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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):   July 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 July 23, 2025, First Bancorp (the “Registrant” or “Company”) issued an earnings release to announce its financial results for the three month period ended June 30, 2025.
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First Bancorp
INDEX
 
  Page
   
Item 2.02 – Results of Operations and Financial Condition 3 
Item 9.01 – Financial Statements and Exhibits 3 
   
Signatures 3 
   
4 
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 July 23, 2025
Exhibit 99.2 Earnings Release Presentation dated July 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
             
    July 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:
July 23, 2025
Hillary Kestler
704-644-4137

First Bancorp Reports Second Quarter Results

Second Quarter 2025 Financial Data
Second Quarter 2025 Highlights
(Dollars in 000s, except per share data) Q2-2025 Q1-2025 Q2-2024
•Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter.
•Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.
•The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter.
•Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.
•We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense.
•Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.
•Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.
•The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.
Summary Income Statement
Total interest income $ 136,741  $ 132,660  $ 128,822 
Total interest expense 40,065  39,777  47,707 
Net interest income 96,676  92,883  81,115 
Provision for credit losses 2,212  1,116  541 
Noninterest income 14,341  12,902  14,601 
Noninterest expenses 58,983  57,893  58,291 
Income tax expense 11,256  10,370  8,172 
Net income $ 38,566  $ 36,406  $ 28,712 
Key Metrics
Diluted EPS $ 0.93  $ 0.88  $ 0.70 
Book value per share 37.53  36.46  34.10 
Tangible book value per share 25.82  24.69  22.19 
Return on average assets 1.24  % 1.21  % 0.96  %
Return on average common equity 10.11  % 10.06  % 8.38  %
Return on average tangible common equity 15.25  % 15.54  % 13.60  %
NIM 3.32  % 3.25  % 2.84  %
NIM- T/E 3.32  % 3.27  % 2.87  %
Quarterly net charge-offs to average loans - annualized 0.06  % 0.17  % 0.07  %
Allowance for credit losses to total loans 1.47  % 1.49  % 1.36  %
Capital Ratios (1)
Tangible common equity to tangible assets 8.83  % 8.55  % 7.90  %
Common equity tier I capital ratio 14.62  % 14.52  % 13.99  %
Total risk-based capital ratio 16.87  % 16.80  % 16.24  %
(1) June 30, 2025 ratios are preliminary.
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Second Quarter 2025 Results

SOUTHERN PINES, N.C. - First Bancorp (the "Company") (NASDAQ - FBNC), the parent company of First Bank, reported unaudited second quarter earnings today. The Company announced net income of $38.6 million, or $0.93 D-EPS, for the three months ended June 30, 2025 compared to $36.4 million, or $0.88 D-EPS, for the three months ended March 31, 2025 ("linked quarter") and $28.7 million, or $0.70 D-EPS, for the second quarter of 2024 ("like quarter"). For the six months ended June 30, 2025, the Company recorded net income of $75.0 million, or $1.81 per diluted common share, compared to $54.0 million, or $1.31 per diluted common share, for the six months ended June 30, 2024.

The Company continued to enhance net interest income and net interest margin ("NIM"). The Company recorded net interest income of $96.7 million for the second quarter of 2025, compared to $92.9 million for the linked quarter and $81.1 million for the like quarter. NIM for the second quarter of 2025 expanded to 3.32% from 3.25% for the linked quarter and 2.84% for the like quarter.

First Bancorp also continued to maintain expense control with noninterest expenses of $59.0 million for the second quarter of 2025, up slightly from $57.9 million for the linked quarter and $58.3 million for the like quarter. For the six months ended June 30, 2025, the Company recorded noninterest expense of $116.9 million, down from $117.5 million, for the six months ended June 30, 2024.

Richard H. Moore, Chairman and CEO of the Company, stated "First Bancorp continues to improve financial results in 2025 as second quarter net income was $38.6 million and diluted EPS was $0.93, both resulting from expanded net interest margin and disciplined expense management. We improved our liquidity position and increased our capital levels, while credit quality remains strong with low levels of charge-offs and nonperforming assets. We grew loans 6% annualized in the quarter and benefited from our favorable cost of funds and increased yields on our earning assets. Our Board also increased our quarterly dividend to $0.23 per share effective June 30, 2025. We are very pleased with the Bank's performance halfway through this year."

Net Interest Income and Net Interest Margin

Net interest income for the second quarter of 2025 was $96.7 million, an increase of 4.1% from the linked quarter of $92.9 million and 19.2% from the like quarter of $81.1 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 executed in the fourth quarter of 2024.
The Company’s NIM for the second quarter of 2025 was 3.32%, an increase of 7 basis points from the linked quarter and 48 basis points from the like quarter. Within interest-earning assets, the purchase of $127.0 million of CMOs yielding 5.16% during the second quarter aided in the 13 basis point increase in the yield on securities as compared to the linked quarter. In addition, loan yields increased 1 basis point to 5.53%. During the quarter ended June 30, 2025, interest-bearing deposits remained consistent with the linked quarter and fell 0.40% from the like quarter, attributable to the three rate cuts by the Federal Reserve between September and December. The like quarter expansion of NIM was driven by the same factors described above resulting in an increase of 69 basis points in securities yield, an increase of 3 basis points in loan yields, and a decrease of 40 basis points in the rate on interest-bearing deposits.

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Second Quarter 2025 Results
For the Three Months Ended
YIELD INFORMATION June 30, 2025 March 31, 2025 June 30, 2024
Yield on loans 5.53% 5.52% 5.50%
Yield on securities 2.41% 2.28% 1.72%
Yield on other earning assets 4.63% 4.42% 4.71%
Yield on total interest-earning assets 4.69% 4.65% 4.51%
Cost of interest-bearing deposits 2.14% 2.14% 2.54%
Cost of borrowings 7.22% 7.31% 7.09%
Cost of total interest-bearing liabilities 2.20% 2.21% 2.65%
Total cost of funds 1.48% 1.51% 1.81%
Cost of total deposits 1.43% 1.46% 1.72%
Net interest margin (1) 3.32% 3.25% 2.84%
Net interest margin - tax-equivalent (2) 3.32% 3.27% 2.87%
Average prime rate 7.50% 7.50% 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.

Provision for Credit Losses and Credit Quality

For the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, the Company recorded $2.2 million, $1.1 million and $0.5 million in provision for credit losses, respectively. The provision for the second quarter of 2025 was driven by net charge-offs of $1.2 million, reserves related to loan growth of $122.6 million, and declining macro-economic projections, partially offset by the $3.5 million reduction in reserves for potential credit exposure from Hurricane Helene. Additionally, the $1.1 million provision for unfunded commitments during the quarter was the result of increased reserve rates for specifc segments of the loan portfolio and an increase in the level of available unfunded lending commitments. The June macro-economic forecasts are a key driver in the Company's CECL model and reflected declines from 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 $703 million of loans outstanding as of June 30, 2025. Based upon its continuing evaluation of these potential impacts, the Company adjusted the incremental reserve for potential exposure from Hurricane Helene to $7.5 million as of June 30, 2025. The remaining incremental reserve contributes 10 basis points to the Allowance for Credit Losses at period end. The results for the second quarter of 2025 included a $3.5 million reduction to the potential impacts to the allowance for credit losses from Hurricane Helene ($2.7 million after-taxes or $0.06 per diluted share). The reconciliations from net income and D-EPS to adjusted net income and adjusted D-EPS (both non-GAAP measures) for the first and second quarters of 2025 are presented in Appendix E.

Asset quality remained strong with annualized net loan charge-offs of 0.06% for the second quarter of 2025. Total nonperforming assets ("NPAs") remained at a low level at $35.8 million at June 30, 2025, or 0.28% of total assets, up slightly from 0.27% at March 31, 2025 and consistent with June 30, 2024.
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Second Quarter 2025 Results

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

ASSET QUALITY DATA
($ in thousands)
 June 30, 2025 March 31, 2025 June 30, 2024
Nonperforming assets
Nonaccrual loans $ 34,625  $ 29,081  $ 33,102 
Accruing loans > 90 days past due —  —  — 
Total nonperforming loans 34,625  29,081  33,102 
Foreclosed real estate 1,218  4,769  1,150 
Total nonperforming assets $ 35,843  $ 33,850  $ 34,252 
Asset Quality Ratios
Quarterly net charge-offs to average loans - annualized 0.06  % 0.17  % 0.07  %
Nonperforming loans to total loans 0.42  % 0.36  % 0.54  %
Nonperforming assets to total assets 0.28  % 0.27  % 0.28  %
Allowance for credit losses to total loans 1.47  % 1.49  % 1.36  %


Noninterest Income

Total noninterest income for the second quarter of 2025 was $14.3 million, an 11.2% increase from the $12.9 million recorded in the linked quarter and a 1.8% decrease from the $14.6 million recorded for the like quarter. As compared to the linked quarter, noninterest income was higher primarily due to higher Other service charges, commissions and fees and Other income, net of $0.7 million and $0.6 million, respectively.


Noninterest Expenses

Noninterest expenses amounted to $59.0 million for the second quarter of 2025 compared to $57.9 million for the linked quarter and $58.3 million for the like quarter. The $1.1 million, or 1.9%, increase in noninterest expense from the linked quarter was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in total personnel expenses arising from increased incentives expense.

The $0.7 million increase from the like quarter was driven by a $0.7 million increase in total personnel expenses and a $0.3 million increase in Occupancy and equipment related expenses, partially offset by declines in other expenses.


Income Taxes

Income tax expense totaled $11.3 million for the second quarter of 2025 compared to $10.4 million for the linked quarter and $8.2 million for the like quarter. These equated to effective tax rates of 22.6%, 22.2% and 22.2% for the respective periods.





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Second Quarter 2025 Results
Balance Sheet

Total assets at June 30, 2025 amounted to $12.6 billion, an increase of $172.0 million, or 5.5% annualized, from the linked quarter and an increase of $547.5 million, or 4.5%, from a year earlier. The increase from the linked quarter was primarily driven by loan growth and an increase in our available for sale securities portfolio as a result of $127.0 million of purchases and a decrease in the unrealized loss on those securities, partially offset by repayments.

Key period end balance sheet components are presented below.

BALANCES
($ in thousands)
 June 30, 2025 March 31, 2025 June 30, 2024 Change
2Q25 vs 1Q25		 Change
2Q25 vs 2Q24
Total assets $ 12,608,265  $ 12,436,245  $ 12,060,805  1.4% 4.5%
Loans 8,225,650  8,103,033  8,069,848  1.5% 1.9%
Investment securities 2,661,236  2,582,781  2,390,811  3.0% 11.3%
Total cash and cash equivalents 711,286  772,441  608,412  (7.9)% 16.9%
Noninterest-bearing deposits 3,542,626  3,476,786  3,339,678  1.9% 6.1%
Interest-bearing deposits 7,287,754  7,267,873  7,148,151  0.3% 2.0%
Borrowings 92,237  92,055  91,513  0.2% 0.8%
Shareholders’ equity 1,556,180  1,508,176  1,404,342  3.2% 10.8%

Primarily the result of securities purchases and decreased unrealized losses on the available for sale securities portfolio during the second quarter of 2025, total investment securities increased to $2.7 billion at June 30, 2025, reflecting a $78.5 million increase from the linked quarter. Total unrealized losses on available for sale investment securities was $298.9 million at June 30, 2025, as compared to $321.2 million at March 31, 2025 and $410.1 million at June 30, 2024. During the second quarter of 2025, the Company purchased $127.0 million of securities with a weighted average yield of 5.16%.
Total loans amounted to $8.2 billion at June 30, 2025, an increase of $122.6 million, or 6.1% annualized, from March 31, 2025 and an increase of $155.8 million, or 1.9%, from June 30, 2024. Please see below table for total loan portfolio mix. As of June 30, 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 6.5% of the total portfolio at June 30, 2025, with the largest loan being $30.0 million and with an average loan outstanding balance of $1.4 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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Second Quarter 2025 Results
The following table presents the period end balance and portfolio percentage by loan category.

LOAN PORTFOLIO June 30, 2025 March 31, 2025 June 30, 2024
($ in thousands) Amount Percentage Amount Percentage Amount Percentage
Commercial and industrial $ 911,227  11  % $ 890,071  11  % $ 863,366  11  %
Construction, development & other land loans 633,529  8  % 644,439  8  % 764,418  9  %
Commercial real estate - owner occupied 1,254,596  15  % 1,233,732  15  % 1,250,267  16  %
Commercial real estate - non-owner occupied 2,758,629  34  % 2,701,746  34  % 2,561,803  32  %
Multi-family real estate 509,419  6  % 512,958  6  % 497,187  6  %
Residential 1-4 family real estate 1,731,397  21  % 1,709,593  21  % 1,729,050  21  %
Home equity loans/lines of credit 355,876  4  % 341,240  4  % 326,411  4  %
Consumer loans 70,137  1  % 68,115  1  % 76,638  1  %
Loans, gross 8,224,810  100  % 8,101,894  100  % 8,069,140  100  %
Unamortized net deferred loan fees 840  1,139  708 
Total loans $ 8,225,650  $ 8,103,033  $ 8,069,848 

Total deposits were $10.8 billion at June 30, 2025, an increase of $85.7 million, or 3.2% annualized, from March 31, 2025 and an increase of $342.6 million, or 3.3%, from June 30, 2024.

The Company has a diversified and granular deposit base which has remained a stable funding source with noninterest-bearing deposits comprising 33% of total deposits at June 30, 2025. As presented in the table below, our deposit mix has remained relatively consistent.

DEPOSIT PORTFOLIO June 30, 2025 March 31, 2025 June 30, 2024
($ in thousands) Amount Percentage Amount Percentage Amount Percentage
Noninterest-bearing checking accounts $ 3,542,626  33  % $ 3,476,786  32  % $ 3,339,678  32  %
Interest-bearing checking accounts 1,443,010  13  % 1,448,377  14  % 1,400,071  13  %
Money market accounts 4,446,485  41  % 4,386,469  41  % 4,150,429  40  %
Savings accounts 536,247  5  % 539,632  5  % 558,126  5  %
Other time deposits 514,865  5  % 533,723  5  % 601,212  6  %
Time deposits >$250,000 337,382  3  % 349,990  3  % 389,281  4  %
Total customer deposits 10,820,615  100  % 10,734,977  100  % 10,438,797  100  %
Brokered deposits 9,765  —  % 9,682  —  % 49,032  —  %
Total deposits $ 10,830,380  100  % $ 10,744,659  100  % $ 10,487,829  100  %

As of June 30, 2025 and March 31, 2025, estimated insured deposits totaled $6.5 billion, or 59.7%, and $6.5 billion, or 60.2%, respectively, of total deposits. In addition, at June 30, 2025 and March 31, 2025, there were collateralized deposits of $707.0 million and $725.9 million, respectively, such that approximately 66.3% and 66.9%, 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 June 30, 2025 of 16.87%, up from the linked quarter ratio of 16.80% and the like quarter ratio of 16.24%. The increase during the second quarter of 2025 in risk-based capital ratios was driven by earnings in excess of dividends, partially offset by an increase in risk weighted assets.
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Second Quarter 2025 Results

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 8.83% at June 30, 2025, an increase of 28 basis points from the linked quarter and 93 basis points from June 30, 2024. The second quarter increase in TCE was driven by earnings in excess of dividends 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 measure).

CAPITAL RATIOS June 30, 2025 (estimated) March 31, 2025 June 30, 2024
Tangible common equity to tangible assets (non-GAAP) 8.83% 8.55% 7.90%
Common equity tier I capital ratio 14.62% 14.52% 13.99%
Tier I leverage ratio 11.45% 11.41% 11.24%
Tier I risk-based capital ratio 15.42% 15.34% 14.79%
Total risk-based capital ratio 16.87% 16.80% 16.24%

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 June 30, 2025 was 20.0%. In addition, the Company had approximately $2.3 billion in available lines of credit at that date resulting in a total liquidity ratio of 36.1%.

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Second Quarter 2025 Results
About First Bancorp

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets of $12.6 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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Second Quarter 2025 Results
First Bancorp and Subsidiaries
Financial Summary
CONSOLIDATED INCOME STATEMENT
For the Three Months Ended For the Six Months Ended
($ in thousands, except per share data - unaudited) June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Interest income
Interest and fees on loans $ 112,931  $ 110,533  $ 110,472  $ 223,464  $ 220,270 
Interest on investment securities:
Taxable interest income 16,857  15,524  11,291  32,381  24,019 
Tax-exempt interest income 1,116  1,116  1,117  2,232  2,234 
Other, principally overnight investments 5,837  5,487  5,942  11,324  8,913 
Total interest income 136,741  132,660  128,822  269,401  255,436 
Interest expense
Interest on deposits 38,405  38,119  44,744  76,524  83,879 
Interest on borrowings 1,660  1,658  2,963  3,318  11,168 
Total interest expense 40,065  39,777  47,707  79,842  95,047 
Net interest income 96,676  92,883  81,115  189,559  160,389 
Provision for credit losses 2,212  1,116  541  3,328  1,741 
Net interest income after provision for credit losses 94,464  91,767  80,574  186,231  158,648 
Noninterest income
Service charges on deposit accounts 3,976  3,767  4,139  7,743  8,007 
Other service charges and fees 6,595  5,883  5,314  12,478  10,884 
Presold mortgage loan fees and gains on sale 315  450  588  765  926 
Commissions from sales of financial products 1,388  1,408  1,377  2,796  2,697 
SBA loan sale gains 151  52  1,336  203  2,231 
Bank-owned life insurance income 1,221  1,228  1,179  2,449  2,343 
Securities losses, net —  —  (186) —  (1,161)
Other Income, net 695  114  854  809  1,570 
Total noninterest income 14,341  12,902  14,601  27,243  27,497 
Noninterest expenses
Salaries, incentives and commissions expense 29,005  28,661  27,809  57,666  55,451 
Employee benefit expense 6,187  6,095  6,703  12,282  12,972 
Total personnel expense 35,192  34,756  34,512  69,948  68,423 
Occupancy and equipment expense 5,195  5,192  4,877  10,387  10,952 
Intangibles amortization expense 1,468  1,516  1,669  2,984  3,428 
Other operating expenses 17,128  16,429  17,233  33,557  34,675 
Total noninterest expenses 58,983  57,893  58,291  116,876  117,478 
Income before income taxes 49,822  46,776  36,884  96,598  68,667 
Income tax expense 11,256  10,370  8,172  21,626  14,683 
Net income $ 38,566  $ 36,406  $ 28,712  $ 74,972  $ 53,984 
Earnings per common share:
Basic $ 0.93  $ 0.88  $ 0.70  $ 1.81  $ 1.31 
Diluted 0.93  0.88  0.70  1.81  1.31 
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Second Quarter 2025 Results
First Bancorp and Subsidiaries
Financial Summary
CONSOLIDATED BALANCE SHEETS
($ in thousands - unaudited) June 30,
2025		 March 31,
2025		 June 30,
2024
Assets
Cash and due from banks, noninterest-bearing $ 139,486  $ 149,781  $ 90,468 
Due from banks, interest-bearing 571,800  622,660  517,944 
Total cash and cash equivalents 711,286  772,441  608,412 
Securities available for sale 2,144,831  2,064,516  1,867,211 
Securities held to maturity 516,405  518,265  523,600 
Presold mortgages and SBA loans held for sale 8,928  5,166  7,247 
Loans 8,225,650  8,103,033  8,069,848 
Allowance for credit losses on loans (120,545) (120,631) (110,058)
Net loans 8,105,105  7,982,402  7,959,790 
Premises and equipment, net 141,661  141,954  147,110 
Accrued interest receivable 36,681  35,452  35,605 
Goodwill 478,750  478,750  478,750 
Other intangible assets, net 19,920  21,388  26,080 
Bank-owned life insurance 190,817  189,597  186,031 
Other assets 253,881  226,314  220,969 
Total assets $ 12,608,265  $ 12,436,245  $ 12,060,805 
Liabilities
Deposits:
Noninterest-bearing deposits $ 3,542,626  $ 3,476,786  $ 3,339,678 
Interest-bearing deposits 7,287,754  7,267,873  7,148,151 
Total deposits 10,830,380  10,744,659  10,487,829 
Borrowings 92,237  92,055  91,513 
Accrued interest payable 4,340  4,935  5,728 
Other liabilities 125,128  86,420  71,393 
Total liabilities 11,052,085  10,928,069  10,656,463 
Shareholders’ equity
Common stock 973,041  971,174  967,239 
Retained earnings 812,657  783,630  752,294 
Stock in rabbi trust assumed in acquisition (869) (1,166) (1,139)
Rabbi trust obligation 869  1,166  1,139 
Accumulated other comprehensive loss (229,518) (246,628) (315,191)
Total shareholders’ equity 1,556,180  1,508,176  1,404,342 
Total liabilities and shareholders’ equity $ 12,608,265  $ 12,436,245  $ 12,060,805 
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Second Quarter 2025 Results
First Bancorp and Subsidiaries
Financial Summary
TREND INFORMATION
For the Three Months Ended
June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024
PERFORMANCE RATIOS (annualized)
Return on average assets (1)
 1.24  % 1.21  % 0.12  % 0.61  % 0.96  %
Return on average common equity (2)
 10.11  % 10.06  % 0.96  % 5.14  % 8.38  %
Return on average tangible common equity (3)
 15.25  % 15.54  % 1.93  % 8.30  % 13.60  %
COMMON SHARE DATA
Cash dividends declared - common $ 0.23  $ 0.22  $ 0.22  $ 0.22  $ 0.22 
Book value per common share $ 37.53  $ 36.46  $ 34.96  $ 35.74  $ 34.10 
Tangible book value per share (4)
 $ 25.82  $ 24.69  $ 23.17  $ 23.91  $ 22.19 
Common shares outstanding at end of period 41,468,098  41,368,828  41,347,418  41,340,099  41,187,943 
Weighted average shares outstanding - diluted 41,441,393  41,406,525  41,422,973  41,366,743  41,262,091 
CAPITAL INFORMATION (preliminary for current quarter)
Tangible common equity to tangible assets (5)
 8.83  % 8.55  % 8.22  % 8.47  % 7.90  %
Common equity tier I capital ratio 14.62  % 14.52  % 14.35  % 14.37  % 13.99  %
Total risk-based capital ratio 16.87  % 16.80  % 16.63  % 16.65  % 16.24  %
(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)
 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024
Net interest income $ 96,676  $ 92,883  $ 88,841  $ 83,043  $ 81,115 
Provision for credit losses 2,212  1,116  507  14,200  541 
Noninterest income 14,341  12,902  (23,177) 13,579  14,601 
Noninterest expense 58,983  57,893  58,279  59,850  58,291 
Income before income taxes 49,822  46,776  6,878  22,572  36,884 
Income tax expense 11,256  10,370  3,327  3,892  8,172 
Net income 38,566  36,406  3,551  18,680  28,712 
Earnings per common share - diluted $ 0.93  $ 0.88  $ 0.08  $ 0.45  $ 0.70 
(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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Second Quarter 2025 Results
First Bancorp and Subsidiaries
Financial Summary
AVERAGE BALANCES AND NET INTEREST INCOME ANALYSIS - QUARTERS
For the Three Months Ended
June 30, 2025 March 31, 2025 June 30, 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) $ 8,187,662  $ 112,931  5.53  % $ 8,107,394  $ 110,533  5.52  % $ 8,070,815  $ 110,472  5.50  %
Taxable securities 2,697,338  16,857  2.50  % 2,629,066  15,524  2.36  % 2,591,617  11,291  1.74  %
Non-taxable securities 287,848  1,116  1.55  % 288,905  1,116  1.55  % 292,045  1,117  1.53  %
Short-term investments, primarily interest-bearing cash 505,912  5,837  4.63  % 503,377  5,487  4.42  % 507,635  5,942  4.71  %
Total interest-earning assets 11,678,760  136,741  4.69  % 11,528,742  132,660  4.65  % 11,462,112  128,822  4.51  %
Cash and due from banks 153,074  133,756  84,674 
Premises and equipment 142,090  143,064  149,643 
Other assets 484,448  421,248  358,852 
Total assets $ 12,458,372  $ 12,226,810  $ 12,055,281 
Liabilities
Interest-bearing checking $ 1,434,559  $ 2,426  0.68  % $ 1,431,556  $ 2,497  0.71  % $ 1,397,367  $ 2,424  0.70  %
Money market deposits 4,358,877  29,947  2.76  % 4,337,560  29,180  2.73  % 4,004,175  32,411  3.26  %
Savings deposits 538,843  252  0.19  % 539,104  240  0.18  % 570,283  317  0.22  %
Other time deposits 534,242  3,088  2.32  % 558,648  3,353  2.43  % 738,290  6,053  3.30  %
Time deposits >$250,000 345,916  2,692  3.12  % 352,174  2,849  3.28  % 371,471  3,539  3.83  %
Total interest-bearing deposits 7,212,437  38,405  2.14  % 7,219,042  38,119  2.14  % 7,081,586  44,744  2.54  %
Borrowings 92,199  1,660  7.22  % 91,960  1,658  7.31  % 167,976  2,963  7.09  %
Total interest-bearing liabilities 7,304,636  40,065  2.20  % 7,311,002  39,777  2.21  % 7,249,562  47,707  2.65  %
Noninterest-bearing checking 3,522,117  3,375,098  3,350,723 
Other liabilities 101,069  72,839  76,713 
Shareholders’ equity 1,530,550  1,467,871  1,378,283 
Total liabilities and shareholders’ equity $ 12,458,372  $ 12,226,810  $ 12,055,281 
Net yield on interest-earning assets and net interest income $ 96,676  3.32  % $ 92,883  3.25  % $ 81,115  2.84  %
Net yield on interest-earning assets and net interest income – tax-equivalent (3) $ 96,887  3.32  % $ 93,320  3.27  % $ 81,847  2.87  %
Interest rate spread 2.49  % 2.44  % 1.86  %
Average prime rate 7.50  % 7.50  % 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 $(296,000), $(294,000) and $(414,000) for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively.
(2)   Includes accretion of discount on acquired loans of $1.5 million, $1.8 million and $2.3 million for the three months ended June 30, 2025, March 31, 2025 and June 30, 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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Second Quarter 2025 Results
First Bancorp and Subsidiaries
Financial Summary
AVERAGE BALANCES AND NET INTEREST INCOME ANALYSIS - YEAR-TO-DATE
For the Six Months Ended
June 30, 2025 June 30, 2024
($ in thousands) Average
Volume		 Interest
Earned
or Paid		 Average
Rate		 Average
Volume		 Interest
Earned
or Paid		 Average
Rate
Assets
Loans (1) (2) $ 8,147,750  $ 223,464  5.52  % $ 8,087,101  $ 220,270  5.47  %
Taxable securities 2,663,390  32,381  2.43  % 2,703,441  24,019  1.78  %
Non-taxable securities 288,373  2,232  1.55  % 292,622  2,234  1.53  %
Short-term investments, primarily interest-bearing cash 504,652  11,324  4.52  % 392,790  8,913  4.56  %
Total interest-earning assets 11,604,165  269,401  4.67  % 11,475,954  255,436  4.47  %
Cash and due from banks 143,469  87,754 
Premises and equipment 142,574  150,401 
Other assets 453,023  369,132 
Total assets $ 12,343,231  $ 12,083,241 
Liabilities
Interest-bearing checking $ 1,433,066  $ 4,923  0.69  % $ 1,400,425  $ 4,784  0.69  %
Money market deposits 4,348,277  59,126  2.74  % 3,854,453  60,223  3.14  %
Savings deposits 538,973  493  0.18  % 581,339  625  0.22  %
Other time deposits 546,377  6,441  2.38  % 723,904  11,509  3.20  %
Time deposits >$250,000 349,028  5,541  3.20  % 363,640  6,738  3.73  %
Total interest-bearing deposits 7,215,721  76,524  2.14  % 6,923,761  83,879  2.44  %
Borrowings 92,081  3,318  7.27  % 372,987  11,168  6.02  %
Total interest-bearing liabilities 7,307,802  79,842  2.20  % 7,296,748  95,047  2.62  %
Noninterest-bearing checking 3,449,013  3,331,811 
Other liabilities 87,032  77,795 
Shareholders’ equity 1,499,384  1,376,887 
Total liabilities and shareholders’ equity $ 12,343,231  $ 12,083,241 
Net yield on interest-earning assets and net interest income $ 189,559  3.29  % $ 160,389  2.81  %
Net yield on interest-earning assets and net interest income – tax-equivalent (3) $ 190,207  3.30  % $ 161,852  2.83  %
Interest rate spread 2.47  % 1.85  %
Average prime rate 7.50  % 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 $(590,000) and $(886,000) for the six months ended June 30, 2025 and June 30, 2024, respectively.
(2)   Includes accretion of discount on acquired loans of $3.2 million and $4.7 million for the six months ended June 30, 2025 and June 30, 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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Second Quarter 2025 Results
Reconciliation of non-GAAP measures

APPENDIX A: Calculation of Return on TCE
For the Three Months Ended
($ in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024
Net Income
 $ 38,566  $ 36,406  $ 3,551  $ 18,680  $ 28,712 
Intangible asset amortization, net of taxes 1,123  1,159  1,195  1,240  1,283 
Tangible Net income $ 39,689  $ 37,565  $ 4,746  $ 19,920  $ 29,995 
Average common equity $ 1,530,550  $ 1,467,871  $ 1,466,181  $ 1,445,029  $ 1,378,284 
Less: Average goodwill and other intangibles, net of related taxes (486,393) (487,395) (488,624) (489,987) (491,318)
Average tangible common equity $ 1,044,157  $ 980,476  $ 977,557  $ 955,042  $ 886,966 
Return on average common equity 10.11  % 10.06  % 0.96  % 5.14  % 8.38  %
Return on average tangible common equity 15.25  % 15.54  % 1.93  % 8.30  % 13.60  %

APPENDIX B: Reconciliation of Common Equity to TCE
For the Three Months Ended
($ in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024
Total shareholders' common equity
 $ 1,556,180  $ 1,508,176  $ 1,445,611  $ 1,477,525  $ 1,404,342 
Less: Goodwill and other intangibles, net of related taxes (485,657) (486,749) (487,660) (489,139) (490,439)
Tangible common equity $ 1,070,523  $ 1,021,427  $ 957,951  $ 988,386  $ 913,903 

APPENDIX C: Tangible Book Value Per Share
For the Three Months Ended
($ in thousands except per share data) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024
Tangible common equity (Appendix B)
 $ 1,070,523  $ 1,021,427  $ 957,951  $ 988,386  $ 913,903 
Common shares outstanding
 41,468,098  41,368,828  41,347,418  41,340,099  41,187,943 
Tangible book value per common share $ 25.82  $ 24.69  $ 23.17  $ 23.91  $ 22.19 

APPENDIX D: TCE Ratio
For the Three Months Ended
($ in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024
Tangible common equity (Appendix B)
 $ 1,070,523  $ 1,021,427  $ 957,951  $ 988,386  $ 913,903 
Total assets
 12,608,265  12,436,245  12,147,694  12,153,430  12,060,805 
Less: Goodwill and other intangibles, net of related taxes (485,657) (486,749) (487,660) (489,139) (490,439)
Tangible assets ("TA") $ 12,122,608  $ 11,949,496  $ 11,660,034  $ 11,664,291  $ 11,570,366 
TCE to TA ratio 8.83  % 8.55  % 8.22  % 8.47  % 7.90  %

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Second Quarter 2025 Results
Reconciliation of non-GAAP measures, continued
APPENDIX E: Adjusted D-EPS
For the Three Months Ended
($ in thousands) June 30, 2025 March 31, 2025 June 30, 2024
Net income $ 38,566  $ 36,406  $ 28,712 
Impact of Hurricane Helene
Provision for (benefit from) credit losses (3,500) (2,000) — 
Total (3,500) (2,000) — 
Less, tax impact 812  464  — 
After-tax impact of Hurricane Helene (2,688) (1,536) — 
Adjusted net income $ 35,878  $ 34,870  $ 28,712 
Weighted average shares outstanding - diluted 41,441,393  41,406,525  41,262,091 
D-EPS $ 0.93  $ 0.88  $ 0.70 
Adjusted D-EPS $ 0.87  $ 0.84  $ 0.70 

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Second Quarter 2025 Results
Supplemental information
APPENDIX F: Loan purchase discount accretion and its impact on the Company's NIM

Included in interest income for the second quarter of 2025 was loan purchase accounting discount accretion of $1.5 million compared to $1.8 million for the linked quarter and $2.3 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 4 basis points, 5 basis points and 6 basis points, respectively, on the Company's NIM and NIM-T/E in the second 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)
 June 30, 2025 March 31, 2025 June 30, 2024
Interest income - increased by accretion of loan discount on acquired loans $ 1,457  $ 1,789  $ 2,303 
Total interest income impact 1,457  1,789  2,303 
Interest expense - increased by discount accretion on deposits (102) (103) (224)
Interest expense - increased by discount accretion on borrowings (194) (191) (190)
Total net interest expense impact (296) (294) (414)
Total impact on net interest income $ 1,161  $ 1,495  $ 1,889 
16
EX-99.2 3 fbncinvestorpresentation.htm EX-99.2 fbncinvestorpresentation
Second 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 $12.6 billion Loans $8.2 billion Deposits $10.8 billion Branches * 113 in NC & SC Employees * 1,380 full‐time equivalent employees Ranking 4th largest bank headquartered in NC (largest community bank) Market Capitalization # $1.9 billion – Ticker FBNC Stock Market/Indices NASDAQ Global Select Market, S&P SmallCap 600 Index, Russell 2000 Daily Average Trading Volume # 177,000 shares  Insider Ownership # 1.82% Institutional Ownership # 69.02% Member of Russell 2000 Yes * Data is as of 6/30/25 # Data is as of 7/21/25 Company Overview

 
4 Our Core Values To be the best community bank in every  community we serve and through every  delivery channel we offer. Safety and  Soundness We ensure long term  financial stability by  enhancing trust and  confidence and  providing a safe  environment. Knowledge and  Accuracy Employ the best  associates and ensure  all are well trained,  establish quality  standards and hold  each other  accountable. Courteous Service We treat customers  and associates with  respect, communicate  effectively, and  celebrate our unique  contributions Convenience and  Ease Our customers choose  when, where and how  they do business with  us. Our Mission Our Footprint

 
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 Q2 2025 Highlights Q2 2025 Q1 2025 CHANGE Net income (1) $38.6 million $36.4 million $2.2 million Provision for Credit Losses (1) $2.2 million $1.1 million $1.1 million Diluted EPS (1) $0.93  $0.88  $0.05 Return on Average Assets 1.24% 1.21% +3 bps Return on Average Common Equity  10.11% 10.06% +5 bps Return on Average Tangible Common Equity (2) 15.25% 15.54% ‐29 bps Net Interest Margin (3) 3.32% 3.25% +7 bps Loan Yield 5.53% 5.52% +1 bps Total Cost of Deposits 1.43% 1.46% ‐3 bps Total Cost of Funds 1.48% 1.51% ‐3 bps 1. Q1 25 and Q2 25 include reductions of credit reserves for Hurricane Helene of $2.0 million pre‐tax, or $0.04 per share after‐tax and $3.5 million pre‐tax, or $0.06 per share after‐ tax, respectively. 2. Annualized net income divided by: average common shareholders’ equity less average total intangible assets, net.  3. Net‐interest income divided by average earning assets.

 
7 "We are very pleased with the  Bank's performance halfway  through this year.” Richard H. Moore,  First Bancorp Chairman  and CEO Capital Ratios Q2 2025 Summary • 2Q 25 net income of $38.6 million • ROA of 1.24% (highest since Q4 22) • ROCE of 10.11% • ROTCE 15.25% • Diligent expense control resulting in $59.0 million of Noninterest Expenses • NIM increased 7 basis points to 3.32% • Net Interest Income +$3.8 million to $96.7 million • Loan Yield +1bp to 5.53% • Securities yield of 2.41% (+13 bps) • Total Cost of Deposits -3bps to 1.43% • Total assets +$172.0 million 3.32% $96.7 million • Loan growth of $122.6 million NIM Net Interest Income • Invested $127.0 million in securities • Deposit growth of $85.7 million • ACL coverage ratio of 1.47% 52.9% 1.24% • Annualized net charge-offs of 0.06% ($1.2 million) Efficiency ratio Return on average assets • Reduced foreclosed real estate by $3.5 million • Helene credit reserves down $3.5 million to $7.5 million • NPA/Assets ratio remains low at 0.28% • Capital position remains strong – o Tangible Common Equity Ratio 8.83% (+28 bps) Linked quarter loan growth Linked quarter deposit growth o CET 1 Ratio 14.59%1 (+7bps) o Total Risk-Based Capital 16.85%1 (+5bps) o C&D and CRE concentration ratios within target range 1.47% 14.59%1 • Book value of $37.53 per share, (+ $1.07) ACL ratio CET1 ratio • Tangible book value of $25.82 per share, (+ $1.13) Balance Sheet Credit $122.6 million, or +6.1% $85.7 million, or +3.2% Capital Earnings $38.6 million Net income Margin $0.93 Diluted EPS

 
8 3.31% 3.08% 2.97% 2.88% 2.80% 2.87% 2.90% 3.08% 3.27% 3.32% 3.18% 2.95% 2.86% 2.78% 2.69% 2.77% 2.82% 2.99% 3.19% 3.26% 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 Q2 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

 
9 Margin Trends 3.23% 3.27% 3.26% 3.32% 3.33% 3.30% 3.25% 3.32% 2.50% 2.60% 2.70% 2.80% 2.90% 3.00% 3.10% 3.20% 3.30% 3.40% January 2025 February 2025 March 2025 April 2025 May 2025 June 2025 1st Quarter 2025 2nd Quarter 2025 Net Interest Margin 3.25% 3.30% 3.29% 3.32% 3.33% 3.30% 3.27% 3.32% 2.50% 2.60% 2.70% 2.80% 2.90% 3.00% 3.10% 3.20% 3.30% 3.40% January 2025 February 2025 March 2025 April 2025 May 2025 June 2025 1st Quarter 2025 2nd Quarter 2025 NIM – T/E

 
10 Loan Yields 5.22% 5.26% 5.32% 5.39% 5.45% 5.51% 5.51% 5.47% 5.52% 5.53% 5.03% 5.08% 5.16% 5.25% 5.30% 5.37% 5.39% 5.34% 5.41% 5.44% 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 Q2 2025 Stated  Core

 
11 Asset Yield Trends 2.30% 2.26% 2.29% 2.36% 2.43% 2.44% 2.28% 2.41% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% 2.20% 2.40% 2.60% January 2025 February 2025 March 2025 April 2025 May 2025 June 2025 1st Quarter 2025 2nd Quarter 2025 Total Securities 4.63% 4.67% 4.66% 4.70% 4.70% 4.68% 4.65% 4.69% 4.00% 4.10% 4.20% 4.30% 4.40% 4.50% 4.60% 4.70% 4.80% January 2025 February 2025 March 2025 April 2025 May 2025 June 2025 1st Quarter 2025 2nd Quarter 2025 Interest Earning Assets 5.51% 5.54% 5.50% 5.55% 5.53% 5.51% 5.52% 5.53% 5.00% 5.10% 5.20% 5.30% 5.40% 5.50% 5.60% January 2025 February 2025 March 2025 April 2025 May 2025 June 2025 1st Quarter 2025 2nd Quarter 2025 Total Loans, Fees, & Accretion

 
12 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% 1.48% 0.75% 1.08% 1.27% 1.41% 1.56% 1.72% 1.76% 1.57% 1.46% 1.43% 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 Q2 2025 Cost of Funds Deposits

 
13 Deposit Cost 2.15% 2.14% 2.14% 2.13% 2.13% 2.15% 2.14% 2.14% 1.50% 1.60% 1.70% 1.80% 1.90% 2.00% 2.10% 2.20% January 2025 February 2025 March 2025 April 2025 May 2025 June 2025 1st Quarter 2025 2nd Quarter 2025 Interest Bearing Deposits 1.47% 1.46% 1.45% 1.43% 1.43% 1.44% 1.46% 1.43% 1.00% 1.05% 1.10% 1.15% 1.20% 1.25% 1.30% 1.35% 1.40% 1.45% 1.50% January 2025 February 2025 March 2025 April 2025 May 2025 June 2025 1st Quarter 2025 2nd Quarter 2025 Total Cost of Deposits

 
14 Strong Capital Levels First Bancorp maintains strong capital  levels with continued growth in every  measure from Q1 2025 to Q2 2025. Capital levels afford management  strategic flexibility. Capital Ratios 8.55% 11.41% 14.52% 15.34% 16.80% 8.83% 11.45% 14.62% 15.42% 16.87% 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 3/31/2025 6/30/2025 Minimum 28 bps 4 bps 10 bps 8 bps 7 bps Capital ratios for Q2 2025 are preliminary and subject to change.

 
15 $10,488  $10,505  $10,531  $10,745  $10,830  1.72% 1.76% 1.57% 1.46% 1.43% 2.54% 2.59% 2.31% 2.14% 2.14% 5.50% 5.00% 4.50% 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% 2Q '24 3Q '24 4Q '24 1Q '25 2Q '25 Deposits Total cost of deposits Interest bearing deposits Fed funds Strong Deposit  Franchise Supported  by Attractive  Markets Total deposits ended at $10.8 billion, an  increase of $86 million for the quarter, or  3% annualized. Brokered deposits remain  minimal at June 30, 2025 at $10 million.    Management has controlled Total Cost of  Deposit, with total cost of deposits  decreasing 3 basis points in Q2 2025  after an 11 basis points decrease in Q1  2025 and a 19 basis point decrease in Q4  2024. Deposits End‐of‐Period ($ in millions)

 
16 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 42% of total  deposits. Business deposits represent 58% of total  deposits. Uninsured and uncollateralized deposits  represent approximately 34% of total  deposits. Deposits End‐of‐Period ($ in millions) 9% 9% 9% 8% 8% 1% 0% 0% 0% 0% 40% 40% 41% 41% 41% 5% 5% 5% 5% 5% 13% 14% 13% 14% 13% 32% 32% 32% 32% 33% 2Q '24 3Q '24 4Q '24 1Q '25 2Q '25 Time deposits Brokered Money market Savings NOW Nonint trans accts $10,488 $10,505 $10,531 $10,745 $10,830

 
17 Allowance for Credit Losses – 6/30/25 Loans  Outstanding Allowance for Credit  Losses (ex Hurricane  Helene) Allowance for Credit  Losses (Hurricane  Helene) % of Loans  Outstanding Commercial and industrial $ 911,227 $ 18,267 $  239 2.03% Construction, development & other land loans 633,529 8,167 493 1.37% Commercial real estate ‐ owner occupied 1,254,596 19,968 778 1.65% Commercial real estate ‐ non owner occupied 2,758,629 22,419 2,006 0.89% Multi‐family real estate 509,419 4,433 312 0.93% Residential 1‐4 family real estate 1,731,397 32,632 3,151 2.07% Home equity loans/lines of credit 355,876 2,924 521 0.97% Consumer loans 70,137 4,235 0 6.04% Unamortized net deferred loan costs (fees) 840 Total loans $ 8,225,650 $ 113,045 $ 7,500 1.47%

 
18 Asset Quality Trends 1.36% 1.53% 1.51% 1.49% 1.47% 1.00% 1.10% 1.20% 1.30% 1.40% 1.50% 1.60% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 ACL / Loans 0.28% 0.29% 0.30% 0.27% 0.28% 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% 0.35% 0.40% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Nonperforming Asset Ratio 0.07% 0.11% 0.04% 0.17% 0.06% 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Annualized Net Charge Offs 0.41% 0.43% 0.39% 0.36% 0.42% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Nonperforming Loan Ratio

 
19 Noninterest Expense  (Dollars in thousands) Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Salaries, incentives and commissions expense $27,642 $27,809 $29,995 $28,447 $28,661 $29,005 Employee benefit expense 6,269 6,703 6,495 6,702 6,095 6,187 Total personnel expense 33,911 34,512 36,450 35,149 34,756 35,192 Occupancy and equipment expense 6,075 4,877 4,883 4,700 5,192 5,195 Intangibles amortization expense 1,759 1,669 1,613 1,563 1,516 1,468 Other operating expenses 17,442 17,233 16,903 16,867 16,429 17,128 Total noninterest expenses $59,187 $58,291 $59,850 $58,279 $57,893 $58,983 $59,187  $58,291  $59,850  $58,279  $57,893  $58,983  63.4% 61.0% 61.0% 56.5% 54.3% 52.9% 45% 50% 55% 60% 65% $45,000 $47,500 $50,000 $52,500 $55,000 $57,500 $60,000 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Th ou sa nd s Non interest expense Efficiency ratio

 
20 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 • Q2 2025 Total Cost of Deposits was 1.43% • 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

 
21 Valuation Price to Tangible Common  Book Value Chart reflects data available through S&P  Global, and therefore the tangible book  values are as of March 31, 2025 and the  stock prices are as of July 21, 2025 for all  companies presented. Based on 6/30/25 amounts for tangible  common book value ($25.82) and FBNC  stock price ($44.09), the Price to  Tangible Book was 1.71x at that date. Source: S&P Global The above chart reflects the 7/21/2025 closing stock price and 3/31/2025 tangible common book value.  .97x 1.53x 1.6x 1.63x 1.67x 1.68x 1.71x 1.74x 1.92x 2.2x SFST UCB TOWN UBSI FBK ABCB AUB SBCF FBNC FCBC Price / Tangible Common Book Value Median = 1.67X

 
22 Valuation Price to Earnings Based on SNL Mean Normalized 2025  EPS Estimate of $3.56, the FBNC price to  earnings ratio is 13.35x based on July 21,  2025, closing price for FBNC stock of  $47.52. Source: S&P Global 10.6x 12.x 12.4x 12.5x 13.x 13.3x 13.5x 13.8x 17.5x AUB UBSI UCB ABCB FBK FBNC TOWN SFST SBCF Price / 2025 Consensus EPS ‐ Normalized Median ‐ 13.0x The above chart reflects the 7/21/2025 closing stock price and 2025 EPS Estimate as of that date. 

 
23 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

 
24 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.

 
25 Corporate  Citizenship

 
26 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

 
27 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.

 
28 Thank you!