XML 62 R45.htm IDEA: XBRL DOCUMENT
v3.20.4

Condensed Parent Company Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheets | Condensed financial data for First Bancorp (parent company only) follows:
CONDENSED BALANCE SHEETS | As of December 31,
($ in thousands) | 2020 |  | 2019
Assets |  |  |
Cash on deposit with bank subsidiary | $ | 15,284 |  |  | 2,014 |
Investment in wholly-owned subsidiaries, at equity | 938,294 |  |  | 904,924 |
Premises and Equipment | 7 |  |  | 7 |
Other assets | (164) |  |  | 5,642 |
Total assets | 953,421 |  |  | 912,587 |
Liabilities and shareholders’ equity |  |  |
Trust preferred securities | 54,200 |  |  | 54,049 |
Other liabilities | 5,800 |  |  | 6,137 |
Total liabilities | 60,000 |  |  | 60,186 |
Shareholders’ equity | 893,421 |  |  | 852,401 |
Total liabilities and shareholders’ equity | $ | 953,421 |  |  | 912,587 |
Condensed Statements of Income |
CONDENSED STATEMENTS OF INCOME | Year Ended December 31,
($ in thousands) | 2020 |  | 2019 |  | 2018
Dividends from wholly-owned subsidiaries | $ | 63,100 |  |  | 29,800 |  |  | 15,525 |
Earnings of wholly-owned subsidiaries, net of dividends | 20,899 |  |  | 65,555 |  |  | 77,050 |
Interest expense | (1,743) |  |  | (2,648) |  |  | (2,498) |
All other income and expenses, net | (779) |  |  | (661) |  |  | (788) |
Net income | $ | 81,477 |  |  | 92,046 |  |  | 89,289 |
Condensed Statements of Cash Flows |
CONDENSED STATEMENTS OF CASH FLOWS | Year Ended December 31,
($ in thousands) | 2020 |  | 2019 |  | 2018
Operating Activities: |  |  |  |  |
Net income | $ | 81,477 |  |  | 92,046 |  |  | 89,289 |
Equity in undistributed earnings of subsidiaries | (20,899) |  |  | (65,555) |  |  | (77,050) |
Decrease (increase) in other assets | 5,806 |  |  | (5,850) |  |  | (13) |
(Decrease) increase in other liabilities | (3) |  |  | 64 |  |  | 146 |
Total – operating activities | 66,381 |  |  | 20,705 |  |  | 12,372 |
Financing Activities: |  |  |  |  |
Payment of common stock cash dividends | (20,936) |  |  | (13,662) |  |  | (11,281) |
Repurchases of common stock | (31,868) |  |  | (10,000) |  |  | — |
Proceeds from issuance of common stock | — |  |  | 129 |  |  | 324 |
Stock withheld for payment of taxes | (307) |  |  | (702) |  |  | (406) |
Total - financing activities | (53,111) |  |  | (24,235) |  |  | (11,363) |
Net increase (decrease) in cash | 13,270 |  |  | (3,530) |  |  | 1,009 |
Cash, beginning of year | 2,014 |  |  | 5,544 |  |  | 4,535 |
Cash, end of year | $ | 15,284 |  |  | 2,014 |  |  | 5,544 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | srt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration