First Bancorp, Inc /ME/
For the period ended Jun 30, 2025. Filed Aug 8, 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.
Jun 30, 2025 · Filed Aug 8, 2025
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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 June 30, 2025 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, and June 30, 2024, when there was one OREO property with a balance of 208,000, with no allowance for losses. The table below presents the composition of OREO at June 30, 2025 and 2024, and December 31, 2024:
| Dollars in thousands | June 30, 2025 | December 31, 2024 | June 30, 2024 |
|---|---|---|---|
| Carrying Value | |||
| Residential | |||
| Term | $— | $208 | $208 |
| Construction | — | — | — |
| Home Equity | |||
| Revolving and Term | — | — | — |
| Consumer | — | — | — |
| Total | — | 208 | 208 |
| Related Allowance | |||
| Residential | |||
| Term | — | 35 | — |
| Construction | — | — | — |
| Home Equity | |||
| Revolving and Term | — | — | — |
| Consumer | — | — | — |
| Total | — | 35 | — |
| Net Value | |||
| Residential | |||
| Term | — | 173 | 208 |
| Construction | — | — | — |
| Home Equity | |||
| Revolving and Term | — | — | — |
| Consumer | — | — | — |
| Total | $— | $173 | $208 |
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