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Condensed Financial Information of Parent (Tables) | 12 Months Ended
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Dec. 31, 2022
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, | 2022 |  | 2021
Assets |  |  |
Cash and cash equivalents | $ | 879,000 |  |  | $ | 1,401,000 |
Dividends receivable | 3,600,000 |  |  | 3,200,000 |
Investment in subsidiary | 200,180,000 |  |  | 216,591,000 |
Goodwill | 27,559,000 |  |  | 27,559,000 |
Other assets | 466,000 |  |  | 431,000 |
Total assets | $ | 232,684,000 |  |  | $ | 249,182,000 |
Liabilities and shareholders' equity |  |  |
Dividends payable | $ | 3,755,000 |  |  | $ | 3,520,000 |
Other liabilities | 6,000 |  |  | 5,000 |
Total liabilities | 3,761,000 |  |  | 3,525,000 |
Shareholders' equity |  |  |
Common stock | 110,000 |  |  | 110,000 |
Additional paid-in capital | 68,435,000 |  |  | 66,830,000 |
Retained earnings | 160,378,000 |  |  | 178,717,000 |
Total shareholders' equity | 228,923,000 |  |  | 245,657,000 |
Total liabilities and shareholders' equity | $ | 232,684,000 |  |  | $ | 249,182,000 |
Statements of Income
For the years ended December 31, | 2022 |  | 2021 |  | 2020
Net securities gains | $ | — |  |  | $ | — |  |  | $ | — |
Other operating income | 3,000 |  |  | — |  |  | 8,000 |
Total income | 3,000 |  |  | — |  |  | 8,000 |
Occupancy expense | — |  |  | — |  |  | — |
Other operating expense | 1,166,000 |  |  | 1,148,000 |  |  | 911,000 |
Total expense | 1,166,000 |  |  | 1,148,000 |  |  | 911,000 |
Loss before income taxes and Bank earnings | (1,163,000) |  |  | (1,148,000) |  |  | (903,000) |
Applicable income taxes | (299,000) |  |  | (269,000) |  |  | (246,000) |
Loss before Bank earnings | (864,000) |  |  | (879,000) |  |  | (657,000) |
Equity in earnings of Bank |  |  |  |  |
Remitted | 14,000,000 |  |  | 13,400,000 |  |  | 13,300,000 |
Unremitted | 25,854,000 |  |  | 23,748,000 |  |  | 14,486,000 |
Net income | $ | 38,990,000 |  |  | $ | 36,269,000 |  |  | $ | 27,129,000 |
Statements of Cash Flows
For the years ended December 31, | 2022 |  | 2021 |  | 2020
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 38,990,000 |  |  | $ | 36,269,000 |  |  | $ | 27,129,000 |
Adjustments to reconcile net income to net cash provided by operating activities:
Equity compensation expense | 809,000 |  |  | 856,000 |  |  | 652,000 |
Increase in other assets | (35,000) |  |  | (71,000) |  |  | (21,000) |
(Increase) decrease in dividends receivable | (400,000) |  |  | 200,000 |  |  | (200,000) |
Increase in dividends payable | 227,000 |  |  | 115,000 |  |  | — |
Increase in other liabilities | 1,000 |  |  | 5,000 |  |  | — |
Unremitted earnings of Bank | (25,854,000) |  |  | (23,748,000) |  |  | (14,486,000) |
Net cash provided by operating activities | 13,738,000 |  |  | 13,626,000 |  |  | 13,074,000 |
Cash flows from financing activities: |  |  |  |  |
Purchase of common stock | (277,000) |  |  | (253,000) |  |  | (156,000) |
Proceeds from sale of common stock | 796,000 |  |  | 689,000 |  |  | 670,000 |
Dividends paid | (14,779,000) |  |  | (13,948,000) |  |  | (13,329,000) |
Net cash used in financing activities | (14,260,000) |  |  | (13,512,000) |  |  | (12,815,000) |
Net increase (decrease) in cash and cash equivalents | (522,000) |  |  | 114,000 |  |  | 259,000 |
Cash and cash equivalents at beginning of year | 1,401,000 |  |  | 1,287,000 |  |  | 1,028,000 |
Cash and cash equivalents at end of year | $ | 879,000 |  |  | $ | 1,401,000 |  |  | $ | 1,287,000 |

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