XML 60 R45.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Employee Benefit Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of Reconciliation of Benefit Obligation | The following table reconciles the beginning and ending balances of the Pension Plan’s benefit obligation, as computed by the Company with assistance from its independent actuarial consultants, and its plan assets, with the difference between the two amounts representing the funded status of the Pension Plan as of the end of the respective year.
($ in thousands) |  | 2023 |  | 2022 |  | 2021
Change in benefit obligation |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 30,611 |  |  | 41,657 |  |  | 44,750 |
Service cost |  | — |  |  | — |  |  | — |
Interest cost |  | 1,451 |  |  | 1,043 |  |  | 981 |
Actuarial gain |  | (1,470) |  |  | (10,286) |  |  | (2,041) |
Benefits paid, including lump sums |  | (11,135) |  |  | (1,803) |  |  | (2,033) |
Transfer to insurer |  | (19,457) |  |  | — |  |  | — |
Accumulated benefit obligation at end of year |  | — |  |  | 30,611 |  |  | 41,657 |
Change in plan assets |  |  |  |  |  |
Plan assets at beginning of year |  | 33,655 |  |  | 44,904 |  |  | 48,167 |
Actual return on plan assets |  | (547) |  |  | (9,446) |  |  | (1,230) |
Employer contributions |  | — |  |  | — |  |  | — |
Benefits paid, including lump sums |  | (11,135) |  |  | (1,803) |  |  | (2,033) |
Transfer to insurer |  | (19,457) |  |  | — |  |  | — |
Plan assets at end of year |  | 2,517 |  |  | 33,655 |  |  | 44,904 |
Funded status at end of year (1) |  | $ | 2,517 |  |  | 3,044 |  |  | 3,247 |
(1) - As of December 31, 2023, the Pension Plan was terminated and surplus assets were held in the Pension Plan's trust account until deployed as contributions to the Company's 401(k) Plan in 2024 and 2025.
The following table reconciles the beginning and ending balances of the SERP’s benefit obligation, as computed by the Company’s independent actuarial consultants:
($ in thousands) |  | 2023 |  | 2022 |  | 2021
Change in benefit obligation |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 3,521 |  |  | 4,660 |  |  | 5,982 |
Service cost |  | — |  |  | — |  |  | — |
Interest cost |  | 158 |  |  | 112 |  |  | 119 |
Actuarial gain |  | (86) |  |  | (1,006) |  |  | (1,119) |
Benefits paid |  | (241) |  |  | (245) |  |  | (322) |
Accumulated benefit obligation at end of year |  | 3,352 |  |  | 3,521 |  |  | 4,660 |
Plan assets |  | — |  |  | — |  |  | — |
Funded status at end of year |  | $ | (3,352) |  |  | (3,521) |  |  | (4,660) |
Schedule of Amounts Recognized in Other Comprehensive Income | The following table presents information regarding the amounts recognized in accumulated other comprehensive income (loss) (“AOCI”) at December 31, 2023 and 2022, as it relates to the Pension Plan.
($ in thousands) |  | 2023 |  | 2022
Net actuarial loss |  | $ | — |  |  | (1,497) |
Prior service cost |  | — |  |  | — |
Amount recognized in AOCI before tax effect |  | — |  |  | (1,497) |
Tax benefit |  | — |  |  | 344 |
Net amount recognized as decrease to AOCI |  | $ | — |  |  | (1,153) |
The following table presents information regarding the amounts recognized in AOCI at December 31, 2023 and 2022, as it relates to the SERP:
($ in thousands) |  | 2023 |  | 2022
Net (loss) gain |  | $ | (100) |  |  | 1,551 |
Prior service cost |  | — |  |  | — |
Amount recognized in AOCI before tax effect |  | (100) |  |  | 1,551 |
Tax benefit (expense) |  | 23 |  |  | (356) |
Net amount recognized as (decrease) increase to AOCI |  | $ | (77) |  |  | 1,195 |
Schedule of Reconciliation of Balances in AOCI | The following table reconciles the beginning and ending balances of AOCI at December 31, 2023 and 2022, as it relates to the Pension Plan:
($ in thousands) |  | 2023 |  | 2022
Accumulated other comprehensive loss at beginning of fiscal year |  | $ | (1,153) |  |  | (1,110) |
Net loss arising during period |  | (693) |  |  | (312) |
Recognition of net actuarial loss due to plan settlement |  | 998 |  |  | — |
Amortization of net unrecognized actuarial loss |  | 1,192 |  |  | 256 |
Tax (benefit) expense of changes during the year, net |  | (344) |  |  | 13 |
Accumulated other comprehensive loss at end of fiscal year |  | $ | — |  |  | (1,153) |
The following table reconciles the beginning and ending balances of AOCI at December 31, 2023 and 2022, as it relates to the SERP:
($ in thousands) |  | 2023 |  | 2022
Accumulated other comprehensive income at beginning of fiscal year |  | $ | 1,195 |  |  | 838 |
Net gain arising during period |  | 86 |  |  | 1,007 |
Prior service cost |  | — |  |  | — |
Amortization of unrecognized actuarial loss |  | (1,737) |  |  | (544) |
Tax benefit (expense) related to changes during the year, net |  | 379 |  |  | (106) |
Accumulated other comprehensive (loss) income at end of fiscal year |  | $ | (77) |  |  | 1,195 |
Schedule of Reconciliation of Prepaid Pension Costs | The following table reconciles the beginning and ending balances of the prepaid pension cost related to the Pension Plan for the periods presented. As noted above, there are no remaining obligations of the Pension Plan and assets at December 31, 2023 represent the surplus cash held in the Pension Plan's trust account for contributions to be made to the Company's 401(k) plan during 2024 and 2025.
($ in thousands) |  | 2023 |  | 2022
Prepaid pension cost as of beginning of fiscal year |  | $ | 4,542 |  |  | 4,689 |
Net periodic pension cost for fiscal year |  | (2,025) |  |  | (147) |
Actual employer contributions |  | — |  |  | — |
Prepaid pension asset as of end of fiscal year |  | $ | 2,517 |  |  | 4,542 |
The following table reconciles the beginning and ending balances of the prepaid pension cost related to the SERP:
($ in thousands) |  | 2023 |  | 2022
Accrued liability as of beginning of fiscal year |  | $ | (5,071) |  |  | (5,748) |
Net periodic pension cost for fiscal year |  | 1,579 |  |  | 432 |
Benefits paid |  | 241 |  |  | 245 |
Accrued liability as of end of fiscal year |  | $ | (3,251) |  |  | (5,071) |
Schedule of Net Pension Costs | Net pension cost for the Pension Plan included the following components for the years ended December 31, 2023, 2022, and 2021:
($ in thousands) |  | 2023 |  | 2022 |  | 2021
Service cost – benefits earned during the period |  | $ | — |  |  | — |  |  | — |
Interest cost on projected benefit obligation |  | 1,451 |  |  | 1,043 |  |  | 981 |
Expected return on plan assets |  | (1,616) |  |  | (1,152) |  |  | (1,059) |
Net amortization and deferral |  | 1,192 |  |  | 256 |  |  | 577 |
Recognized settlement loss |  | 998 |  |  | — |  |  | — |
Net periodic pension cost |  | $ | 2,025 |  |  | 147 |  |  | 499 |
Net pension cost for the SERP included the following components for the years ended December 31, 2023, 2022, and 2021:
($ in thousands) |  | 2023 |  | 2022 |  | 2021
Service cost – benefits earned during the period |  | $ | — |  |  | — |  |  | — |
Interest cost on projected benefit obligation |  | 158 |  |  | 112 |  |  | 119 |
Amortization of net actuarial (loss) gain |  | (1,737) |  |  | (544) |  |  | 15 |
Net periodic pension cost |  | $ | (1,579) |  |  | (432) |  |  | 134 |
The components of net periodic benefit cost other than the service cost component are included in the line item "Other operating expenses" in the consolidated statements of income.
Schedule of Assumptions Used in Determining Actuarial Information | The following assumptions were used in determining the actuarial information for the Pension Plan for the years ended December 31, 2023, 2022, and 2021:
|  | 2023 |  | 2022 |  | 2021
Discount rate used to determine net periodic pension cost |  | 4.94% |  | 2.62% |  | 2.24%
Expected long-term rate of return on assets |  | 4.94% |  | 2.62% |  | 2.24%
Discount rate used to calculate end of year liability disclosures (1) |  | n/a |  | 4.94% |  | 2.62%
(1) - As of December 31, 2023, there were no Pension Plan obligations or liabilities.
The following assumptions were used in determining the actuarial information for the SERP for the years ended December 31, 2023, 2022, and 2021:
|  | 2023 |  | 2022 |  | 2021
Discount rate used to determine net periodic pension cost |  | 4.90 | % |  | 2.48 | % |  | 2.04 | %
Discount rate used to calculate end of year liability disclosures |  | 4.68 | % |  | 4.90 | % |  | 2.48 | %
Schedule of Expected Benefit Payments | The following table is an estimate of the benefits that will be paid in accordance with the SERP for each of the five calendar years ending December 31, 2027 and thereafter:
($ in thousands) |  | Estimated benefit payments
2024 |  | $ | 240 |
2025 |  | 278 |
2026 |  | 280 |
2027 |  | 298 |
2028 |  | 288 |
2029-2033 |  | 1,322 |

X
- Definition The tabular disclosure for reconciliation of prepaid costs. + References No definition available. + Details
Name: | fbnc_ScheduleOfReconciliationOfPrepaidPensionCostsTableTextBlock
Namespace Prefix: | fbnc_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of benefit obligations including accumulated benefit obligation and projected benefit obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (e) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAccumulatedAndProjectedBenefitObligationsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during the period. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration