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Borrowings and Borrowings Availability | 12 Months Ended
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Dec. 31, 2012
Notes to Financial Statements |
Borrowings and Borrowings Availability | Note 10. Borrowings and Borrowings Availability The following tables present information regarding the Company’s outstanding borrowings at December 31, 2012 and 2011:
Description - 2012 |  | Due date |  | Call Feature |  | 2012 Amount |  |  | Interest Rate
Trust Preferred Securities |  | 1/23/34 |  | Quarterly by Company beginning 1/23/09 |  | $ | 20,620,000 |  |  | 3.01% at 12/31/12 adjustable rate 3 month LIBOR + 2.70%
Trust Preferred Securities |  | 6/15/36 |  | Quarterly by Company beginning 6/15/11 |  |  | 25,774,000 |  |  | 1.70% at 12/31/12 adjustable rate 3 month LIBOR + 1.39%
Total borrowings / weighted average rate as of December 31, 2012 |  | $ | 46,394,000 |  |  | 2.28%
Description - 2011 |  | Due date |  | Call Feature |  | 2011 Amount |  |  | Interest Rate
FHLB Term Note |  | 4/20/12 |  | Quarterly by FHLB, beginning 4/20/09 |  | $ | 7,500,000 |  |  | 4.51% fixed
FHLB Term Note |  | 6/28/12 |  | None |  |  | 15,000,000 |  |  | 0.69% fixed
FHLB Term Note |  | 12/28/12 |  | None |  |  | 7,500,000 |  |  | 0.91% fixed
FHLB Term Note |  | 6/28/2013 |  | None |  |  | 15,000,000 |  |  | 0.72% fixed
FHLB Term Note |  | 12/30/13 |  | None |  |  | 7,500,000 |  |  | 1.50% fixed
FHLB Term Note |  | 1/13/14 |  | None |  |  | 20,000,000 |  |  | 1.38% fixed
FHLB Term Note |  | 6/30/14 |  | None |  |  | 15,000,000 |  |  | 1.21% fixed
Trust Preferred Securities |  | 1/23/34 |  | Quarterly by Company beginning 1/23/09 |  |  | 20,620,000 |  |  | 3.13% at 12/31/11 adjustable rate 3 month LIBOR + 2.70%
Trust Preferred Securities |  | 6/15/36 |  | Quarterly by Company beginning 6/15/11 |  |  | 25,774,000 |  |  | 1.94% at 12/31/11 adjustable rate 3 month LIBOR + 1.39%
Total borrowings / weighted average rate |  |  | 133,894,000 |  |  | 1.74%
Unamortized fair market value adjustment recorded in acquisition |  |  | 31,000 |  |  |
Total borrowings as of December 31, 2011 |  | $ | 133,925,000 |  |  |
In the above tables, the $20.6 million in borrowings due on January 23, 2034 relate to borrowings structured as trust preferred capital securities that were issued by First Bancorp Capital Trusts II and III ($10.3 million by each trust), which are unconsolidated subsidiaries of the Company, on December 19, 2003 and qualify as capital for regulatory capital adequacy requirements. These unsecured debt securities are callable by the Company at par on any quarterly interest payment date beginning on January 23, 2009. The interest rate on these debt securities adjusts on a quarterly basis at a rate of three-month LIBOR plus 2.70%. In the above tables, the $25.8 million in borrowings due on June 15, 2036 relate to borrowings structured as trust preferred capital securities that were issued by First Bancorp Capital Trust IV, an unconsolidated subsidiary of the Company, on April 13, 2006 and qualify as capital for regulatory capital adequacy requirements. These unsecured debt securities are callable by the Company at par on any quarterly interest payment date beginning on June 15, 2011. The interest rate on these debt securities adjusts on a quarterly basis at a rate of three-month LIBOR plus 1.39%. At December 31, 2012, the Company had three sources of readily available borrowing capacity – 1) an approximately $372 million line of credit with the FHLB, of which none was outstanding at December 31, 2012 and $88 million was outstanding at December 31, 2011, 2) a $50 million overnight federal funds line of credit with a correspondent bank, of which none was outstanding at December 31, 2012 or 2011, and 3) an approximately $88 million line of credit through the Federal Reserve Bank of Richmond’s (FRB) discount window, of which none was outstanding at December 31, 2012 or 2011. In December 2012, the Company repaid its remaining $65 million in FHLB advances prior to their maturity dates, which resulted in $0.5 million in prepayment penalties that are included in “Other gains (losses)” in the Consolidated Statement of Income (Loss) for 2012. The Company’s line of credit with the FHLB totaling approximately $372 million can be structured as either short-term or long-term borrowings, depending on the particular funding or liquidity needs and is secured by the Company’s FHLB stock and a blanket lien on most of its real estate loan portfolio. The borrowing capacity was reduced by $143 million and $203 million at December 31, 2012 and 2011, as a result of the Company pledging letters of credit for public deposits at each of those dates. Accordingly, the Company’s unused FHLB line of credit was $229 million at December 31, 2012. The Company’s correspondent bank relationship allows the Company to purchase up to $50 million in federal funds on an overnight, unsecured basis (federal funds purchased). The Company had no borrowings outstanding under this line at December 31, 2012 or 2011. The Company has a line of credit with the FRB discount window. This line is secured by a blanket lien on a portion of the Company’s commercial and consumer loan portfolio (excluding real estate). Based on the collateral owned by the Company as of December 31, 2012, the available line of credit was approximately $88 million. The Company had no borrowings outstanding under this line of credit at December 31, 2012 or 2011. At December 31, 2011, the Company also had a $10 million line of credit with a correspondent bank that was secured by 100% of the common stock of the Bank. The line of credit was not drawn at December 31, 2011. This line of credit matured in March 2012, and the Company decided not to renew this line of credit.

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