Condensed Parent Company Information (Tables)

12 Months Ended

Dec. 31, 2014

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