Condensed financial information for The First Bancorp, Inc. exclusive of its subsidiary is as follows:

Balance Sheets



As of December 31,	2014		2013
Assets
Cash and cash equivalents	$	522,000	$	1,113,000
Dividends receivable	2,500,000		1,500,000
Investments	528,000		543,000
Investment in subsidiary	132,399,000		117,391,000
Premises and equipment	24,000		32,000
Goodwill	27,559,000		27,559,000
Other assets	302,000		203,000
Total assets	$	163,834,000	$	148,341,000
Liabilities and shareholders' equity
Dividends payable	$	2,252,000	$	2,134,000
Other liabilities	28,000		109,000
Total liabilities	2,280,000		2,243,000
Shareholders' equity
Common stock	107,000		106,000
Additional paid-in capital	59,282,000		58,395,000
Retained earnings	102,125,000		87,523,000
Accumulated other comprehensive income
Net unrealized gain on available for sale securities, net of tax	40,000		74,000
Total accumulated other comprehensive income	40,000		74,000
Total shareholders' equity	161,554,000		146,098,000
Total liabilities and shareholders' equity	$	163,834,000	$	148,341,000

Statements of Income



For the years ended December 31,	2014			2013			2012
Interest and dividends on investments	$	15,000		$	10,000		$	10,000
Net securities gains	38,000			—			—
Total income	53,000			10,000			10,000
Occupancy expense	12,000			11,000			8,000
Other operating expense	604,000			362,000			218,000
Total expense	616,000			373,000			226,000
Loss before income taxes and Bank earnings	(563,000		)	(363,000		)	(216,000		)
Applicable income taxes	(200,000		)	(128,000		)	(76,000		)
Loss before Bank earnings	(363,000		)	(235,000		)	(140,000		)
Equity in earnings of Bank
Remitted	8,850,000			7,096,000			9,694,000
Unremitted	6,222,000			6,104,000			3,134,000
Net income	$	14,709,000		$	12,965,000		$	12,688,000

Statements of Cash Flows



For the years ended December 31,	2014			2013			2012
Cash flows from operating activities:
Net income	$	14,709,000		$	12,965,000		$	12,688,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	9,000			11,000			8,000
Equity compensation expense	431,000			214,000			85,000
Gain on sale of investment	(38,000		)	—			—
Increase in other assets	(98,000		)	(132,000		)	(15,000		)
(Increase) decrease in dividend receivable	(1,050,000		)	400,000			—
Increase (decrease) in other liabilities	105,000			258,000			(5,000		)
Unremitted earnings of Bank	(6,222,000		)	(6,104,000		)	(3,134,000		)
Net cash provided by operating activities	7,846,000			7,612,000			9,627,000
Cash flows from investing activities:
Capital expenditures	(1,000		)	—			(25,000		)
Net cash used in investing activities	(1,000		)	—			(25,000		)
Cash flows from financing activities:
Payment to repurchase preferred stock	—			(12,500,000		)	—
Proceeds from sale of common stock	457,000			11,973,000			499,000
Dividends paid	(8,893,000		)	(8,657,000		)	(8,310,000		)
Net cash used in financing activities	(8,436,000		)	(9,184,000		)	(7,811,000		)
Net increase (decrease) in cash and cash equivalents	(591,000		)	(1,572,000		)	1,791,000
Cash and cash equivalents at beginning of year	1,113,000			2,685,000			894,000
Cash and cash equivalents at end of year	$	522,000		$	1,113,000		$	2,685,000