Condensed Financial Information of Parent

12 Months Ended

Dec. 31, 2021

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