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Condensed Parent Company Information
 12 Months Ended
Dec. 31, 2011
Parent Company Information  
Condensed Parent Company Information

Note 18. Condensed Parent Company Information

 

Condensed financial data for First Bancorp (parent company only) follows:

 

CONDENSED BALANCE SHEETS   As of December 31,
($ in thousands)   2011   2010
Assets        
Cash on deposit with bank subsidiary   $ 3,324       21,826  
Investment in wholly-owned subsidiaries, at equity     388,528       369,107  
Premises and Equipment     161       172  
Other assets     1,633       1,660  
Total assets   $ 393,646       392,765  
                 
Liabilities and shareholders’ equity                
Trust preferred securities   $ 46,394       46,394  
Other liabilities     2,102       1,768  
Total liabilities     48,496       48,162  
                 
Shareholders’ equity     345,150       344,603  
                 
Total liabilities and shareholders’ equity   $ 393,646       392,765  

  

CONDENSED STATEMENTS OF INCOME   Year Ended December 31,
($ in thousands)   2011   2010   2009
             
Dividends from wholly-owned subsidiaries   $ 9,500       26,250       13,250  
Earnings of wholly-owned subsidiaries, net of dividends     5,862       (14,536 )     49,024  
Interest expense     (1,041 )     (1,054 )     (1,356 )
All other income and expenses, net     (679 )     (678 )     (659 )
Net income     13,642       9,982       60,259  
                         
Preferred stock dividends and accretion     (6,166 )     (4,107 )     (3,972 )
                         
Net income available to common shareholders   $ 7,476       5,875       56,287  

 

CONDENSED STATEMENTS OF CASH FLOWS   Year Ended December 31,
($ in thousands)   2011   2010   2009
             
Operating Activities:            
Net income   $ 13,642       9,982       60,259  
Equity in undistributed earnings of subsidiaries     (5,862 )     —       (49,024 )
Dividend from subsidiaries in excess of earnings     —       14,536       —  
Decrease in other assets     38       32       72  
Increase (decrease) in other liabilities     (62 )     17       (349 )
Total – operating activities     7,756       24,567       10,958  
Investing Activities:                        
Downstream cash investment in subsidiary     (16,250 )     —       (45,000 )
Cash proceeds from dissolution of subsidiary     —       706       —  
Total – investing activities     (16,250 )     706       (45,000 )
Financing Activities:                        
Repayments of borrowings, net     —       —       (20,000 )
Payment of preferred and common cash dividends     (8,237 )     (8,609 )     (9,908 )
Proceeds from issuance of preferred stock     63,500       —       65,000  
Redemption of preferred stock     (65,000 )     —       —  
Proceeds from issuance of common stock     881       840       1,505  
Repurchases of common stock     (228 )     —       —  
Repurchase of common stock warrants     (924 )     —       —  
Total - financing activities     (10,008 )     (7,769 )     36,597  
Net increase (decrease) in cash     (18,502 )     17,504       2,555  
Cash, beginning of year     21,826       4,322       1,767  
Cash, end of year   $ 3,324       21,826       4,322