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Condensed Financial Information of Parent (Tables) | 12 Months Ended
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Dec. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed financial information for Parent | Condensed financial information for The First Bancorp, Inc. exclusive of its subsidiary is as follows: Balance Sheets
As of December 31, | 2014 |  | 2013
Assets |  |  |
Cash and cash equivalents | $ | 522,000 |  |  | $ | 1,113,000 |
Dividends receivable | 2,500,000 |  |  | 1,500,000 |
Investments | 528,000 |  |  | 543,000 |
Investment in subsidiary | 132,399,000 |  |  | 117,391,000 |
Premises and equipment | 24,000 |  |  | 32,000 |
Goodwill | 27,559,000 |  |  | 27,559,000 |
Other assets | 302,000 |  |  | 203,000 |
Total assets | $ | 163,834,000 |  |  | $ | 148,341,000 |
Liabilities and shareholders' equity |  |  |  |  |
Dividends payable | $ | 2,252,000 |  |  | $ | 2,134,000 |
Other liabilities | 28,000 |  |  | 109,000 |
Total liabilities | 2,280,000 |  |  | 2,243,000 |
Shareholders' equity |  |  |  |  |
Common stock | 107,000 |  |  | 106,000 |
Additional paid-in capital | 59,282,000 |  |  | 58,395,000 |
Retained earnings | 102,125,000 |  |  | 87,523,000 |
Accumulated other comprehensive income |  |  |
Net unrealized gain on available for sale securities, net of tax | 40,000 |  |  | 74,000 |
Total accumulated other comprehensive income | 40,000 |  |  | 74,000 |
Total shareholders' equity | 161,554,000 |  |  | 146,098,000 |
Total liabilities and shareholders' equity | $ | 163,834,000 |  |  | $ | 148,341,000 |
Statements of Income
For the years ended December 31, | 2014 |  | 2013 |  | 2012
Interest and dividends on investments | $ | 15,000 |  |  | $ | 10,000 |  |  | $ | 10,000 |
Net securities gains | 38,000 |  |  | — |  |  | — |
Total income | 53,000 |  |  | 10,000 |  |  | 10,000 |
Occupancy expense | 12,000 |  |  | 11,000 |  |  | 8,000 |
Other operating expense | 604,000 |  |  | 362,000 |  |  | 218,000 |
Total expense | 616,000 |  |  | 373,000 |  |  | 226,000 |
Loss before income taxes and Bank earnings | (563,000 | ) |  | (363,000 | ) |  | (216,000 | )
Applicable income taxes | (200,000 | ) |  | (128,000 | ) |  | (76,000 | )
Loss before Bank earnings | (363,000 | ) |  | (235,000 | ) |  | (140,000 | )
Equity in earnings of Bank |  |  |  |  |
Remitted | 8,850,000 |  |  | 7,096,000 |  |  | 9,694,000 |
Unremitted | 6,222,000 |  |  | 6,104,000 |  |  | 3,134,000 |
Net income | $ | 14,709,000 |  |  | $ | 12,965,000 |  |  | $ | 12,688,000 |
Statements of Cash Flows
For the years ended December 31, | 2014 |  | 2013 |  | 2012
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 14,709,000 |  |  | $ | 12,965,000 |  |  | $ | 12,688,000 |
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation | 9,000 |  |  | 11,000 |  |  | 8,000 |
Equity compensation expense | 431,000 |  |  | 214,000 |  |  | 85,000 |
Gain on sale of investment | (38,000 | ) |  | — |  |  | — |
Increase in other assets | (98,000 | ) |  | (132,000 | ) |  | (15,000 | )
(Increase) decrease in dividend receivable | (1,050,000 | ) |  | 400,000 |  |  | — |
Increase (decrease) in other liabilities | 105,000 |  |  | 258,000 |  |  | (5,000 | )
Unremitted earnings of Bank | (6,222,000 | ) |  | (6,104,000 | ) |  | (3,134,000 | )
Net cash provided by operating activities | 7,846,000 |  |  | 7,612,000 |  |  | 9,627,000 |
Cash flows from investing activities: |  |  |  |  |
Capital expenditures | (1,000 | ) |  | — |  |  | (25,000 | )
Net cash used in investing activities | (1,000 | ) |  | — |  |  | (25,000 | )
Cash flows from financing activities: |  |  |  |  |
Payment to repurchase preferred stock | — |  |  | (12,500,000 | ) |  | — |
Proceeds from sale of common stock | 457,000 |  |  | 11,973,000 |  |  | 499,000 |
Dividends paid | (8,893,000 | ) |  | (8,657,000 | ) |  | (8,310,000 | )
Net cash used in financing activities | (8,436,000 | ) |  | (9,184,000 | ) |  | (7,811,000 | )
Net increase (decrease) in cash and cash equivalents | (591,000 | ) |  | (1,572,000 | ) |  | 1,791,000 |
Cash and cash equivalents at beginning of year | 1,113,000 |  |  | 2,685,000 |  |  | 894,000 |
Cash and cash equivalents at end of year | $ | 522,000 |  |  | $ | 1,113,000 |  |  | $ | 2,685,000 |

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