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Condensed Financial Information of Parent (Tables) | 12 Months Ended
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Dec. 31, 2020
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, | 2020 |  | 2019
Assets |  |  |
Cash and cash equivalents | $ | 1,287,000 |  |  | $ | 1,028,000 |
Dividends receivable | 3,400,000 |  |  | 3,200,000 |
Investment in subsidiary | 194,515,000 |  |  | 183,654,000 |
Goodwill | 27,559,000 |  |  | 27,559,000 |
Other assets | 360,000 |  |  | 337,000 |
Total assets | $ | 227,121,000 |  |  | $ | 215,778,000 |
Liabilities and shareholders' equity |  |  |
Dividends payable | $ | 3,395,000 |  |  | $ | 3,270,000 |
Other liabilities | — |  |  | — |
Total liabilities | 3,395,000 |  |  | 3,270,000 |
Shareholders' equity |  |  |
Common stock | 110,000 |  |  | 109,000 |
Additional paid-in capital | 65,285,000 |  |  | 63,964,000 |
Retained earnings | 158,331,000 |  |  | 148,435,000 |
Total shareholders' equity | 223,726,000 |  |  | 212,508,000 |
Total liabilities and shareholders' equity | $ | 227,121,000 |  |  | $ | 215,778,000 |
Statements of Income
For the years ended December 31, | 2020 |  | 2019 |  | 2018
Net securities gains | $ | — |  |  | $ | — |  |  | $ | 137,000 |
Other operating income | 8,000 |  |  | — |  |  | — |
Total income | 8,000 |  |  | — |  |  | 137,000 |
Occupancy expense | — |  |  | 1,000 |  |  | 2,000 |
Other operating expense | 911,000 |  |  | 826,000 |  |  | 652,000 |
Total expense | 911,000 |  |  | 827,000 |  |  | 654,000 |
Loss before income taxes and Bank earnings | (903,000) |  |  | (827,000) |  |  | (517,000) |
Applicable income taxes | (246,000) |  |  | (230,000) |  |  | (164,000) |
Loss before Bank earnings | (657,000) |  |  | (597,000) |  |  | (353,000) |
Equity in earnings of Bank |  |  |  |  |
Remitted | 13,300,000 |  |  | 12,600,000 |  |  | 11,300,000 |
Unremitted | 14,486,000 |  |  | 13,522,000 |  |  | 12,589,000 |
Net income | $ | 27,129,000 |  |  | $ | 25,525,000 |  |  | $ | 23,536,000 |
Statements of Cash Flows
For the years ended December 31, | 2020 |  | 2019 |  | 2018
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 27,129,000 |  |  | $ | 25,525,000 |  |  | $ | 23,536,000 |
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation | — |  |  | 2,000 |  |  | — |
Equity compensation expense | 652,000 |  |  | 565,000 |  |  | 381,000 |
Gain on sale of investments | — |  |  | — |  |  | (137,000) |
(Increase) decrease in other assets | (21,000) |  |  | (105,000) |  |  | 81,000 |
Increase in dividends receivable | (200,000) |  |  | (250,000) |  |  | (450,000) |
Increase in dividends payable | — |  |  | 120,000 |  |  | 551,000 |
Decrease in other liabilities | — |  |  | (4,000) |  |  | — |
Unremitted earnings of Bank | (14,486,000) |  |  | (13,522,000) |  |  | (12,589,000) |
Net cash provided by operating activities | 13,074,000 |  |  | 12,331,000 |  |  | 11,373,000 |
Cash flows from investing activities: |  |  |  |  |
Proceeds from sales/maturities of investments | — |  |  | — |  |  | 459,000 |
Capital expenditures | — |  |  | — |  |  | 1,000 |
Net cash provided by investing activities | — |  |  | — |  |  | 460,000 |
Cash flows from financing activities: |  |  |  |  |
Purchase of common stock | (156,000) |  |  | (183,000) |  |  | (168,000) |
Proceeds from sale of common stock | 670,000 |  |  | 653,000 |  |  | 619,000 |
Dividends paid | (13,329,000) |  |  | (12,963,000) |  |  | (12,052,000) |
Net cash used in financing activities | (12,815,000) |  |  | (12,493,000) |  |  | (11,601,000) |
Net increase (decrease) in cash and cash equivalents | 259,000 |  |  | (162,000) |  |  | 232,000 |
Cash and cash equivalents at beginning of year | 1,028,000 |  |  | 1,190,000 |  |  | 958,000 |
Cash and cash equivalents at end of year | $ | 1,287,000 |  |  | $ | 1,028,000 |  |  | $ | 1,190,000 |

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