Condensed Parent Company Information (Tables)

12 Months Ended

Dec. 31, 2019

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



CONDENSED BALANCE SHEETS	As of December 31,
($ in thousands)	2019		2018
Assets
Cash on deposit with bank subsidiary	$	2,014	5,544
Investment in wholly-owned subsidiaries, at equity	904,924		816,648
Premises and Equipment	7		7
Other assets	5,642		—
Total assets	912,587		822,199

Liabilities and shareholders’ equity
Trust preferred securities	54,049		53,902
Other liabilities	6,137		4,067
Total liabilities	60,186		57,969

Shareholders’ equity	852,401		764,230

Total liabilities and shareholders’ equity	$	912,587	822,199



CONDENSED STATEMENTS OF INCOME	Year Ended December 31,
($ in thousands)	2019			2018		2017
Dividends from wholly-owned subsidiaries	$	29,800		15,525		52,732
Earnings of wholly-owned subsidiaries, net of dividends	65,555			77,050		(4,793	)
Interest expense	(2,648		)	(2,498	)	(1,867	)
All other income and expenses, net	(661		)	(788	)	(100	)
Net income	$	92,046		89,289		45,972



CONDENSED STATEMENTS OF CASH FLOWS	Year Ended December 31,
($ in thousands)	2019			2018		2017
Operating Activities:
Net income	$	92,046		89,289		45,972
(Equity in undistributed earnings of subsidiaries) Excess of dividends over earnings of subsidiaries	(65,555		)	(77,050	)	4,793
(Increase) decrease in other assets	(5,850		)	(13	)	283
Increase (decrease) in other liabilities	64			146		(67	)
Total – operating activities	20,705			12,372		50,981

Investing Activities:
Downstream cash investment to subsidiary	—			—		(9,000	)
Note receivable proceeds received	—			—		3,054
Proceeds from sales of investments	—			—		174
Net cash paid in acquisitions	—			—		(37,664	)
Total - investing activities	—			—		(43,436	)

Financing Activities:
Payment of common stock cash dividends	(13,662		)	(11,281	)	(7,596	)
Repurchases of common stock	(10,000		)	—		—
Proceeds from issuance of common stock	129			324		287
Stock withheld for payment of taxes	(702		)	(406	)	(231	)
Total - financing activities	(24,235		)	(11,363	)	(7,540	)
Net (decrease) increase in cash	(3,530		)	1,009		5
Cash, beginning of year	5,544			4,535		4,530
Cash, end of year	$	2,014		5,544		4,535