Condensed Financial Information of Parent (Tables)

12 Months Ended

Dec. 31, 2020

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