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Basis of Presentation | 9 Months Ended
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Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Basis of Presentation | Basis of Presentation The Company is a financial holding company that owns all of the common stock of the Bank. The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of Management, all adjustments (consisting of normally recurring accruals) considered necessary for a fair presentation have been included. All significant intercompany transactions and balances are eliminated in consolidation. The income reported for the 2023 period is not necessarily indicative of the results that may be expected for the year ending December 31, 2023. For further information, refer to the consolidated financial statements and notes included in the Company's annual report on Form 10-K for the year ended December 31, 2022. The acronyms, abbreviations and definitions identified below are used throughout this Form 10-Q, including Item 1 - Financial Statements and Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations. The following is provided to aid the reader and provide a reference page when reviewing these sections of the Form 10-Q.
Acronym | Description | Acronym | Description
ACL | Allowance for credit losses | GDP | Gross domestic product
AFS | Available-for-sale | GNMA | Government National Mortgage Association
ALCO | Asset/Liability Committee | HTM | Held-to-maturity
AOCI | Accumulated other comprehensive income (loss) | IRS | Internal Revenue Service
ASC | Accounting Standards Codification | LIBOR | London Interbank Offered Rate
ASU | Accounting Standards Update | MPF | Mortgage Partnership Finance Program
BTFP | Bank Term Funding Program | OAEM | Other assets especially mentioned
C&I | Commercial and Industrial | OCC | Office of the Comptroller of the Currency
CDs | Certificates of deposit | OCI | Other comprehensive income (loss)
CECL | Current Expected Credit Loss | OIS | Overnight Indexed Swap
CLLD | Construction, land, and land development | OREO | Other real estate owned
DFAST | Dodd Frank Act Stress Tests | POR | Period of Redemption
EPS | Earnings per share | PPP | Paycheck Protection Program
FASB | Financial Accounting Standards Board | PSA | Public Securities Association
FDIC | Federal Deposit Insurance Corporation | SBA | Small Business Association
FHLB | Federal Home Loan Bank | SEC | Securities and Exchange Commission
FHLBB | Federal Home Loan Bank of Boston | SOFR | Secured Overnight Financing Rate
FHLMC | Federal Home Loan Mortgage Corporation | TDR | Troubled debt restructuring
FNMA | Federal National Mortgage Association | The 2020 Plan | The 2020 Equity Incentive Plan
FOMC | Federal Open Market Committee | The Bank | First National Bank
FRB | Federal Reserve Board | The Company | The First Bancorp, Inc.
FRBB | Federal Reserve Bank of Boston | U.S. | United States of America
GAAP | Accounting principles generally accepted in the U.S. | USD | U.S. Dollar
Risks and Uncertainties The ongoing conflict between Russia and Ukraine coupled with new tensions in the Middle East have increased economic uncertainty and geopolitical instability. Concern continues to be expressed nationally about the commercial real estate market and the impact a downturn in this sector could have on the banking industry. The failures in 2023 of several regional banks in the U.S. caused disruption in markets in the first half of 2023, and could have a lingering impact. Any or all could have negative downstream effects on the Company's operating results, the extent of which is indeterminable at this time. Subsequent Events Events occurring subsequent to September 30, 2023, have been evaluated as to their potential impact to the financial statements.

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