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Condensed Parent Company Information
 12 Months Ended
Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Parent Company Information

Note 18. Condensed Parent Company Information

 

Condensed financial data for First Bancorp (parent company only) follows:

 

CONDENSED BALANCE SHEETS  As of December 31, 
($ in thousands)  2017   2016 
Assets          
Cash on deposit with bank subsidiary  $4,535    4,530 
Investment in wholly-owned subsidiaries, at equity   745,669    410,261 
Premises and Equipment   7    7 
Other assets   —    1,659 
         Total assets  $750,211    416,457 
           
Liabilities and shareholders’ equity          
Trust preferred securities  $53,758    46,394 
Other liabilities   3,474    1,962 
     Total liabilities   57,232    48,356 
           
Shareholders’ equity   692,979    368,101 
           
         Total liabilities and shareholders’ equity  $750,211    416,457 

 

 

CONDENSED STATEMENTS OF INCOME  Year Ended December 31, 
($ in thousands)  2017   2016   2015 
             
Dividends from wholly-owned subsidiaries  $52,732    9,000    72,500 
Earnings of wholly-owned subsidiaries, net of dividends   (4,793)   20,517    (43,328)
Interest expense   (1,867)   (1,216)   (1,032)
All other income and expenses, net   (100)   (792)   (1,106)
          Net income   45,972    27,509    27,034 
                
          Preferred stock dividends   —    (175)   (603)
                
          Net income available to common shareholders  $45,972    27,334    26,431 

 

 

CONDENSED STATEMENTS OF CASH FLOWS  Year Ended December 31, 
($ in thousands)  2017   2016   2015 
             
Operating Activities:               
     Net income  $45,972    27,509    27,034 
     Excess of dividends over earnings of subsidiaries (Equity in undistributed earnings of subsidiaries)   4,793    (20,517)   43,328 
     Decrease in other assets   283    15    1 
     Increase (decrease) in other liabilities   (67)   130    (272)
          Total – operating activities   50,981    7,137    70,091 
                
Investing Activities:               
      Downstream cash investment to subsidiary   (9,000)   —    — 
      Note receivable proceeds received   3,054           
      Proceeds from sales of investments   174    —    — 
      Net cash paid in acquisitions   (37,664)   —    — 
          Total - investing activities   (43,436)   —    — 
                
                
Financing Activities:               
      Payment of preferred and common cash dividends   (7,596)   (6,632)   (7,105)
      Redemption of preferred stock   —    —    (63,500)
      Proceeds from issuance of common stock   287    375    112 
      Stock withheld for payment of taxes   (231)   (166)   (54)
          Total - financing activities   (7,540)   (6,423)   (70,547)
Net increase (decrease) in cash   5    714    (456)
Cash, beginning of year   4,530    3,816    4,272 
Cash, end of year  $4,535    4,530    3,816