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Condensed Parent Company Information (Tables) | 12 Months Ended
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Dec. 31, 2012
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed financial data for First Bancorp (parent company only) CONDENSED BALANCE SHEETS | 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 financial data for First Bancorp (parent company only) CONDENSED STATEMENTS OF INCOME |
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 financial data for First Bancorp (parent company only) CONDENSED STATEMENTS OF CASH FLOWS |
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 |

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