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Condensed Financial Information of Parent
 12 Months Ended
Dec. 31, 2017
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,
2017
 
2016
Assets
 
 
 
Cash and cash equivalents
$
958,000

 
$
613,000

Dividends receivable
2,500,000

 
3,800,000

Investments
441,000

 
432,000

Investment in subsidiary
152,174,000

 
143,611,000

Premises and equipment
3,000

 
4,000

Goodwill
27,559,000

 
27,559,000

Other assets
312,000

 
300,000

Total assets
$
183,947,000

 
$
176,319,000

Liabilities and shareholders' equity
 

 
 

Dividends payable
$
2,599,000

 
$
3,778,000

Other liabilities
27,000

 
20,000

Total liabilities
2,626,000

 
3,798,000

Shareholders' equity
 

 
 

Common stock
108,000

 
108,000

Additional paid-in capital
61,747,000

 
60,723,000

Retained earnings
119,373,000

 
111,653,000

Accumulated other comprehensive income
 
 
 
     Net unrealized gain on available for sale securities,
     net of tax
93,000

 
37,000

Total accumulated other comprehensive income
93,000

 
37,000

Total shareholders' equity
181,321,000

 
172,521,000

Total liabilities and shareholders' equity
$
183,947,000

 
$
176,319,000




Statements of Income

For the years ended December 31,
2017
 
2016
 
2015
Interest and dividends on investments
$
15,000

 
$
22,000

 
$
18,000

Net securities losses
(3,000
)
 
(6,000
)
 
—

Total income
12,000

 
16,000

 
18,000

Occupancy expense
5,000

 
9,000

 
12,000

Other operating expense
588,000

 
528,000

 
488,000

Total expense
593,000

 
537,000

 
500,000

Loss before income taxes and Bank earnings
(581,000
)
 
(521,000
)
 
(482,000
)
Applicable income taxes
(187,000
)
 
(186,000
)
 
(172,000
)
Loss before Bank earnings
(394,000
)
 
(335,000
)
 
(310,000
)
Equity in earnings of Bank
 
 
 
 
 
Remitted
11,180,000

 
11,300,000

 
10,000,000

Unremitted
8,802,000

 
7,044,000

 
6,516,000

Net income
$
19,588,000

 
$
18,009,000

 
$
16,206,000


Statements of Cash Flows

For the years ended December 31,
2017
 
2016
 
2015
Cash flows from operating activities:
 
 
 
 
 
Net income
$
19,588,000

 
$
18,009,000

 
$
16,206,000

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
5,000

 
8,000

 
12,000

Equity compensation expense
392,000

 
298,000

 
296,000

Loss on sale of investments
3,000

 
6,000

 
—

Tax benefit from vesting of restricted stock
—

 
32,000

 
—

(Increase) decrease in other assets
27,000

 
136,000

 
(135,000
)
(Increase) decrease in dividends receivable
1,300,000

 
(1,300,000
)
 
(50,000
)
Increase (decrease) in dividends payable
(1,179,000
)
 
112,000

 
—

Increase (decrease) in other liabilities
(3,000
)
 
(4,000
)
 
160,000

Unremitted earnings of Bank
(8,802,000
)
 
(7,044,000
)
 
(6,516,000
)
Net cash provided by operating activities
11,331,000

 
10,253,000

 
9,973,000

Cash flows from investing activities:
 
 
 
 
 
Proceeds from sales/maturities of investments
—

 
87,000

 
—

Capital expenditures
(4,000
)
 
—

 
—

Net cash provided by (used in) investing activities
(4,000
)
 
87,000

 
—

Cash flows from financing activities:
 
 
 
 
 
Purchase of common stock
(154,000
)
 
(129,000
)
 
(180,000
)
Proceeds from sale of common stock
632,000

 
531,000

 
465,000

Repurchase of warrants
—

 
(1,750,000
)
 
—

Dividends paid
(11,460,000
)
 
(9,810,000
)
 
(9,349,000
)
Net cash used in financing activities
(10,982,000
)
 
(11,158,000
)
 
(9,064,000
)
Net increase (decrease) in cash and cash equivalents
345,000

 
(818,000
)
 
909,000

Cash and cash equivalents at beginning of year
613,000

 
1,431,000

 
522,000

Cash and cash equivalents at end of year
$
958,000

 
$
613,000

 
$
1,431,000