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Basis of Presentation | 3 Months Ended
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Mar. 31, 2025
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 2025 period is not necessarily indicative of the results that may be expected for the year ending December 31, 2025. 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, 2024. The abbreviations and definitions identified below may be 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 | GAAP | Accounting principles generally accepted in the U.S.
AFS | Available-for-sale | GDP | Gross domestic product
ALCO | Asset/Liability Committee | GNMA | Government National Mortgage Association
AOCI | Accumulated other comprehensive income (loss) | HTM | Held-to-maturity
ASC | Accounting Standards Codification | IAL | Individually Analyzed Loans
ASU | Accounting Standards Update | IRS | Internal Revenue Service
C&I | Commercial and Industrial | MPF | Mortgage Partnership Finance Program
CDs | Certificates of deposit | OAEM | Other assets especially mentioned
CECL | Current Expected Credit Loss | OCC | Office of the Comptroller of the Currency
CET1 | Common Equity Tier 1 | OCI | Other comprehensive income (loss)
CLLD | Construction, land, and land development | OIS | Overnight Indexed Swap
EPS | Earnings per share | OREO | Other real estate owned
FASB | Financial Accounting Standards Board | POR | Period of Redemption
FDIC | Federal Deposit Insurance Corporation | PSA | Public Securities 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 | 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
Risks and Uncertainties Global markets have experienced heightened volatility amidst an escalation of trade disputes, the outcome of which is yet to be determined. The ongoing conflicts between Russia and Ukraine, and Israel and Hamas, as well as other conflicts globally, have the potential to further increase economic uncertainty and geopolitical instability. Finally, the 2024 U.S. election resulted in single party control of the executive and legislative branches of the federal government, with pledges to reign in government spending and reform numerous policies including immigration, and business regulation. Any or all could ultimately 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 March 31, 2025, have been evaluated as to their potential impact to the financial statements.

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