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Borrowings and Borrowings Availability | 12 Months Ended
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Dec. 31, 2022
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, 2022 and 2021 (dollars are in thousands):
Description – 2022 |  | Due date |  | Call Feature |  | 2022 Amount |  | Interest Rate
FHLB Principal Reducing Credit |  | 7/24/2023 |  | None |  | $ | 32 |  |  | 1.00% fixed
FHLB Principal Reducing Credit |  | 12/22/2023 |  | None |  | 912 |  |  | 1.25% fixed
FHLB Principal Reducing Credit |  | 6/26/2028 |  | None |  | 214 |  |  | 0.25% fixed
FHLB Principal Reducing Credit |  | 7/17/2028 |  | None |  | 38 |  |  | 0.00% fixed
FHLB Principal Reducing Credit |  | 8/18/2028 |  | None |  | 158 |  |  | 1.00% fixed
FHLB Principal Reducing Credit |  | 8/22/2028 |  | None |  | 159 |  |  | 1.00% fixed
FHLB Principal Reducing Credit |  | 12/20/2028 |  | None |  | 329 |  |  | 0.50% fixed
FHLB Daily Rate Credit |  | 8/23/2023 |  | None |  | 40,000 |  |  | 4.57% fixed
FHLB Fixed Rate Credit |  | 1/9/2023 |  | None |  | 50,000 |  |  | 4.15% fixed
FHLB Fixed Rate Credit |  | 2/9/2023 |  | None |  | 50,000 |  |  | 4.35% fixed
FHLB Fixed Rate Credit |  | 2/1/2023 |  | None |  | 80,000 |  |  | 4.25% fixed
Trust Preferred Securities |  | 1/23/2034 |  | Quarterly by Company beginning 1/23/2009 |  | 20,620 |  |  | 7.12% at 12/31/22 adjustable rate 3 month LIBOR + 2.70%
Trust Preferred Securities |  | 6/15/2036 |  | Quarterly by Company beginning 6/15/2011 |  | 25,774 |  |  | 6.16% at 12/31/22 adjustable rate 3 month LIBOR + 1.39%
Trust Preferred Securities |  | 1/7/2035 |  | Quarterly by Company beginning 1/7/2010 |  | 10,310 |  |  | 6.08% at 12/31/22 adjustable rate 3 month LIBOR +2.00%
Trust Preferred Securities |  | 9/20/2034 |  | Quarterly by Company beginning 9/20/2009 |  | 12,372 |  |  | 6.90% at 12/31/22 adjustable rate 3 month LIBOR + 2.15%
Total borrowings / weighted average rate as of December 31, 2022 |  | 290,918 |  |  | 4.82%
Unamortized discount on acquired borrowings |  |  |  | (3,411) |  |  |
Total borrowings |  |  |  |  |  | $ | 287,507 |  |  |
The following table presents information regarding the Company’s outstanding borrowings at December 31, 2021 (dollars are in thousands):
Description – 2021 |  | Due date |  | Call Feature |  | 2021 Amount |  | Interest Rate
FHLB Principal Reducing Credit |  | 7/24/2023 |  | None |  | $ | 79 |  |  | 1.00% fixed
FHLB Principal Reducing Credit |  | 12/22/2023 |  | None |  | 952 |  |  | 1.25% fixed
FHLB Principal Reducing Credit |  | 6/26/2028 |  | None |  | 225 |  |  | 0.25% fixed
FHLB Principal Reducing Credit |  | 7/17/2028 |  | None |  | 44 |  |  | 0.00% fixed
FHLB Principal Reducing Credit |  | 8/18/2028 |  | None |  | 166 |  |  | 1.00% fixed
FHLB Principal Reducing Credit |  | 8/22/2028 |  | None |  | 166 |  |  | 1.00% fixed
FHLB Principal Reducing Credit |  | 12/20/2028 |  | None |  | 342 |  |  | 0.50% fixed
Trust Preferred Securities |  | 1/23/2034 |  | Quarterly by Company beginning 1/23/2009 |  | 20,620 |  |  | 2.91% at 12/31/20 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 12/31/20 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 12/31/20 adjustable rate 3 month LIBOR + 2.00%
Trust Preferred Securities |  | 9/20/2034 |  | Quarterly by Company beginning 9/20/2009 |  | 12,372 |  |  | 2.27% at 12/31/21 adjustable rate 3 month LIBOR + 2.15%
Total borrowings / weighted average rate as of December 31, 2021 |  | 71,050 |  |  | 2.24%
Unamortized discount on acquired borrowings |  | (3,664) |  |  |
Total borrowings |  |  |  |  |  | $ | 67,386 |  |  |
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 tables, at December 31, 2022 short-term borrowings (original maturity terms of less than 3 months) totaled $220.0 million. There were no short-term borrowings at December 31, 2021. 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%. In the above tables, the $12.4 million in borrowings due on September 20, 2034 relate to borrowings structured as trust preferred capital securities that were issued by New Century Statutory Trust I, an unconsolidated subsidiary of the Company. The Company acquired Select Bancorp, Inc. and its subsidiary, New Century Statutory Trust I, on October 15, 2021. 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 September 20, 2009. The interest rate on these debt securities adjusts on a quarterly basis at a rate of three-month LIBOR plus 2.15%. At December 31, 2022, the Company had three sources of readily available borrowing capacity: • An $847.1 million line of credit with the FHLB that 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. $221.8 million was outstanding at December 31, 2022 and $2.0 million was outstanding at December 31, 2021; •A total of $265.0 million federal funds lines of credit with correspondent banks which allow the Company to purchase federal funds on an overnight, unsecured basis. None was outstanding at December 31, 2022 or 2021; and •An approximately $165.4 million line of credit through the Federal Reserve discount window, and is secured by a blanket lien on a portion of the Company’s commercial and consumer loan portfolio (excluding real estate collateral). None was outstanding at December 31, 2022 or 2021.

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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 https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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