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Borrowings and Borrowings Availability | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Borrowings and Borrowings Availability | Borrowings and Borrowings Availability The following tables present information regarding the Company’s outstanding borrowings at December 31, 2020 and 2019 - dollars are in thousands:
Description – 2020 |  | Due date |  | Call Feature |  | 2020 Amount |  | Interest Rate
FHLB Principal Reducing Credit |  | 7/24/2023 |  | None |  | 124 |  |  | 1.00% fixed
FHLB Principal Reducing Credit |  | 12/22/2023 |  | None |  | 991 |  |  | 1.25% fixed
FHLB Principal Reducing Credit |  | 1/15/2026 |  | None |  | 5,500 |  |  | 1.98% fixed
FHLB Principal Reducing Credit |  | 6/26/2028 |  | None |  | 235 |  |  | 0.25% fixed
FHLB Principal Reducing Credit |  | 7/17/2028 |  | None |  | 49 |  |  | 0.00% fixed
FHLB Principal Reducing Credit |  | 8/18/2028 |  | None |  | 174 |  |  | 1.00% fixed
FHLB Principal Reducing Credit |  | 8/22/2028 |  | None |  | 174 |  |  | 1.00% fixed
FHLB Principal Reducing Credit |  | 12/20/2028 |  | None |  | 355 |  |  | 0.50% fixed
Other Borrowing |  | 4/7/2022 |  | None |  | 103 |  |  | 1.00% fixed
Trust Preferred Securities |  | 1/23/2034 |  | Quarterly by Company beginning 1/23/2009 |  | 20,620 |  |  | 2.91% at 12/31/2020 adjustable rate 3 month LIBOR + 2.70%
Trust Preferred Securities |  | 6/15/2036 |  | Quarterly by Company beginning 6/15/2011 |  | 25,774 |  |  | 1.61% at 12/31/2020 adjustable rate 3 month LIBOR + 1.39%
Trust Preferred Securities |  | 1/7/2035 |  | Quarterly by Company beginning 1/7/2010 |  | 10,310 |  |  | 2.24% at 12/31/2020 adjustable rate 3 month LIBOR + 2.00%
Total borrowings / weighted average rate as of December 31, 2020 |  | $ | 64,409 |  |  | 2.22%
Unamortized discount on acquired borrowings |  |  |  | (2,580) |  |  |
Total borrowings |  |  |  |  |  | $ | 61,829 |  |  |
Description – 2019 |  | Due date |  | Call Feature |  | 2019 Amount |  | Interest Rate
FHLB Term Note |  | 1/30/2020 |  | None |  | $ | 100,000 |  |  | 1.70% fixed
FHLB Term Note |  | 1/31/2020 |  | None |  | 68,000 |  |  | 1.70% fixed
FHLB Term Note |  | 1/31/2020 |  | None |  | 30,000 |  |  | 1.70% fixed
FHLB Term Note |  | 5/29/2020 |  | None |  | 40,000 |  |  | 1.62% fixed
FHLB Principal Reducing Credit |  | 7/24/2023 |  | None |  | 168 |  |  | 1.00% fixed
FHLB Principal Reducing Credit |  | 12/22/2023 |  | None |  | 1,029 |  |  | 1.25% fixed
FHLB Principal Reducing Credit |  | 1/15/2026 |  | None |  | 6,500 |  |  | 1.98% fixed
FHLB Principal Reducing Credit |  | 6/26/2028 |  | None |  | 245 |  |  | 0.25% fixed
FHLB Principal Reducing Credit |  | 7/17/2028 |  | None |  | 55 |  |  | 0.00% fixed
FHLB Principal Reducing Credit |  | 8/18/2028 |  | None |  | 181 |  |  | 1.00% fixed
FHLB Principal Reducing Credit |  | 8/22/2028 |  | None |  | 181 |  |  | 1.00% fixed
FHLB Principal Reducing Credit |  | 12/20/2028 |  | None |  | 367 |  |  | 0.50% fixed
Trust Preferred Securities |  | 1/23/2034 |  | Quarterly by Company beginning 1/23/2009 |  | 20,620 |  |  | 4.64% at 12/31/2019 adjustable rate 3 month LIBOR + 2.70%
Trust Preferred Securities |  | 6/15/2036 |  | Quarterly by Company beginning 6/15/2011 |  | 25,774 |  |  | 3.28% at 12/31/2019 adjustable rate 3 month LIBOR + 1.39%
Trust Preferred Securities |  | 1/7/2035 |  | Quarterly by Company beginning 1/7/2010 |  | 10,310 |  |  | 3.99% at 12/31/2019 adjustable rate 3 month LIBOR + 2.00%
Total borrowings / weighted average rate as of December 31, 2019 |  | $ | 303,430 |  |  | 2.68%
Unamortized discount on acquired borrowings |  | (2,759) |  |  |
Total borrowings |  |  |  |  |  | $ | 300,671 |  |  |
All outstanding FHLB borrowings may be accelerated immediately by the FHLB in certain circumstances, including material adverse changes in the condition of the Company or if the Company’s qualifying collateral amounts to less than that required under the terms of the FHLB borrowing agreement. In the above table for December 31, 2019, borrowings of $253.0 million at December 31, 2019 were considered short-term as their original maturity terms were for less than 3 months. There were no short-term borrowings at December 31, 2020. In the above tables, the $20.6 million in borrowings due on January 23, 2034 relate to borrowings structured as trust preferred capital securities that were issued by First Bancorp Capital Trusts II and III ($10.3 million by each trust), which are unconsolidated subsidiaries of the Company, on December 19, 2003 and qualify as capital for regulatory capital adequacy requirements. These unsecured debt securities became callable by the Company at par on any quarterly interest payment date beginning on January 23, 2009. The interest rate on these debt securities adjusts on a quarterly basis at a rate of three-month LIBOR plus 2.70%. In the above tables, the $25.8 million in borrowings due on June 15, 2036 relate to borrowings structured as trust preferred capital securities that were issued by First Bancorp Capital Trust IV, an unconsolidated subsidiary of the Company, on April 13, 2006 and qualify as capital for regulatory capital adequacy requirements. These unsecured debt securities became callable by the Company at par on any quarterly interest payment date beginning on June 15, 2011. The interest rate on these debt securities adjusts on a quarterly basis at a rate of three-month LIBOR plus 1.39%. In the above tables, the $10.3 million in borrowings due on January 7, 2035 relate to borrowings structured as trust preferred capital securities that were issued by Carolina Capital Trust, an unconsolidated subsidiary of the Company. The Company acquired Carolina Bank Holdings, Inc. and its subsidiary, Carolina Capital Trust, on March 3, 2017. These unsecured debt securities qualify as capital for regulatory capital adequacy requirements and became callable by the Company at par on any quarterly interest payment date beginning on January 7, 2010. The interest rate on these debt securities adjusts on a quarterly basis at a rate of three-month LIBOR plus 2.00%. At December 31, 2020, the Company had three sources of readily available borrowing capacity – 1) an approximately $1.02 billion line of credit with the FHLB, of which $8 million was outstanding at December 31, 2020 and $247 million was outstanding at December 31, 2019, 2) a $100 million federal funds line of credit with a correspondent bank, of which none was outstanding at December 31, 2020 or 2019, and 3) an approximately $134 million line of credit through the Federal Reserve Bank of Richmond’s (FRB) discount window, of which none was outstanding at December 31, 2020 or 2019. The Company’s line of credit with the FHLB totaling approximately $1.02 billion can be structured as either short-term or long-term borrowings, depending on the particular funding or liquidity needs and is secured by the Company’s FHLB stock and a blanket lien on most of its real estate loan portfolio. The Company’s correspondent bank relationship allows the Company to purchase up to $100 million in federal funds on an overnight, unsecured basis (federal funds purchased). The Company had no borrowings outstanding under this line at December 31, 2020 or 2019. The Company has a line of credit with the FRB discount window. This line is secured by a blanket lien on a portion of the Company’s commercial and consumer loan portfolio (excluding real estate). Based on the collateral owned by the Company as of December 31, 2020, the available line of credit was approximately $134 million. The Company had no borrowings outstanding under this line of credit at December 31, 2020 or 2019.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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