XML 70 R14.htm IDEA: XBRL DOCUMENT
v3.3.0.814

Securities | 9 Months Ended
--- | ---
Sep. 30, 2015
Securities [Abstract] |
Securities | Note 6 – Securities The book values and approximate fair values of investment securities at September 30, 2015 and December 31, 2014 are summarized as follows:
|  | September 30, 2015 |  |  | December 31, 2014 |
|  | Amortized |  |  | Fair |  |  | Unrealized |  |  | Amortized |  |  | Fair |  |  | Unrealized |
($ in thousands) |  | Cost |  |  | Value |  |  | Gains |  |  | (Losses) |  |  | Cost |  |  | Value |  |  | Gains |  |  | (Losses) |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprise securities |  | $ | 27,789 |  |  |  | 27,850 |  |  |  | 69 |  |  |  | (8 | ) |  |  | 27,546 |  |  |  | 27,521 |  |  |  | 33 |  |  |  | (58 | )
Mortgage-backed securities |  |  | 126,508 |  |  |  | 125,836 |  |  |  | 520 |  |  |  | (1,192 | ) |  |  | 130,073 |  |  |  | 129,510 |  |  |  | 751 |  |  |  | (1,314 | )
Corporate bonds |  |  | 25,223 |  |  |  | 24,948 |  |  |  | 4 |  |  |  | (279 | ) |  |  | 1,000 |  |  |  | 865 |  |  |  | — |  |  |  | (135 | )
Equity securities |  |  | 88 |  |  |  | 131 |  |  |  | 54 |  |  |  | (11 | ) |  |  | 89 |  |  |  | 122 |  |  |  | 46 |  |  |  | (13 | )
Total available for sale |  | $ | 179,608 |  |  |  | 178,765 |  |  |  | 647 |  |  |  | (1,490 | ) |  |  | 158,708 |  |  |  | 158,018 |  |  |  | 830 |  |  |  | (1,520 | )
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 107,787 |  |  |  | 107,360 |  |  |  | — |  |  |  | (427 | ) |  |  | 124,924 |  |  |  | 124,861 |  |  |  | 45 |  |  |  | (108 | )
State and local governments |  |  | 52,261 |  |  |  | 55,498 |  |  |  | 3,258 |  |  |  | (21 | ) |  |  | 53,763 |  |  |  | 57,550 |  |  |  | 3,787 |  |  |  | — |
Total held to maturity |  | $ | 160,048 |  |  |  | 162,858 |  |  |  | 3,258 |  |  |  | (448 | ) |  |  | 178,687 |  |  |  | 182,411 |  |  |  | 3,832 |  |  |  | (108 | )
Included in mortgage-backed securities at September 30, 2015 were collateralized mortgage obligations with an amortized cost of $56,000 and a fair value of $57,000. Included in mortgage-backed securities at December 31, 2014 were collateralized mortgage obligations with an amortized cost of $108,000 and a fair value of $111,000. All of the Company's mortgage-backed securities, including the collateralized mortgage obligations, were issued by government-sponsored corporations. The following table presents information regarding securities with unrealized losses at September 30, 2015:
($ in thousands) |  | Securities in an Unrealized Loss Position for Less than 12 Months |  |  | Securities in an Unrealized Loss Position for More than 12 Months |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Government-sponsored enterprise securities |  | $ | — |  |  |  | — |  |  |  | 2,991 |  |  |  | 8 |  |  |  | 2,991 |  |  |  | 8 |
Mortgage-backed securities |  |  | 141,334 |  |  |  | 685 |  |  |  | 31,578 |  |  |  | 934 |  |  |  | 172,912 |  |  |  | 1,619 |
Corporate bonds |  |  | 21,991 |  |  |  | 219 |  |  |  | 940 |  |  |  | 60 |  |  |  | 22,931 |  |  |  | 279 |
Equity securities |  |  | — |  |  |  | — |  |  |  | 22 |  |  |  | 11 |  |  |  | 22 |  |  |  | 11 |
State and local governments |  |  | 829 |  |  |  | 21 |  |  |  | — |  |  |  | — |  |  |  | 829 |  |  |  | 21 |
Total temporarily impaired securities |  | $ | 164,154 |  |  |  | 925 |  |  |  | 35,531 |  |  |  | 1,013 |  |  |  | 199,685 |  |  |  | 1,938 |
The following table presents information regarding securities with unrealized losses at December 31, 2014:
($ in thousands) |  | Securities in an Unrealized Loss Position for Less than 12 Months |  |  | Securities in an Unrealized Loss Position for More than 12 Months |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Government-sponsored enterprise securities |  | $ | 5,489 |  |  |  | 11 |  |  |  | 2,953 |  |  |  | 47 |  |  |  | 8,442 |  |  |  | 58 |
Mortgage-backed securities |  |  | 69,985 |  |  |  | 318 |  |  |  | 33,557 |  |  |  | 1,104 |  |  |  | 103,542 |  |  |  | 1,422 |
Corporate bonds |  |  | — |  |  |  | — |  |  |  | 865 |  |  |  | 135 |  |  |  | 865 |  |  |  | 135 |
Equity securities |  |  | — |  |  |  | — |  |  |  | 17 |  |  |  | 13 |  |  |  | 17 |  |  |  | 13 |
State and local governments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total temporarily impaired securities |  | $ | 75,474 |  |  |  | 329 |  |  |  | 37,392 |  |  |  | 1,299 |  |  |  | 112,866 |  |  |  | 1,628 |
In the above tables, all of the non-equity securities that were in an unrealized loss position at September 30, 2015 and December 31, 2014 are bonds that the Company has determined are in a loss position due primarily to interest rate factors and not credit quality concerns. The Company has evaluated the collectability of each of these bonds and has concluded that there is no other-than-temporary impairment. The Company does not intend to sell these securities, and it is more likely than not that the Company will not be required to sell these securities before recovery of the amortized cost. The Company has also concluded that each of the equity securities in an unrealized loss position at September 30, 2015 and December 31, 2014 was in such a position due to temporary fluctuations in the market prices of the securities. The Company's policy is to record an impairment charge for any of these equity securities that remains in an unrealized loss position for twelve consecutive months unless the amount is insignificant. The book values and approximate fair values of investment securities at September 30, 2015, by contractual maturity, are summarized in the table below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Securities Available for Sale |  |  | Securities Held to Maturity |
|  | Amortized |  |  | Fair |  |  | Amortized |  |  | Fair |
($ in thousands) |  | Cost |  |  | Value |  |  | Cost |  |  | Value |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due within one year |  | $ | — |  |  |  | — |  |  |  | 772 |  |  |  | 780 |
Due after one year but within five years |  |  | 27,789 |  |  |  | 27,850 |  |  |  | 12,734 |  |  |  | 13,446 |
Due after five years but within ten years |  |  | 20,223 |  |  |  | 20,088 |  |  |  | 37,320 |  |  |  | 39,847 |
Due after ten years |  |  | 5,000 |  |  |  | 4,860 |  |  |  | 1,435 |  |  |  | 1,425 |
Mortgage-backed securities |  |  | 126,508 |  |  |  | 125,836 |  |  |  | 107,787 |  |  |  | 107,360 |
Total debt securities |  |  | 179,520 |  |  |  | 178,634 |  |  |  | 160,048 |  |  |  | 162,858 |
Equity securities |  |  | 88 |  |  |  | 131 |  |  |  | — |  |  |  | — |
Total securities |  | $ | 179,608 |  |  |  | 178,765 |  |  |  | 160,048 |  |  |  | 162,858 |
At September 30, 2015 and December 31, 2014 investment securities with carrying values of $135,652,000 and $100,113,000, respectively, were pledged as collateral for public deposits. The Company recorded insignificant losses on securities during the three and nine month periods ended September 30, 2015. During the nine months ended September 30, 2014, the Company sold approximately $47,473,000 in securities and recorded a net gain of $786,000 related to the sale. The aggregate carrying amount of cost-method investments was $15,468,000 and $6,016,000 at September 30, 2015 and December 31, 2014, respectively, which is recorded within the line item “other assets” on the Company's Consolidated Balance Sheets. These investments are comprised of both Federal Home Loan Bank (“FHLB”) stock and Federal Reserve Bank of Richmond (“FRB”) stock. The FHLB stock had a cost and fair value of $8,421,000 at September 30, 2015 and $6,016,000 at December 31, 2014, and serves as part of the collateral for the Company's line of credit with the FHLB and is also a requirement for membership in the FHLB system. Periodically the FHLB recalculates the Company's required level of holdings, and the Company either buys more stock or the FHLB redeems a portion of the stock at cost. The FRB stock had a cost and fair value of $7,047,000 at September 30, 2015. The Company was required to purchase this stock when it became a member of the Federal Reserve System in the second quarter of 2015. The Company determined that neither stock was impaired at either period end.

X
- References No definition available. + Details
Name: | fbp_SecuritiesAbstract
Namespace Prefix: | fbp_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27232-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27405-111563 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration