NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1. NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Tb ahne k Ci nogmspuabns yi d ii as r ay ’ sb at hnikr t yh-ot lhdri eneg bcroamn cphaensy, ghr ea andt sq au ga rr itbe ur es di n ei ns s L, ceobma nmo enr, cVi ai lr, gri ensi ai d. eTnht iea lCaonmd pi na ns tya, l ltmh reonut gl oh a int ss tcoe rittisf i ccautset oo mf deerps o. s iPt rs i. mT ahreyC do emppoasni ty pc ruor dr eunc tt lsy aorpee rnaotne -si ni nt et hr eesstt abteeasroi nf gV i cr hg iencikai, nTge na nc ceos us enet ,sa, ns da vNi nogr tshaCnadr ot lei rnma . Ta chcee apct ce od ui nn t ti hn eg aUnndi treedp Sotrat ti ne sg opfo Al i mc i ee sr iacna d. Tp rhaec ft oi cl el oswo if nt gh ei sCao ms upma mn ya cr oy noffotrhme tCooamc cpoaunny t’ si nsgi gpnriifni ccai pnlte as cgceonuenrtai lnl yg policies. Principles of Consolidation: The consolidated financial statements include the accounts of First Bancorp, Inc., (F“i Cr sotmSpoauntyh”e oa sr t “ PDaerveenlto”p) ma nedn ti t sL LwCh. o l lAy l lo ws ingendi f iscuabnst i di inatrei recso: mT hpea nFyi r sbt aBl aanncke s& aTnrdu s tt rCaonms apcat inoyn s( “ Bhaanv ke ” )b ae ne nd eml iomr ei ntahtaend 5i n0 %c o on fs ot hl ied av toi toi nn .g Tr ihg eh tCs oomr pwahneyr ec oi tn hs oa lsi dt ha tee as bsi ul i bt ys itdoi aerxi ee rs ciins ewcho incthr oi tl . hTohl desB, da ni rke cotpl ye roart ei ns duinr edcetrl ya, sI nt astuercahnacret eCroar pnodriastsi ounb.j eTc ht teoPraergeunl at tiisosnubbyj etchtet Vo irreggi nuilaa tBi ounr ebayu tohfeFFi neadnecriaall RI nessteirt uv et i.o n s a n d t h e F e d e r a l D e p o s i t Use of Estimates: In preparing consolidated financial statements in conformity with accounting principles ga se snuemr apl ltyi oancsc et ph taet da if nf etcht et hUen irteepdoSrttaetde sa omf oAumn tesr ioc fa a( sUs. eS t. sG Aa nAdP )l i, amb ai lni tai eg se ma se no tf itshree bq au li ar ne dc et os hmeaekt edeast tei ma sa twe es lal nads reesptiomrateteds.amounts of revenues and expenses during the reporting period. Actual results could differ from sTuhsec edpe tt iebrlme it no ast ii gonni foi cf at nh te cahdaenqgueas ciyn ot hf et heec oa lnl oo wmai cn ceen vf oi rro lnoma ne nl ot sasneds mi s abrakseetdc oo nn dei st itoi mn sa. t eI ns tchoant naercet i po anr wt i ci tuhl atrhl ye d co e l t l e a r t m er i a n l a . tion of the estimated losses on loans, management obtains independent appraisals for significant Ta nhde bBuasni kn ’ess lsoaasnsse tasr. eAgl et hnoeur ag lhl yt hs ee cBuarnekd hbays sapdeicvief ircs ii ftieemd sl ooafncpool lrattfeorl ai ol , ian cs luubdsitnagn trieaal lpporrot ipoenr ot yf , i tcso dn es ub mt o er sr ’ aasbsi el ittsy, ti no f ohromnaotri o nt hteoi rr eccoongtnr iazcet sl o si ss e ds eopne lnodaennst, f uo rnt hleorc ar le deuccotni oonms i icn ct ho en dc iatri or ynisn. g Wa mh iol eu nmt s aonfalgoeamn se nmt a yu sbees naevc ae isl saabrl ye be xa as me di noant i oc nh apnrgoecse si ns , pl oecrai ol de iccoanl loymr ei cv iceown dt hi tei oensst .i mI ant eadd dl oi tsisoens, or ne gl uo laant so. r yS uacghe na cgieens c, iaess amna yi nrt ee qg ruai rl ep tahr et Bo fa nt hk etior rDeuceo gtnoi zteh ae didniftliuoennacl el o os sf efsabc taosresd do ensjcurdi bg emde, ni tt s ids r ar ewans of rnoamb l ya vpa oi l sasbi lbel ei n tf oh ramt at ht ieo ne satti tmh ae ttei dm el oosfstehse oenx a lmo ai nnast iaorne. s e u st s i c m ep at t e ib d l . e to change in the near term. However, the amount of the change that is reasonably possible cannot be Reclassifications: Certain amounts in the financial statements have been reclassified. Such reclassifications had no impact on shareholders’ equity or net income for any period. Cash and Cash Equivalents: For purposes of reporting cash flows, cash and cash equivalents include cash, due fmr oami n tba ai nnsk sa ,mf eoduenrtasl df uu ne df rs osmo l db ,a innkt se rwe shti-cbhe, aarti nt igmdees p, mo sai tys ,e ax nc ede cdafsehd ei treaml l ys ii nn spurroe cde lsi smoi tf sc. l eTahrei nCgo. mTphaenCy ohma sp annoyt experienced any losses in such accounts.
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