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Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Acronyms, Abbreviations and Definitions

The following is provided to aid the reader and provide a reference page when reviewing these sections of the Form 10-Q.


Abbreviation			Description			Abbreviation			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)			IAL			Individually Analyzed Loans
ASC			Accounting Standards Codification			IRS			Internal Revenue Service
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
EPS			Earnings per share			POR			Period of Redemption
FASB			Financial Accounting Standards Board			PSA			Public Securities Association
FDIC			Federal Deposit Insurance Corporation			SEC			Securities and Exchange Commission
FHLB			Federal Home Loan Bank			SOFR			Secured Overnight Financing Rate
FHLBB			Federal Home Loan Bank of Boston			TDR			Troubled debt restructuring
FHLMC			Federal Home Loan Mortgage Corporation			The 2020 Plan			The 2020 Equity Incentive Plan
FNMA			Federal National Mortgage Association			The Bank			First National Bank
FOMC			Federal Open Market Committee			The Company			The First Bancorp, Inc.
FRB			Federal Reserve Board			U.S.			United States of America
FRBB			Federal Reserve Bank of Boston			USD			U.S. Dollar
GAAP			Accounting principles generally accepted in the U.S.