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Condensed Parent Company Information
 12 Months Ended
Dec. 31, 2013
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)   2013     2012  
Assets                
Cash on deposit with bank subsidiary   $ 4,208       3,335  
Investment in wholly-owned subsidiaries, at equity     414,212       399,688  
Premises and Equipment     7       152  
Other assets     1,659       1,637  
         Total assets   $ 420,086       404,812  
                 
Liabilities and shareholders’ equity                
Trust preferred securities   $ 46,394       46,394  
Other liabilities     1,770       2,301  
     Total liabilities     48,164       48,695  
                 
Shareholders’ equity     371,922       356,117  
                 
         Total liabilities and shareholders’ equity   $ 420,086       404,812  

 

 

CONDENSED STATEMENTS OF INCOME   Year Ended December 31,  
($ in thousands)   2013     2012     2011  
                   
Dividends from wholly-owned subsidiaries   $ 10,500       10,000       9,500  
Earnings (losses) of wholly-owned subsidiaries, net of dividends     12,102       (31,493 )     5,862  
Interest expense     (1,025 )     (1,111 )     (1,041 )
All other income and expenses, net     (878 )     (802 )     (679 )
          Net income (loss)     20,699       (23,406 )     13,642  
                         
          Preferred stock dividends and accretion     (895 )     (2,809 )     (6,166 )
                         
          Net income (loss) available to common shareholders   $ 19,804       (26,215 )     7,476  

 

 

CONDENSED STATEMENTS OF CASH FLOWS   Year Ended December 31,  
($ in thousands)   2013     2012     2011  
                   
Operating Activities:                        
     Net income (loss)   $ 20,699       (23,406 )     13,642  
     Equity in undistributed (earnings) losses of subsidiaries     (12,102 )     21,493       (5,862 )
     Dividend from subsidiaries in excess of earnings     —       10,000       —  
     Decrease in other assets     —       26       38  
     Increase (decrease) in other liabilities     (217 )     199       (62 )
          Total – operating activities     8,380       8,312       7,756  
Investing Activities:                        
     Downstream cash investment in subsidiary     —       (33,850 )     (16,250 )
     Cash proceeds from dissolution of subsidiary     —       —       —  
          Total – investing activities     —       (33,850 )     (16,250 )
Financing Activities:                        
      Payment of preferred and common cash dividends     (7,507 )     (8,463 )     (8,237 )
      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  
      Repurchases of common stock     —       (2 )     (228 )
      Repurchase of common stock warrants     —       —       (924 )
          Total - financing activities     (7,507 )     25,549       (10,008 )
Net increase (decrease) in cash     873       11       (18,502 )
Cash, beginning of year     3,335       3,324       21,826  
Cash, end of year   $ 4,208       3,335       3,324