Condensed Financial Information of Parent

12 Months Ended

Dec. 31, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

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,	2013		2012
Assets
Cash and cash equivalents	$	1,113,000	$	2,685,000
Dividends receivable	1,500,000		1,900,000
Investments	543,000		429,000
Investment in subsidiary	117,391,000		125,580,000
Premises and equipment	32,000		43,000
Goodwill	27,559,000		27,559,000
Other assets	203,000		72,000
Total assets	$	148,341,000	$	158,268,000
Liabilities and shareholders' equity
Dividends payable	$	2,134,000	$	1,923,000
Other liabilities	109,000		22,000
Total liabilities	2,243,000		1,945,000
Shareholders' equity
Preferred stock	—		12,402,000
Common stock	106,000		98,000
Additional paid-in capital	58,395,000		46,314,000
Retained earnings	87,523,000		97,509,000
Accumulated other comprehensive income
Net unrealized gain on available for sale securities, net of tax	74,000		—
Total accumulated other comprehensive income	74,000		—
Total shareholders' equity	146,098,000		156,323,000
Total liabilities and shareholders' equity	$	148,341,000	$	158,268,000

Statements of Income



For the years ended December 31,	2013			2012			2011
Interest and dividends on investments	$	10,000		$	10,000		$	10,000
Net securities gains	—			—			153,000
Total income	10,000			10,000			163,000
Occupancy expense	11,000			8,000			4,000
Other operating expense	362,000			218,000			137,000
Total expense	373,000			226,000			141,000
Income (loss) before income taxes	(363,000		)	(216,000		)	22,000
Applicable income taxes	(128,000		)	(76,000		)	15,000
Income (loss) before Bank earnings	(235,000		)	(140,000		)	7,000
Equity in earnings of Bank
Remitted	7,096,000			9,694,000			8,710,000
Unremitted	6,104,000			3,134,000			3,647,000
Net income	$	12,965,000		$	12,688,000		$	12,364,000

Statements of Cash Flows



For the years ended December 31,	2013			2012			2011
Cash flows from operating activities:
Net income	$	12,965,000		$	12,688,000		$	12,364,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	11,000			8,000			13,000
Equity compensation expense	214,000			85,000			22,000
Gain on sale of investment	—			—			(153,000		)
Increase in other assets	(132,000		)	(15,000		)	(42,000		)
Decrease in dividend receivable	400,000			—			—
Increase (decrease) in other liabilities	258,000			(5,000		)	44,000
Unremitted earnings of Bank	(6,104,000		)	(3,134,000		)	(3,647,000		)
Net cash provided by operating activities	7,612,000			9,627,000			8,601,000
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		)
Net cash provided by (used in) investing activities	—			(25,000		)	12,471,000
Cash flows from financing activities:
Payment to repurchase preferred stock	(12,500,000		)	—			(12,500,000		)
Proceeds from sale of common stock	11,973,000			499,000			431,000
Dividends paid	(8,657,000		)	(8,310,000		)	(8,751,000		)
Net cash used in financing activities	(9,184,000		)	(7,811,000		)	(20,820,000		)
Net increase (decrease) in cash and cash equivalents	(1,572,000		)	1,791,000			252,000
Cash and cash equivalents at beginning of year	2,685,000			894,000			642,000
Cash and cash equivalents at end of year	$	1,113,000		$	2,685,000		$	894,000

- 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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