| Condensed Financial Information of Parent |
Condensed Financial Information of Parent Condensed financial information for The First Bancorp, Inc. exclusive of its subsidiary is as follows:
Balance Sheets | | | | | | | | | | As of December 31, | 2025 | 2024 | | Assets | | | | Cash and cash equivalents | $ | 1,070,000 | | $ | 1,074,000 | | | Dividends receivable | 4,000,000 | | 3,900,000 | | | | | | Investment in subsidiary | 254,234,000 | | 223,532,000 | | | | | | Goodwill | 27,559,000 | | 27,559,000 | | | Other assets | 450,000 | | 462,000 | | | Total assets | $ | 287,313,000 | | $ | 256,527,000 | | | Liabilities and shareholders' equity | | | | Dividends payable | $ | 4,152,000 | | $ | 4,016,000 | | | Other liabilities | 18,000 | | 18,000 | | | Total liabilities | 4,170,000 | | 4,034,000 | | | Shareholders' equity | | | | | | | Common stock | 112,000 | | 112,000 | | | Additional paid-in capital | 73,714,000 | | 71,832,000 | | | Retained earnings | 209,317,000 | | 180,549,000 | | | | | | | | | | | | Total shareholders' equity | 283,143,000 | | 252,493,000 | | | Total liabilities and shareholders' equity | $ | 287,313,000 | | $ | 256,527,000 | |
Statements of Income | | | | | | | | | | | | | For the years ended December 31, | 2025 | 2024 | 2023 | | | | | | | | | | Other operating income | $ | — | | $ | — | | $ | — | | | Total income | — | | — | | — | | | | | | | Other operating expense | 1,346,000 | | 1,313,000 | | 1,202,000 | | | Total expense | 1,346,000 | | 1,313,000 | | 1,202,000 | | | Loss before income taxes and Bank earnings | (1,346,000) | | (1,313,000) | | (1,202,000) | | | Applicable income taxes | (273,000) | | (311,000) | | (279,000) | | | Loss before Bank earnings | (1,073,000) | | (1,002,000) | | (923,000) | | | Equity in earnings of Bank | | | | | Remitted | 15,900,000 | | 15,800,000 | | 14,750,000 | | | Unremitted | 19,567,000 | | 12,247,000 | | 15,691,000 | | | Net income | $ | 34,394,000 | | $ | 27,045,000 | | $ | 29,518,000 | |
Statements of Cash Flows | | | | | | | | | | | | | For the years ended December 31, | 2025 | 2024 | 2023 | | Cash flows from operating activities: | | | | | Net income | $ | 34,394,000 | | $ | 27,045,000 | | $ | 29,518,000 | | | Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | Equity compensation expense | 966,000 | | 895,000 | | 820,000 | | | | | | | | | | | Decrease (increase) in other assets | 12,000 | | (2,000) | | 6,000 | | | Increase in dividends receivable | (100,000) | | (150,000) | | (150,000) | | | Increase in dividends payable | — | | — | | 129,000 | | | Increase (decrease) in other liabilities | — | | 14,000 | | (2,000) | | | Unremitted earnings of Bank | (19,567,000) | | (12,247,000) | | (15,691,000) | | | Net cash provided by operating activities | 15,705,000 | | 15,555,000 | | 14,630,000 | | | | | | | | | | | | | | | | | | | | | | | Cash flows from financing activities: | | | | | | | | | Purchase of common stock | (282,000) | | (212,000) | | (250,000) | | | Proceeds from sale of common stock | 916,000 | | 867,000 | | 817,000 | | | | | | | Dividends paid | (16,343,000) | | (15,803,000) | | (15,409,000) | | | Net cash used in financing activities | (15,709,000) | | (15,148,000) | | (14,842,000) | | | Net (decrease) increase in cash and cash equivalents | (4,000) | | 407,000 | | (212,000) | | | Cash and cash equivalents at beginning of year | 1,074,000 | | 667,000 | | 879,000 | | | Cash and cash equivalents at end of year | $ | 1,070,000 | | $ | 1,074,000 | | $ | 667,000 | |
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