Condensed Financial Information of Parent

12 Months Ended

Dec. 31, 2023

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

Balance Sheets


As of December 31,	2023		2022
Assets
Cash and cash equivalents	$	667,000	$	879,000
Dividends receivable	3,750,000		3,600,000

Investment in subsidiary	214,531,000		200,180,000

Goodwill	27,559,000		27,559,000
Other assets	460,000		466,000
Total assets	$	246,967,000	$	232,684,000
Liabilities and shareholders' equity
Dividends payable	$	3,884,000	$	3,755,000
Other liabilities	4,000		6,000
Total liabilities	3,888,000		3,761,000
Shareholders' equity

Common stock	111,000		110,000
Additional paid-in capital	70,071,000		68,435,000
Retained earnings	172,897,000		160,378,000



Total shareholders' equity	243,079,000		228,923,000
Total liabilities and shareholders' equity	$	246,967,000	$	232,684,000

Statements of Income


For the years ended December 31,	2023		2022		2021


Other operating income	$	—	$	3,000	$	—
Total income	—		3,000		—

Other operating expense	1,202,000		1,166,000		1,148,000
Total expense	1,202,000		1,166,000		1,148,000
Loss before income taxes and Bank earnings	(1,202,000)		(1,163,000)		(1,148,000)
Applicable income taxes	(279,000)		(299,000)		(269,000)
Loss before Bank earnings	(923,000)		(864,000)		(879,000)
Equity in earnings of Bank
Remitted	14,750,000		14,000,000		13,400,000
Unremitted	15,691,000		25,854,000		23,748,000
Net income	$	29,518,000	$	38,990,000	$	36,269,000

Statements of Cash Flows


For the years ended December 31,	2023		2022		2021
Cash flows from operating activities:
Net income	$	29,518,000	$	38,990,000	$	36,269,000
Adjustments to reconcile net income to net cash provided by operating activities:

Equity compensation expense	820,000		809,000		856,000


Increase in other assets	6,000		(35,000)		(71,000)
(Increase) decrease in dividends receivable	(150,000)		(400,000)		200,000
Increase in dividends payable	129,000		227,000		115,000
Increase in other liabilities	(2,000)		1,000		5,000
Unremitted earnings of Bank	(15,691,000)		(25,854,000)		(23,748,000)
Net cash provided by operating activities	14,630,000		13,738,000		13,626,000





Cash flows from financing activities:

Purchase of common stock	(250,000)		(277,000)		(253,000)
Proceeds from sale of common stock	817,000		796,000		689,000

Dividends paid	(15,409,000)		(14,779,000)		(13,948,000)
Net cash used in financing activities	(14,842,000)		(14,260,000)		(13,512,000)
Net increase (decrease) in cash and cash equivalents	(212,000)		(522,000)		114,000
Cash and cash equivalents at beginning of year	879,000		1,401,000		1,287,000
Cash and cash equivalents at end of year	$	667,000	$	879,000	$	1,401,000