First Bancorp Inc ME
For the period ended Sep 30, 2024. Filed Nov 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 8, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Other Real Estate Owned
OREO and repossessed assets are comprised of properties or other assets acquired through a foreclosure proceeding, or acceptance of a deed or title in lieu of foreclosure. Real estate acquired through foreclosure is carried at the lower of fair value less estimated cost to sell or the cost of the asset and is not included as part of the ACL totals. At September 30, 2024 there was one property owned with an OREO balance of $173,000, net of an allowance for OREO losses of $35,000. This compares to December 31, 2023, and September 30, 2023, when there were no OREO properties and no allowance for losses. The table below presents the composition of OREO at September 30, 2024 and 2023, and December 31, 2023:
| Dollars in thousands | September 30, 2024 | December 31, 2023 | September 30, 2023 |
|---|---|---|---|
| Carrying Value | |||
| Residential | |||
| Term | $208 | $— | $— |
| Construction | — | — | — |
| Home Equity | |||
| Revolving and Term | — | — | — |
| Consumer | — | — | — |
| Total | 208 | — | — |
| Related Allowance | |||
| Residential | |||
| Term | 35 | — | — |
| Construction | — | — | — |
| Home Equity | |||
| Revolving and Term | — | — | — |
| Consumer | — | — | — |
| Total | 35 | — | — |
| Net Value | |||
| Residential | |||
| Term | 173 | — | — |
| Construction | — | — | — |
| Home Equity | |||
| Revolving and Term | — | — | — |
| Consumer | — | — | — |
| Total | $173 | $— | $— |
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