XML 127 R26.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Condensed Parent Company Information | 12 Months Ended
--- | ---
Dec. 31, 2014
Condensed Parent Company Information [Abstract] |
Condensed Parent Company Information | Note 1 8. Condensed Parent Company Information 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 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 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 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 06 -Article 9 Reference 2: 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=26873400&loc=d3e24072-122690 Reference 3: 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 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration