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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 __________________
Form 8-K
__________________
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):   April 23, 2025
 
First Bancorp
(Exact Name of Registrant as Specified in its Charter)
         
North Carolina   0-15572   56-1421916
(State or Other Jurisdiction   (Commission   (I.R.S. Employer
of Incorporation)   File Number)   Identification Number)
         
       300 SW Broad Street,
Southern Pines, NC     28387
(Address of Principal Executive Offices)     (Zip Code)
 
(910) 246-2500
____________________
(Registrant’s telephone number, including area code)
 
Not Applicable
___________________
(Former Name or Former Address, if changed since last report)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:

Title of each class            Trading symbol            Name of each exchange on which registered:
Common Stock, No Par Value FBNC The Nasdaq Global Select Market On April 23, 2025, First Bancorp (the “Registrant” or “Company”) issued an earnings release to announce its financial results for the three month period ended March 31, 2025.
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First Bancorp
INDEX
 
  Page
   
Item 2.02 – Results of Operations and Financial Condition
Item 9.01 – Financial Statements and Exhibits
   
Signatures
   
18 

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Item 2.02 - Results of Operations and Financial Condition
The earnings release contains forward-looking statements regarding the Company and includes cautionary language identifying important factors that could cause actual results to differ materially from those anticipated. The earnings release is furnished as Exhibit 99.1. Consequently, it is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. Such materials may only be incorporated by reference into another filing under the Exchange Act or Securities Act of 1933 if such subsequent filing specifically references this Form 8-K.



Item 9.01 – Financial Statements and Exhibits
(d) Exhibits
Exhibit 99.1 – News Release issued on April 23, 2025
Exhibit 99.2 Earnings Release Presentation dated April 23, 2025



Disclosures About Forward Looking Statements
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which statements are inherently subject to risks and uncertainties. Forward-looking statements are statements that include projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact. Such statements are often characterized by the use of qualifying words (and their derivatives) such as “expect,” “believe,” “estimate,” “plan,” “project,” “anticipate,” or other statements concerning opinions or judgments of the Company and its management about future events. Factors that could influence the accuracy of such forward-looking statements include, but are not limited to, the financial success or changing strategies of the Company’s customers, the Company’s level of success in integrating acquisitions, actions of government regulators, the level of market interest rates, and general economic conditions. For additional information about the factors that could affect the matters discussed in this paragraph, see the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements. The Company is also not responsible for changes made to the press release by wire services, internet services or other media.




Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
             
            First Bancorp
             
    April 23, 2025    
By:
   
/s/ Richard H. Moore
            Richard H. Moore
            Chief Executive Officer

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EX-99.1 2 exhibit991newsreleasedated.htm EX-99.1 Document

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News Release

For Immediate Release: For More Information, Contact:
April 23, 2025
Hillary Kestler
704-644-4137

First Bancorp Reports First Quarter Results

SOUTHERN PINES, N.C. - First Bancorp (the "Company") (NASDAQ - FBNC), the parent company of First Bank, reported unaudited first quarter earnings today. The Company announced net income of $36.4 million, or $0.88 diluted earnings per share ("D-EPS"), for the three months ended March 31, 2025 compared to $3.6 million, or $0.08 D-EPS, for the three months ended December 31, 2024 ("linked quarter") and $25.3 million, or $0.61 D-EPS, for the first quarter of 2024 ("like quarter").

The Company continued its efforts to enhance net interest income and net interest margin. The Company recorded net interest income of $92.9 million for the first quarter of 2025, compared to $88.8 million for the linked quarter and $79.3 million for the like quarter. Tax equivalent net interest margin ("NIM-T/E") for the first quarter of 2025 expanded to 3.27% from 3.08% for the linked quarter and 2.80% for the like quarter.

First Bancorp also continued to maintain expense control with noninterest expenses contracting to $57.9 million for the first quarter of 2025, down from $58.3 million for the linked quarter and $59.2 million for the like quarter.

The results for the first quarter of 2025 include a $2.0 million reduction to the potential impacts to the allowance for credit losses from Hurricane Helene ($1.5 million after-taxes or $0.04 per diluted share). In addition, the results for the fourth quarter 2024 included a securities loss of $36.8 million ($28.2 million after-taxes, or $0.68 per diluted share), from the securities loss-earnback transaction that included the sale of $283.8 million of available-for-sale securities bearing 1.62%. The reconciliations from net income and D-EPS to adjusted net income and adjusted D-EPS (both non-GAAP measures) for the first quarter of 2025 and the fourth quarter of 2024 are presented in Appendix E.

Richard H. Moore, CEO and Chairman of the Company, stated “Our Company had a strong quarter highlighted by the execution of our succession plan elevating Adam Currie to Chief Executive Officer of First Bank. Our ability to enhance net interest income and margin as well as maintain prudent expense management bodes well for the future. We remain focused on maintaining credit quality and managing our balance sheet while continuing to provide excellent service to our customers. Our solid liquidity and excess capital will provide us strategic flexibility in the days ahead.”

First Quarter 2025 Highlights

•NIM-T/E increased 19 basis points to 3.27% for the first quarter of 2025, up from 3.08% for the linked quarter and 2.80% in the like quarter. The Federal Reserve rate reductions in September, November and December continue to benefit our NIM-T/E.
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First Quarter 2025 Results
•Total loan yield expanded to 5.52%, up 5 basis points from the linked quarter and 7 basis points from the like quarter. Total cost of funds contracted 11 basis points to 1.51% for the quarter ended March 31, 2025 from 1.62% for the linked quarter and from 1.79% from the like quarter.
•The yield on securities increased 32 basis points to 2.28% for the quarter ended March 31, 2025 from 1.96% for the linked quarter. The increased yield on the new purchases from the securities loss-earnback transaction benefited less than half of the fourth quarter.
•Average deposits were $10.6 billion for the first quarter of 2025, an increase of $14.5 million from the linked quarter, with $106.9 million of growth in average interest bearing checking and money market accounts partially offset by a decline of $52.6 million in average noninterest bearing deposits. Total cost of deposits was 1.46%, a decrease of 11 basis points from 1.57% for the linked quarter and 10 basis points from 1.56% for the like quarter. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.0 million for the quarter ended March 31, 2025.
•We continue to focus on expense management. Noninterest expenses of $57.9 million represented a reduction of $0.4 million from the linked quarter and $1.3 million from the like quarter. The linked quarter decrease was driven by a $0.7 million decrease in Bankcard expenses, and a $0.4 million decrease in Total personnel expense, with smaller decreases and increases in other expense categories. Full time equivalent employees decreased by 18 from 1,371 at December 31, 2024 to 1,353 at March 31, 2025.
•D-EPS was $0.88 per share for the first quarter of 2025 compared to $0.08 for the linked quarter and $0.61 per share for the like quarter. Adjusted D-EPS for the first quarter of 2025 was $0.84, up from the linked quarter's adjusted D-EPS of $0.76 and the like quarter's D-EPS of $0.61. See Appendix E for the components of these calculations.
•Net income was $36.4 million for the first quarter of 2025. Adjusted net income increased to $34.9 million for the three months ended March 31, 2025 from adjusted net income of $31.7 million for the linked quarter and net income of $25.3 million for the like quarter. See Appendix E for the components of these calculations.
•We continued to maintain excess capital at March 31, 2025 with a linked quarter increase of 18 basis points in common equity tier 1 ratio to 14.53% (estimated) and a similar 16 basis points linked quarter increase in total risk-based capital ratio to 16.79% (estimated). Both of these measures remain well above regulatory minimums or targets. During the first quarter of 2025, the Company repurchased 24,849 shares of common stock for a total cost of $1.0 million.
•Credit quality remained strong with a nonperforming assets ("NPA") to total assets ratio of 0.27% as of March 31, 2025, a decrease of 3 basis point from the linked quarter. During the first quarter of 2025, the Company recorded net charge offs of $3.3 million, an annualized 0.17% of average loans.
•Loan growth continued during the quarter, with loans totaling $8.1 billion at March 31, 2025, reflecting growth of $8.4 million, or 0.42%, for the quarter and growth of $26.5 million, or 0.33%, from March 31, 2024.
•Noninterest-bearing demand accounts were $3.5 billion, representing 32% of total deposits at March 31, 2025. During the first quarter of 2025, customer deposits grew $214.1 million with increases of $109.2 million in noninterest bearing deposits and $101.1 million in money market accounts.
•The on-balance sheet liquidity ratio was 19.8% at March 31, 2025, an increase from 17.6% for the linked quarter. Available off-balance sheet sources totaled $2.4 billion at March 31, 2025, resulting in a total liquidity ratio of 36.4%.

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First Quarter 2025 Results
Net Interest Income and Net Interest Margin

Net interest income for the first quarter of 2025 was $92.9 million, an increase of 4.5% from the linked quarter of $88.8 million and 17.2% from the like quarter of $79.3 million. The increase in net interest income from the linked and like quarters was primarily driven by our focused efforts to manage deposit costs while increasing loan yields after the rate cuts by the Federal Reserve in the second half of 2024 along with the increased securities yield resulting from the loss-earnback transaction in the fourth quarter of 2024.
The Company’s NIM-T/E for the first quarter of 2025 was 3.27%, an increase of 19 basis points from the linked quarter and 47 basis points from the like quarter. Within interest-earning assets, the loss-earnback transaction in the securities portfolio during the fourth quarter of 2024 resulted in an increase of 32 basis points as compared to the linked quarter. In addition, loan yields increased 5 basis points to 5.52%. Following the three rate cuts by the Federal Reserve between September and December, the rate on interest-bearing deposits fell 17 basis points during the quarter ended March 31, 2025. The like quarter expansion of NIM-T/E was driven by the same three factors described above resulting in an increase of 50 basis points in securities yield, an increase of 7 basis points in loan yields, and a decrease of 19 basis points in the rate on interest-bearing deposits.

For the Three Months Ended
YIELD INFORMATION March 31, 2025 December 31, 2024 March 31, 2024
Yield on loans 5.52% 5.47% 5.45%
Yield on securities 2.28% 1.96% 1.78%
Yield on other earning assets 4.42% 4.49% 4.30%
Yield on total interest-earning assets 4.65% 4.55% 4.43%
Cost of interest-bearing deposits 2.14% 2.31% 2.33%
Cost of borrowings 7.31% 7.66% 5.71%
Cost of total interest-bearing liabilities 2.21% 2.38% 2.59%
Total cost of funds 1.51% 1.62% 1.79%
Cost of total deposits 1.46% 1.57% 1.56%
Net interest margin (1) 3.25% 3.05% 2.77%
Net interest margin - tax-equivalent (2) 3.27% 3.08% 2.80%
Average prime rate 7.50% 7.81% 8.50%
(1) Calculated by dividing annualized net interest income by average earning assets for the period.
(2) Calculated by dividing annualized tax-equivalent net interest income by average earning assets for the period. The tax-equivalent amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax-exempt status. This amount has been computed using the expected tax rate and is reduced by the related nondeductible portion of interest expense.

See Appendix F regarding loan purchase discount accretion and its impact on the Company's NIM-T/E.

Provision for Credit Losses and Credit Quality

For the three months ended March 31, 2025 and March 31, 2024, the Company recorded $1.1 million and $1.2 million in provision for credit losses, respectively. The provision for the first quarter of 2025 was driven by loan growth of $8.4 million and net charge-offs of $3.3 million partially offset by the $2.0 million reduction in reserves for potential credit exposure from Hurricane Helene as well as a reduction in the level of unfunded commitment reserves. Net charge-offs for the first quarter of 2025 included $1.3 million related to the sale of a lending relationship as the result of an accelerated resolution.
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First Quarter 2025 Results
The March economic forecasts, which are a key driver in the Company's CECL model, are relatively consistent with the prior quarter.

Within the portions of Western North and South Carolina that were significantly impacted by Hurricane Helene starting late in the third quarter of 2024, the Company identified borrowers that were potentially impacted by the storm and subsequent economic impacts which represented approximately $722 million of loans outstanding as of March 31, 2025. Based upon its continuing evaluation of these potential impacts, the Company adjusted the incremental reserve for potential exposure from Hurricane Helene to $11.0 million as of March 31, 2025, a decrease of $2.0 million from December 31, 2024. The remaining incremental reserve contributes 14 basis points to the Allowance for Credit Losses at period end.

Asset quality remained strong with annualized net loan charge-offs of 0.17% for the first quarter of 2025. Total NPAs remained at a low level at $33.9 million at March 31, 2025, or 0.27% of total assets, down slightly from 0.30% at both December 31, 2024 and March 31, 2024.

The following table presents the summary of NPAs and asset quality ratios for each period.

ASSET QUALITY DATA
($ in thousands)
March 31, 2025 December 31, 2024 March 31, 2024
Nonperforming assets
Nonaccrual loans $ 29,081  $ 31,779  $ 35,622 
Accruing loans > 90 days past due —  —  — 
Total nonperforming loans 29,081  31,779  35,622 
Foreclosed real estate 4,769  4,965  926 
Total nonperforming assets $ 33,850  $ 36,744  $ 36,548 
Asset Quality Ratios
Quarterly net charge-offs to average loans - annualized 0.17  % 0.04  % 0.08  %
Nonperforming loans to total loans 0.36  % 0.39  % 0.44  %
Nonperforming assets to total assets 0.27  % 0.30  % 0.30  %
Allowance for credit losses to total loans 1.49  % 1.51  % 1.36  %

Noninterest Income

Noninterest income totaled $12.9 million during the first quarter of 2025, an increase from the negative $23.2 million recorded for the linked quarter which reflected the inclusion of the $36.8 million securities loss. Excluding the loss on securities in the linked quarter, noninterest income decreased $0.7 million, or 5.4%, primarily from seasonal decreases in service charges and gains on mortgages. As compared to the like quarter, noninterest income was substantially unchanged.

Noninterest Expenses

Noninterest expenses amounted to $57.9 million for the first quarter of 2025 compared to $58.3 million for the linked quarter and $59.2 million for the like quarter. The $0.4 million, or 0.7%, decrease in noninterest expense from the linked quarter was driven by a $0.4 million decrease in total personnel expense, as the Company continues to actively manage headcount.

The $1.3 million decrease from the like quarter was driven by focused efforts to reduce controllable expenses including technology, operating and labor costs. Other operating expenses decreased $1.0 million and Occupancy and equipment related expenses decreased $0.9 million. For that same period, despite the fact that base salaries declined slightly, Salaries, incentives and commissions expense increased $1.0 million primarily driven by higher incentives and commissions from improved operating results in 2025.
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First Quarter 2025 Results

Income Taxes

Income tax expense totaled $10.4 million for the first quarter of 2025 compared to $3.3 million for the linked quarter and $6.5 million for the like quarter. These equated to effective tax rates of 22.2%, 48.4% and 20.5% for the respective periods. As previously disclosed, the effective tax rate for the linked quarter was impacted by lower pretax income as well as the inclusion of $2.4 million of incremental state tax-related expense related to a variety of factors.

Balance Sheet

Total assets at March 31, 2025 amounted to $12.4 billion, an increase of $288.6 million, or 9.63% annualized, from the linked quarter and an increase of $344.6 million, or 2.85%, from a year earlier. The increase from the prior periods was primarily related to deposit growth that generated investable funds which were deployed in loans and amounts due from banks, including the Federal Reserve.

Quarterly average balances for key balance sheet components are presented below.


For the Three Months Ended
AVERAGE BALANCES
($ in thousands)
March 31, 2025 December 31, 2024 March 31, 2024 Change
1Q25 vs 4Q24
Change
1Q25 vs 1Q24
Total assets $ 12,226,810  $ 12,243,771  $ 12,111,201  (0.1)% 1.0%
Investment securities, at amortized cost 2,917,971  2,825,154  3,108,464  3.3% (6.1)%
Loans 8,107,394  7,993,671  8,103,387  1.4% —%
Earning assets 11,528,742  11,592,480  11,489,796  (0.5)% 0.3%
Deposits 10,594,140  10,608,629  10,078,835  (0.1)% 5.1%
Interest-bearing liabilities 7,311,002  7,272,728  7,343,934  0.5% (0.4)%
Shareholders’ equity 1,467,871  1,466,181  1,375,491  0.1% 6.7%

Primarily the result of decreased unrealized losses on the available for sale securities portfolio, total investment securities increased to $2.6 billion at March 31, 2025, reflecting a $19.7 million increase from the linked quarter. Total unrealized loss on available for sale investment securities was $321.2 million at March 31, 2025, as compared to $368.1 million at December 31, 2024 and $418.9 million at March 31, 2024. During the fourth quarter of 2024, as part of the loss-earnback transaction in the securities portfolio, $283.8 million of securities with a weighted average yield of 1.62% were sold at a loss of $36.8 million and $494.9 million of securities were purchased, with a weighted average yield of 5.21%.
Total loans amounted to $8.1 billion at March 31, 2025, an increase of $8.4 million, or 0.4%, from December 31, 2024 and an increase of $26.5 million, or 0.3%, from March 31, 2024. Please see below table for total loan portfolio mix. As of March 31, 2025, there were no notable concentrations in geographies within North Carolina and South Carolina or industries, including in office or hospitality categories, which are included in the "commercial real estate - non-owner occupied" category in the table below. The Company's exposure to non-owner occupied office loans represented approximately 6.0% of the total portfolio at March 31, 2025, with the largest loan being $26.3 million and with an average loan outstanding balance of $1.3 million. Non-owner occupied office loans are generally in non-metro markets and the ten largest loans in this category represent less than 2% of the total loan portfolio.
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First Quarter 2025 Results

The following table presents the period end balance and portfolio percentage by loan category.

LOAN PORTFOLIO March 31, 2025 December 31, 2024 March 31, 2024
($ in thousands) Amount Percentage Amount Percentage Amount Percentage
Commercial and industrial $ 890,071  11  % $ 919,690  11  % $ 872,623  11  %
Construction, development & other land loans 644,439  % 647,167  % 904,216  11  %
Commercial real estate - owner occupied 1,233,732  15  % 1,248,812  16  % 1,238,759  15  %
Commercial real estate - non-owner occupied 2,701,746  34  % 2,625,554  33  % 2,524,221  31  %
Multi-family real estate 512,958  % 506,407  % 457,142  %
Residential 1-4 family real estate 1,709,593  21  % 1,729,322  21  % 1,684,173  21  %
Home equity loans/lines of credit 341,240  % 345,883  % 328,466  %
Consumer loans 68,115  % 70,653  % 66,666  %
Loans, gross 8,101,894  100  % 8,093,488  100  % 8,076,266  100  %
Unamortized net deferred loan fees 1,139  1,188  240 
Total loans $ 8,103,033  $ 8,094,676  $ 8,076,506 

Total deposits were $10.7 billion at March 31, 2025, an increase of $214.1 million, or 8.2%, from December 31, 2024 and an increase of $441.3 million, or 4.3%, from March 31, 2024.

The Company has a diversified and granular deposit base which has remained a stable funding source with noninterest-bearing deposits comprising 32% of total deposits at March 31, 2025. As presented in the table below, our deposit mix has remained relatively consistent, with the exception of increased growth in money market accounts, partially offset by a decline in time deposits.

DEPOSIT PORTFOLIO March 31, 2025 December 31, 2024 March 31, 2024
($ in thousands) Amount Percentage Amount Percentage Amount Percentage
Noninterest-bearing checking accounts $ 3,476,786  32  % $ 3,367,624  32  % $ 3,362,265  33  %
Interest-bearing checking accounts 1,448,377  14  % 1,398,395  13  % 1,401,724  13  %
Money market accounts 4,386,469  41  % 4,285,405  41  % 3,787,323  37  %
Savings accounts 539,632  % 542,133  % 584,901  %
Other time deposits 533,723  % 566,514  % 607,359  %
Time deposits >$250,000 349,990  % 360,854  % 363,687  %
Total customer deposits 10,734,977  100  % 10,520,925  100  % 10,107,259  98  %
Brokered deposits 9,682  —  % 9,600  —  % 196,052  %
Total deposits $ 10,744,659  100  % $ 10,530,525  100  % $ 10,303,311  100  %

As of March 31, 2025 and December 31, 2024, estimated insured deposits totaled $6.5 billion, or 60.2%, and $6.4 billion, or 61.0%, respectively, of total deposits. In addition, at March 31, 2025 and December 31, 2024, there were collateralized deposits of $725.9 million and $690.5 million, respectively, such that approximately 66.9% and 67.6%, respectively, of our total deposits were insured or collateralized at those dates.

Capital

The Company maintains capital in excess of well-capitalized regulatory requirements, with an estimated total risk-based capital ratio at March 31, 2025 of 16.79%, up from the linked quarter ratio of 16.63% and the like quarter ratio of 15.85%.
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First Quarter 2025 Results
The increases during the first quarter of 2025 in risk-based capital ratios was driven by earnings in excess of capital uses for dividends and share repurchases during the quarter.

The Company has elected to exclude accumulated other comprehensive income ("AOCI") related primarily to available for sale securities from common equity tier 1 capital. AOCI is included in the Company’s tangible common equity ("TCE") to tangible assets ratio (a non-GAAP financial measure) which was 8.55% at March 31, 2025, an increase of 33 basis points from the linked quarter and 93 basis points from March 31, 2024. The first quarter increase in TCE was driven by earnings and improvements in the level of unrealized losses on the available for sale securities portfolio during the quarter. Refer to Appendix B for a reconciliation of common equity to TCE (a non-GAAP measure) and Appendix D for a calculation of the TCE ratio (a non-GAAP meansure).

CAPITAL RATIOS March 31, 2025 (estimated) December 31, 2024 March 31, 2024
Tangible common equity to tangible assets (non-GAAP) 8.55% 8.22% 7.62%
Common equity tier I capital ratio 14.53% 14.35% 13.50%
Tier I leverage ratio 11.41% 11.15% 10.99%
Tier I risk-based capital ratio 15.34% 15.17% 14.29%
Total risk-based capital ratio 16.79% 16.63% 15.85%

Liquidity

Liquidity is evaluated as both on-balance sheet (primarily cash and cash-equivalents, unpledged securities and other marketable assets) and off-balance sheet (readily available lines of credit and other funding sources). The Company continues to manage liquidity sources, including unused lines of credit, at levels believed to be adequate to meet its operating needs for the foreseeable future.

The Company's on-balance sheet liquidity ratio (net liquid assets as a percent of net liabilities) at March 31, 2025 was 19.8%. In addition, the Company had approximately $2.4 billion in available lines of credit at that date resulting in a total liquidity ratio of 36.4%.

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First Quarter 2025 Results
About First Bancorp

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets of $12.4 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 113 branches in North Carolina and South Carolina. Since 1935, First Bank has taken a tailored approach to banking, combining best-in-class financial solutions, helpful local expertise, and technology to manage a home or business. First Bank also provides SBA loans to customers through its nationwide network of lenders. Member FDIC, Equal Housing Lender.

Please visit our website at www.LocalFirstBank.com for more information.

First Bancorp's common stock is traded on The NASDAQ Global Select Market under the symbol "FBNC."

Caution about Forward-Looking Statements: This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which statements are inherently subject to risks and uncertainties. Forward-looking statements are statements that include projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact. Such statements are often characterized by the use of qualifying words (and their derivatives) such as “expect,” “believe,” “estimate,” “plan,” “project,” “anticipate,” or other words or phrases concerning opinions or judgments of the Company and its management about future events. Factors that could influence the accuracy of such forward-looking statements include, but are not limited to, the financial success or changing strategies of the Company’s customers, the Company’s level of success in integrating acquisitions, actions of government regulators, the level of market interest rates, and general economic conditions. For additional information about the factors that could affect the matters discussed in this paragraph, see the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K available at www.sec.gov. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements. The Company is also not responsible for changes made to this press release by wire services, internet services or other media.

Non-GAAP Measures

In this Earnings Release, we present certain measures of our performance that are calculated by methods other than in accordance with generally accepted accounting principles (“GAAP”). Company management uses these non-GAAP measures for purposes of evaluating our performance. Non-GAAP measures exclude or include amounts that are not normally excluded or included in the most directly comparable measure determined in accordance with GAAP. Company management believes an appropriate analysis of the Company's financial performance requires an understanding of the factors underlying such performance. Non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP. Please see the Appendices attached to this Earnings Release for reconciliations of return on tangible common equity, tangible common equity, tangible book value per share, the tangible common equity ratio, adjusted net income and adjusted D-EPS.

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First Quarter 2025 Results
First Bancorp and Subsidiaries
Financial Summary
CONSOLIDATED INCOME STATEMENT
For the Three Months Ended
($ in thousands, except per share data - unaudited) March 31, 2025 December 31, 2024 March 31, 2024
Interest income
Interest and fees on loans $ 110,533  $ 109,835  $ 109,798 
Interest on investment securities:
Taxable interest income 15,524  12,712  12,728 
Tax-exempt interest income 1,116  1,116  1,117 
Other, principally overnight investments 5,487  8,732  2,971 
Total interest income 132,660  132,395  126,614 
Interest expense
Interest on deposits 38,119  41,786  39,135 
Interest on borrowings 1,658  1,768  8,205 
Total interest expense 39,777  43,554  47,340 
Net interest income 92,883  88,841  79,274 
Provision for credit losses 1,116  507  1,200 
Net interest income after provision for credit losses 91,767  88,334  78,074 
Noninterest income
Service charges on deposit accounts 3,767  4,293  3,868 
Other service charges and fees 5,883  5,828  5,570 
Presold mortgage loan fees and gains on sale 450  676  338 
Commissions from sales of financial products 1,408  1,202  1,320 
SBA loan sale gains 52  291  895 
Bank-owned life insurance income 1,228  1,225  1,164 
Securities losses, net —  (36,820) (975)
Other Income, net 114  128  716 
Total noninterest income 12,902  (23,177) 12,896 
Noninterest expenses
Salaries incentives and commissions expense 28,661  28,447  27,642 
Employee benefit expense 6,095  6,702  6,269 
Total personnel expense 34,756  35,149  33,911 
Occupancy and equipment expense 5,192  4,690  6,075 
Intangibles amortization expense 1,516  1,563  1,759 
Other operating expenses 16,429  16,877  17,442 
Total noninterest expenses 57,893  58,279  59,187 
Income before income taxes 46,776  6,878  31,783 
Income tax expense 10,370  3,327  6,511 
Net income $ 36,406  $ 3,551  $ 25,272 
Earnings per common share:
Basic $ 0.88  $ 0.09  $ 0.61 
Diluted 0.88  0.08  0.61 
9



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First Quarter 2025 Results
First Bancorp and Subsidiaries
Financial Summary
CONSOLIDATED BALANCE SHEETS
($ in thousands - unaudited) March 31, 2025 December 31, 2024 March 31, 2024
Assets
Cash and due from banks, noninterest-bearing $ 149,781  $ 78,596  $ 87,181 
Due from banks, interest-bearing 622,660  428,911  266,661 
Total cash and cash equivalents 772,441  507,507  353,842 
Securities available for sale 2,064,516  2,043,062  2,088,483 
Securities held to maturity 518,265  519,998  525,627 
Presold mortgages and SBA loans held for sale 5,166  5,942  6,703 
Loans 8,103,033  8,094,676  8,076,506 
Allowance for credit losses on loans (120,631) (122,572) (110,067)
Net loans 7,982,402  7,972,104  7,966,439 
Premises and equipment, net 141,954  143,459  150,546 
Accrued interest receivable 35,452  36,329  35,147 
Goodwill 478,750  478,750  478,750 
Other intangible assets, net 21,388  22,904  27,748 
Bank-owned life insurance 189,597  188,460  185,061 
Other assets 226,314  229,179  273,251 
Total assets $ 12,436,245  $ 12,147,694  $ 12,091,597 
Liabilities
Deposits:
Noninterest-bearing deposits $ 3,476,786  $ 3,367,624  $ 3,362,265 
Interest-bearing deposits 7,267,873  7,162,901  6,941,046 
Total deposits 10,744,659  10,530,525  10,303,311 
Borrowings 92,055  91,876  332,335 
Accrued interest payable 4,935  4,604  9,847 
Other liabilities 86,420  75,078  70,005 
Total liabilities 10,928,069  10,702,083  10,715,498 
Shareholders’ equity
Common stock 971,174  971,313  965,429 
Retained earnings 783,630  756,327  732,643 
Stock in rabbi trust assumed in acquisition (1,166) (1,148) (1,396)
Rabbi trust obligation 1,166  1,148  1,396 
Accumulated other comprehensive loss (246,628) (282,029) (321,973)
Total shareholders’ equity 1,508,176  1,445,611  1,376,099 
Total liabilities and shareholders’ equity $ 12,436,245  $ 12,147,694  $ 12,091,597 
10



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First Quarter 2025 Results
First Bancorp and Subsidiaries
Financial Summary
TREND INFORMATION
For the Three Months Ended
March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024
PERFORMANCE RATIOS (annualized)
Return on average assets (1)
1.21  % 0.12  % 0.61  % 0.96  % 0.84  %
Return on average common equity (2)
10.06  % 0.96  % 5.14  % 8.38  % 7.39  %
Return on average tangible common equity (3)
15.54  % 1.93  % 8.30  % 13.60  % 12.13  %
COMMON SHARE DATA
Cash dividends declared - common $ 0.22  $ 0.22  $ 0.22  $ 0.22  $ 0.22 
Book value per common share $ 36.46  $ 34.96  $ 35.74  $ 34.10  $ 33.44 
Tangible book value per share (4)
$ 24.69  $ 23.17  $ 23.91  $ 22.19  $ 21.49 
Common shares outstanding at end of period 41,368,828  41,347,418  41,340,099  41,187,943  41,156,286 
Weighted average shares outstanding - diluted 41,406,525  41,422,973  41,366,743  41,262,091  41,249,636 
CAPITAL INFORMATION (estimates for current quarter)
Tangible common equity to tangible assets (5)
8.55  % 8.22  % 8.47  % 7.90  % 7.62  %
Common equity tier I capital ratio 14.53  % 14.35  % 14.37  % 13.99  % 13.50  %
Total risk-based capital ratio 16.79  % 16.63  % 16.65  % 16.24  % 15.85  %
(1) Calculated by dividing annualized net income by average assets.
(2) Calculated by dividing annualized tangible net income (net income adjusted for intangible asset amortization, net of tax), by average common equity. See Appendix A for the components of the calculation.
(3) Return on average tangible common equity is a non-GAAP financial measure. See Appendix A for the components of the calculation and the reconciliation of average common equity to average TCE.
(4) Tangible book value per share is a non-GAAP financial measure. See Appendix B for a reconciliation of common equity to tangible common equity and Appendix C for the resulting calculation.
(5) Tangible common equity ratio is a non-GAAP financial measure. See Appendix B for a reconciliation of common equity to tangible common equity and Appendix D for the resulting calculation.
For the Three Months Ended
INCOME STATEMENT
($ in thousands except per share data)
March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024
Net interest income - tax-equivalent (1) $ 93,320  $ 89,587  $ 83,765  $ 81,848  $ 80,005 
Taxable equivalent adjustment (1) 437  746  722  733  731 
Net interest income 92,883  88,841  83,043  81,115  79,274 
Provision for credit losses 1,116  507  14,200  541  1,200 
Noninterest income 12,902  (23,177) 13,579  14,601  12,896 
Noninterest expense 57,893  58,279  59,850  58,291  59,187 
Income before income taxes 46,776  6,878  22,572  36,884  31,783 
Income tax expense 10,370  3,327  3,892  8,172  6,511 
Net income 36,406  3,551  18,680  28,712  25,272 
Earnings per common share - diluted $ 0.88  $ 0.08  $ 0.45  $ 0.70  $ 0.61 
(1) This amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax-exempt status. This amount has been computed assuming the expected tax rate and is reduced by the related nondeductible portion of interest expense.
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First Quarter 2025 Results
First Bancorp and Subsidiaries
Financial Summary
AVERAGE BALANCES AND NET INTEREST INCOME ANALYSIS - QUARTERS
For the Three Months Ended
March 31, 2025 December 31, 2024 March 31, 2024
($ in thousands) Average
Volume
Interest
Earned
or Paid
Average
Rate
Average
Volume
Interest
Earned
or Paid
Average
Rate
Average
Volume
Interest
Earned
or Paid
Average
Rate
Assets
Loans (1) (2) $ 8,107,394  $ 110,533  5.52  % $ 7,993,671  $ 109,835  5.47  % $ 8,103,387  $ 109,798  5.45  %
Taxable securities 2,629,066  15,524  2.36  % 2,535,232  12,712  2.01  % 2,815,266  12,728  1.81  %
Non-taxable securities 288,905  1,116  1.55  % 289,922  1,116  1.54  % 293,198  1,117  1.52  %
Short-term investments, primarily interest-bearing cash 503,377  5,487  4.42  % 773,655  8,732  4.49  % 277,945  2,971  4.30  %
Total interest-earning assets 11,528,742  132,660  4.65  % 11,592,480  132,395  4.55  % 11,489,796  126,614  4.43  %
Cash and due from banks 133,756  80,481  90,833 
Premises and equipment 143,064  144,467  151,159 
Other assets 421,248  426,343  379,413 
Total assets $ 12,226,810  $ 12,243,771  $ 12,111,201 
Liabilities
Interest-bearing checking $ 1,431,556  $ 2,497  0.71  % $ 1,389,063  $ 2,438  0.70  % $ 1,403,484  $ 2,359  0.68  %
Money market deposits 4,337,560  29,180  2.73  % 4,273,170  31,430  2.93  % 3,704,731  27,813  3.02  %
Savings deposits 539,104  240  0.18  % 542,861  269  0.20  % 592,395  308  0.21  %
Other time deposits 558,648  3,353  2.43  % 598,152  4,192  2.79  % 709,517  5,456  3.09  %
Time deposits >$250,000 352,174  2,849  3.28  % 377,693  3,457  3.64  % 355,809  3,199  3.62  %
Total interest-bearing deposits 7,219,042  38,119  2.14  % 7,180,939  41,786  2.31  % 6,765,936  39,135  2.33  %
Borrowings 91,960  1,658  7.31  % 91,789  1,768  7.66  % 577,998  8,205  5.71  %
Total interest-bearing liabilities 7,311,002  39,777  2.21  % 7,272,728  43,554  2.38  % 7,343,934  47,340  2.59  %
Noninterest-bearing checking 3,375,098  3,427,690  3,312,899 
Other liabilities 72,839  77,172  78,877 
Shareholders’ equity 1,467,871  1,466,181  1,375,491 
Total liabilities and shareholders’ equity $ 12,226,810  $ 12,243,771  $ 12,111,201 
Net yield on interest-earning assets and net interest income $ 92,883  3.25  % $ 88,841  3.05  % $ 79,274  2.77  %
Net yield on interest-earning assets and net interest income – tax-equivalent (3) $ 93,320  3.27  % $ 89,587  3.08  % $ 80,005  2.80  %
Interest rate spread 2.44  % 2.17  % 1.84  %
Average prime rate 7.50  % 7.81  % 8.50  %
(1)   Average loans include nonaccruing loans, the effect of which is to lower the average rate shown. Interest earned includes recognized net loan fees, including late fees, prepayment fees, and net deferred loan (cost)/fee amortization in the amounts of $(294,000), $(340,000)and $(472,000) for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.
(2)   Includes accretion of discount on acquired loans of $1.8 million, $2.2 million and $2.4 million for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.
(3)   Includes tax-equivalent adjustments to reflect the tax benefit that we receive related to tax-exempt securities and loans as reduced by the related nondeductible portion of interest expense.

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First Quarter 2025 Results
Reconciliation of non-GAAP measures

APPENDIX A: Calculation of Return on TCE
For the Three Months Ended
($ in thousands) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024
Net Income
$ 36,406  $ 3,551  $ 18,680  $ 28,712  $ 25,272 
Intangible asset amortization, net of taxes 1,159  1,195  1,240  1,283  1,352 
Tangible Net income $ 37,565  $ 4,746  $ 19,920  $ 29,995  $ 26,624 
Average common equity $ 1,467,871  $ 1,466,181  $ 1,445,029  $ 1,378,284  $ 1,375,490 
Less: Average goodwill and other intangibles, net of related taxes (487,395) (488,624) (489,987) (491,318) (492,733)
Average tangible common equity $ 980,476  $ 977,557  $ 955,042  $ 886,966  $ 882,757 
Return on average common equity 10.06  % 0.96  % 5.14  % 8.38  % 7.39  %
Return on average tangible common equity 15.54  % 1.93  % 8.30  % 13.60  % 12.13  %

APPENDIX B: Reconciliation of Common Equity to TCE
For the Three Months Ended
($ in thousands) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024
Total shareholders' common equity
$ 1,508,176  $ 1,445,611  $ 1,477,525  $ 1,404,342  $ 1,376,099 
Less: Goodwill and other intangibles, net of related taxes (486,749) (487,660) (489,139) (490,439) (491,740)
Tangible common equity $ 1,021,427  $ 957,951  $ 988,386  $ 913,903  $ 884,359 

APPENDIX C: Tangible Book Value Per Share
For the Three Months Ended
($ in thousands except per share data) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024
Tangible common equity (Appendix B)
$ 1,021,427  $ 957,951  $ 988,386  $ 913,903  $ 884,359 
Common shares outstanding
41,368,828  41,347,418  41,340,099  41,187,943  41,156,286 
Tangible book value per common share $ 24.69  $ 23.17  $ 23.91  $ 22.19  $ 21.49 

APPENDIX D: TCE Ratio
For the Three Months Ended
($ in thousands) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024
Tangible common equity (Appendix B)
$ 1,021,427  $ 957,951  $ 988,386  $ 913,903  $ 884,359 
Total assets
12,436,245  12,147,694  12,153,430  12,060,805  12,091,597 
Less: Goodwill and other intangibles, net of related taxes (486,749) (487,660) (489,139) (490,439) (491,740)
Tangible assets ("TA") $ 11,949,496  $ 11,660,034  $ 11,664,291  $ 11,570,366  $ 11,599,857 
TCE to TA ratio 8.55  % 8.22  % 8.47  % 7.90  % 7.62  %

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First Quarter 2025 Results
Reconciliation of non-GAAP measures, continued
APPENDIX E: Adjusted EPS - diluted
For the Three Months Ended
($ in thousands) March 31, 2025 December 31, 2024 March 31, 2024
Net income $ 36,406  $ 3,551  $ 25,272 
Impact of Hurricane Helene
Provision for (benefit from) credit losses (2,000) —  — 
Building repairs and maintenance —  (24) — 
Other —  (3) — 
Total (2,000) (27) — 
Less, tax impact 464  — 
After-tax impact of Hurricane Helene (1,536) (21) — 
Impact of loss-earnback
Securities loss from loss-earnback —  36,820  — 
Less, tax impact —  (8,660) — 
After-tax impact of loss-earnback —  28,160  — 
Adjusted net income $ 34,870  $ 31,690  $ 25,272 
Weighted average shares outstanding - diluted 41,406,525  41,422,973  41,249,636 
EPS - diluted $ 0.88  $ 0.08  $ 0.61 
Adjusted EPS - diluted $ 0.84  $ 0.76  $ 0.61 

Supplemental information
APPENDIX F: Loan purchase discount accretion and its impact on the Company's NIM-T/E

Included in interest income for the first quarter of 2025 was loan purchase accounting discount accretion of $1.8 million compared to $2.2 million for the linked quarter and $2.4 million for the like quarter, with the activity related to the continued repayments/reduction of the loan portfolio acquired from GrandSouth Bancorporation in January of 2023. Loan discount accretion had positive impacts of 5 basis points, 6 basis points and 11 basis points, respectively, on the Company's NIM-T/E in the first quarter of 2025, the linked quarter and the like quarter.

The following table presents the impact to net interest income of the purchase accounting adjustments for each period.
For the Three Months Ended
NET INTEREST INCOME PURCHASE ACCOUNTING ADJUSTMENTS
($ in thousands)
March 31, 2025 December 31, 2024 March 31, 2024
Interest income - increased by accretion of loan discount on acquired loans $ 1,789  $ 2,195  $ 2,437 
Total interest income impact 1,789  2,195  2,437 
Interest expense - increased by discount accretion on deposits (103) (145) (283)
Interest expense - increased by discount accretion on borrowings (191) (195) (189)
Total net interest expense impact (294) (340) (472)
Total impact on net interest income $ 1,495  $ 1,855  $ 1,965 
14
EX-99.2 3 fbncinvestorpresentation.htm EX-99.2 fbncinvestorpresentation
First Quarter Update 2025


 
2 Important Information Caution Regarding Forward-Looking Statements This presentation contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, including those regarding First Bancorp's expectations or predictions of future financial or business performance or conditions. The forward-looking statements are inherently subject to risks and uncertainties. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," "positions," "prospects" or "potential," by future conditional verbs such as "will," "would," "should," "could" or "may", or by variations of such words or by similar expressions. Such forward-looking statements include, but are not limited to, statements about future financial and operating results, expected cost savings, expected impact on future earnings, the Company's plans, objectives, expectations and intentions and other statements that are not historical facts. These forward- looking statements are subject to numerous assumptions, risks and uncertainties which change over time. Forward-looking statements speak only as of the date they are made and you are cautioned not to place undue reliance on any forward-looking statements. We assume no duty to update forward-looking statements. In addition to factors previously disclosed in First Bancorp’s reports filed with the Securities and Exchange Commission (“SEC”), including without limitation its Annual Reports on Form 10-K, its Quarterly Reports on Form 10-Q, and its Current Reports on Form 8-K, the following factors, among others, could cause actual results to differ materially from forward-looking statements: the financial success or changing strategies of the Company’s customers; the Company’s level of success in integrating acquisitions; actions of government regulators; the level of market interest rates; success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues; the impact, extent and timing of technological changes; capital management activities; and general economic conditions. Non-GAAP Measures This presentation contains financial information, performance measures and statements that include non- GAAP (Generally Accepted Accounting Principles) measures and should be read along with related earnings releases and Forms 10-Q/K for the respective quarters and period ends, which provide a reconciliation of non-GAAP measures to GAAP measures. Management believes that these non-GAAP measures provide additional useful information that allows readers to evaluate the ongoing performance of First Bancorp. Non- GAAP measures should not be considered as an alternative to any measure of performance or financial condition as determined in accordance with GAAP, and investors should consider the Company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of First Bancorp. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company’s results or financial condition as reported under GAAP.


 
3 Bank Holding Company First Bancorp Subsidiary Bank First Bank Headquarters Southern Pines, North Carolina Established 1935 as Bank of Montgomery Assets $12.4 billion Loans $8.1 billion Deposits $10.7 billion Branches 113 in NC & SC Employees* 1,350 full-time equivalent employees Ranking 4th largest bank headquartered in NC (largest community bank) Market Capitalization* $1.7 billion – Ticker FBNC Stock Market/Indices NASDAQ Global Select Market, S&P SmallCap 600 Index, Russell 2000 Daily Average Trading Volume* 181,000 shares Insider Ownership* 1.85% Institutional Ownership* 70.28% Member of Russell 2000 Yes * Data is as of 4/15/25 Company Overview


 
4 Our Mission To be the best community bank in every community we serve and through every delivery channel we offer. Our Footprint Within North & South Carolina Our core values — Be committed to safety and soundness. — Provide accurate, prompt, courteous service. — Make it easy for our associates to deliver the best value to our clients, and easy for our clients to do business with us whenever, wherever, and however they choose. — Help our clients and associates build and achieve goals.


 
5 National Recognition KBW Bank Honor Roll Top 4% of Banks Over $500 million in Assets - 2022 Included for the first time in a select group of 14 banks (4% of banking industry over $500 million) for increasing earnings per share for each of the past 10 years. #1 Best Employer in North Carolina – 2023 and 2024 First Bank has formally been named the NUMBER ONE BEST EMPLOYER in North Carolina, in the extra-large employer category, by Business NC for the last two years. S&P Global – Top 10 Public Banks Ranked 10th in performance of all public banks over $10 billion in assets for 2022. Forbes - Best In- State Banks Recognition – 2019, 2020, 2021, 2024 Ranked 1st or 2nd in North Carolina. Based on customer survey on satisfaction and the following attributes: • Trust • Terms & Conditions • Branch Services • Digital Services • Financial Advice


 
6 Q1 2025 Highlights Q1 2025 Q4 2024 CHANGE Net income (1)(2) $36.4 million $3.6 million $32.8 million Adjusted Net income $34.9 million $31.7 million $3.2 million Provision for Credit Losses (2) $1.1 million $0.5 million $0.6 million Diluted EPS (1)(2) $0.88 $0.08 $0.80 Adjusted Diluted EPS $0.84 $0.76 $0.08 Return on Average Assets 1.21% 0.12% +109 bps Return on Average Common Equity 10.38% 1.29% +909 bps Return on Average Tangible Common Equity (3) 15.54% 1.93% +1361 bps Net Interest Margin – Tax Equivalent (4) 3.27% 3.08% +19 bps Loan Yield 5.52% 5.47% +5 bps Total Cost of Deposits 1.46% 1.57% -11 bps Total Cost of Funds 1.51% 1.62% -11 bps 1. Q4 24 includes securities loss of approximately $36.8 million pre-tax, or $0.68 per share after-tax. 2. Q1 25 includes a reduction of credit reserves for Hurricane Helene of $2.0 million pre-tax, or $0.04 per share after-tax. 3. Annualized net income divided by: average common shareholders’ equity less average total intangible assets, net. 4. Tax-equivalent net-interest income divided by average earning assets.


 
7 3.31% 3.08% 2.97% 2.88% 2.80% 2.87% 2.90% 3.08% 3.27% 3.18% 2.95% 2.86% 2.78% 2.69% 2.77% 2.82% 2.99% 3.19% 2.50% 2.60% 2.70% 2.80% 2.90% 3.00% 3.10% 3.20% 3.30% 3.40% 3.50% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Reported Core Net Interest Margin (tax-equivalent) Net interest margin is calculated by dividing tax- equivalent net interest income by average earning assets. Core net interest margin excludes accretion from purchase accounting loan discounts


 
8 Monthly Margin Trends 2.98% 3.03% 3.13% 3.23% 3.27% 3.26% 3.05% 3.25% 2.50% 2.60% 2.70% 2.80% 2.90% 3.00% 3.10% 3.20% 3.30% 3.40% October 2024 November 2024 December 2024 January 2025 February 2025 March 2025 4th Quarter 2024 1st Quarter 2025 Total Net Interest Margin 3.01% 3.06% 3.15% 3.25% 3.30% 3.29% 3.08% 3.27% 2.50% 2.60% 2.70% 2.80% 2.90% 3.00% 3.10% 3.20% 3.30% 3.40% October 2024 November 2024 December 2024 January 2025 February 2025 March 2025 4th Quarter 2024 1st Quarter 2025 Total NIM – T/E


 
9 Loan Yields 5.22% 5.26% 5.32% 5.39% 5.45% 5.51% 5.51% 5.47% 5.52% 5.03% 5.08% 5.16% 5.25% 5.30% 5.37% 5.39% 5.34% 5.41% 4.90% 5.00% 5.10% 5.20% 5.30% 5.40% 5.50% 5.60% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Stated Core


 
10 Monthly Asset Yield Trends 1.68% 1.84% 2.30% 2.30% 2.26% 2.29% 1.96% 2.28% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% 2.20% 2.40% October 2024 November 2024 December 2024 January 2025 February 2025 March 2025 4th Quarter 2024 1st Quarter 2025 Total Securities 4.54% 4.53% 4.56% 4.63% 4.67% 4.66% 4.55% 4.65% 4.00% 4.10% 4.20% 4.30% 4.40% 4.50% 4.60% 4.70% 4.80% October 2024 November 2024 December 2024 January 2025 February 2025 March 2025 4th Quarter 2024 1st Quarter 2025 Interest Earning Assets 5.50% 5.48% 5.42% 5.51% 5.54% 5.50% 5.47% 5.52% 5.00% 5.10% 5.20% 5.30% 5.40% 5.50% 5.60% October 2024 November 2024 December 2024 January 2025 February 2025 March 2025 4th Quarter 2024 1st Quarter 2025 Total Loans, Fees, & Accretion


 
11 Cost of Funds and Total Cost of Deposits 0.94% 1.29% 1.46% 1.64% 1.79% 1.81% 1.81% 1.62% 1.51% 0.75% 1.08% 1.27% 1.41% 1.56% 1.72% 1.76% 1.57% 1.46% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Cost of Funds Deposits


 
12 Monthly Deposit Cost Trends 2.41% 2.32% 2.22% 2.15% 2.14% 2.14% 2.31% 2.14% 1.50% 1.60% 1.70% 1.80% 1.90% 2.00% 2.10% 2.20% 2.30% 2.40% 2.50% October 2024 November 2024 December 2024 January 2025 February 2025 March 2025 4th Quarter 2024 1st Quarter 2025 Interest Bearing Deposits 1.63% 1.57% 1.50% 1.47% 1.46% 1.45% 1.57% 1.46% 1.00% 1.10% 1.20% 1.30% 1.40% 1.50% 1.60% 1.70% October 2024 November 2024 December 2024 January 2025 February 2025 March 2025 4th Quarter 2024 1st Quarter 2025 Total Cost of Deposits


 
13 Strong Capital Levels First Bancorp continues to maintain strong capital levels with growth in every measure from Q4 2024 to Q1 2025. Capital levels afford management strategic flexibility. Capital Ratios 8.22% 11.15% 14.35% 15.17% 16.63% 8.55% 11.41% 14.53% 15.34% 16.79% 4.00% 7.00% 8.50% 10.50% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% TCE Tier 1 Leverage Capital Common Equity Tier 1 Tier 1 Capital Total Capital 12/31/2024 3/31/2025 Minimum 33bps 26bps 18bps 17bps 16bps Capital ratios for Q1 2025 are preliminary and subject to change.


 
14 $10,303 $10,488 $10,505 $10,531 $10,745 1.56% 1.72% 1.76% 1.57% 1.46% 2.33% 2.54% 2.59% 2.31% 2.14% 5.50% 5.50% 5.00% 4.50% 4.50% $7,000 $7,500 $8,000 $8,500 $9,000 $9,500 $10,000 $10,500 $11,000 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 1Q '24 2Q '24 3Q '24 4Q '24 1Q '25 Deposits Total cost of deposits Interest bearing deposits Fed funds Strong Deposit Franchise Supported by Attractive Markets Total deposits ended at $10.7 billion, an increase of $214 million for the quarter, or 8% annualized. Brokered deposits remain minimal at March 31, 2025 at $10 million. Management has controlled Total Cost of Deposits with the Federal Reserve rate cuts, with total cost of deposits decreasing 11 basis points in Q1 2025 after a 19 basis point decrease in Q4 2024. Deposits End-of-Period ($ in millions)


 
15 Granular, Diverse and Relationship- focused Customer Funding Base The Company benefits from a granular deposit franchise, with the top twenty depositors representing approximately 7% of total deposits. Consumer deposits represent 43% of total deposits. Business deposits represent 57% of total deposits. Uninsured and uncollateralized deposits represent approximately 33% of total deposits. Deposits End-of-Period ($ in millions) 9% 9% 9% 9% 8% 2% 1% 0% 0% 0% 37% 40% 40% 41% 41% 6% 5% 5% 5% 5% 13% 13% 14% 13% 14% 33% 32% 32% 32% 32% 1Q '24 2Q '24 3Q '24 4Q '24 1Q '25 Time deposits Brokered Money market Savings NOW Nonint trans accts $10,303 $10,488 $10,505 $10,531 $10,745


 
16 Allowance for Credit Losses – 3/31/25 Loans Outstanding Allowance for Credit Losses (ex Hurricane Helene) Allowance for Credit Losses (Hurricane Helene) % of Loans Outstanding Commercial and industrial $ 890,071 $ 19,105 $ 170 2.17% Construction, development & other land loans 644,439 7,034 635 1.19% Commercial real estate - owner occupied 1,233,732 18,322 1,003 1.57% Commercial real estate - non owner occupied 2,701,746 25,183 3,201 1.05% Multi-family real estate 512,958 4,552 463 0.98% Residential 1-4 family real estate 1,709,593 29,057 4,678 1.97% Home equity loans/lines of credit 321,240 2,652 850 1.03% Consumer loans 68,115 3,726 0 5.47% Unamortized net deferred loan costs (fees) 1,139 Total loans $ 8,103,033 $ 109,631 $ 11,000 1.49%


 
17 Asset Quality Trends 1.36% 1.36% 1.53% 1.51% 1.49% 1.00% 1.10% 1.20% 1.30% 1.40% 1.50% 1.60% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 ACL / Loans 0.30% 0.37% 0.38% 0.30% 0.27% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Nonperforming Asset Ratio 0.08% 0.07% 0.11% 0.04% 0.17% 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Annualized Net Charge Offs 0.44% 0.54% 0.55% 0.39% 0.36% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Nonperforming Loan Ratio


 
18 Investment Thesis Bank that offers many of the product capabilities found in larger regional banks but delivers those services with a local community bank focus • Strong culture • Mobile Banking, Wealth Management, Credit Card, Treasury Services, and Mortgage Banking Centered in one of the fastest-growing regions in the U.S. Focused on high growth markets Stable, low-cost core deposit franchise • Built over 90 years of serving our communities • Strength of rural markets • Q1 2025 Total Cost of Deposits was 1.46% • Minimal wholesale funding Conservative Balance Sheet • Minimal credit risk in investment portfolio • Core funded • In market loan portfolio – almost no participations Market disruptions provide opportunity


 
19 Valuation Price to Tangible Common Book Value Closing stock price on March 31, 2025 = $40.14 • Price to tangible book – 1.57x • Based on 3/31/25 tangible common book value of $24.69 Source: S&P Global .76x 1.19x 1.28x 1.34x 1.38x 1.41x 1.44x 1.46x 1.57x 1.87x SFST UCB AUB ABCB SBCF UBSI TOWN FBK FBNC FCBC Price / Tangible Common Book Value Median = 1.40X


 
20 Valuation Price to Earnings Based on SNL Mean Normalized EPS 2025 Estimate of $3.30, the FBNC price to earnings ratio is 11.8x based on March 31, 2025, closing price for FBNC stock of $40.14. Source: S&P Global 7.1x 9.8x 10.2x 11.1x 11.3x 11.5x 11.8x 11.8x 12.9x TOWN UCB UBSI AUB SBCF SFST FBK FBNC ABCB Price / 2025 Consensus EPS - Normalized Median – 11.3x


 
21 North Carolina & South Carolina Great States for Business High Influx of Population North Carolina is currently the 9th most populous state – • Projected 7th by 2040 – and within 1% of 5th most populated • 4th highest net increase in population in 2024 • Projected to grow 20% over the next 20 years – 5th highest total growth South Carolina is the 23rd most populous state – • The No. 1 fastest growing state by percentage change in 2023 and 4th fastest in 2024. 5th highest net increase in population in 2023 and 10th highest in 2024. • Projected to increase 18% between 2024 and 2042 America’s Top States for Business • North Carolina ranked No. 1 in America’s Top States for Business – 2022 and 2023 (CNBC), 2022 (Forbes), and Top Five in 2024 (CNBC, Forbes, CEO Magazine, Business Facilities). • South Carolina has trended up 20 points since 2021 to No. 19 for 2024 (CNBC) • South Carolina’s economy is 12th in the nation (CNBC) Tax-friendly states – NC is phasing out corporate income tax and SC’s corporate tax rate is among the lowest in the Southeast North Carolina Pension System – Ranked strongest in the nation by Moody’s Both states have an AAA Bond Rating


 
22 Service Excellence Standards Convenience and Ease Our customers choose when, where, and how they do business with us. Courteous Service We treat customers and fellow associates with respect, effectively communicate, and celebrate our unique contributions. Knowledge and Accuracy We employ the best associates and ensure all associates are well trained, establish quality standards, and hold each other accountable. Safety and Soundness We ensure long term financial stability by enhancing trust and confidence by providing a safe environment.


 
23 Succession Plan Implemented Adam Currie promoted to Chief Executive Officer of First Bank Currie’s experience and leadership • Served as President of the Bank since November 2023 • A key driver of First Bancorp’s success in multiple regions over his tenure • Served as Chief Banking Officer beginning in 2021 and as a Regional President for the prior six years • Initially hired to expand the Bank’s presence into Charlotte in 2015 after tenures with PNC Capital Markets and RBC Bank Michael G. Mayer will remain as President and advisor until early 2026. “This transition is the culmination of a succession plan that has been in place for many years.” Richard H. Moore Chief Executive Officer and Chairman of the Board of Directors of First Bancorp Adam Currie, Chief Executive Officer, First Bank


 
24 Corporate Citizenship


 
25 Corporate Citizenship First Bank has long been a committed partner in the many communities it serves across the Carolinas. The following are just some of the investment areas made over the recent years. A proud Carolinas community partner since 1935 Ensuring Equitable Access to Education — Area public schools and community colleges — Communities in schools — STEAM Programs — Summer camps Improving the Lives of Neighbors in Need — HBCU and college scholarships — Literacy programs and book drives — Boys and Girls Club chapters — United Way chapters across the Carolinas — Habitat for Humanity affiliates as volunteers and with our Habitat Loan Origination Program — Women’s shelters and organizations — Food banks and numerous drives — The American Red Cross — Partnership for Children — Smart Start — COVID relief funds, meals for frontline workers, and programs for victims of domestic violence Promoting Business and Economic Growth — Foundations — Business incubators — Local community economic development organizations — Entrepreneurship competitions — Small business financial education seminars — Events recognizing local business leaders


 
26 We treat customers and associates with respect, communicate effectively and celebrate the unique contributions of each individual. We strive to build an inclusive organization that represents the communities we serve. Social Responsibility Diversity Council Represent the ideas and concerns of associates regarding diversity and inclusion and ensure all efforts align with Our Promise to Service Excellence Serve as a communication channel, providing advice and assistance to leadership in promoting respect, inclusion, opportunity and community in our workplace Create a work environment that demonstrates all views are respected and provides equal access to opportunities for growth and advancement Ensure all open positions have a diverse pool of candidates, and our job requirements align with the markets we serve • Established recruiting relationships with North Carolina HBCUs • Joined NCWorks to improve visibility of open positions Diversity and Inclusion We provide financial education resources and tools to help members of our communities build brighter financial futures. Financial Wellness Teach Children to Save First Bank is an active participant in the American Bankers Association’s Teach Children to Save efforts, with associates making more than 185 visits to schools across the Carolinas and the bank matching those visits with $172,000 in donations. First@Work Through the Bank’s First@Work program, Bank associates offer in-person and online financial education seminars for employees at local businesses and at events in their communities. Educational Resources First Bank maintains many educational resources covering a range of topics like personal finance, budgeting, starting a business, buying a home, and understanding a credit score. These are frequently and widely shared through the Bank’s social media channels, including Facebook, Twitter, LinkedIn, and Instagram. The Learning Lab Built specifically for teens ages 12-18, the Learning Lab online modules provide financial education through fun, game-like scenarios on a variety of topics, including budgeting, savings, and investing.


 
27 Thank you!