First Bancorp, Inc /ME/
For the period ended Mar 31, 2025. Filed May 9, 2025.
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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.
Mar 31, 2025 · Filed May 9, 2025
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 March 31, 2025 and 2024, there were no OREO properties and no allowance for losses. This compares to December 31, 2024, when there was one OREO property with a balance of $173,000, net of an allowance for OREO losses of $35,000. The table below presents the composition of OREO at March 31, 2025 and 2024, and December 31, 2024:
| Dollars in thousands | March 31, 2025 | December 31, 2024 | March 31, 2024 |
|---|---|---|---|
| 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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