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Basis of Presentation | 6 Months Ended
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Jun. 30, 2024
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 2024 period is not necessarily indicative of the results that may be expected for the year ending December 31, 2024. 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, 2023. The 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.
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. |  |
Risks and Uncertainties Ongoing conflicts between Russia and Ukraine, and Israel and Hamas, continue to contribute to economic uncertainty and geopolitical instability. Concern about the national commercial real estate market and the impact a downturn in this sector could have on the banking industry continues to be expressed, as does concern about a re-kindling of inflation after higher than expected CPI prints to begin 2024. 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 June 30, 2024, have been evaluated as to their potential impact to the financial statements.

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