Condensed Parent Company Information

12 Months Ended

Dec. 31, 2020

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