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Condensed Financial Information of Parent (Tables) | 12 Months Ended
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Dec. 31, 2016
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, | 2016 |  | 2015
Assets |  |  |
Cash and cash equivalents | $ | 613,000 |  |  | $ | 1,431,000 |
Dividends receivable | 3,800,000 |  |  | 2,500,000 |
Investments | 432,000 |  |  | 509,000 |
Investment in subsidiary | 143,611,000 |  |  | 137,433,000 |
Premises and equipment | 4,000 |  |  | 12,000 |
Goodwill | 27,559,000 |  |  | 27,559,000 |
Other assets | 300,000 |  |  | 438,000 |
Total assets | $ | 176,319,000 |  |  | $ | 169,882,000 |
Liabilities and shareholders' equity |  |  |  |  |
Dividends payable | $ | 3,778,000 |  |  | $ | 2,366,000 |
Other liabilities | 20,000 |  |  | 18,000 |
Total liabilities | 3,798,000 |  |  | 2,384,000 |
Shareholders' equity |  |  |  |  |
Common stock | 108,000 |  |  | 108,000 |
Additional paid-in capital | 60,723,000 |  |  | 59,862,000 |
Retained earnings | 111,653,000 |  |  | 107,500,000 |
Accumulated other comprehensive income |  |  |
Net unrealized gain on available for sale securities, net of tax | 37,000 |  |  | 28,000 |
Total accumulated other comprehensive income | 37,000 |  |  | 28,000 |
Total shareholders' equity | 172,521,000 |  |  | 167,498,000 |
Total liabilities and shareholders' equity | $ | 176,319,000 |  |  | $ | 169,882,000 |
Statements of Income
For the years ended December 31, | 2016 |  | 2015 |  | 2014
Interest and dividends on investments | $ | 22,000 |  |  | $ | 18,000 |  |  | $ | 15,000 |
Net securities gains (losses) | (6,000 | ) |  | — |  |  | 38,000 |
Total income | 16,000 |  |  | 18,000 |  |  | 53,000 |
Occupancy expense | 9,000 |  |  | 12,000 |  |  | 12,000 |
Other operating expense | 528,000 |  |  | 488,000 |  |  | 604,000 |
Total expense | 537,000 |  |  | 500,000 |  |  | 616,000 |
Loss before income taxes and Bank earnings | (521,000 | ) |  | (482,000 | ) |  | (563,000 | )
Applicable income taxes | (186,000 | ) |  | (172,000 | ) |  | (200,000 | )
Loss before Bank earnings | (335,000 | ) |  | (310,000 | ) |  | (363,000 | )
Equity in earnings of Bank |  |  |  |  |
Remitted | 11,300,000 |  |  | 10,000,000 |  |  | 8,850,000 |
Unremitted | 7,044,000 |  |  | 6,516,000 |  |  | 6,222,000 |
Net income | $ | 18,009,000 |  |  | $ | 16,206,000 |  |  | $ | 14,709,000 |
Statements of Cash Flows
For the years ended December 31, | 2016 |  | 2015 |  | 2014
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 18,009,000 |  |  | $ | 16,206,000 |  |  | $ | 14,709,000 |
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation | 8,000 |  |  | 12,000 |  |  | 9,000 |
Equity compensation expense | 298,000 |  |  | 296,000 |  |  | 431,000 |
(Gain) loss on sale of investments | 6,000 |  |  | — |  |  | (38,000 | )
Tax benefit from vesting of restricted stock | 32,000 |  |  | — |  |  | — |
(Increase) decrease in other assets | 136,000 |  |  | (135,000 | ) |  | (98,000 | )
Increase in dividends receivable | (1,300,000 | ) |  | (50,000 | ) |  | (1,050,000 | )
Increase in dividends payable | 112,000 |  |  | — |  |  | — |
Increase (decrease) in other liabilities | (4,000 | ) |  | 160,000 |  |  | 105,000 |
Unremitted earnings of Bank | (7,044,000 | ) |  | (6,516,000 | ) |  | (6,222,000 | )
Net cash provided by operating activities | 10,253,000 |  |  | 9,973,000 |  |  | 7,846,000 |
Cash flows from investing activities: |  |  |  |  |
Proceeds from sales/maturities of investments | 87,000 |  |  | — |  |  | — |
Capital expenditures | — |  |  | — |  |  | (1,000 | )
Net cash provided by (used in) investing activities | 87,000 |  |  | — |  |  | (1,000 | )
Cash flows from financing activities: |  |  |  |  |
Purchase of common stock | (129,000 | ) |  | (180,000 | ) |  | — |
Proceeds from sale of common stock | 531,000 |  |  | 465,000 |  |  | 457,000 |
Repurchase of warrants | (1,750,000 | ) |  | — |  |  | — |
Dividends paid | (9,810,000 | ) |  | (9,349,000 | ) |  | (8,893,000 | )
Net cash used in financing activities | (11,158,000 | ) |  | (9,064,000 | ) |  | (8,436,000 | )
Net increase (decrease) in cash and cash equivalents | (818,000 | ) |  | 909,000 |  |  | (591,000 | )
Cash and cash equivalents at beginning of year | 1,431,000 |  |  | 522,000 |  |  | 1,113,000 |
Cash and cash equivalents at end of year | $ | 613,000 |  |  | $ | 1,431,000 |  |  | $ | 522,000 |

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