UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   Form 10-QSB


(Mark one)

[X]  Quaterly  report  Pursuant  to  Section  13 or  15(d)  of the  Securities
     Exchange Act of 1934

For the quarterly period ended September 30, 1999.

                                      OR

[    ]  Transition  Report  Pursuant to Section 13 or 15(d) of the  Securities
     Exchange Act of 1934

For the transition period from             to

Commission file number    333-72049


                              FIRST BANCORP, INC.
            (Exact name of registrant as specified in its charter)


       DELAWARE                                  93-0166346
(State of Incorporation)                       (IRS Employer
                                           Identification Number)

                                331 Dock Street
                            Ketchikan, Alaska 99901
                   (Address of principal executive offices)
                                  (Zip code)

                                (907) 228-4219
             (Registrant's telephone number, including area code)

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 shorter period that the registrant
was  required to file such  reports),  and (2) has been subject to such filing
requirements for the past 90 days.

Yes [X]    No[ ]

Indicate the number of shares  outstanding of each of the issuer's  classes of
common stock, as of the latest practicable date:

173,843 shares of common stock as of November 1, 1999

Transitional Small Business disclosure format (check one):

Yes [ ]    No[X ]



<PAGE>

                              FIRST BANCORP, INC.

                                  FORM 10-QSB

                              SEPTEMBER 30, 1999

                                     INDEX



PART I - FINANCIAL INFORMATION                                PAGE REFERENCE

Item 1: Financial Statements

     Consolidated  Balance Sheets of First  Bancorp,  Inc. -
          September 30, 1999 and December 31, 1998                    3

     Consolidated Statements of Income First Bancorp,  Inc.-
          three months and nine months ended  September  30,
          1999 and September 30, 1998                                 4

     Consolidated  Statements  of Changes  in  Shareholders'
          Equity  of First  Bancorp,  Inc.  - twelve  months
          ended  December  31,  1998 and nine  months  ended
          September 30, 1999                                          5

     Consolidated Statements of Cash Flows of First Bancorp,
          Inc.- nine  months  ended  September  30, 1999 and
          September 30, 1998                                          6

     Notes to consolidated financial statements                       7


Item 2:  Management  Discussion  and  Analysis of  Financial
         Condition and Results of Operations                         10


PART II - OTHER INFORMATION

Item 6 - Exhibits and Reports on Form 8-K                            22

Signatures                                                           23


<PAGE>

Consolidated Balance Sheet
First Bancorp, Inc.

                                                 September 30,  December 31,
(in thousands)                                       1999           1998
                                                 -------------  -------------
                                                    (unaudited)
                Assets

Cash and due from banks                              $ 10,597        $ 9,783
Federal funds sold                                      1,627          9,391
Investment securities available for sale              108,990        103,858
Loans                                                 131,865        123,122
    Less:  Allowance for loan losses                   (1,572)        (1,421)
                                                 -------------  -------------

                Net Loans                             130,293        121,701

Premises and equipment                                  5,816          5,797
Other assets                                            4,504          4,265

                                                 =============  =============
               Total Assets                         $ 261,827        254,795
                                                 =============  =============

 Liabilities and Stockholders' Equity

Liabilities:
  Deposits
     Demand                                          $ 76,748       $ 68,133
     Savings                                           52,453         48,847
     Time deposits of $100,000 or more                 58,972         60,814
     Other time deposits                               52,444         51,734
                                                 -------------  -------------

               Total Deposits                         240,617        229,528

Note payable to Seafirst                                3,000              -
Other liabilities                                       1,263          2,074
                                                 -------------  -------------

               Total Liabilities                      244,880        231,602
                                                 -------------  -------------

Stockholders' Equity:
 Common stock of $5 par value. Authorized
    1,000,000 shares; issued and outstanding
    175,312 in 1999 and 214,040 in 1998                   876          1,070
  Surplus                                               5,254          6,415
  Undivided profits                                    11,885         16,053
   Accumulated other comprehensive income - net
      unrealized gain (loss) on available
      for sale sec.                                      (811)           184
  Treasury stock, at cost (5,765 shares in 1998
       and 1,469 shares in 1999                          (257)          (529)
                                                 -------------  -------------
       Total Stockholders' Equity                      16,947         23,193

Commitments and contingencies
                                                 =============  =============
       Total Liabilities and Stockholders'
           Equity                                   $ 261,827      $ 254,795
                                                 =============  =============

-------------------

See accompanying notes to consolidated financial statements.


                                       3
<PAGE>

                        Consolidated Income Statement
                             First Bancorp, Inc.


<TABLE>
<CAPTION>
                                                             Three Months Ended                     Nine Months Ended
                                                                September 30,                          September 30,
                                                       -----------------------------        ------------------------------
(in thousands except per share - unaudited)                1999              1998                1999              1998
                                                       -----------       -----------        ------------       -----------
Interest Income:
<S>                                                       <C>               <C>                 <C>               <C>
  Interest and fees on loans                              $ 3,265           $ 3,138             $ 9,571           $ 9,228
  Interest on federal funds sold                              102               197                 162               299
  Interest-bearing deposits at other banks                      9                18                  39                54
  Interest on securities available for sale                 1,453             1,533               4,245             4,764
                                                       -----------       -----------        ------------       -----------
                Total interest income                       4,829             4,886              14,017            14,345
                                                       -----------       -----------        ------------       -----------

Interest Expense:
  Interest on deposits:
       Time deposits of $100,000 or more                      760               809               2,008             2,407
       Other deposits                                       1,305             1,380               3,847             3,927
  Interest on federal funds purchased                           1                 -                  19                13
  Other interest                                               40                 -                  82                37
                                                       -----------       -----------        ------------       -----------
                Total interest expense                      2,106             2,189               5,956             6,384
                                                       -----------       -----------        ------------       -----------
                Net interest income                         2,723             2,697               8,061             7,961

Provision for loan losses                                      72                72                 192               204
                                                       -----------       -----------        ------------       -----------
     Net interest income after provision for loan losses    2,651             2,625               7,869             7,757

Noninterest Income:
   Net realized gain on sales of available
          for sale securities                                   -                16                  14                60
   Service charges on deposit accounts                        156               167                 483               503
   Other                                                      395               515               1,203             1,318
                                                       -----------       -----------        ------------       -----------
                Total Noninterest Income                      551               698               1,700             1,881
                                                       -----------       -----------        ------------       -----------
Noninterest Expense:
   Salaries and employee benefits                           1,400             1,375               4,252             4,119
   Occupancy, net                                             389               377               1,272             1,217
   Other operating expenses                                   510               481               1,554             1,467
                                                       -----------       -----------        ------------       -----------
                Total Noninterest Expense                   2,299             2,233               7,078             6,803
                                                       -----------       -----------        ------------       -----------
                Income before income taxes                    903             1,090               2,491             2,835

Provision for income taxes                                   (312)             (387)               (869)             (909)
                                                       -----------       -----------        ------------       -----------
                Net Income                                  $ 591             $ 703             $ 1,622           $ 1,926
                                                       ===========       ===========        ============       ===========

Per share amounts - net income                              $3.39             $3.37               $8.39             $9.24
                                                       ===========       ===========        ============       ===========
Weighted average shares outstanding                       174,333           208,333             193,298           208,523
                                                       ===========       ===========        ============       ===========
</TABLE>
-------------------

See accompanying notes to consolidated financial statements.


                                       4
<PAGE>

          Consolidated Statements of Changes in Stockholders' Equity
                             First Bancorp, Inc.


<TABLE>
<CAPTION>
                                                                                               Accum Other
                                              Common                Undivided    Treasury     Comprehensive   Stockholders'
(in thousands - unaudited)                    Stock      Surplus     Profits       Stock          Income         Equity
                                         ---------------------------------------------------------------------------------

<S>                                          <C>         <C>         <C>           <C>            <C>          <C>
Balance at December 31, 1997                 $ 1,070     $ 6,415     $ 14,775      $ (476)        $ (180)      $ 21,604

Net income                                                              2,319                                     2,319
Change in unrealized holding loss
  on available for sale securities,
  net of taxes of $243,447                                                                           364            364

                                                                                                         ---------------
       Total comprehensive income                                                                                 2,683
                                                                                                         ---------------

Cash dividends ($5 per share)                                          (1,042)                                   (1,042)
Purchase of 459 shares of
  treasury stock, at cost                                                             (53)                          (53)
                                         -------------------------------------------------------------------------------
Balance at December 31, 1998                   1,070       6,415       16,052        (529)           184         23,192

Net Income                                                              1,622                                     1,622
Change in unrealized holding loss
  on available for sale securities,
  net of taxes of $562,501                                                                          (995)          (995)
                                                                                                         ---------------
       Total comprehensive income                                                                                   627
                                                                                                         ---------------

Reorganization                                  (194)     (1,161)      (5,092)        529                        (5,918)

Cash dividends ($3.75 per share)                                         (697)                                     (697)
Purchase of 1,469 shares of
  treasury stock, at cost                                                            (257)                         (257)
                                         -------------------------------------------------------------------------------
Balance at September 30, 1999                  $ 876     $ 5,254     $ 11,885      $ (257)        $ (811)      $ 16,947
                                         ===============================================================================


</TABLE>
-------------------

See accompanying notes to consolidated financial statements.



                                       5
<PAGE>

                    Consolidated Statements of Cash Flows
                             First Bancorp, Inc.

<TABLE>
<CAPTION>
                                                               Nine Months Ended
                                                         September 30,
(in thousands)                                               1999             1998
                                                        --------------   --------------

Operating Activities
<S>                                                           <C>              <C>
    Net Income                                                $ 1,622          $ 1,926
Adjustments to reconcile net income to net cash
  provided (used) by operating activities:
     Provision for loan losses                                    192              204
     Provision for losses on other real estate                     28               27
     Depreciation and amortization                                487              431
    Gain on sale of other real estate                               -               18
    Amortization of investment security premiums                  100              103
    Accretion of investment security discounts                   (117)            (119)
    Net investment securities gains                               (14)             (60)
    Gain from sale of bank premises and equipment                 (13)             (13)
    (Increase) decrease in interest receivable                   (251)              37
    Increase in interest payable                                   89               33
    Increase in deferred taxes                                      -              (46)
    (Increase) decrease in other assets                           (16)             595
    Decrease in other liabilities                                (901)            (599)
                                                        --------------   --------------
Net cash provided by operating activities                       1,206            2,537
                                                        --------------   --------------

Investing activities:
    Proceeds from sale of available for sale securities         7,690           13,923
    Proceeds from maturity of available for sale securities    30,003           64,340
    Purchase of available for sale securities                 (43,789)         (65,156)
    Net increase in loans                                      (8,784)         (12,071)
    Purchase of bank premises and equipment                      (506)            (731)
    Proceeds from the sale of bank premises & equip.               13               13
                                                        --------------   --------------
Net cash used (provided) in investing activities              (15,373)             318
                                                        --------------   --------------

Financing activities:
    Net increase in demand and savings deposits                12,221            3,563
    Net increase (decrease) in time deposits                   (1,132)           5,926
    Net (increase) decrease in federal funds sold               7,764          (11,478)
    Net increase in Federal Home Bank advances                      -           (1,000)
    Net increase in long term debt                              3,000                -
    Reorganization                                             (5,918)
    Purchase of treasury stock                                   (257)             (53)
    Cash dividends paid                                          (697)            (781)
                                                        --------------   --------------
Net proceeds from financing activities:                        14,981           (3,823)
                                                        --------------   --------------

Net increase (decrease) in cash and due from banks                814             (968)

Cash and due from banks at beginning of the quarter             9,783            9,852
                                                        --------------   --------------
Cash and due from banks at end of the quarter                $ 10,597          $ 8,884
                                                        ==============   ==============

Supplemental disclosure of cash flow information:
    Cash paid during the quarter for interest                 $ 5,897          $ 6,384
    Cash paid during the quarter for income taxes               $ 810            $ 877

</TABLE>

-------------------

See accompanying notes to consolidated financial statements.


                                       6
<PAGE>

Notes to Consolidated Financial Statements

1)   Summary of Significant Accounting Policies

     The  financial  statements  at September  30, 1999 and 1998,  and for the
     three-month and nine-month periods then ended, included in this report on
     form 10-QSB are unaudited.  These financial statements,  however, include
     all adjustments,  consisting only of normal recurring adjustments,  which
     are, in the opinion of management,  necessary for a fair  presentation of
     the financial  condition,  results of  operations  and cash flows for the
     interim  periods.  In preparing the  consolidated  financial  statements,
     management is required to make estimates and assumptions  that affect the
     reported  amounts  of assets and  liabilities  disclosure  of  contingent
     assets and  liabilities as of the date of the balance sheet,  and revenue
     and  expenses  for the period.  Actual  results  could  differ from those
     estimates.   The  significant  policies  and  estimates  applied  in  the
     preparation  of these  consolidated  financial  statements  are discussed
     below.


     (a)  Consolidation

          The consolidated  financial statements include the accounts of First
          Bancorp, Inc. and its wholly-owned  subsidiary,  First Bank, and its
          wholly-owned subsidiaries, Dock Street Building Corporation and Dock
          Street Title Agency, Incorporated  (collectively,  the Company). All
          significant   intercompany   accounts  and  transactions  have  been
          eliminated.  The Company's  primary market area is Southeast  Alaska
          where  the  majority  of  its  activities   have  been  with  Alaska
          businesses and individuals.


     (b)  Reclassifications

          Certain  prior period  balances  have been changed to conform to the
          present period presentation.


     (c)  Investments

          Securities  available  for  sale  are  stated  at  fair  value  with
          unrealized  holding  gains and losses  excluded  from  earnings  and
          reported  as  a  net  amount  in  a  separate   component  of  other
          comprehensive  income.  Securities  are  classified as available for
          sale  when  management   intends  to  hold  the  securities  for  an
          indefinite period of time or when the securities may be utilized for
          tactical  asset/liability purposes and may be sold from time to time
          to   effectively   manage   interest  rate  exposure  and  resultant
          prepayment risk and liquidity needs.

          Federal  Home  Loan  Bank  stock  is  carried  at cost  which is its
          redeemable (fair) value since the market for this stock is limited.

          Premiums are amortized (deducted) and discounts are accreted (added)
          to interest  income on  investment  securities  using  methods  that
          approximate  the  level-yield  method.  Gains and losses on sales of
          securities are computed using the specific-identification  method of
          determining the cost of securities sold.


                                      7
<PAGE>

     (d)  Loans

          Loans are stated at the principal  amount  outstanding.  Interest on
          loans is taken  into  income  when  earned.  Loan  origination  fees
          received  in excess of direct  origination  costs are  deferred  and
          amortized to income by a method approximating the level-yield method
          over the estimated loan term.

          Interest  income on loans is recorded  on an accrual  basis until an
          interest or  principal  payment is more than 90 days past due and in
          the opinion of management the  collectibility of such income becomes
          doubtful.  The  deferral  or  nonrecognition  of  interest  does not
          constitute forgiveness of the borrower's obligation.


     (e)  Allowance for Loan Losses

          The allowance for loan losses is a general  reserve  established  by
          management  to  absorb  unidentified  losses in the  Company's  loan
          portfolio. In determining the adequacy of the allowance,  management
          evaluates  prevailing  economic   conditions,   results  of  regular
          examinations and evaluations of the quality of the loan portfolio by
          external  parties,  actual  loan  loss  experience,  the  extent  of
          existing  risks in the loan portfolio and other  pertinent  factors.
          The allowance for impaired  loans is based on discounted  cash flows
          using the loans' initial  interest rates or, if the loan is secured,
          the fair value of the collateral.

          Future  additions to the allowance may be necessary based on changes
          in economic conditions and other factors used in evaluating the loan
          portfolio. Additionally, various regulatory agencies, as an integral
          part  of  their  examination   process,   periodically   review  the
          allowance. Such agencies may require the recognition of additions to
          the allowance  based on their judgment of  information  available to
          them at the time of their examination.


     (f)  Loan Servicing

          The cost of mortgage servicing rights is amortized in proportion to,
          and over the period of, estimated net servicing revenues. Impairment
          of mortgage  servicing rights is assessed based on the fair value of
          those rights.  Fair values are estimated using discounted cash flows
          based on a current  market  interest  rate. The amount of impairment
          recognized is the amount by which the capitalized mortgage servicing
          rights exceed their fair value.


     (g)  Other Real Estate

          Other real estate represents properties acquired through foreclosure
          or its  equivalent.  Prior to  foreclosure,  the  carrying  value is
          adjusted  to the  lower  of cost or fair  market  value  of the real
          estate to be acquired by a charge to the  allowance for loan losses.
          Any  subsequent  reduction  in  carrying  value is  charged  against
          operating expenses.


                                      8
<PAGE>

     (h)  Premises and Equipment

          Premises and equipment  are stated at cost,  less  amortization  and
          accumulated   depreciation.   Depreciation   expense  on   leasehold
          improvements is computed by use of the straight-line method over the
          shorter of the  estimated  useful  lives of the assets or  leasehold
          improvements.   Expenditures   for  remodeling,   improvements   and
          construction are capitalized, while expenditures for maintenance and
          repairs are charged to expense.


     (i)  Income Taxes

          Income taxes are accounted for under the asset and liability method.
          Deferred tax assets and  liabilities  are  recognized for the future
          tax consequences  attributable to differences  between the financial
          statement  carrying  amounts of existing  assets and liabilities and
          their respective tax bases.  Deferred tax assets and liabilities are
          measured using enacted tax rates expected to apply to taxable income
          in the years in which the temporary  differences  are expected to be
          recovered  or  settled.  The  effect  on  deferred  tax  assets  and
          liabilities  of a change in tax rates is recognized in income in the
          period that includes the enactment date.


     (j)  Net Income Per Share

          Per share  amounts  are  calculated  based on the  weighted  average
          number of shares and common  share  equivalents  outstanding  during
          each period.  Outstanding stock options are common stock equivalents
          and  therefore  are  included  in the  calculation  of the  weighted
          average number of shares outstanding, if dilutive.


     (k)  Comprehensive Income

          On January 1, 1998,  the  Company  adopted  Statement  of  Financial
          Accounting Standard (SFAS) No. 130, Reporting  Comprehensive Income.
          SFAS No. 130 establishes standards for reporting and presentation of
          comprehensive  income and its  components in a full set of financial
          statements.  Comprehensive  income  consists  of net  income and net
          unrealized  gains  (losses) on  securities  and is  presented in the
          consolidated  statements of stockholders'  equity and  comprehensive
          income.  The statement  requires only additional  disclosures in the
          consolidated financial statements;  it does not affect the Company's
          financial position or results of operations.




                                      9
<PAGE>

                                    ITEM 2
   MANAGEMENT DISCUSSION AND ANALYSIS OF FINANACIAL CONDITION AND RESULTS OF
                                  OPERATIONS
                              First Bancorp, Inc.


This discussion should be read in conjunction with the consolidated  financial
statements of First Bancorp,  Inc. (the "Company") and notes thereto presented
elsewhere in this report. In the following discussion, unless otherwise noted,
references  to increases  or decreases in average  balances in items of income
and expense for a particular period and balances at a particular date refer to
the  comparison  with  corresponding  amounts  for the period or date one year
earlier.

This discussion contains certain forward-looking statements within the meaning
of the  federal  securities  laws.  Actual  results  and the timing of certain
events could differ  materially  from those  projected in the  forward-looking
statements due to a number of factors.  Specific factors include the Company's
ability  to  compete  on  price  and  other   factors  with  other   financial
institutions; customer acceptance of new products and services; general trends
in the banking industry and the regulatory environment,  as they relate to the
Company's  cost of funds and returns on assets.  In addition,  there are risks
inherent  in the banking  industry  relating  to  collectibility  of loans and
changes in interest  rates.  Further,  actual results could differ  materially
from the  forward  looking  statements  in this  report as a result of general
economic  conditions  and  their  impact  on  capital  expenditures;  business
technology and evolving banking  industry  standards;  competitive  standards;
competitive factors, including increased competition with community,  regional
and national financial  institutions;  fluctuating interest rate environments;
and  similar  matters.  The reader is  advised  that this list of risks is not
exhaustive  and should not be construed as any prediction by the Company as to
which  risks  would  cause  actual  results  to differ  materially  from those
indicated by the forward-looking statements.

OVERVIEW

On March  15,  1999,  First  Bancorp  entered  into an  Agreement  and Plan of
Reorganization  (the "Plan") for the purpose of becoming an S corporation  for
income tax  purposes.  The Plan  provided for the merger of First Bancorp with
and into Newco Alaska, Inc., a newly formed Delaware corporation  organized at
the direction of First Bancorp solely to effect the Plan. Newco Alaska,  prior
to the merger, had no material operations or assets, and had elected to become
an S  corporation  effective on January 1, 2000.  The merger of First  Bancorp
into Newco Alaska was  completed on June 1, 1999,  with Newco Alaska being the
surviving corporation under the name "First Bancorp, Inc.".

The Plan provided that eligible  shareholders would receive one share of Newco
Alaska,  Inc. common stock for each share of First Bancorp,  Inc. common stock
held of record on the  effective  date of the merger.  All other  shareholders
would receive $175.00 per share for their First Bancorp common stock. Eligible
shareholders  could elect to tender their First Bancorp stock for cash instead
of Newco Alaska stock,  and at the discretion if the Board of Directors of the
surviving  corporation,  those shares would be purchased  for cash at the same
price.



                                      10
<PAGE>

Upon  consummation of the merger,  the Company purchased 32,963 shares held by
127  shareholders  at a cost of $5,768,525.  Of that number four  shareholders
representing  9,674 shares at a value of $1,692,950  exercised  their right to
dissent  from  the  reorganization  and  funds  were  reserved  pending  final
settlement.  As of  July  31,  1999  all of the  dissenting  shareholders  had
withdrawn their demand for an appraisal and had been paid in full.

The $5,768,525  stock repurchase was funded in part from a long-term loan from
Seafirst  Bank.  The loan is  structured  to provide  for  quarterly  interest
payments and six annual principal  payments $500,000 with maturity on June 30,
2005. Interest is calculated at a floating rate of LIBOR plus 2.50%.


FINANCIAL CONDITION

The  Company's  total  assets were $261.8  million at September  30, 1999,  an
increase of $8.4 million,  or 3.3% from $253.4  million at September 30, 1998,
and an increase  of $7.1  million or,  2.8%,  from $254.7  million on June 30,
1999. Cash and deposit  balances due from banks was $10.6 million on September
30, 1999 compared to $7.4 million on September 30, 1998, an increase of 43.2%,
and compared to $16.1 million on June 30, 1999, an decrease of 34.2%.  Earning
assets  increased  $4.2 million,  or 1.8% from $236.8 million on September 30,
1998 to $241 million on  September  30,  1999,  and when  compared to June 30,
1999, an increase of $10.8 million, or 4.2% from $230 million. As of September
30, 1999 earning  assets were 92.1% of total  assets,  compared  with 93.4% on
September 30, 1998 and 90.2% on June 30, 1999. Loans and investment securities
available for sale are the primary  components of earning assets. On September
30, 1999 gross loans were $131.9 million, an increase of $13 million, or 10.9%
from $118.9  million on September  30, 1998,  and an decrease of $365,000,  or
0.3% from $132.2  million on June 30, 1999. On September  30, 1999  investment
securities  were $109  million,  an increase of $6.6  million,  or 6.4%,  from
$102.4  million on September 30, 1998,  and an increase of $11.2  million,  or
11.5% from June 30, 1999.  On September 30, 1998 net loans were 46.4% of total
assets,  on June 30, 1999 they were 51.3% and on September  30, 1999 they were
49.7%. On September 30, 1998 investment securities were 40.4% of total assets,
on June 30, 1999 they were 38.4% and on September 30, 1999 they were 41.6%.



                                      11
<PAGE>

Total deposits increased $11.5 million, or 5% from $229.1 million on September
30, 1998 to $240.6  million on September  30, 1999,  and they  increased  $9.4
million,  or 4% from $231.2 million on June 30, 1999. Deposit  comparisons for
September  30, 1999,  and June 30, 1999,  December 31, 1998 and  September 30,
1998 are as follows:


                          Comparative Total Deposits
                             First Bancorp, Inc.

<TABLE>
<CAPTION>

                                             September 30,   June 30,   December 31,  September 30,
(in thousands - unaudited)                       1999          1999        1998           1998
                                             ------------------------------------------------------
  Deposits
<S>                                             <C>          <C>          <C>          <C>
     Demand                                     $ 76,748     $ 68,865     $ 68,133     $ 71,201
     Savings                                      52,453       46,362       48,847       47,758
     Time deposits of $100,000 or more            58,972       63,643       60,814       56,252
     Other time deposits                          52,444       52,400       51,734       53,950
                                                --------     --------     --------     --------
               Total Deposits                   $240,617     $231,270     $229,528     $229,161
</TABLE>


When comparing  September 30, 1998 with September 30, 1999, deposits increased
across most  categories with demand  deposits  increasing by $5.5 million,  or
7.8%,  savings  deposits  increasing $4.7 million,  or 9.8%, and time deposits
greater that $100,000 (large  deposits)  increased $2.7 million,  or 4.8%. The
only declining category was other time deposits,  which declined $1.5 million,
or 2.8%.  This exhibit  shows that deposit  totals  follow a defined  seasonal
trend,  consistent with seasonality of economic  activity in southeast Alaska.
Deposit  totals will be at their  highest in the third quarter of the year and
run off through the first quarter at which time they begin to build again.  At
the present time, all of the Company's  large  deposits come from  established
customers in our market area.  The Company has a strict policy against the use
of brokered  deposits.  A significant  portion of large  deposits is generally
made up of reserve funds of various  municipal  communities  where the Company
has branch offices.  For the most part, these deposits are priced on the basis
of competitive bid and have relatively short maturities. On September 30, 1999
and 1998, time deposits greater than $100,000  represented  22.5% and 22.2% of
total assets respectively.


CONSOLIDATED EARNINGS

The  Company's  net income for the nine months  ending  September 30, 1999 was
$1.62 million or $8.39 per weighted average share. This compares to net income
for the nine months ending  September 30, 1998 of $1.93 million,  or $9.24 per
weighted  average share.  Net income for the three months ending September 30,
1999 was  $591,000  or $3.39 per  weighted  average  share as  compared to net
income for the three months ending September 30, 1998 of $703,000 or $3.37 per
share.  The  decrease  in  year-to-date  net  income  from the  prior  year is
primarily as result of a $181,000, or 9.6% decline in non-interest income, and
a $275,000,  or 4% increase in total  non-interest  expense.  The  decrease in
non-interest  income is primarily  attributable  to a decline in mortgage loan
activity and the resulting  impact on servicing  rights income and income from
the Company's title insurance subsidiary. The increase in non-interest expense
is largely  attributable  to increased  salaries and  employee  benefits  plus
increased operating expenses in our electronic banking department.




                                      12
<PAGE>

NET INTEREST INCOME

Net interest  income is the largest  component of earnings,  representing  the
difference  between  interest and fees  generated  from earning assets and the
interest costs of deposits and other funds needed to support those assets. For
the nine  months  ending  September  30,  1999,  net  interest  income  before
provision for loan losses was $8.1  million,  an increase of $100,000 or 1.3%,
when compared to $7.9 million for the nine months  ending  September 30, 1998.
For the three month  period  ending  September  30, 1999 net  interest  income
before provision for loan losses was $2.72 million an increase of $30,000,  or
 .96% when compared to $2.69 million for the three months ending  September 30,
1998. Growth in net interest income has been primarily due to continued growth
in loan volume, the highest yielding component of earning assets. At September
30, 1999 gross loans  increased 10.9% to $131.9 million from $118.9 million on
September 30, 1998, and declined .28% from $132.2 million on June 30, 1999.

For the nine months  ending  September  30,  1999,  net  interest  margin (net
interest  income  divided by average  interest-bearing  assets) was  adversely
affected by the upward trend in interest rates. The Company's balance sheet is
liability sensitive,  which is when interest rates change, liabilities reprice
faster than  assets.  This means that in a rising rate  scenario  net interest
margin will be  adversely  affected,  as it was during the  nine-month  period
ending September 30, 1999. Net interest margin decreased  slightly to 4.61% in
the nine months of 1999 from 4.69% in the first nine  months of 1998.  Average
interest-bearing assets grew to $233 million as of September 30 1999, compared
with $226.4 million on September 30 1998, an increase of $6.6 million or 2.9%.
Average  interest-bearing  liabilities grew to $201.2 million on September 30,
1999  compared to $194.6  million on September  30, 1998,  an increase of $6.6
million or 3.4%. The average yield on interest-bearing assets during the first
nine-months  decreased  to 8.02% in 1999 from 8.44% in 1998,  a decrease of 42
basis  points or 5%.  In  comparison,  the  average  cost of  interest-bearing
liabilities  during the first quarter decreased to 3.95% in 1999 from 4.37% in
1998, a decrease of 42 basis points or 9.6%.



                                      13
<PAGE>

                       Analysis of Net Interest Margin
                             First Bancorp, Inc.


<TABLE>
<CAPTION>
                                                   Nine months ended
                                                     September 30,              Increase
                                                 1999            1998          (Decrease)       Change
                                             -----------    -----------       -----------    -----------
(amounts in thousands, except percrntages)

<S>                                             <C>            <C>               <C>               <C>
Average interest-bearing assets                 $233,012       $226,487          $  6,525          2.88%
Average interest-bearing liabilities            $201,288       $194,634          $  6,654          3.42%
Average yields earned                              8.02%          8.44%            -0.42%         -4.98%
Average rates paid                                 3.95%          4.37%            -0.42%         -9.61%
Net interest spread (including loan
   placement fees)                                 4.07%          4.07%             0.00%          0.00%
                                             ===========    ===========       ===========    ===========
Net interest income to average
      interest-earning assets                      4.61%           4.69%           -0.08%         -1.71%

</TABLE>


NONINTEREST INCOME

Noninterest income decreased  $180,000 to $1.7 million,  or -9.6% for the nine
months ending  September  30, 1999,  when compared with $1.88 million over the
same period in 1998.  For the  three-month  period ending  September 30, 1999,
noninterest income totaled $551,000,  a decrease of $147,000,  or -21.6%, over
the  three-month  period  ending  September  30, 1998 total of $698,000.  This
difference is primarily due to the interest rate increase which began in early
1999  resulting  in  modest  new  mortgage  loan  activity  in 1999 and  lower
origination  fee and  servicing  rights  income,  especially  when compared to
exceptionally  strong  activity in 1998.  In addition,  $60,000 in  securities
gains was taken in the first nine months of 1998, while only $14,000 was taken
in 1999.



                                      14
<PAGE>

NONINTEREST EXPENSE

Total noninterest expense increased  $275,000,  or 4%, to $7.1 million for the
nine-month  period ending September 30, 1999 when compared to $6.8 million for
the same period in 1998. For the three-month period ending September 30, 1999,
noninterest  expense totaled $2.3 million, an increase of $70,000, or 3%, over
the  three-month  period  ending  September  30, 1998 total of $2.23  million.
Salaries and employee benefits,  the largest component of noninterest expense,
increased  $130,000,  or 3.2%,  to $4.25  million for the nine  months  ending
September  30, 1999 when  compared to $4.12 million for the nine months ending
September 30, 1998. For the three months ending  September 30, 1999,  salaries
and employee benefits increased  $25,000,  or 1.8%, when compared to the three
months ending  September 30, 1998.  Occupancy  expenses  increased  $50,000 to
$1.27  million,  or 4.1%,  for the nine  months  ending  September  30,  1999,
compared to $1.22 million for the nine months ending  September 30, 1998. This
increase  is  primarily  the  result of  increase  equipment  and  maintenance
expenses  associated  with  enhancements  to our systems  and data  processing
department.

INCOME TAXES

The provision for income taxes decreased $40,000, or 4.4%, to $869,000 for the
period ending  September 30, 1999,  compared to $909,000 for the period ending
September, 30 1998. The effective tax rate for the period ending September 30,
1999 is 35% as compared to 32% for the period ending September 30, 1998.


                                      15
<PAGE>

PROVISION AND ALLOWANCE FOR LOAN LOSS

The  provision  for loan losses is an accrual  charge or expense  based on the
Company's  estimate of the amount  necessary  to maintain  the  allowance  for
possible  loan losses at a level  adequate to absorb any losses that may occur
in the loan portfolio  over time.  For the nine month period ending  September
30, 1999 the provision for loan losses was $192,000, a decrease of $12,000, or
5.9% over the period ending  September  30, 1998 at $204,000.  The actual loan
loss experience for 1998 and the three months and nine months ending September
30 of 1998 and 1999 are as follows:

                          Loan Losses and Recoveries
                             First Bancorp, Inc.

<TABLE>
<CAPTION>
                                      Three Months Ended            Nine Months Ended
                                        September 30,                 September 30,
                                   ------------------------     -----------------------
                                      1999         1998             1999        1998
                                   ---------     --------         --------    --------
(in thousands)

Loans outstanding at end
<S>                                 <C>          <C>              <C>         <C>
     of period                      $131,865     $118,921         $131,865    $118,921

Reserve balance, beginning
     of period                         1,494        1,395            1,421       1,294

Recoveries                                15            2               19           5
Loans charged off                         (9)         (50)             (60)        (84)
Net loans charged off                      6          (48)             (41)        (79)

Provision charged to expense              72           72              192         204

Reserve balance, end of period       $ 1,572      $ 1,419          $ 1,572     $ 1,419

Reserve as a percentage of
     outstanding loans                  1.19%        1.19%            1.19%       1.19%

Minimum objective for reserve as
a percentage of outstanding loans       1.00%                         1.00%

Net loans charged off as a
percentage of outstanding loans         0.00%        0.04%            0.03%       0.07%

</TABLE>

The  provision  for loan losses and the adequacy of the allowance for possible
loan losses are periodically reviewed by the Board of Directors and management
based upon an assessment of historic  credit  losses,  delinquent  and problem
loan trends,  peer group experience,  economic outlook and anticipated growth.
Additionally,  various  regulatory  agencies,  as an  integral  part of  their
examination  process,  periodically  review the  allowance.  Such agencies may
require the recognition of additions to the allowance based on their judgement
of information available to them at the time of their examination.



                                      16
<PAGE>

For the period  ending  September  30,  1999,  management  reviewed all of the
salient  factors in  determining  the  provision  for loan loss.  Total  loans
increased  from $118.9  million on  September  30,  1998 to $131.9  million on
September 30, 1999, a 10.9% increase,  and the reserve for loan loss increased
from $1.42 million to $1.57 million,  or 10.6% during that same period.  There
are a number of reasons  management  feels that both the reserve and provision
are adequate:


1.   Reserve for loan loss is currently  1.19% of total  loans,  19% above the
     minimum objective of 1.0%.

2.   Charge-offs  decreased from $84,000,  or .07% of outstanding loans during
     the nine months ending  September 30, 1998 to $60,000,  or .03%,  for the
     nine  months  ending  September  30,  1999.  Charge off  amounts  remains
     relatively  minimal and the  percentage of net loan losses  remains below
     our peer group average of .18% as of June 30, 1999.

3.   Loan  quality  continues  to remain  sound  (see  "Nonperforming  Assets"
     section below).


NONPERFORMING ASSETS

In  general,  nonperforming  assets  consist of loans that are 90 days or more
past due,  loans on which the accrual of interest has been  discontinued,  and
other real estate (ORE).  Other real estate  represents real property that was
acquired through foreclosure or taken in lieu of foreclosure.

As of  September  30,  1999 the  Company had $19,000 in loans past due over 90
days, $7,000 in nonaccrual status loans, and $194,000 in ORE for nonperforming
assets  totaling  $220,000  which  represent  .08% of total assets and 1.3% of
shareholders' equity. This is a significant improvement over December 31, 1998
totals of  $265,000  in loans  past due over 90 days,  no loans in  nonaccrual
status,  and $222,000 in ORE for nonperforming  assets totaling $487,000 which
represent 0.19% of total assets and 2.10% of shareholders'  equity. It is also
an  improvement  over  September  30, 1998 totals of $60,000 in loans past due
over  90  days,  no  loans  in  nonaccrual  status,  and  $232,000  in ORE for
nonperforming  assets totaling  $292,000 which represent 0.12% of total assets
and 1.31% of shareholders' equity.



                                      17
<PAGE>

                       Past Due and Nonperforming Loans
                             First Bancorp, Inc.


<TABLE>
<CAPTION>
(in thousands except for percentages)


                                           September 30, 1999           December 31, 1998           September 30, 1998
                                         ------------------------    ------------------------    ------------------------
Outstanding at end of period:
<S>                                             <C>                         <C>                           <C>
     Total loans                                $131,865                    $123,122                      $118,921
     Total assets                               $261,827                    $254,795                      $253,435
     Shareholders' equity                       $ 16,947                    $ 23,193                      $ 22,369

</TABLE>

<TABLE>
<CAPTION>

                                           September 30, 1999           December 31, 1998           September 30, 1998
                                             Past Due Loans               Past Due Loans              Past Due Loans
                                         ------------------------    ------------------------    ------------------------
                                         30-89 days     90+ days     30-89 days     90+ days     30-89 days     90+ days
                                         ----------    ----------    ----------    ----------    ----------    ----------

Past due and nonperforming loans:

<S>                                           <C>         <C>             <C>         <C>            <C>          <C>
Real estate loans                             $  76       $   -           $ 124       $   -          $ 116        $   -
Consumer loans                                  286           -             212          11             97           12
Credit cards                                     12           7               -           6             10           11
Commercial loans                                 33          12             366         248             72           37
                                         ----------    ----------    ----------    ----------    ----------    ----------
Total past due loans                          $ 407       $  19           $ 702       $ 265          $ 295        $  60
                                         ----------    ----------    ----------    ----------    ----------    ----------

Non-accrual loans                             $   -       $   7           $   -       $   -          $    -          $ -
Other real estate owned                       $   -       $ 194           $   -       $ 222          $    -        $ 232
Total past due & non-accrual
    loans and ORE
                                         ----------    ----------    ----------    ----------    ----------    ----------
                                              $ 407       $ 220           $ 702       $ 487          $  295        $ 292
                                         ==========    ==========    ==========    ==========    ==========    ==========
Past due & non-accrual loans
 and ORE as a percentage of:

     Total loans                              0.31%       0.17%           0.57%       0.40%           0.25%        0.25%
     Total assets                             0.16%       0.08%           0.28%       0.19%           0.12%        0.12%
     Total shareholders' equity               2.40%       1.30%           3.03%       2.10%           1.32%        1.31%

</TABLE>

The most important measure of the safety and soundness of a commercial bank is
the quality of its assets.  The statistics  outlined above are key measures of
asset  quality and reflect  favorably on the  soundness  of the Company.  They
provide a clear picture of  management's  careful,  ongoing  attention to this
important area of the Company.



                                      18
<PAGE>

LIQUIDITY

The Company has adopted policies to maintain  adequate  liquidity to enable it
to respond to changes in the Company's  needs and financial  environment.  The
Company's primary sources of funds are customer deposits, sales and maturities
of investment securities,  the use of federal funds markets, advances from the
Federal  Home  Loan  Bank  of  Seattle  and net  cash  provided  by  operating
activities. Scheduled loan repayments are a relatively stable source of funds,
while deposit inflows and unscheduled loan  prepayments,  which are influenced
by  general   interest  rate  levels,   interest  rates   available  on  other
investments, competition, economic conditions and other factors, are not.


CAPITAL PLANNING AND STOCKHOLDERS' EQUITY

The policy of the  Company is to  maintain  capital  adequate  to support  the
Company's  activities and meet the needs of its customers.  Current and future
capital needs are evaluated  periodically  based upon an analysis of asset and
earnings  trends,  asset and liability  diversification  and  maturity,  asset
quality,  industry comparisons and economic conditions.  In evaluating the use
of  capital,   management   considers   economic   conditions  and  cash  flow
expectations  as well as effects on  reported  earnings.  The  current  market
values of assets and liabilities  and  off-balance  sheet items and contingent
liabilities such as letters of credit are also considered.

As of September 30, 1999, total stockholders'  equity was $16.9 million.  This
was down from $23.2 million on December 31, 1998. This decrease was the result
of June 1,  1999  reorganization  of the  Company.  The  Federal  Reserve  has
established  risk-based  standards for evaluating a holding  company's capital
adequacy.  These standards  require the Company to maintain a minimum ratio of
qualifying  total capital to risk weighted  assets of 8%, of which at least 4%
must be in the form of core capital (TIER 1 capital).  TIER 1 capital includes
the  Company's  stockholders'  equity,  minus  all  intangible  assets.  As of
September  30, 1999 the Company had a TIER 1 risk  weighted  capital  ratio of
12.34%. As of December 31, 1998 the Company had a TIER 1 risk weighted capital
ratio of 16.5%.


                                      19
<PAGE>

Year 2000 Readiness

     First Bank has two primary  objectives  driving our Year 2000  compliance
efforts:

     (1)  Compliance - to satisfy bank examiners using guidelines  established
          by the Federal Finance Institutions Examinations Council (FFIEC) and

     (2)  Self-assurance - to meet our responsibility to our customers to make
          every  effort  possible to ensure our  systems  continue to function
          during the millennium date change and beyond.

First Bank has undergone three on-site Federal Deposit  Insurance  Corporation
audits as well as interim  audits by telephone.  This has involved  nearly all
embedded systems,  computer software applications,  and network systems. These
examinations  have assisted us in determining our progress toward  compliance.
During 1999,  we put more and more emphasis on the  self-assurance  portion of
the objectives as compliance goals were met.

A Year 2000 Task Force was designated by the Board of Directors  consisting of
Information  Systems  Manager E. Michael  Youngblood  as Chairman and includes
senior  department  managers.   Individual  task  force  members  focus  their
attentions on various areas regarding Year 2000 issues. The Systems department
conducted an in-depth  review of all  computer and software  currently in use.
These systems and  applications  were cataloged and prioritized  with "Mission
Critical" systems receiving top priority for compliance  testing.  A full-time
technical  position  was created to  identify,  track,  monitor,  and test (or
assist in testing) the various systems.  The primary Mission Critical software
packages in use by the bank for core  processing are Year 2000  compliant,  as
certified by their vendors. While having this certification is beneficial, the
bank was still obligated to test these packages for Year 2000 compliance,  and
this process was completed.  Moreover, these certifications would only at best
serve as a basis  for a legal  claim  for  damages  in the  event of  software
failure at the turn of the year.

We  have  conducted  a  review  of  peripheral  equipment,  security  systems,
telephone  systems,  and building  heating and cooling  systems for all branch
locations.  We have paid close  attention to the task of internal and external
communications,  including  communicating with and training bank staff as well
as customer  communications through general publications or response to direct
inquiries.  Our senior lending officer is coordinating  risk assessment of our
large  commercial  borrowers  and  organized  an  interview  process  for each
identified borrower.

First  Bank's  plan to  address  Year  2000  issues  has  been to  follow  the
guidelines  established  by the  Federal  Financial  Institutions  Examination
Council  ("FFIEC").  FFIEC  guidelines  require  the Bank to assess  risks and
analyze those systems,  software and services provided by third-party vendors.
The Bank's  project plan  addresses  the five phases FFIEC has  identified  as
critical to Year 2000 readiness. These phases are as follows:



                                      20
<PAGE>

o    Awareness  - This  phase  requires  us to  define  the  problem  and  set
     objectives,  as well as  establish a task force or committee to develop a
     strategic response to the problem. We have completed this phase.

o    Assessment  - In this  phase  we  assess  the  overall  magnitude  of the
     project,   including  identifying  hardware  and  software  that  may  be
     affected,  evaluating the effects of Y2K on our strategic  business plan,
     and formulating contingency plans. We have completed this phase.

o    Renovation  - In this phase we perform  upgrades to hardware and software
     that has been identified as critical.  We also review our outside vendors
     for  progress  on  meeting  their  Y2K  compliance  obligations.  We have
     completed this phase.

o    Validation  - This is the testing  phase for all  systems  that have been
     evaluated and upgraded as necessary to ensure Y2K compliance.  This phase
     has been  completed,  and we have not discovered any software that is not
     Y2K compliant.

o    Implementation  - This is the final phase in which all systems,  internal
     as  well as  those  of  outside  vendors,  are  certified  as  Year  2000
     compliant.  This  phase  has been  completed  and all  systems  are fully
     compliant.

As a contingency,  First Bank has established lines of credit with the Federal
Reserve Bank of San Francisco, the Federal Home Loan Bank of Seattle, and with
three  commercial  banks.  First  Bank has a  contractual  arrangement  with a
disaster  recovery  provider  as  an  additional  backup.  This  provider  has
equipment  similar to equipment  used at the bank. We regularly  rotate backup
tapes with them,  and we have  conducted at least one test with them to ensure
that this is a satisfactory contingency arrangement.  A schedule of additional
system backups is being  developed for  implementation  in advance of the date
change.  Customer communications will be of utmost importance in order to ease
concerns our customers may have regarding Year 2000  readiness.  The Year 2000
date change will not affect FDIC deposit insurance coverage.

Overall,  no  significant  problems are  anticipated  in  achieving  Year 2000
compliance.


                                      21
<PAGE>

                          PART II - OTHER INFORMATION


Item 6 - Exhibits and Reports on Form 8-K

(a)  Exhibits

     The following  exhibit is being filed herewith and this shall  constitute
     the Exhibit Index:

     27 Financial Data Schedule


(b)  Reports on Form 8-K

     On July 21,  1999,  the Company  filed a Form 8-K to report under Item 5,
     Other  Information,  the completion of the reorganization for purposes of
     qualifying  as a  subchapter  S  corporation.  In  connection  with,  and
     concurrent with the consummation of, that reorganization,  the registrant
     changed its name from Newco Alaska, Inc. to First Bancorp, Inc.


                                      22
<PAGE>

                                  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 on November 9, 1999.

                                   First Bancorp, Inc.
                                     (Registrant)


                                   /s/ William G. Moran, Jr.
                                   -------------------------------------------
                                   William G. Moran, Jr.
                                   President and Chief Executive Officer


                                   /s/ James C. Sarvela
                                   -------------------------------------------
                                   James C. Sarvela
                                   Vice President and Chief Financial Officer


                                      23