XML 44 R25.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Condensed Parent Company Information | 12 Months Ended
--- | ---
Dec. 31, 2012
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
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) |  | 2012 |  |  | 2011 |
Assets |  |  |  |  |  |  |  |
Cash on deposit with bank subsidiary |  | $ | 3,335 |  |  |  | 3,324 |
Investment in wholly-owned subsidiaries, at equity |  |  | 399,688 |  |  |  | 388,528 |
Premises and Equipment |  |  | 152 |  |  |  | 161 |
Other assets |  |  | 1,637 |  |  |  | 1,633 |
Total assets |  | $ | 404,812 |  |  |  | 393,646 |
Liabilities and shareholders’ equity |  |  |  |  |  |  |  |
Trust preferred securities |  | $ | 46,394 |  |  |  | 46,394 |
Other liabilities |  |  | 2,301 |  |  |  | 2,102 |
Total liabilities |  |  | 48,695 |  |  |  | 48,496 |
Shareholders’ equity |  |  | 356,117 |  |  |  | 345,150 |
Total liabilities and shareholders’ equity |  | $ | 404,812 |  |  |  | 393,646 |
CONDENSED STATEMENTS OF INCOME |  | Year Ended December 31, |
($ in thousands) |  | 2012 |  |  | 2011 |  |  | 2010 |
Dividends from wholly-owned subsidiaries |  | $ | 10,000 |  |  |  | 9,500 |  |  |  | 26,250 |
Earnings (losses) of wholly-owned subsidiaries, net of dividends |  |  | (31,493 | ) |  |  | 5,862 |  |  |  | (14,536 | )
Interest expense |  |  | (1,111 | ) |  |  | (1,041 | ) |  |  | (1,054 | )
All other income and expenses, net |  |  | (802 | ) |  |  | (679 | ) |  |  | (678 | )
Net income (loss) |  |  | (23,406 | ) |  |  | 13,642 |  |  |  | 9,982 |
Preferred stock dividends and accretion |  |  | (2,809 | ) |  |  | (6,166 | ) |  |  | (4,107 | )
Net income (loss) available to common shareholders |  | $ | (26,215 | ) |  |  | 7,476 |  |  |  | 5,875 |
CONDENSED STATEMENTS OF CASH FLOWS |  | Year Ended December 31, |
($ in thousands) |  | 2012 |  |  | 2011 |  |  | 2010 |
Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | (23,406 | ) |  |  | 13,642 |  |  |  | 9,982 |
Equity in undistributed (earnings) losses of subsidiaries |  |  | 21,493 |  |  |  | (5,862 | ) |  |  | — |
Dividend from subsidiaries in excess of earnings |  |  | 10,000 |  |  |  | — |  |  |  | 14,536 |
Decrease in other assets |  |  | 26 |  |  |  | 38 |  |  |  | 32 |
Increase (decrease) in other liabilities |  |  | 199 |  |  |  | (62 | ) |  |  | 17 |
Total – operating activities |  |  | 8,312 |  |  |  | 7,756 |  |  |  | 24,567 |
Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Downstream cash investment in subsidiary |  |  | (33,850 | ) |  |  | (16,250 | ) |  |  | — |
Cash proceeds from dissolution of subsidiary |  |  | — |  |  |  | — |  |  |  | 706 |
Total – investing activities |  |  | (33,850 | ) |  |  | (16,250 | ) |  |  | 706 |
Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Payment of preferred and common cash dividends |  |  | (8,463 | ) |  |  | (8,237 | ) |  |  | (8,609 | )
Proceeds from issuance of preferred stock |  |  | 7,287 |  |  |  | 63,500 |  |  |  | — |
Redemption of preferred stock |  |  | — |  |  |  | (65,000 | ) |  |  | — |
Proceeds from issuance of common stock |  |  | 26,727 |  |  |  | 881 |  |  |  | 840 |
Repurchases of common stock |  |  | (2 | ) |  |  | (228 | ) |  |  | — |
Repurchase of common stock warrants |  |  | — |  |  |  | (924 | ) |  |  | — |
Total - financing activities |  |  | 25,549 |  |  |  | (10,008 | ) |  |  | (7,769 | )
Net increase (decrease) in cash |  |  | 11 |  |  |  | (18,502 | ) |  |  | 17,504 |
Cash, beginning of year |  |  | 3,324 |  |  |  | 21,826 |  |  |  | 4,322 |
Cash, end of year |  | $ | 3,335 |  |  |  | 3,324 |  |  |  | 21,826 |

X
- Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7656940&loc=d3e5283-111683 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e24072-122690 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration