Condensed Financial Information of Parent

12 Months Ended

Dec. 31, 2012

Condensed Financial Information of Parent Company Only Disclosure [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,	2012		2011
Assets
Cash and cash equivalents	$	2,685,000	$	894,000
Dividends receivable		1,900,000		1,900,000
Investments		429,000		327,000
Investment in subsidiary		125,580,000		122,009,000
Premises and equipment		43,000		26,000
Goodwill		27,559,000		27,559,000
Other assets		72,000		57,000
Total assets	$	158,268,000	$	152,772,000
Liabilities and shareholders' equity
Dividends payable	$	1,923,000	$	1,912,000
Other liabilities		22,000		2,000
Total liabilities		1,945,000		1,914,000
Shareholders' equity
Preferred stock		12,402,000		12,303,000
Common stock		98,000		98,000
Additional paid-in capital		46,314,000		45,829,000
Retained earnings		97,509,000		92,694,000
Accumulated other comprehensive loss
Net unrealized loss on available for sale securities, net of tax benefit of $33,000 in 2011		-		(66,000	)
Total accumulated other comprehensive loss		-		(66,000	)
Total shareholders' equity		156,323,000		150,858,000
Total liabilities and shareholders' equity	$	158,268,000	$	152,772,000

Statements of Income

For the years ended December 31,	2012			2011		2010
Interest and dividends on investments	$	10,000		$	10,000	$	10,000
Net securities gains		-			153,000		-
Total income		10,000			163,000		10,000
Occupancy expense		8,000			4,000		1,000
Other operating expense		218,000			137,000		150,000
Total expense		226,000			141,000		151,000
Income (loss) before income taxes		(216,000	)		22,000		(141,000	)
Applicable income taxes		(76,000	)		15,000		(38,000	)
Income (loss) before Bank earnings		(140,000	)		7,000		(103,000	)
Equity in earnings of Bank
Remitted		9,694,000			8,710,000		8,850,000
Unremitted		3,134,000			3,647,000		3,369,000
Net income	$	12,688,000		$	12,364,000	$	12,116,000

Statements of Cash Flows

For the years ended December 31,	2012			2011			2010
Cash flows from operating activities:
Net income	$	12,688,000		$	12,364,000		$	12,116,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		8,000			13,000			-
Equity compensation expense		85,000			22,000			37,000
Gain on sale of investment		-			(153,000	)		-
Increase in other assets		(15,000	)		(42,000	)		(1,000	)
Increase (decrease) in other liabilities		(5,000	)		44,000			5,000
Unremitted earnings of Bank		(3,134,000	)		(3,647,000	)		(3,369,000	)
Net cash provided by operating activities		9,627,000			8,601,000			8,788,000
Cash flows from investing activities:
Proceeds from sales/maturities of investments		-			12,773,000			-
Purchases of investments		-			(273,000	)		-
Capital expenditures		(25,000	)		(29,000	)		(10,000	)
Net cash provided by (used in) investing activities		(25,000	)		12,471,000			(10,000	)
Cash flows from financing activities:
Payment to repurchase preferred stock		-			(12,500,000	)		-
Proceeds from sale of common stock		499,000			431,000			416,000
Dividends paid		(8,310,000	)		(8,751,000	)		(8,865,000	)
Net cash used in financing activities		(7,811,000	)		(20,820,000	)		(8,449,000	)
Net increase in cash and cash equivalents		1,791,000			252,000			329,000
Cash and cash equivalents at beginning of year		894,000			642,000			313,000
Cash and cash equivalents at end of year	$	2,685,000		$	894,000		$	642,000

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

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