Condensed Financial Information of Parent (Tables)

12 Months Ended

Dec. 31, 2022

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