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Condensed Parent Company Information | 12 Months Ended
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Dec. 31, 2020
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) | 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 | 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 | 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 |

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- References No definition available. + Details
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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 + Details
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