Condensed Parent Company Information (Tables)

12 Months Ended

Dec. 31, 2012

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed financial data for First Bancorp (parent company only) CONDENSED BALANCE SHEETS

Condensed financial data for First Bancorp (parent company only) follows:

CONDENSED BALANCE SHEETS	As of December 31,
($ in thousands)	2012		2011
Assets
Cash on deposit with bank subsidiary	$	3,335		3,324
Investment in wholly-owned subsidiaries, at equity		399,688		388,528
Premises and Equipment		152		161
Other assets		1,637		1,633
Total assets	$	404,812		393,646
Liabilities and shareholders’ equity
Trust preferred securities	$	46,394		46,394
Other liabilities		2,301		2,102
Total liabilities		48,695		48,496
Shareholders’ equity		356,117		345,150
Total liabilities and shareholders’ equity	$	404,812		393,646

Condensed financial data for First Bancorp (parent company only) CONDENSED STATEMENTS OF INCOME

CONDENSED STATEMENTS OF INCOME	Year Ended December 31,
($ in thousands)	2012			2011			2010
Dividends from wholly-owned subsidiaries	$	10,000			9,500			26,250
Earnings (losses) of wholly-owned subsidiaries, net of dividends		(31,493	)		5,862			(14,536	)
Interest expense		(1,111	)		(1,041	)		(1,054	)
All other income and expenses, net		(802	)		(679	)		(678	)
Net income (loss)		(23,406	)		13,642			9,982
Preferred stock dividends and accretion		(2,809	)		(6,166	)		(4,107	)
Net income (loss) available to common shareholders	$	(26,215	)		7,476			5,875

Condensed financial data for First Bancorp (parent company only) CONDENSED STATEMENTS OF CASH FLOWS

CONDENSED STATEMENTS OF CASH FLOWS	Year Ended December 31,
($ in thousands)	2012			2011			2010
Operating Activities:
Net income (loss)	$	(23,406	)		13,642			9,982
Equity in undistributed (earnings) losses of subsidiaries		21,493			(5,862	)		—
Dividend from subsidiaries in excess of earnings		10,000			—			14,536
Decrease in other assets		26			38			32
Increase (decrease) in other liabilities		199			(62	)		17
Total – operating activities		8,312			7,756			24,567
Investing Activities:
Downstream cash investment in subsidiary		(33,850	)		(16,250	)		—
Cash proceeds from dissolution of subsidiary		—			—			706
Total – investing activities		(33,850	)		(16,250	)		706
Financing Activities:
Payment of preferred and common cash dividends		(8,463	)		(8,237	)		(8,609	)
Proceeds from issuance of preferred stock		7,287			63,500			—
Redemption of preferred stock		—			(65,000	)		—
Proceeds from issuance of common stock		26,727			881			840
Repurchases of common stock		(2	)		(228	)		—
Repurchase of common stock warrants		—			(924	)		—
Total - financing activities		25,549			(10,008	)		(7,769	)
Net increase (decrease) in cash		11			(18,502	)		17,504
Cash, beginning of year		3,324			21,826			4,322
Cash, end of year	$	3,335			3,324			21,826