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Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2017
Acquisitions Tables |
Condensed Balance Sheet of Carolina Bank and Related Fair Value Adjustments |
($ in thousands) |  | As Recorded by Carolina Bank |  |  | Fair Value Adjustments |  |  | As Recorded by First Bancorp |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 81,466 |  |  |  | (2 | ) | (a) |  | 81,464 |
Securities |  |  | 49,629 |  |  |  | (261 | ) | (b) |  | 49,368 |
Loans, gross |  |  | 505,560 |  |  |  | (5,469 | ) | (c) |  | 497,376 |
|  |  |  |  |  |  | (2,715 | ) | (d) |  |  |
Allowance for loan losses |  |  | (5,746 | ) |  |  | 5,746 |  | (e) |  | — |
Premises and equipment |  |  | 17,967 |  |  |  | 4,251 |  | (f) |  | 22,218 |
Core deposit intangible |  |  | — |  |  |  | 8,790 |  | (g) |  | 8,790 |
Other |  |  | 34,976 |  |  |  | (4,804 | ) | (h) |  | 30,172 |
Total |  |  | 683,852 |  |  |  | 5,536 |  |  |  | 689,388 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 584,950 |  |  |  | 431 |  | (i) |  | 585,381 |
Borrowings |  |  | 21,855 |  |  |  | (2,855 | ) | (j) |  | 19,000 |
Other |  |  | 12,855 |  |  |  | 225 |  | (k) |  | 13,080 |
Total |  |  | 619,660 |  |  |  | (2,199 | ) |  |  | 617,461 |
Net identifiable assets acquired |  |  |  |  |  |  |  |  |  |  | 71,927 |
Total cost of acquisition |  |  |  |  |  |  |  |  |  |  |  |
Value of stock issued |  |  |  |  |  | $ | 114,478 |  |  |  |  |
Cash paid in the acquisition |  |  |  |  |  |  | 25,279 |  |  |  |  |
Total cost of acquisition |  |  |  |  |  |  |  |  |  |  | 139,757 |
Goodwill recorded related to acquisition of Carolina Bank |  |  |  |  |  |  |  |  |  | $ | 67,830 |
Explanation of Fair Value Adjustments
| (a) | This adjustment was recorded to a short-term investment to its estimated fair value.
| (b) | This fair value adjustment was recorded to adjust the securities portfolio to its estimated fair value.
| (c) | This fair value adjustment represents the amount necessary to reduce performing loans to their fair value due to interest rate factors and credit factors. This amount will be amortized to increase interest income over the remaining lives of the related loans.
| (d) | This fair value adjustment was recorded to write-down purchased credit impaired loans assumed in the acquisition to their estimated fair market value.
| (e) | This fair value adjustment reduced the allowance for loan losses to zero as required by relevant accounting guidance.
| (f) | This adjustment represents the amount necessary to increase premises and equipment from its book value on the date of acquisition to its estimated fair market value.
| (g) | This fair value adjustment represents the value of the core deposit base assumed in the acquisition based on a study performed by an independent consulting firm. This amount was recorded by the Company as an identifiable intangible asset and will be amortized as expense on an accelerated basis over seven years.
| (h) | This fair value adjustment primarily represents the net deferred tax liability associated with the other fair value adjustments made to record the transaction.
| (i) | This fair value adjustment was recorded because the weighted average interest rate of Carolina Bank’s time deposits exceeded the cost of similar wholesale funding at the time of the acquisition. This amount will be amortized to reduce interest expense on an accelerated basis over their remaining five year life.
| (j) | This fair value adjustment was primarily recorded because the interest rate of Carolina Bank’s trust preferred security was less than the current interest rate on similar instruments. This amount will be amortized on approximately a straight-line basis to increase interest expense over the remaining life of the related borrowing, which is 18 years.
| (k) | This fair value adjustment represents miscellaneous adjustments needed to record assets and liabilities at their fair value.
Pro Forma Combined Financial Results of the Company and Carolina Bank |
($ in thousands, except share data) |  | Carolina Bank Only - March 3, 2017-March 31, 2017 |  |  | Pro Forma Combined Three Months Ended March 31, 2017 |  |  | Pro Forma Combined Three Months Ended March 31, 2016 |
Net interest income |  | $ | 1,886 |  |  |  | 38,209 |  |  |  | 35,966 |
Noninterest income |  |  | 503 |  |  |  | 10,999 |  |  |  | 7,291 |
Total revenue |  |  | 2,389 |  |  |  | 49,208 |  |  |  | 43,257 |
Net income available to common shareholders |  |  | 210 |  |  |  | 5,377 |  |  |  | 7,880 |
Earnings per common share |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  |  |  |  | $ | 0.22 |  |  |  | 0.33 |
Diluted |  |  |  |  |  |  | 0.22 |  |  |  | 0.32 |

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