XML 35 R24.htm IDEA: XBRL DOCUMENT

Pending Acquisition	6 Months Ended
Pending Acquisition	Jun. 30, 2021
Business Combinations [Abstract]
Pending Acquisition	Pending Acquisition On June 1, 2021, the Company announced the signing of a definitive merger agreement to acquire Select Bancorp, Inc. (“Select”), the parent company of Select Bank and Trust Company ("Select Bank"), in an all-stock transaction with a total value of approximately $314.3 million, or $18.10 per share, based on the Company’s closing stock price on May 28, 2021. Subject to the terms of the merger agreement, Select shareholders will receive 0.408 shares of First Bancorp's common stock for each share of Select common stock. Select Bank currently operates 22 banking locations in North Carolina, South Carolina, and Virginia. Select reported assets of $1.8 billion, gross loans of $1.3 billion and deposits of $1.6 billion as of March 31, 2021. The acquisition would increase the Company's market share in several existing markets, including the Triad, Triangle and Charlotte markets of North Carolina, as well as provide entry into several new markets, including Dunn, Goldsboro and Elizabeth City, North Carolina. The merger agreement was unanimously approved by the boards of directors of each company. The transaction is expected to close in the fourth quarter of 2021 and is subject to customary conditions, including regulatory approvals and approval by both the Company's and Select’s shareholders.