XML 75 R45.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Condensed Parent Company Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2014
Condensed Parent Company Information [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) |  | 2014 |  | 2013
Assets |  |  |  |
Cash on deposit with bank subsidiary |  | $ | 4,272 |  |  | 4,208
Investment in wholly-owned subsidiaries, at equity |  |  | 430,436 |  |  | 414,212
Premises and Equipment |  |  | 7 |  |  | 7
Other assets |  |  | 1,641 |  |  | 1,659
Total assets |  | $ | 436,356 |  |  | 420,086
Liabilities and shareholders' equity |  |  |  |  |  |
Trust preferred securities |  | $ | 46,394 |  |  | 46,394
Other liabilities |  |  | 2,263 |  |  | 1,770
Total liabilities |  |  | 48,657 |  |  | 48,164
Shareholders' equity |  |  | 387,699 |  |  | 371,922
Total liabilities and shareholders' equity |  | $ | 436,356 |  |  | 420,086
Condensed financial data for First Bancorp (parent company only) CONDENSED STATEMENTS OF INCOME |
CONDENSED STATEMENTS OF INCOME |  | Year Ended December 31,
($ in thousands) |  | 2014 |  | 2013 |  | 2012
Dividends from wholly-owned subsidiaries |  | $ | 9,000 |  |  |  | 10,500 |  |  |  | 10,000 |
Earnings (losses) of wholly-owned subsidiaries, net of dividends |  |  | 18,343 |  |  |  | 12,102 |  |  |  | (31,493 | )
Interest expense |  |  | (1,007 | ) |  |  | (1,025 | ) |  |  | (1,111 | )
All other income and expenses, net |  |  | (1,340 | ) |  |  | (878 | ) |  |  | (802 | )
Net income (loss) |  |  | 24,996 |  |  |  | 20,699 |  |  |  | (23,406 | )
Preferred stock dividends |  |  | (868 | ) |  |  | (895 | ) |  |  | (2,809 | )
Net income (loss) available to common shareholders |  | $ | 24,128 |  |  |  | 19,804 |  |  |  | (26,215 | )
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) |  | 2014 |  | 2013 |  | 2012
Operating Activities: |  |  |  |  |  |
Net income (loss) |  | $ | 24,996 |  |  |  | 20,699 |  |  |  | (23,406 | )
Equity in undistributed (earnings) losses of subsidiaries |  |  | (18,343 | ) |  |  | (12,102 | ) |  |  | 21,493 |
Dividend from subsidiaries in excess of earnings |  |  | ─ |  |  |  | ─ |  |  |  | 10,000 |
Decrease in other assets |  |  | 23 |  |  |  | ─ |  |  |  | 26 |
Increase (decrease) in other liabilities |  |  | 489 |  |  |  | (217 | ) |  |  | 199 |
Total – operating activities |  |  | 7,165 |  |  |  | 8,380 |  |  |  | 8,312 |
Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Downstream cash investment in subsidiary |  |  | ─ |  |  |  | ─ |  |  |  | (33,850 | )
Total – investing activities |  |  | ─ |  |  |  | ─ |  |  |  | (33,850 | )
Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Payment of preferred and common cash dividends |  |  | (7,171 | ) |  |  | (7,507 | ) |  |  | (8,463 | )
Proceeds from issuance of preferred stock |  |  | ─ |  |  |  | ─ |  |  |  | 7,287 |
Proceeds from issuance of common stock |  |  | 70 |  |  |  | ─ |  |  |  | 26,727 |
Repurchases of common stock |  |  | ─ |  |  |  | ─ |  |  |  | (2 | )
Total - financing activities |  |  | (7,101 | ) |  |  | (7,507 | ) |  |  | 25,549 |
Net increase in cash |  |  | 64 |  |  |  | 873 |  |  |  | 11 |
Cash, beginning of year |  |  | 4,208 |  |  |  | 3,335 |  |  |  | 3,324 |
Cash, end of year |  | $ | 4,272 |  |  |  | 4,208 |  |  |  | 3,335 |

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

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration