XML 57 R40.htm IDEA: XBRL DOCUMENT v3.6.0.2

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of assumptions used in determining actuarial information

The following assumptions were used in determining the actuarial information for the Pension Plan and the SERP for the years ended December 31, 2016, 2015, and 2014:

		2016								2015								2014
		Pension Plan				SERP				Pension Plan				SERP				Pension Plan				SERP
Discount rate used to determine net periodic pension cost			4.17%				4.17%				3.82%				3.82%				4.78%				4.78%
Discount rate used to calculate end of year liability disclosures			3.97%				3.97%				4.17%				4.17%				3.82%				3.82%
Expected long-term rate of return on assets			7.75%				n/a				7.75%				n/a				7.75%				n/a
Rate of compensation increase			n/a				n/a				n/a				n/a				n/a				n/a

Pension Plan [Member]

Schedule of reconciliation of benefit obligation

The following table reconciles the beginning and ending balances of the Pension Plan’s benefit obligation, as computed by the Company’s independent actuarial consultants, and its plan assets, with the difference between the two amounts representing the funded status of the Pension Plan as of the end of the respective year.

($ in thousands)		2016				2015				2014
Change in benefit obligation
Benefit obligation at beginning of year		$	36,164				35,615				30,548
Service cost			—				—				—
Interest cost			1,502				1,364				1,461
Actuarial (gain) loss			1,288				1,236				5,320
Benefits paid			(2,114	)			(2,051	)			(1,714	)
Curtailment gain			—				—				—
Benefit obligation at end of year			36,840				36,164				35,615
Change in plan assets
Plan assets at beginning of year			35,489				37,282				36,333
Actual return on plan assets			3,575				258				2,663
Employer contributions			—				—				—
Benefits paid			(2,114	)			(2,051	)			(1,714	)
Plan assets at end of year			36,950				35,489				37,282
Funded status at end of year		$	110				(675	)			1,667

Schedule of amounts recognized in balance sheet

The following table presents information regarding the amounts recognized in the consolidated balance sheets at December 31, 2016 and 2015 as it relates to the Pension Plan, excluding the related deferred tax assets.

($ in thousands)		2016				2015
Other assets		$	110				—
Other liabilities			—				(675	)
		$	110				(675	)

Schedule of amounts recognized in other comprehensive income

The following table presents information regarding the amounts recognized in accumulated other comprehensive income (“AOCI”) at December 31, 2016 and 2015, as it relates to the Pension Plan.

($ in thousands)		2016				2015
Net gain (loss)		$	(5,856	)			(5,682	)
Prior service cost			—				—
Amount recognized in AOCI before tax effect			(5,856	)			(5,682	)
Tax (expense) benefit			2,164				2,216
Net amount recognized as increase (decrease) to AOCI		$	(3,692	)			(3,466	)

Schedule of reconciliation of balances in AOCI

The following table reconciles the beginning and ending balances of AOCI at December 31, 2016 and 2015, as it relates to the Pension Plan:

($ in thousands)		2016				2015
Accumulated other comprehensive loss at beginning of fiscal year		$	(3,466	)			(1,133	)
Net gain (loss) arising during period			(412	)			(3,825	)
Prior service cost			̶				̶
Transition Obligation			̶				̶
Amortization of unrecognized actuarial loss			238				̶
Amortization of prior service cost and transition obligation			̶				̶
Tax (expense) benefit of changes during the year, net			(52	)			1,492
Accumulated other comprehensive gain (loss) at end of fiscal year		$	(3,692	)			(3,466	)

Schedule of reconciliation of prepaid pension costs

The following table reconciles the beginning and ending balances of the prepaid pension cost related to the Pension Plan:

($ in thousands)		2016				2015
Prepaid pension cost as of beginning of fiscal year		$	5,007				3,524
Net periodic pension income (cost) for fiscal year			958				1,483
Actual employer contributions			—				—
Prepaid pension asset as of end of fiscal year		$	5,965				5,007

Schedule of net pension costs

Net pension (income) cost for the Pension Plan included the following components for the years ended December 31, 2016, 2015, and 2014:

($ in thousands)		2016				2015				2014
Service cost – benefits earned during the period		$	—				—				—
Interest cost on projected benefit obligation			1,502				1,364				1,461
Expected return on plan assets			(2,698	)			(2,847	)			(2,779	)
Net amortization and deferral			238				—				—
Net periodic pension (income) cost		$	(958	)			(1,483	)			(1,318	)

Schedule of expected benefit payments

The following table is an estimate of the benefits that will be paid in accordance with the Pension Plan during the indicated time periods:

($ in thousands)		Estimated benefit payments
Year ending December 31, 2017		$	1,443
Year ending December 31, 2018			1,554
Year ending December 31, 2019			1,705
Year ending December 31, 2020			1,769
Year ending December 31, 2021			1,858
Years ending December 31, 2022-2026			9,920

Schedule of targeted mix of the pension plan's assets

The following table presents the targeted mix of the Pension Plan’s assets as of December 31, 2016, as set out by the Plan’s investment policy:

Investment type		Targeted % of Total Assets		Acceptable Range % of Total Assets
Fixed income investments
Cash/money market account		2%		1%-5%
US government bond fund		10%		10%-20%
US corporate bond fund		10%		5%-15%
US corporate high yield bond fund		5%		0%-10%
Equity investments
Large cap value fund		40%		30%-50%
Mid cap equity fund		10%		5%-15%
Small cap growth fund		8%		5%-15%
Foreign equity fund		10%		5%-15%
Company stock		5%		0%-10%

Schedule of investment category benchmarks

Performance measurement of the investments employs the use of certain investment category and peer group benchmarks. The investment category benchmarks as of December 31, 2016 are as follows:

Investment Category		Investment Category Benchmark		Range of Acceptable Deviation from Investment Category Benchmark
Fixed income investments
Cash/money market account		BofAML USD LIBOR 3 Month Index		0-50 basis points
US government bond fund		Barclays Intermediate Government Bond Index		0-200 basis points
US corporate bond fund		Barclays Aggregate Index		0-200 basis points
US corporate high yield bond fund		Barclays High Yield Index		0-200 basis points
Equity investments
Large cap fund		S&P 500 Index		0-300 basis points
Mid cap fund		Russell Mid Cap Index		0-300 basis points
Small cap fund		Russell 2000 Growth Index		0-300 basis points
Foreign equity fund		MSCI EAFE Index		0-300 basis points
Company stock		Russell 2000 Index		0-300 basis points

Schedule of fair value of plan assets

The fair values of the Company’s pension plan assets at December 31, 2016, by asset category, are as follows:

($ in thousands)
		Total Fair Value at December 31, 2016				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Fixed income investments
Money market funds		$	9,590				—				9,590				—
Equity investments
Large cap value fund			15,595				15,595				—				—
Small cap growth fund			2,624				2,624				—				—
Mid cap equity fund			3,220				3,220				—				—
Foreign equity fund			2,669				2,669				—				—
Company stock			3,252				3,252				—				—
Total		$	36,950				27,360				9,590				—

The fair values of the Company’s pension plan assets at December 31, 2015, by asset category, are as follows:

($ in thousands)
		Total Fair Value at December 31, 2015				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Fixed income investments
Money market funds		$	155				—				155				—
US government bond fund			3,398				3,398				—				—
US corporate bond fund			3,357				3,357				—				—
US corporate high yield bond fund			1,700				1,700				—				—
Equity investments
Large cap value fund			14,703				14,703				—				—
Small cap growth fund			2,845				2,845				—				—
Mid cap equity fund			3,541				3,541				—				—
Foreign equity fund			3,544				3,544				—				—
Company stock			2,246				2,246				—				—
Total		$	35,489				35,334				155				—

SERP [Member]

Schedule of reconciliation of benefit obligation

($ in thousands)		2016				2015				2014
Change in benefit obligation
Projected benefit obligation at beginning of year		$	5,778				5,216				5,292
Service cost			106				201				272
Interest cost			238				206				212
Actuarial (gain) loss			145				497				(265	)
Benefits paid			(357	)			(342	)			(295	)
Curtailment gain			—				—				—
Projected benefit obligation at end of year			5,910				5,778				5,216
Plan assets			—				—				—
Funded status at end of year		$	(5,910	)			(5,778	)			(5,216	)

Schedule of amounts recognized in balance sheet

The following table presents information regarding the amounts recognized in the consolidated balance sheets at December 31, 2016 and 2015 as it relates to the SERP, excluding the related deferred tax assets.

($ in thousands)		2016				2015
Other assets – prepaid pension asset (liability)		$	(6,754	)			(6,802	)
Other assets (liabilities)			844				1,024
		$	(5,910	)			(5,778	)

Schedule of amounts recognized in other comprehensive income

($ in thousands)		2016				2015
Net gain (loss)		$	844				1,024
Prior service cost			—				—
Amount recognized in AOCI before tax effect			844				1,024
Tax (expense) benefit			(311	)			(399	)
Net amount recognized as increase (decrease) to AOCI		$	533				625

Schedule of reconciliation of balances in AOCI

The following table reconciles the beginning and ending balances of AOCI at December 31, 2016 and 2015, as it relates to the SERP:

($ in thousands)		2016				2015
Accumulated other comprehensive income at beginning of fiscal year		$	625				976
Net gain (loss) arising during period			(145	)			(497	)
Prior service cost			—				—
Amortization of unrecognized actuarial loss			(35	)			(79	)
Amortization of prior service cost and transition obligation			—				—
Tax benefit (expense) related to changes during the year, net			88				225
Accumulated other comprehensive income (loss) at end of fiscal year		$	533				625

Schedule of reconciliation of prepaid pension costs

The following table reconciles the beginning and ending balances of the prepaid pension cost related to the SERP:

($ in thousands)		2016				2015
Prepaid pension cost (liability) as of beginning of fiscal year		$	(6,802	)			(6,816	)
Net periodic pension cost for fiscal year			(309	)			(328	)
Benefits paid			357				342
Prepaid pension cost (liability) as of end of fiscal year		$	(6,754	)			(6,802	)

Schedule of net pension costs

Net pension cost for the SERP included the following components for the years ended December 31, 2016, 2015, and 2014:

($ in thousands)		2016				2015				2014
Service cost – benefits earned during the period		$	106				201				272
Interest cost on projected benefit obligation			238				206				212
Net amortization and deferral			(35	)			(79	)			(221	)
Net periodic pension cost		$	309				328				263

Schedule of expected benefit payments

The following table is an estimate of the benefits that will be paid in accordance with the SERP during the indicated time periods:

($ in thousands)		Estimated benefit payments
Year ending December 31, 2017		$	368
Year ending December 31, 2018			421
Year ending December 31, 2019			417
Year ending December 31, 2020			415
Year ending December 31, 2021			418
Years ending December 31, 2022-2026			2,052

X

- Definition

The tabular disclosure for investment category benchmarks.

+ References

No definition available.

+ Details

Name:	fbp_InvestmentCategoryBenchmarksTableTextBlock
Namespace Prefix:	fbp_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The tabular disclosure for reconciliation of prepaid costs.

+ References

No definition available.

+ Details

Name:	fbp_ReconciliationOfPrepaidPensionCostsTableTextBlock
Namespace Prefix:	fbp_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The tabular disclosure for targets mix of pension plans.

+ References

No definition available.

+ Details

Name:	fbp_TargetedMixOfPensionPlansAssetsTableTextBlock
Namespace Prefix:	fbp_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefit obligations including accumulated benefit obligation and projected benefit obligation.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAccumulatedAndProjectedBenefitObligationsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(5)
-URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (k)
-URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during the period.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	us-gaap_DefinedBenefitPlansDisclosuresDefinedBenefitPlansAxis=fbp_PensionPlanMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_DefinedBenefitPlansDisclosuresDefinedBenefitPlansAxis=fbp_SerpPlanCurrentYearMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type: