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Condensed Parent Company Information
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Condensed Parent Company Information Condensed Parent Company Information
Condensed financial data for First Bancorp (parent company only) follows:
CONDENSED BALANCE SHEETS
As of December 31,
($ in thousands)
2019
 
2018
Assets
 
 
 
Cash on deposit with bank subsidiary
$
2,014

 
5,544

Investment in wholly-owned subsidiaries, at equity
904,924

 
816,648

Premises and Equipment
7

 
7

Other assets
5,642

 
—

Total assets
912,587

 
822,199

 
 
 
 
Liabilities and shareholders’ equity
 
 
 
Trust preferred securities
54,049

 
53,902

Other liabilities
6,137

 
4,067

Total liabilities
60,186

 
57,969

 
 
 
 
Shareholders’ equity
852,401

 
764,230

 
 
 
 
Total liabilities and shareholders’ equity
$
912,587

 
822,199



CONDENSED STATEMENTS OF INCOME
Year Ended December 31,
($ in thousands)
2019
 
2018
 
2017
Dividends from wholly-owned subsidiaries
$
29,800

 
15,525

 
52,732

Earnings of wholly-owned subsidiaries, net of dividends
65,555

 
77,050

 
(4,793
)
Interest expense
(2,648
)
 
(2,498
)
 
(1,867
)
All other income and expenses, net
(661
)
 
(788
)
 
(100
)
Net income
$
92,046

 
89,289

 
45,972


CONDENSED STATEMENTS OF CASH FLOWS
Year Ended December 31,
($ in thousands)
2019
 
2018
 
2017
Operating Activities:
 

 
 

 
 

Net income
$
92,046

 
89,289

 
45,972

(Equity in undistributed earnings of subsidiaries) Excess of dividends over earnings of subsidiaries
(65,555
)
 
(77,050
)
 
4,793

(Increase) decrease in other assets
(5,850
)
 
(13
)
 
283

Increase (decrease) in other liabilities
64

 
146

 
(67
)
Total – operating activities
20,705

 
12,372

 
50,981

 
 
 
 
 
 
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 common stock cash dividends
(13,662
)
 
(11,281
)
 
(7,596
)
  Repurchases of common stock
(10,000
)
 
—

 
—

Proceeds from issuance of common stock
129

 
324

 
287

Stock withheld for payment of taxes
(702
)
 
(406
)
 
(231
)
Total - financing activities
(24,235
)
 
(11,363
)
 
(7,540
)
Net (decrease) increase in cash
(3,530
)
 
1,009

 
5

Cash, beginning of year
5,544

 
4,535

 
4,530

Cash, end of year
$
2,014

 
5,544

 
4,535