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Condensed Financial Information of Parent (Tables) | 12 Months Ended
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Dec. 31, 2021
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, | 2021 |  | 2020
Assets |  |  |
Cash and cash equivalents | $ | 1,401,000 |  |  | $ | 1,287,000 |
Dividends receivable | 3,200,000 |  |  | 3,400,000 |
Investment in subsidiary | 216,591,000 |  |  | 194,515,000 |
Goodwill | 27,559,000 |  |  | 27,559,000 |
Other assets | 431,000 |  |  | 360,000 |
Total assets | $ | 249,182,000 |  |  | $ | 227,121,000 |
Liabilities and shareholders' equity |  |  |
Dividends payable | $ | 3,520,000 |  |  | $ | 3,395,000 |
Other liabilities | 5,000 |  |  | — |
Total liabilities | 3,525,000 |  |  | 3,395,000 |
Shareholders' equity |  |  |
Common stock | 110,000 |  |  | 110,000 |
Additional paid-in capital | 66,830,000 |  |  | 65,285,000 |
Retained earnings | 178,717,000 |  |  | 158,331,000 |
Total shareholders' equity | 245,657,000 |  |  | 223,726,000 |
Total liabilities and shareholders' equity | $ | 249,182,000 |  |  | $ | 227,121,000 |
Statements of Income
For the years ended December 31, | 2021 |  | 2020 |  | 2019
Net securities gains | $ | — |  |  | $ | — |  |  | $ | — |
Other operating income | — |  |  | 8,000 |  |  | — |
Total income | — |  |  | 8,000 |  |  | — |
Occupancy expense | — |  |  | — |  |  | 1,000 |
Other operating expense | 1,148,000 |  |  | 911,000 |  |  | 826,000 |
Total expense | 1,148,000 |  |  | 911,000 |  |  | 827,000 |
Loss before income taxes and Bank earnings | (1,148,000) |  |  | (903,000) |  |  | (827,000) |
Applicable income taxes | (269,000) |  |  | (246,000) |  |  | (230,000) |
Loss before Bank earnings | (879,000) |  |  | (657,000) |  |  | (597,000) |
Equity in earnings of Bank |  |  |  |  |
Remitted | 13,400,000 |  |  | 13,300,000 |  |  | 12,600,000 |
Unremitted | 23,748,000 |  |  | 14,486,000 |  |  | 13,522,000 |
Net income | $ | 36,269,000 |  |  | $ | 27,129,000 |  |  | $ | 25,525,000 |
Statements of Cash Flows
For the years ended December 31, | 2021 |  | 2020 |  | 2019
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 36,269,000 |  |  | $ | 27,129,000 |  |  | $ | 25,525,000 |
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation | — |  |  | — |  |  | 2,000 |
Equity compensation expense | 856,000 |  |  | 652,000 |  |  | 565,000 |
Gain on sale of investments | — |  |  | — |  |  | — |
Increase in other assets | (71,000) |  |  | (21,000) |  |  | (105,000) |
(Increase) decrease in dividends receivable | 200,000 |  |  | (200,000) |  |  | (250,000) |
Increase in dividends payable | 115,000 |  |  | — |  |  | 120,000 |
Increase (decrease) in other liabilities | 5,000 |  |  | — |  |  | (4,000) |
Unremitted earnings of Bank | (23,748,000) |  |  | (14,486,000) |  |  | (13,522,000) |
Net cash provided by operating activities | 13,626,000 |  |  | 13,074,000 |  |  | 12,331,000 |
Cash flows from financing activities: |  |  |  |  |
Purchase of common stock | (253,000) |  |  | (156,000) |  |  | (183,000) |
Proceeds from sale of common stock | 689,000 |  |  | 670,000 |  |  | 653,000 |
Dividends paid | (13,948,000) |  |  | (13,329,000) |  |  | (12,963,000) |
Net cash used in financing activities | (13,512,000) |  |  | (12,815,000) |  |  | (12,493,000) |
Net increase (decrease) in cash and cash equivalents | 114,000 |  |  | 259,000 |  |  | (162,000) |
Cash and cash equivalents at beginning of year | 1,287,000 |  |  | 1,028,000 |  |  | 1,190,000 |
Cash and cash equivalents at end of year | $ | 1,401,000 |  |  | $ | 1,287,000 |  |  | $ | 1,028,000 |

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