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Condensed Parent Company Information (Tables)

12 Months Ended

Dec. 31, 2015

Condensed Parent Company Information [Abstract]

Condensed financial data for First Bancorp (parent company only) CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS		As of December 31,
($ in thousands)		2015				2014
Assets
Cash on deposit with bank subsidiary		$	3,816				4,272
Investment in wholly-owned subsidiaries, at equity			384,926				430,436
Premises and Equipment			7				7
Other assets			1,652				1,641
Total assets		$	390,401				436,356

Liabilities and shareholders' equity
Trust preferred securities		$	46,394				46,394
Other liabilities			1,817				2,263
Total liabilities			48,211				48,657

Shareholders' equity			342,190				387,699

Total liabilities and shareholders' equity		$	390,401				436,356

Condensed financial data for First Bancorp (parent company only) CONDENSED STATEMENTS OF INCOME

CONDENSED STATEMENTS OF INCOME		Year Ended December 31,
($ in thousands)		2015				2014				2013

Dividends from wholly-owned subsidiaries		$	72,500				9,000				10,500
Earnings of wholly-owned subsidiaries, net of dividends			(43,328)				18,343				12,102
Interest expense			(1,032	)			(1,007	)			(1,025	)
All other income and expenses, net			(1,106	)			(1,340	)			(878	)
Net income			27,034				24,996				20,699

Preferred stock dividends			(603	)			(868	)			(895	)

Net income available to common shareholders		$	26,431				24,128				19,804

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)		2015				2014				2013

Operating Activities:
Net income		$	27,034				24,996				20,699
Excess of dividends over earnings of subsidiaries (Equity in undistributed earnings of subsidiaries			43,328				(18,343	)			(12,102	)
Decrease in other assets			1				23				—
Increase (decrease) in other liabilities			(272	)			489				(217	)
Total – operating activities			70,091				7,165				8,380

Financing Activities:
Payment of preferred and common cash dividends			(7,105	)			(7,171	)			(7,507	)
Redemption of preferred stock			(63,500	)			—				—
Proceeds from issuance of common stock			112				70				—
Stock withheld for payment of taxes			(54	)			—				—
Total - financing activities			(70,547	)			(7,101	)			(7,507	)
Net increase (decrease) in cash			(456	)			64				873
Cash, beginning of year			4,272				4,208				3,335
Cash, end of year		$	3,816				4,272				4,208