre-
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Performance
LOAN
Growth in net loans amounted to $214 mil- lion for 2025, spread across our commercial, agriculture and mortgage portfolios. This increase in outstanding balances was achieved while continuing to maintain unwavering adherence to our credit standards, including prudent credit underwriting and risk manage- ment practices, as well as pricing discipline. Looking forward, we believe that the Bank is well positioned in vibrant markets with a highly qualified and motivated lending staff to produce even more growth in 2026. As we have done throughout the Bank, we have invested significant resources into our lending operations. In early 2026, the Loan- Vantage lending platform was implement- ed throughout the Bank. LoanVantage is a modern platform designed to streamline and standardize our commercial lending processes while maintaining strong risk management practices. LoanVantage provides our com-
mercial lending teams with a centralized, browser-based system that delivers immediate access to the information needed to make informed credit decisions. The platform sup- ports the full lifecycle of commercial lending, from prospecting and pipeline management to credit analysis, ongoing reviews, and portfolio monitoring, helping ensure greater consistency and efficiency across our lending operations. For shareholders, the adoption of LoanVan- tage represents another step in First Bank and Trust Company’s ongoing commitment to operational efficiency, prudent risk manage- ment, and scalable growth. By modernizing our commercial lending infrastructure, the Bank is better positioned to support loan growth, maintain strong credit quality, and deliver long-term value to our shareholders while continuing to meet the financial needs of the communities we serve.
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To ensure that we deliver the best possible banking experience to our customers, we will continue to make additional investments across our digital platforms and delivery channels. In 2026, im- plementation of a modernized online banking module for business customers will feature improvements in security, faster payment options, reporting and cash management visibility, as well as an enhanced overall user experience. This advancement will strengthen our ability to deliver a more intuitive, insight-driven digital experience and support the evolv- ing needs of our business customers. 2026 will also mark the beginning of a transition of our debit cards to contact- less, or tap-to-pay cards, to meet evolv- ing customer expectations for speed, convenience and security. As businesses accelerate the adoption of contactless payments, this will allow us to deliver a more seamless, modern payment experi- ence for our customers.
2025 produced another year of outstand- ing deposit growth for the Bank, as our customers continue to place their confi- dence and trust in First Bank and Trust Company to be their financial partner. Unlike large banks that extract deposits from market areas for use elsewhere, First Bank and Trust Company deposits are used locally, funding loans to help busi- nesses expand, farms to grow, families achieve homeownership, and our com- munities to thrive, generating economic development and growth. During the year, the Bank produced $359 million in deposit growth, providing ample fund- ing for loans made during the year, and demonstrating the effectiveness of our relationship-driven model. DEPOSIT Performance
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by providing funding and essential classroom supplies to help ensure a strong start to the school year. We also reinforced our commitment to financial literacy through community partnerships, including scholarship support and expanded access to finan- cial education resources for students. In addition to funding, many of our employees personally attended various K-12 schools to read to students and provide financial literacy training. Further demonstrating our commit- ment to community well-being, First Bank and Trust Company donated $50,000 from the First Bancorp, Inc. Foundation to establish an endow- ment supporting Augusta Health team member scholarships. This investment will help advance education in nursing and allied health professions, strength- ening the workforce that serves that region and contributing to long-term community vitality.
COMMUNITY Impact
First Bank and Trust Company re- mains deeply committed to strength- ening the communities we serve through focused initiatives addressing food insecurity and education. In 2025, we contributed over $45,000 to food banks and hunger-relief organi- zations across our footprint, helping ensure families have access to nu- tritious meals when they need them most. These efforts reflect our belief that strong communities begin with meeting essential needs and support- ing local partners making a direct impact. Investing in the next generation con- tinues to be central to our mission. Through programs like Pack the Bus, we supported students and educators
$65,000+ in fi nancial donations to local schools 26 communities impacted across our Bank footprint 17,000+ school supplies collected from community members and customers
BY THE NUMBERS Pack The Bus
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AUDITED Financials
2025
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INDEPENDENT AUDITOR’S REPORT
To the Board of Directors and Stockholders FLierbsat nBoann,cVoirrpg,inIniac. and Subsidiaries Report on the Financial Statements and Internal Control Opinions on the Financial Statements and Internal Control over Financial Reporting Wc o en shoal ivdea taeuddbi tael da ntchees hf ieneatns cai as l osf tDa teecme me nbtesr o3f1 ,F2i r0s2t 5Baanndc o2r0p2, 4I ,nacn. da nt hde Sruebl astieddi acroi enss o( lai dVa itregdi nsitaa tceomr pe no trsa toi fo inn)c owmh ei c, hc ocmo mp rperhi es en sti hv ee o a in n p c d i o n m S io u e n b , , s s t i t h d o e i c a k a ri h c e c o s o l d a m s e p r o a s f ’ n D e y q e in c u g e it m f y i , b n a e a n r n d c 3 i 1 a c , l a 2 s s h t 0 a 2 t f 5 l e o m a w n e s d n f t 2 o s 0 r p 2 t r h 4 e e , s a e y n n e d t a f r t a h s i e r t l h y r e e , n s in u e l a t n s l d l o e m f d i a , t t s a e n o ri d p a e l t r h r a e e t s i r o p e n e l c s a t t a s e n , d t d h n i e t o s f t i e c n s a a s t n h o c f i t a l h o l e w p f s o i s n f i o a t r i n o t c n h ia e o l f y s e F ta a ir t r e s s t m t B h e e a n n n ts c e . o n r I d p n e , d I o n u i c n r . aWc ec oarldsaonhc ea vwei tahuadci tceodu nFtiirnsgt pBrainnccoi prlpe,sIgnecn. earnadl l yS uabc csei dpitaerdi eisn’ tihnet eUr nnai tlecdoSnttartoels oovf eArmf ienrai cnac.i a l r e p o r t i n g , i n c l u d i n g c o n t r o l s o v e r t h e pHroel pd ai nr ga tCi oonmopf arne igeus l a( Ft oorrymf i Fn Ra nYc-i 9a Cl s) t aa st eomf eDnetcseimn ba ce cr o3r1d, a2n0c 2e 5w. i It nh tohuer i on ps ti nr ui oc nt i, oFni sr sf ot rB tahnec Co ropn, sIonl ci d. aa nt edd SFui nb as indci iaarl i Se tsamt eami netnati sn feodr, Bi na na lkl m2 0a1t e3 rIina tl errensapl eCcot sn, t er of f leIcnt it ve eg riantteedr nFar la cmoenwt roorl koivs es ru ef idn ba ny ct ihael Cr eopmomr t ii tntge ea os foSf pDoencseomr i bn eg rO3r1g ,a 2n 0i z2a5t i, obna os ef dt hoe nT rc er iatde wr i aa ye Cs toamb lmi s ihses di o inn( tt hh ee COSO Criteria). Basis for Opinions Wr e sepcoonnsdi buicl ittei de so uu nr daeurd itths oisne asctcaonrddaarndcse awr iet hf uarutdhiet ri n dg esstcarni bd ea dr d isn g tehnee rAa lul yd i at oc rc ’esp Rt eeds pi no nt shieb iUl i nt iiet se df oSrt atthees oAfuAd mi t se roi cf at h( Ge AFAi nS )a.nOc iuarl ISnt ac t. eamn de nS tusbasni ddi aI nr iteesr na anldCtoonmt r eo el to ov eu rr Foitnhaenr cei tahl iRc ea pl roer st ipnognssei bc ti li iot ni e os ,f ionuar crceoprodratn. cWe ewai trhe trhe eq ur ei rl ee dv at no tbeet hi ni cdael preenqduei rnet mo fe Fn itrss rt eBl aa tni nc og rtpo, our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Responsibilities of Management for the Financial Statements and Internal Control over Financial Reporting Mp rai nn caigpel me se gnet ni es rrael lsyp oa nc cs ei bpltee df o irn t ht hee pUr enpi taerda tSi ot ant easn od f f Aa imr eprriec sae, natnadt i of onr otfh et hde efsi ingann, ciima lpsl et amt eemn teant itos ni,na ancdc omr da ianntceen awnict eh oafc ceof fuenc tt ii nv ge imn at et er nr iaal l cmo ni stsrtoalt oe mv eernfti ,nwa nhceitahl erre pd ou ret ti no gf rraeul edvoa rn te rt or otrh. eMparneapgaerma tei onnt iasnadl sfoa irreps pr eosnesni bt al et i of onr oi tf sf iansasne cs isaml setnatt ea mb oeuntt st ht eh aetf faercet i fvreeneefsrso mo f iRnet sepr no na ls icboinl ittri eo sl , o Cv eormf pi nl iaanncci ea l wr ei pt ho r Dt i ensgi,ginnac tl ue dd eLdaiwn st haenadc cRoemg pu al ant yi oi nngs , Maannda gMe ma neangte Rmeepnotr’ st RAesgsaersds mi n eg nStt aot fe mI netne tr no af lMCaonna tgreoml eonvte’ sr Financial Reporting. Iang gprreegpaatrei ,ntgh at ht er af ii ns ea ns cuiba sl tsat na tt ieaml de on ut sb, tma abnoaugt eFmi resnt tBi as nr ceoqrupi ,r Iendc t. oa ne dv aSl uu ab tsei dwi ahrei et hs earbti hl i et yr et oa rceo cnot inndui et i oa sn sa ogro ei nv ge nc tosn, cc eornns iodveerre tdhien ot nh ee year period after the date of the issuance of these financial statements. Auditor’s Responsibilities for the Audits of the Financial Statements and Internal Control over Financial Reporting Omui sr s toabt jeemc tei vn et ,s wahr ee t ht oe r odbut ea i tno rf reaaus od noarbel er r ao sr s, ua rnadnac be oaubt owu ht ewt hheert he ef fre ct thi ve e f ii nn at enrcni aa ll csot antter mo l eonvt es r af si n aa nwc ihaol lree paor re t ifnr ge ew farso mm a mi n at at ei nr ieadl iRneaalslomnaabteleriaalsrseusrpaencctes,isanadhtioghissleuveeal nofauadssituorra’ns creepbourtt itshantoitnacblusdoelustoeuarsosuprinainocnes.and therefore is not a guarantee that an audit of fmi naat ne rc ii aa ll ms t iastsetma teenmt se notr oarn aa mu daitteor fi ai lnwt eerankanl ec sosn wt r oh le on vi et re xf iins at sn. cTi ahlerreips ko rot fi nngo tc odne dt eucctti endg ianma cact eorridaal nmc ies swt ai tthe mG Ae nAtS rwe si ul l l at ilnwgafyrso md e ft reac ut da iosvhe irgrhi deer tohf ai nn tfeorrnoanl ec or ne st ruol tl .i nMg i fsrsot amt eemr reonrt, sa as rf er acuodn ms i da ey riendv ot ol v be ec oml lautsei roina ,l fiof rtgheerrye, ii sn tae ns ut ibosntaalnot ima li sl si ki oe nl i sh, omo ids rt ehpa rt ,e isnednitvaitdi ou na lsl,yo or rt hi ne the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. 2025 Annual Report | 16
In performing an audit of financial statements and an audit of internal control over financial reporting in accordance with GAAS, we: x Exercise professional judgment and maintain professional skepticism throughout the audits. x Iadnedn tpi ef yr faonr dma sa suedsist tphreorciesdk us roef smraetseproi anlsmi vies sttoa ttehmo seen tr oi sfktsh. eSfui nc ah npc ri aolcsetda ut er me se ni nt cs l, uwdhee et hx ea rmdi nu ei ntgo, for na uad toers et rbr aosr i, sa, nedv iddeesni gc ne regarding the amounts and disclosures in the financial statements. x Othbattaainreaanpupnrdoperrsiatatendinintgheofciirnctuemrnsatlancocnestr. ol relevant to the financial statement audit in order to design audit procedures x Or ebpt oa ri nt i na gn , ua ns sdeesrss tt ahne driins gk so tf hi na tt ear nmaal tceor ni at lr owl eoavkenrefsi sn ae nx ci si at sl , raenpdo rt et isnt ga rnedl eevvaanl ut at ot et ht he ea du edsi ti gonf ai nntde ronpael rcaot innt gr oel f of evcet ri vfei nn ae ns sc i oa fl internal control over financial reporting based on the assessed risk. x Eb yv aml uaantaegtehme eanptp, raospwr iealtleanseesvs aol fuaact ec ot uh ne toi nv ge rpaol ll ipc ri eess eunsteadt iaonndotfhteh er efai ns aonncaiballesntea st es mo fesnitgsn. i f i c a n t a c c o u n t i n g e s t i m a t e s m a d e x Ca bo onuc ltuFdi er swt Bh ea tnhceorr, pi n, Ionuc r. aj un dd gSmu eb ns itd, ti ah reirees ’a ar be icl iot ny dt iot icoonnst oi nr ueev ea ns tas ,gcooi nn gs i cdoe nr ec de rinn ftohre aa gr ge ar es go antaeb, lteh apte rr ai oi sde osfutbi ms t ea .n t i a l d o u b t Wo f et haer ea ur edqi tu, isr iegdn it foi ccaonmt ma uudni ti cfai nt ed wi n igt sh, tahnods ec ec rht aa ri ng ei dn twe ri tnha gl oc ov ne rt rnoaln- rceel ar et egda rmd iant gt e, ra smt oh na gt wo teh iedr emn tai tf ti ee dr s d, tuhrei npgl at nh ne ef di nsacnocpi ae l asnt ad t tei mm ei nngt audit. Definition and Inherent Limitations of Internal Control over Financial Reporting Ao tnh ei nr spt iet rustoi onnn’ es l i, ndteesring anle cdotnot rporloovvi de er rf ienaasnocni aa bl lree pa os sr ut irnagn icse ar epgraorcdeisnsgetfhf eecpt er de pbayr at ht i oo sne ocf hraerl gi aebdl ewf ii tnha ng oc ivael rsnt aa tnecme , emn tasniangaecmc oe nr dt ,aannc de wr eipt ho r at icncgo ui nnctliundge ps rt ihnocsi ep lpeos l igcei ense ar anldl yp ar oc cc ee pd tuerde si nt h taht e( 1U) npiet er tda iSnt at ot etsh eo fmAa mi n et er ni caan. c eAonf ri ne sc toi rt ud tsi ot hna’ st , ii nn treeransaol ncaobnl ter do el toavi le, ra cfci nu ar antcei layl aa rned rfeaci rol rydreedf l ae sc tntehcee ts rsaanr ys at cot ipoenrsmaint dp rdei ps pa or as ti ti oi onnos f of fi nt ha ne caisasl esttsa toef mt heen itns si tni tauctci oo nr d; (a2n)c ep rwo ivt ihd ae crceoaus no tni na bg l pe rai snscui pr al ensc ge etnheart atlrl ay nascaccetpi ot ends ianu tthhoer iUz na ti it oe nd s Sot fa tme sa noaf g Ae mmeenr itcaan, da nt hd otsheact hraercgeei dp tws iat hn dg oevxeprennadnict eu ;r ea sn do f( 3t )h ep rionvsitdi teu rt ieoans oanraeb bl ee ians gs umr aandcee or en gl ya ridni nagc cporredvaennct ei o wn , i ot hr teifmfeecltyodnettheectfiionnanacnidalcsotrarteecmtieonntso.f unauthorized acquisition, use, or disposition of the institution’s assets that could have a material BA el scoa, upsreo oj ef ci tt iso innsh oe fr eannty l iams si teastsi mo nesn, ti notfeer fnf ae lc tciov ne tnreosl sotvoe frufti un raen cpiearl i roedpsoar rt ien sgumb jaeyc tn toot tphree vr ei snkt , t oh ra td ceot enct tr oa lns dmc aoyr rbeec ct ,ommies si tnaatde emqeunattse. because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Beckley, West Virginia February 24, 2026
2025 Annual Report | 17
judgment and breakdowns resulting from human failures. Internal control over financial reporting also can be circumvented by collusion or improper management override. Because of its inherent limitations, internal controls over financial reporting may not prevent, or detect and correct, misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures may deteriorate. Management assessed the effectiveness of First Bancorp, Inc. and Subsidiary’s internal control over financial reporting, including controls over the preparation of regulatory financial statements in accordance with the instructions for the Consolidated Financial Statements for a Bank Holding Company (FR Y-9C), Parent Company Only Financial Statements for Large Bank Holding Companies (FR Y-9LP), and Consolidated Reports of Condition and Income for a Bank with Domestic Offices Only (FFIEC 041), as of December 31, 2025, based on the framework set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework . Based upon its assessment, management has concluded that, as of December 31, 2025, First Bancorp Inc. and Subsidiary’s internal control over financial reporting, including controls over the preparation of regulatory financial statements in accordance with the instructions for the Consolidated Financial Statements for a Bank Holding Company (FR Y-9C), Parent Company Only Financial Statements for Large Bank Holding Companies (FR Y-9LP), and Consolidated Reports of Condition and Income for a Bank with Domestic Offices Only (FFIEC 041), is effective based on the criteria established in Internal Control – Integrated Framework . First Bancorp, Inc. and Subsidiary’s control over financial reporting, including controls over the preparation of regulatory financial statements in accordance with the instructions for Consolidated Financial Statements for a Bank Holding Company (FR Y-9C), Parent Company Only Financial Statements for Large Bank Holding Companies (FR Y-9LP), and Consolidated Reports of Condition and Income for a Bank with Domestic Offices Only (FFIEC 041), as of December 31, 2025, has been audited by Hess, Stewart & Campbell, PLLC, an independent public accounting firm, as stated in their report dated February 24, 2026.
Statement of Management’s Responsibilities The management of First Bancorp, Inc. and Subsidiary (The First Bank and Trust Company) is responsible for preparing the institution’s annual consolidated financial statements in accordance with generally accepted accounting principles; for designing, implementing and maintaining an adequate internal control structure and procedures for financial reporting, including controls over the preparation of regulatory financial statements in accordance with the instructions for the Consolidated Financial Statements for a Bank Holding Company (FR Y-9C), Parent Company Only Financial Statements for Large Bank Holding Companies (FR Y-9LP), and Consolidated Reports of Condition and Income for a Bank with Domestic Offices Only (FFIEC 041); and for complying with Federal laws and regulations pertaining to insider loans and the Federal and State laws and regulations pertaining to dividend restrictions . Management’s Assessment of Compliance with Designated Laws and Regulations The management of First Bancorp, Inc. and Subsidiary has assessed the Institution’s compliance with the Federal laws and regulations pertaining to insider loans and the Federal and State laws and regulations pertaining to dividend restrictions during the fiscal year that ended on December 31, 2025. Based upon its assessment, management has concluded that First Bancorp, Inc. and Subsidiary has complied with the Federal laws and regulations pertaining to insider loans and the Federal and State laws and regulations pertaining to dividend restrictions during the fiscal year that ended on December 31, 2025. Management’s Assessment of Internal Control over Financial Reporting First Bancorp, Inc. and Subsidiary’s internal control over financial reporting is a process effected by those charged with governance, management, and other personnel, designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of reliable consolidated financial statements in accordance with accounting principles generally accepted in the United States of America and financial statements for regulatory reporting purposes including Consolidated Financial Statements for a Bank Holding Company (FR Y-9C), Parent Company Only Financial Statements for Large Bank Holding Companies (FR Y- 9LP), and Consolidated Reports of Condition and Income for a Bank with Domestic Offices Only (FFIEC 041). First Bancorp, Inc. and Subsidiary’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of First Bancorp, Inc. and Subsidiary; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America and financial statements for regulatory reporting purposes, and that receipts and expenditures of First Bancorp, Inc. and Subsidiary are being made only in accordance with authorizations of management and directors of First Bancorp, Inc. and Subsidiary; and (3) provide reasonable assurance regarding prevention, or timely detection and correction of unauthorized acquisition, use, or disposition of First Bancorp, Inc. and Subsidiary’s assets that could have a material effect on the consolidated financial statements. Internal control over financial reporting has inherent limitations. Internal control over financial reporting is a process that involves human diligence and compliance and is subject to lapses in
First Bancorp, Inc. and Subsidiary
W. Mark Nelson President & Chief Executive Officer February 24, 2026
A. Eric Moore Chief Financial Officer February 24, 2026
2025 Annual Report | 18
FIRST BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS December 31, 2025 and 2024
2024
2025
ASSETS Cash and due from banks Interest-bearing due from banks Federal funds sold Securities available-for-sale, at fair value Securities held-to-maturity Restricted equity securities Loans held for sale Loans, net of allowance of $42,593,335 and $41,137,304 in 2025 and 2024, respectively Cash and cash equivalents Bank premises and equipment, net Bank owned life insurance Foreclosed assets Accrued interest receivable Goodwill Other assets LIABILITIES AND STOCKHOLDERS' EQUITY L I A BD IeLpI oTsI iEt Ss : Noninterest-bearing Interest-bearing Total deposits Short-term debt Long-term debt Accrued interest and other liabilities
$ 28,498,772 $ 27,455,245 553,793,142 388,896,577 Ǧ 582,291,914 416,351,822 62,801,784
- -
61,039,440 4,885,300 12,617,222 43,743,577 51,613,125 300,000 19,443,081 1,002,216 28,315,286
4,375,000 12,897,984
3,396,692,401 3,183,849,235 44,684,124 58,738,208
Ǧ 20,836,357 1,002,216 27,933,329
$ 4,212,253,317 $ 3,823,160,304 $ 749,161,060 $ 700,910,853 3,011,776,477 2,700,703,449 3,760,937,537 3,401,614,302
Ǧ 31,544,083 25,106,513 56,650,596 9,500,000
Ǧ 11,974,954 29,854,017
41,828,971
TRUST PREFERRED SECURITIES STOCCaKpHitOalLsDtEocRkS:' EQUITY
9,500,000
CI sosmu emd o: 1n 6, n, 6o2p3a, 4r 2v4a lsuhea; raeust2h0o 2r i5z eadn d2 02, 00 20 40 , 0 0 0 s h a r e s ; Outstanding: 16,612,171 shares 2025 and 16,607,508 shares 2024 Additional paid-in capital Retained earnings Accumulated other comprehensive income Treasury stock, at cost:11,253 shares 2025 and 15,916 shares 2024
10,524,640 248,040 393,322,413 350,823,451 (1,620,218) 399,986,809 355,395,406 $ 4,212,253,317 $ 3,823,160,304 10,524,640 248,040 (4,580,507) (2,321,269) (1,787,015)
See Notes to Consolidated Financial Statements.
2025 Annual Report | 19
FIRST BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME Years Ended December 31, 2025 and 2024
2024
2025
Interest and Dividend Income: Interest and fees on loans Inve T s a t x m a e b n le t securities: Other interest and dividends Interest Expense: Interest on deposits Interest on short-term debt Interest on long-term debt Net interest income Provision for Loan Losses:
$ 229,028,277 $ 205,556,846 853,270 396,885 246,710,451 219,037,641 51 16,485,586 343,267
1,018,769 1,380 12,063,761 91,812,146 1,665,785 93,477,931 - 4,461,633 2,185,306 3,035,120 11,977,479 1,172,619 83,079 1,957,219 20,410,822 42,280,008 6,509,189 (69,905) 23,827,369 72,546,661 68,962,238 13,511,459 -
Tax-exempt Interest on interest-bearing funds
93,201,469 19 1,262,675
94,464,163 152,246,288 125,559,710 14,461,590 137,784,698 121,098,077
Netlionatnerleosstseinscome after provision for Other service charges, commissions and fees Gain on sale of loans Gain on disposal of assets Realized gains (losses) on securities available-for-sale Noninterest Income: Trust department fees Service charges on deposit accounts Noninterest Expenses: Salaries and employee benefits Occupancy and equipment Loss (Gain) on sale of foreclosed properties Other operating expenses Other
2,322,912 3,112,262 11,065,445 1,526,685 23,795 Ǧ 2,287,671 20,338,770 44,803,223 6,695,281 (18,888) 25,748,304 77,227,920
Income before income taxes
80,895,548
Income Taxes Income taxes Net Income Earnings per common share
16,649,135 $ 64,246,413 $ 55,450,779 $ 3.34 $ 3.87
See Notes to Consolidated Financial Statements. 2025 Annual Report | 20
FIRST BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Years Ended December 31, 2025 and 2024
2024
2025
Net income
$ 64,246,413 $ 55,450,779
O t h Ue rncr oe aml ipzreedhgeanisnisv eo ni nsceocmu rei, tni eest: o f t a x
Unrealized gains ( losses) arising during period Reclassification adjustment for (gains) losses in net income Income tax effect Other comprehensive (loss) gain
1,610,336 (338,170) 1,272,166 -
2,859,796 Ǧ (600,558)
2,259,238
Comprehensive income
$ 66,505,651 $ 56,722,945
See Notes to Consolidated Financial Statements.
2025 Annual Report | 21
FIRST BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY Years Ended December 31, 2025 and 2024
Accumulated
Additional
Other
Common
Paid Ǧ In Capital
Retained Earnings
Comprehensive Treasury
Income
Stock
Total
Stock
Balance, December 31, 2023 Comprehensive income: Net income Other comprehensive income Sale of treasury stock (38,400 shares) Purchase of treasury stock (19,924 shares) Cash dividends paid ($1.19 per share) Balance, December 31, 2024 Comprehensive income: Net income Other comprehensive loss Sale of treasury stock (31,500 shares) Purchase of treasury stock (26,837 shares) Cash dividends paid ($1.31 per share) Balance, December 31, 2025
$ 10,524,640 $ 248,040 315,127,103 $ (5,852,673) $ $ (1,971,174) 318,075,936 $
- - - - - - -
- - - - - - - -
55,450,779
-
- - - - -
55,450,779 1,272,166 1,506,396 (1,155,440) (19,754,431) 64,246,413 2,259,238 1,469,385 (1,636,182) (21,747,451) 399,986,809
- 1,272,166
- -
- 1,506,396 - (1,155,440)
Ǧ
Ǧ
- (19,754,431)
- -
10,524,640 248,040 350,823,451 (4,580,507) (1,620,218) 355,395,406
64,246,413
- 2,259,238
- -
- 1,469,385 - (1,636,182)
Ǧ
- (21,747,451) 393,322,413 $
-
-
$ 10,524,640 $ 248,040
$ (2,321,269) $ (1,787,015)
$
See Notes to Consolidated Financial Statements. 2025 Annual Report | 22
FIRST BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Years Ended December 31, 2025 and 2024
ʹͲʹͶ
2025
CASH FLOWS FROM OPERATING ACTIVITIES ǣ ǡ ǡ ȋȌǦǦ ǡ CASH FLOWS FROM INVESTING ACTIVITIES ǡ Ǧ Ǧ ǡ Ǧ Ǧ ǡ
64,246,413 ͷͷǡͶͷͲǡͻ̈́
$
ʹǡͶǡͺʹͷ ǡͲͷͲ ʹʹǡ͵ʹ ͶǡͶͳǡ͵͵ ȋ͵ͷͲǡʹͶ͵Ȍ ȋʹͲǡͲȌ Ǧ ȋͳǡͳʹǡͳͻȌ ȋͺ͵ǡͲͻȌ ȋͻǡͻͲͷȌ Ǧ ȋͺǡȌ ȋͳǡʹͷǡͷͶͺȌ ȋͳǡʹͲ͵ǡͶʹȌ ȋʹǡʹǡͷͳȌ ͺǡͺ͵ǡͶ͵ͷ ǡͷʹͷǡͳͲ Ǧ Ǧ ȋʹǡͲͷͲǡͺͻȌ ͳǡͲʹͷǡͳͺ ͶͲͺǡ͵ Ǧ Ͷ͵ǡͳͲͲ
2,898,538
7,050
(142,163)
14,461,590
739,952 (20,010)
- (58,151,898) ȋͶ͵ǡͲͷǡͶͳͻȌ 55,528,898 ͶͲǡͷ͵ǡͻ (1,526,685) (23,795)
(18,888)
-
(1,143,966) (7,125,083) (280,762) (1,393,276) 789,283 4,747,504
73,592,702 ͺǡ͵ͻͲǡͶʹͷ 40,597 ʹͶǡͻͺͺǡʹͷʹ (1,076,865) - (223,435,833) ȋ͵ǡͶͶʹǡʹͶʹȌ (2,748,305)
346,750 318,888
-
510,300
(226,044,468) ȋ͵Ͷͳǡ͵͵ǡ͵ͺȌ
Ǥ
2025 Annual Report | 23
FIRST BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Years Ended December 31, 2025 and 2024
ʹͲʹͶ
2025
CASH FLOWS FROM FINANCING ACTIVITIES ȋ Ȍ Ǧ Ǧ Ǧ Ǧ ȋ Ȍ CASH AND CASH EQUIVALENTS
48,302,207 ʹʹǡ͵ͻʹǡͷ͵ 311,073,028 Ͷ Ͷǡͳ͵Ͷǡͻ Ǧ (19,569,129) ȋͳʹǡͻ͵ʹǡͳͺȌ (21,247,451) ȋͳͻǡͷͶǡͶ͵ͳȌ - 1,469,385 (1,636,182) ͳǡͷͲǡ͵ͻ ȋͳǡͳͷͷǡͶͶͲȌ 318,391,858 Ͷ ͵ǡͳͻͳǡͳ 165,940,092 ͳ ͵ǡͻͶͺǡʹͳͶ 416,351,822 ʹ ͷʹǡͶͲ͵ǡͲͺ $ 582,291,914 Ͷͳǡ͵ͷͳǡͺʹʹ̈́
SUPPLEMENTARY CASH FLOW INFORMATION
96,862,897 ͺͻǡͲͻǡͷͷͲ̈́ 18,600,472 ͳ͵ǡͺͶͷǡʹͲͷ ͵ͺǡͺͷͺ -
$
Ǥ 2025 Annual Report | 24
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1. NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Tb ahne k Ci nogmspuabns yi d ii as r ay ’ sb at hnikr t yh-ot lhdri eneg bcroamn cphaensy, ghr ea andt sq au ga rr itbe ur es di n ei ns s L, ceobma nmo enr, cVi ai lr, gri ensi ai d. eTnht iea lCaonmd pi na ns tya, l ltmh reonut gl oh a int ss tcoe rittisf i ccautset oo mf deerps o. s iPt rs i. mT ahreyC do emppoasni ty pc ruor dr eunc tt lsy aorpee rnaotne -si ni nt et hr eesstt abteeasroi nf gV i cr hg iencikai, nTge na nc ceos us enet ,sa, ns da vNi nogr tshaCnadr ot lei rnma . Ta chcee apct ce od ui nn t ti hn eg aUnndi treedp Sotrat ti ne sg opfo Al i mc i ee sr iacna d. Tp rhaec ft oi cl el oswo if nt gh ei sCao ms upma mn ya cr oy noffotrhme tCooamc cpoaunny t’ si nsgi gpnriifni ccai pnlte as cgceonuenrtai lnl yg policies. Principles of Consolidation: The consolidated financial statements include the accounts of First Bancorp, Inc., (F“i Cr sotmSpoauntyh”e oa sr t “ PDaerveenlto”p) ma nedn ti t sL LwCh. o l lAy l lo ws ingendi f iscuabnst i di inatrei recso: mT hpea nFyi r sbt aBl aanncke s& aTnrdu s tt rCaonms apcat inoyn s( “ Bhaanv ke ” )b ae ne nd eml iomr ei ntahtaend 5i n0 %c o on fs ot hl ied av toi toi nn .g Tr ihg eh tCs oomr pwahneyr ec oi tn hs oa lsi dt ha tee as bsi ul i bt ys itdoi aerxi ee rs ciins ewcho incthr oi tl . hTohl desB, da ni rke cotpl ye roart ei ns duinr edcetrl ya, sI nt astuercahnacret eCroar pnodriastsi ounb.j eTc ht teoPraergeunl at tiisosnubbyj etchtet Vo irreggi nuilaa tBi ounr ebayu tohfeFFi neadnecriaall RI nessteirt uv et i.o n s a n d t h e F e d e r a l D e p o s i t Use of Estimates: In preparing consolidated financial statements in conformity with accounting principles ga se snuemr apl ltyi oancsc et ph taet da if nf etcht et hUen irteepdoSrttaetde sa omf oAumn tesr ioc fa a( sUs. eS t. sG Aa nAdP )l i, amb ai lni tai eg se ma se no tf itshree bq au li ar ne dc et os hmeaekt edeast tei ma sa twe es lal nads reesptiomrateteds.amounts of revenues and expenses during the reporting period. Actual results could differ from sTuhsec edpe tt iebrlme it no ast ii gonni foi cf at nh te cahdaenqgueas ciyn ot hf et heec oa lnl oo wmai cn ceen vf oi rro lnoma ne nl ot sasneds mi s abrakseetdc oo nn dei st itoi mn sa. t eI ns tchoant naercet i po anr wt i ci tuhl atrhl ye d co e l t l e a r t m er i a n l a . tion of the estimated losses on loans, management obtains independent appraisals for significant Ta nhde bBuasni kn ’ess lsoaasnsse tasr. eAgl et hnoeur ag lhl yt hs ee cBuarnekd hbays sapdeicvief ircs ii ftieemd sl ooafncpool lrattfeorl ai ol , ian cs luubdsitnagn trieaal lpporrot ipoenr ot yf , i tcso dn es ub mt o er sr ’ aasbsi el ittsy, ti no f ohromnaotri o nt hteoi rr eccoongtnr iazcet sl o si ss e ds eopne lnodaennst, f uo rnt hleorc ar le deuccotni oonms i icn ct ho en dc iatri or ynisn. g Wa mh iol eu nmt s aonfalgoeamn se nmt a yu sbees naevc ae isl saabrl ye be xa as me di noant i oc nh apnrgoecse si ns , pl oecrai ol de iccoanl loymr ei cv iceown dt hi tei oensst .i mI ant eadd dl oi tsisoens, or ne gl uo laant so. r yS uacghe na cgieens c, iaess amna yi nrt ee qg ruai rl ep tahr et Bo fa nt hk etior rDeuceo gtnoi zteh ae didniftliuoennacl el o os sf efsabc taosresd do ensjcurdi bg emde, ni tt s ids r ar ewans of rnoamb l ya vpa oi l sasbi lbel ei n tf oh ramt at ht ieo ne satti tmh ae ttei dm el oosfstehse oenx a lmo ai nnast iaorne. s e u st s i c m ep at t e ib d l . e to change in the near term. However, the amount of the change that is reasonably possible cannot be Reclassifications: Certain amounts in the financial statements have been reclassified. Such reclassifications had no impact on shareholders’ equity or net income for any period. Cash and Cash Equivalents: For purposes of reporting cash flows, cash and cash equivalents include cash, due fmr oami n tba ai nnsk sa ,mf eoduenrtasl df uu ne df rs osmo l db ,a innkt se rwe shti-cbhe, aarti nt igmdees p, mo sai tys ,e ax nc ede cdafsehd ei treaml l ys ii nn spurroe cde lsi smoi tf sc. l eTahrei nCgo. mTphaenCy ohma sp annoyt experienced any losses in such accounts.
2025 Annual Report | 25
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1. NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES, continued Significant Group Concentration of Credit Risk: Most of the Company’s activities are with customers within RWuasssheilnl , g tWo na ,s hS ui nl lgi tvoann, aAnudg Hu satma , b lReonc kC ionugnhtai ems , i nWTi seen, n We s ys et he e, ,a nHda nHoavr enre t at , nSdu rMr yo, nNt ga os hm, earnyd CS oa umnpt si eosn iCno uVni rt igei sn iian, Nt hoer tt yh pCeasr oo fl i lnean. dNi nogt et h4adt itshceu sCsoems tphaen tyy epne gs aogf ei ns vi ne .s tTmheenCt os me cpuar ni tyi eds ot he sa tntohtehCaovme ap na yn ys iignnvief isct as ni nt .c oNnoct ee n5t rdai tsicounsss et os any one industry or customer. Trust Assets: Assets of the trust department, other than cash on deposit at the subsidiary bank, are not included i2n02th5etsoetafilneadn$c3ia0l4s,4ta1t3e,m0e1n9t.s because they are not assets of the Company. Managed assets as of December 31, Securities: Management determines the appropriate classification of securities at the time of purchase. Securities an voat i lnaebclees- fsoarr-i sl ya l teoa mr eatthuor si tey d. eAbnt ys edc eucriist ii eo sn t thoa ts et hl le aC os emc up raint yy icnl at es ns idf ise tdo ahso al dv af oi lra ba nl e i- nf odre- fsianliet ewpoeur li do dboe f bt iams eed, bount va sa sr ei ot su sa fnadc t loi ar sb, i il ni t ci el us ,d il ni qgusi di gi nt yi f inc ea endt sm, or evgeuml aetnotrsyi nc ai np ti et ar le scto rnastiedse, rcaht ai onngse, s ai nn dt hoet hme ar t us irmi t yi l amr i fxa oc tf ot rhse. C Soemc up raint iye’ ss aS ve ca ui l raibt il ee s- f colra-sssailfei e adraes chaerlrdi e- tdo -amt af at ui rr ivt ya lauree. t hUonsree adlei zbet ds egcaui rni st i eosr tlhoasts et hs eaCr oe mr eppaonryt ehda si nb octohmt hper ei nh teennsti vaen di nacboiml i tey. taon dh oa lrde tcoa rmr iaetdu ar itt ay mr eogr at irzdel de scso os tf . cPhuarncgheass ei npmr eamr ki ue mt csoannddi t di oi sncso, ul inqtusi da ri tey r ne ec oe dg ns i oz er dg ei nn ei nr tael reecsot ni no cmo imc ec ouns di ni tgi ot hn es ii nn ct el ur edsetd mi neot ht hoedr oi nvceormt he e( etxepr emnss eo)f atnhde, ws ehceunr iat ipeps l. i c aRbelael,i zaer ed rgeapi onrst e( dl oas ss easr) e oc lna sssei cf iuc raittiioens aadvjauisl at mb l ee n- fto, rn-es ta ol ef taarxe, idneotetrhmerinceodmupsrienhgetnhseivsepeinccifoicmied.enGtaiifnicsaatinodnlmosestehsoodn. the sale of securities are recorded on the trade date and are The Company evaluates each held-to-maturity and available-for-sale security in a loss position for other-than- tseumc hp of arcatroyr si maps atihr emleenntg(t Oh ToTf It)i.mIen aens dt i mt haet i enxgt eont ht etro- twh ahni c- ht e tmh pe omr aarryk ei mt vpaaliur me he na st lboeses ne sb, me l oa wn a gc oe smt ,etnhtec of innsaindceirasl wc oinl l dbi tei orne qo uf itrheed i st sou seer l la nt hdet hs ee cCuormi t yp abneyf o’ sr ien taennt ti ctiop as teel ld arnedc owvheer tyh oe rf it th ies ammoor er t li izkeedl yc tohsat nb na soits .t h Iaft tthhee CC oo mm pp aa nn yy t l i i n h k t e e e l n O y d T i s t T t w I o w i s ll e r i l b t l e e o - r r d e i o f q w i u t n i i r s e i m s d r o t e r o c e o s l e g ik l n l e i t z l h y e e d t h s i a e n n c e u n a r o r it t n y t i h n b a g e t s f . t o h r I e e f C t r h e o e c m o C p v o a e m n ry y p , w a t n h il e y l b O d e o T e r T e s I q n w u o i r t r i e t i e n d - t d t e o o n s w d e n l t l o i t s h s e e s l e s l p e t a c h u r e a r t s it e e y d c b u i rreepcoregsneiznetdinigncortehdeirt cloosms,pwrehhiecnhsiisvereinccoogmnieze(dlosins)e. arnings, and an amount related to all other factors, which is Restricted Equity Securities: The Company owns investments in the stock of the Federal Reserve Bank (“FRB”) aq nu do ttehde mF ea dr ke er at lv Ha loume . eFLRoBa ns t oBcakn iks or ef dAet leamn taab (l e“ FaHt pL aBr”;) t. hNe roerf oe ar ed,ymma ar kr ke et tv ae lxui set es qf ou ra ltshceosset .s tTohcek sB aa nn dk , tahseay mh ae vmebneor op fa rt hbey Ft hHeLFBH, iLsBr, eaqnudi ri se dt hteor emf oa ri ne tcaai nr r ai end iantvceosst tmaenndt pi ne rtiho ed iccaapl liyt aelvsatloucakt eodf ftohre i mF HpLa Bi r. mTehnet . sTt ohcekCios mr epdaeneym’ s aabbl iel i tayt dtoivridedeneedms inthinecsohmareeosnotwheneedx-disivdidepenendddeantte.on the redemption practices of the FHLB. The Company records Loans Held for Sale: Loans originated and intended for sale in the secondary market are carried at cost. Due to the short time existing between processing and sale, no valuation account is established. 2025 Annual Report | 26 e r n i f t t o o y r e a o n r r e i a c t m o is v o
e u n r
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