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Condensed Financial Information of Parent | 12 Months Ended
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Dec. 31, 2020
Condensed Financial Information 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, | 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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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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