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Condensed Financial Information of Parent
 12 Months Ended
Dec. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Financial Information of Parent
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,
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