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Acquisitions (Condensed Balance Sheet of Carolina Bank and Asheville Savings Bank and Related Fair Value Adjustments) (Details) - USD ($)
$ in Thousands
6 Months Ended
Oct. 01, 2017
Mar. 03, 2017
Mar. 03, 2017
Jun. 30, 2017
Jun. 30, 2018
Dec. 31, 2017
Assets            
Core deposit intangible $ 9,880 $ 8,790 $ 8,790      
Fair Value Adjustments            
Value of stock issued       $ 114,478    
Goodwill recorded related to acquisition       $ 139,124 $ 232,458 $ 233,070
Carolina Bank [Member]            
Assets            
Cash and cash equivalents   81,466 81,466      
Securities   49,629 49,629      
Loans, gross   505,560 505,560      
Allowance for loan losses   (5,746) (5,746)      
Premises and equipment   17,967 17,967      
Core deposit intangible        
Other   34,976 34,976      
Total   683,852 683,852      
Liabilities            
Deposits   584,950 584,950      
Borrowings   21,855 21,855      
Other   12,855 12,855      
Total   619,660 619,660      
Fair Value Adjustments            
Value of stock issued   114,500        
Cash paid in the acquisition   25,300        
Goodwill recorded related to acquisition   65,072 65,072      
As Recorded by First Bancorp [Member]            
Assets            
Cash and cash equivalents 41,824 81,464 81,464      
Securities 95,020 49,368 49,368      
Loans, gross 606,180 497,522 497,522      
Allowance for loan losses      
Presold mortgages 3,785          
Premises and equipment 20,554 21,899 21,899      
Core deposit intangible 9,880 8,790 8,790      
Other 29,316 32,397 32,397      
Total 806,559 691,440 691,440      
Liabilities            
Deposits 679,137 585,381 585,381      
Borrowings 20,000 18,738 18,738      
Other 8,419 12,636 12,636      
Total 707,556 616,755 616,755      
Net identifiable assets acquired 99,003 $ 74,685 74,685      
Fair Value Adjustments [Member]            
Fair Value Adjustments            
Cash and cash equivalents   (2) [1]      
Securities   (261) [2]      
Loans, gross [3] (9,631)   (5,469)      
Write-down of purchased credit impaired loans [4] (1,348)   (2,715)      
Allowance for loan losses [5] 6,685   5,746      
Premises and equipment [6] 9,857   4,251      
Core deposit intangible 9,760 [7]   8,790 [8]      
Other [9] (5,851)   (4,804)      
Total Assets 9,472   5,536      
Deposits 430 [10]   431 [11]      
Borrowings   (2,855) [12]      
Other [13] 298   225      
Total Liabilities 728   (2,199)      
Value of stock issued 169,299   114,478      
Cash paid in the acquisition 17,939   25,279      
Total cost of acquisition 187,238   139,757      
Measurement Period Adjustments [Member]            
Fair Value Adjustments            
Cash and cash equivalents        
Securities        
Loans, gross   146 [14]      
Write-down of purchased credit impaired loans        
Allowance for loan losses        
Premises and equipment   (319) [15]      
Core deposit intangible 120 [16]        
Other (777) [17]   2,225 [18]      
Total Assets (657)   2,052      
Deposits        
Borrowings   (262) [19]      
Other (822) [20]   (444) [21]      
Total Liabilities (822)   $ (706)      
Asheville Savings Bank [Member]            
Assets            
Cash and cash equivalents 41,824          
Securities 95,020          
Loans, gross 617,159          
Allowance for loan losses (6,685)          
Presold mortgages 3,785          
Premises and equipment 10,697          
Core deposit intangible          
Other 35,944          
Total 797,744          
Liabilities            
Deposits 678,707          
Borrowings 20,000          
Other 8,943          
Total 707,650          
Fair Value Adjustments            
Value of stock issued 169,300          
Cash paid in the acquisition 17,900          
Goodwill recorded related to acquisition $ 88,235          
[1] This adjustment was recorded to a short-term investment to its estimated fair value.
[2] This fair value adjustment was recorded to adjust the securities portfolio to its estimated fair value.
[3] This fair value adjustment represents the amount necessary to reduce performing loans to their fair value due to interest rate factors and credit factors. Assuming the loans continue to perform, this amount will be amortized to increase interest income over the remaining lives of the related loans.
[4] This fair value adjustment was recorded to write-down purchased credit impaired loans assumed in the acquisition to their estimated fair market value.
[5] This fair value adjustment reduced the allowance for loan losses to zero as required by relevant accounting guidance.
[6] This adjustment represents the amount necessary to increase premises and equipment from its book value on the date of acquisition to its estimated fair market value.
[7] This fair value adjustment represents the value of the core deposit base assumed in the acquisition based on a study performed by an independent consulting firm. This amount was recorded by the Company as an identifiable intangible asset and is being amortized as expense on an accelerated basis over seven years.
[8] This fair value adjustment represents the value of the core deposit base assumed in the acquisition based on a study performed by an independent consulting firm. This amount was recorded by the Company as an identifiable intangible asset and will be amortized as expense on an accelerated basis over seven years.
[9] This fair value adjustment primarily represents the net deferred tax liability associated with the other fair value adjustments made to record the transaction.
[10] This fair value adjustment was recorded because the weighted average interest rate of Asheville Savings Bank's time deposits exceeded the cost of similar wholesale funding at the time of the acquisition. This amount is being amortized to reduce interest expense on an accelerated basis over their remaining five year life.
[11] This fair value adjustment was recorded because the weighted average interest rate of Carolina Bank's time deposits exceeded the cost of similar wholesale funding at the time of the acquisition. This amount is being amortized to reduce interest expense on an accelerated basis over their remaining five year life.
[12] This fair value adjustment was primarily recorded because the interest rate of Carolina Bank's trust preferred securities was less than the current interest rate on similar instruments. This amount is being amortized on approximately a straight-line basis to increase interest expense over the remaining life of the related borrowing, which is 18 years.
[13] This fair value adjustment represents miscellaneous adjustments needed to record assets and liabilities at their fair value.
[14] This fair value adjustment was a miscellaneous adjustment to increase the initial fair value of gross loans.
[15] This fair value adjustment relates to miscellaneous adjustment to decrease the initial fair value of premises and equipment.
[16] This fair value adjustment relates to a change in the final amount of the core deposit intangible asset from the amount originally estimated.
[17] This fair value adjustment relates to the write-down of a foreclosed property based on an updated appraisal and the related deferred tax asset adjustment.
[18] This fair value adjustment relates to changes in the estimate of deferred tax assets/liabilities associated with the acquisition and adjustments to decrease the initial fair value of the foreclosed real estate acquired in the transaction based on newly obtained valuations.
[19] This fair value adjustment relates to miscellaneous adjustments to decrease the initial fair value of borrowings.
[20] This fair value adjustment was recorded to adjust the tax liability assumed on the acquisition date based on updated information.
[21] This fair value adjustment relates to a change in the estimate of a contingent liability.