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Condensed Financial Information of Parent
 12 Months Ended
Dec. 31, 2011
Notes to Financial Statements [Abstract]  
Condensed Financial Information of Parent
Note 23. Condensed Financial Information of Parent

Condensed financial information for The First Bancorp, Inc. exclusive of its subsidiary is as follows:

Balance Sheets

As of December 31,
 
2011
  
2010
 
Assets
      
Cash and cash equivalents
 $894,000  $642,000 
Dividends receivable
  1,900,000   1,900,000 
Investments
  327,000   285,000 
Investment in subsidiary
  122,009,000   121,346,000 
Premises and equipment
  26,000   10,000 
Goodwill
  27,559,000   27,559,000 
Other assets
  57,000   15,000 
        Total assets
 $152,772,000  $151,757,000 
Liabilities and shareholders' equity
        
Dividends payable
 $1,912,000  $1,906,000 
Other liabilities
  2,000   3,000 
     Total liabilities
  1,914,000   1,909,000 
Shareholders' equity
        
Preferred stock
  12,303,000   24,705,000 
Common stock
  98,000   98,000 
Additional paid-in capital
  45,829,000   45,474,000 
Retained earnings
  92,694,000   79,565,000 
Accumulated other comprehensive income (loss)
        
Net unrealized income (loss) on available for sale securities, net of tax
   benefit of $33,000 in 2011 and taxes of $3,000 in 2010
  (66,000)  6,000 
  Total accumulated other comprehensive income (loss)
  (66,000)  6,000 
    Total shareholders' equity
 $150,858,000   149,848,000 
       Total liabilities and shareholders' equity
 $152,772,000  $151,757,000 

Statements of Income

For the years ended December 31,
 
2011
  
2010
  
2009
 
Interest and dividends on investments
 $10,000  $10,000  $10,000 
Net securities gains
  153,000   -   - 
Total income
  163,000   10,000   10,000 
Occupancy expense
  4,000   1,000   - 
Other operating expense
  137,000   150,000   209,000 
Total expense
  141,000   151,000   209,000 
Income (loss) before income taxes
  22,000   (141,000)  (199,000)
Applicable income taxes
  15,000   (38,000)  (57,000)
Income (loss) before Bank earnings
  7,000   (103,000)  (142,000)
Equity in earnings of Bank
            
Remitted
  8,710,000   8,850,000   8,404,000 
Unremitted
  3,647,000   3,369,000   4,780,000 
     Net income
 $12,364,000  $12,116,000  $13,042,000 




Statements of Cash Flows

For the years ended December 31,
 
2011
  
2010
  
2009
 
Cash flows from operating activities:
         
Net income
 $12,364,000  $12,116,000  $13,042,000 
Adjustments to reconcile net income to net cash provided by operating activities:
 
  Depreciation
  13,000   -   - 
  Equity compensation expense
  22,000   37,000   37,000 
  Gain on sale of investment
  (153,000)  -   - 
  (Increase) decrease in other assets
  (42,000)  (1,000)  38,000 
  Increase (decrease) in other liabilities
  44,000   5,000   (41,000)
  Unremitted earnings of Bank
  (3,647,000)  (3,369,000)  (4,780,000)
   Net cash provided by operating activities
  8,601,000   8,788,000   8,296,000 
Cash flows from investing activities:
            
  Proceeds from sales/maturities of investments
  12,773,000   -   - 
  Purchases of investments
  (273,000)  -   (120,000)
  Preferred stock investment in subsidiary
  -   -   (25,000,000)
  Capital expenditures
  (29,000)  (10,000)  - 
   Net cash provided (used) in investing activities
  12,471,000   (10,000)  (25,120,000)
Cash flows from financing activities:
            
  Proceeds from issuance of preferred stock
  -   -   25,000,000 
  Payment to repurchase preferred stock
  (12,500,000)  -   - 
  Payments to purchase common stock
  -   -   (263,000)
  Proceeds from sale of common stock
  431,000   416,000   836,000 
  Dividends paid
  (8,751,000)  (8,865,000)  (8,649,000)
   Net cash provided (used) in financing activities
  (20,820,000)  (8,449,000)  16,924,000 
Net increase in cash and cash equivalents
  252,000   329,000   100,000 
Cash and cash equivalents at beginning of year
  642,000   313,000   213,000 
Cash and cash equivalents at end of year
 $894,000  $642,000  $313,000