Condensed Financial Information of Parent

12 Months Ended

Dec. 31, 2019

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

Balance Sheets



As of December 31,	2019		2018
Assets
Cash and cash equivalents	$	1,028,000	$	1,190,000
Dividends receivable	3,200,000		2,950,000
Investment in subsidiary	183,654,000		162,763,000
Premises and equipment	—		2,000
Goodwill	27,559,000		27,559,000
Other assets	337,000		232,000
Total assets	$	215,778,000	$	194,696,000
Liabilities and shareholders' equity
Dividends payable	$	3,270,000	$	3,150,000
Other liabilities	—		4,000
Total liabilities	3,270,000		3,154,000
Shareholders' equity
Common stock	109,000		109,000
Additional paid-in capital	63,964,000		62,746,000
Retained earnings	148,435,000		128,687,000
Total shareholders' equity	212,508,000		191,542,000
Total liabilities and shareholders' equity	$	215,778,000	$	194,696,000

Statements of Income



For the years ended December 31,	2019			2018			2017
Interest and dividends on investments	$	—		$	—		$	15,000
Net securities gains (losses)	—			137,000			(3,000		)
Total income	—			137,000			12,000
Occupancy expense	1,000			2,000			5,000
Other operating expense	826,000			652,000			588,000
Total expense	827,000			654,000			593,000
Loss before income taxes and Bank earnings	(827,000		)	(517,000		)	(581,000		)
Applicable income taxes	(230,000		)	(164,000		)	(187,000		)
Loss before Bank earnings	(597,000		)	(353,000		)	(394,000		)
Equity in earnings of Bank
Remitted	12,600,000			11,300,000			11,180,000
Unremitted	13,522,000			12,589,000			8,802,000
Net income	$	25,525,000		$	23,536,000		$	19,588,000

Statements of Cash Flows



For the years ended December 31,	2019			2018			2017
Cash flows from operating activities:
Net income	$	25,525,000		$	23,536,000		$	19,588,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	2,000			—			5,000
Equity compensation expense	565,000			381,000			392,000
(Gain) loss on sale of investments	—			(137,000		)	3,000
(Increase) decrease in other assets	(105,000		)	81,000			27,000
(Increase) decrease in dividends receivable	(250,000		)	(450,000		)	1,300,000
Increase (decrease) in dividends payable	120,000			551,000			(1,179,000		)
Decrease in other liabilities	(4,000		)	—			(3,000		)
Unremitted earnings of Bank	(13,522,000		)	(12,589,000		)	(8,802,000		)
Net cash provided by operating activities	12,331,000			11,373,000			11,331,000
Cash flows from investing activities:
Proceeds from sales/maturities of investments	—			459,000			—
Capital expenditures	—			1,000			(4,000		)
Net cash provided by (used in) investing activities	—			460,000			(4,000		)
Cash flows from financing activities:
Purchase of common stock	(183,000		)	(168,000		)	(154,000		)
Proceeds from sale of common stock	653,000			619,000			632,000
Dividends paid	(12,963,000		)	(12,052,000		)	(11,460,000		)
Net cash used in financing activities	(12,493,000		)	(11,601,000		)	(10,982,000		)
Net increase (decrease) in cash and cash equivalents	(162,000		)	232,000			345,000
Cash and cash equivalents at beginning of year	1,190,000			958,000			613,000
Cash and cash equivalents at end of year	$	1,028,000		$	1,190,000		$	958,000