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Condensed Financial Information of Parent (Tables) | 12 Months Ended
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Dec. 31, 2018
Condensed Financial Information 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, | 2018 |  | 2017
Assets |  |  |
Cash and cash equivalents | $ | 1,190,000 |  |  | $ | 958,000 |
Dividends receivable | 2,950,000 |  |  | 2,500,000 |
Investments | — |  |  | 441,000 |
Investment in subsidiary | 162,763,000 |  |  | 152,174,000 |
Premises and equipment | 2,000 |  |  | 3,000 |
Goodwill | 27,559,000 |  |  | 27,559,000 |
Other assets | 232,000 |  |  | 312,000 |
Total assets | $ | 194,696,000 |  |  | $ | 183,947,000 |
Liabilities and shareholders' equity |  |  |  |  |
Dividends payable | $ | 3,150,000 |  |  | $ | 2,599,000 |
Other liabilities | 4,000 |  |  | 27,000 |
Total liabilities | 3,154,000 |  |  | 2,626,000 |
Shareholders' equity |  |  |  |  |
Common stock | 109,000 |  |  | 108,000 |
Additional paid-in capital | 62,746,000 |  |  | 61,747,000 |
Retained earnings | 128,687,000 |  |  | 119,373,000 |
Accumulated other comprehensive income |  |  |
Net unrealized gain on available for sale securities, net of tax | — |  |  | 93,000 |
Total accumulated other comprehensive income | — |  |  | 93,000 |
Total shareholders' equity | 191,542,000 |  |  | 181,321,000 |
Total liabilities and shareholders' equity | $ | 194,696,000 |  |  | $ | 183,947,000 |
Statements of Income
For the years ended December 31, | 2018 |  | 2017 |  | 2016
Interest and dividends on investments | $ | — |  |  | $ | 15,000 |  |  | $ | 22,000 |
Net securities gains (losses) | 137,000 |  |  | (3,000 | ) |  | (6,000 | )
Total income | 137,000 |  |  | 12,000 |  |  | 16,000 |
Occupancy expense | 2,000 |  |  | 5,000 |  |  | 9,000 |
Other operating expense | 652,000 |  |  | 588,000 |  |  | 528,000 |
Total expense | 654,000 |  |  | 593,000 |  |  | 537,000 |
Loss before income taxes and Bank earnings | (517,000 | ) |  | (581,000 | ) |  | (521,000 | )
Applicable income taxes | (164,000 | ) |  | (187,000 | ) |  | (186,000 | )
Loss before Bank earnings | (353,000 | ) |  | (394,000 | ) |  | (335,000 | )
Equity in earnings of Bank |  |  |  |  |
Remitted | 11,300,000 |  |  | 11,180,000 |  |  | 11,300,000 |
Unremitted | 12,589,000 |  |  | 8,802,000 |  |  | 7,044,000 |
Net income | $ | 23,536,000 |  |  | $ | 19,588,000 |  |  | $ | 18,009,000 |
Statements of Cash Flows
For the years ended December 31, | 2018 |  | 2017 |  | 2016
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 23,536,000 |  |  | $ | 19,588,000 |  |  | $ | 18,009,000 |
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation | — |  |  | 5,000 |  |  | 8,000 |
Equity compensation expense | 381,000 |  |  | 392,000 |  |  | 298,000 |
(Gain) loss on sale of investments | (137,000 | ) |  | 3,000 |  |  | 6,000 |
Tax benefit from vesting of restricted stock | — |  |  | — |  |  | 32,000 |
Decrease in other assets | 81,000 |  |  | 27,000 |  |  | 136,000 |
(Increase) decrease in dividends receivable | (450,000 | ) |  | 1,300,000 |  |  | (1,300,000 | )
Increase (decrease) in dividends payable | 551,000 |  |  | (1,179,000 | ) |  | 112,000 |
Increase (decrease) in other liabilities | — |  |  | (3,000 | ) |  | (4,000 | )
Unremitted earnings of Bank | (12,589,000 | ) |  | (8,802,000 | ) |  | (7,044,000 | )
Net cash provided by operating activities | 11,373,000 |  |  | 11,331,000 |  |  | 10,253,000 |
Cash flows from investing activities: |  |  |  |  |
Proceeds from sales/maturities of investments | 459,000 |  |  | — |  |  | 87,000 |
Capital expenditures | 1,000 |  |  | (4,000 | ) |  | — |
Net cash provided by (used in) investing activities | 460,000 |  |  | (4,000 | ) |  | 87,000 |
Cash flows from financing activities: |  |  |  |  |
Purchase of common stock | (168,000 | ) |  | (154,000 | ) |  | (129,000 | )
Proceeds from sale of common stock | 619,000 |  |  | 632,000 |  |  | 531,000 |
Repurchase of warrants | — |  |  | — |  |  | (1,750,000 | )
Dividends paid | (12,052,000 | ) |  | (11,460,000 | ) |  | (9,810,000 | )
Net cash used in financing activities | (11,601,000 | ) |  | (10,982,000 | ) |  | (11,158,000 | )
Net increase (decrease) in cash and cash equivalents | 232,000 |  |  | 345,000 |  |  | (818,000 | )
Cash and cash equivalents at beginning of year | 958,000 |  |  | 613,000 |  |  | 1,431,000 |
Cash and cash equivalents at end of year | $ | 1,190,000 |  |  | $ | 958,000 |  |  | $ | 613,000 |

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