For Immediate Release: For More Information, Contact: April 24, 2024 Hillary Kestler 704-644-4137 News Release First Bancorp Reports First Quarter Results SOUTHERN PINES, N.C. - First Bancorp (the "Company") (NASDAQ - FBNC), the parent company of First Bank, announced today net income of $25.3 million, or $0.61 per diluted common share, for the three months ended March 31, 2024 compared to $29.7 million, or $0.72 per diluted common share, for the three months ended December 31, 2023 ("linked quarter") and $ ...

SOUTHERN PINES, N.C., March 15, 2024 /PRNewswire/ -- The Board of Directors of First Bancorp (NASDAQ: FBNC) (the "Company"), the parent company of First Bank, has declared a cash dividend on its common stock of $0.22 per share payable on April 25, 2024 to shareholders of record as of March 31, 2024. Richard Moore, Chief Executive Officer of First Bancorp, stated, "2023 was a challenging year and your Company performed well, maintaining strong capital and liquidity despite the headwinds faced by the entire b ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 Commission File Number 0-15572 FIRST BANCORP Securities Registered Pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act of 1933. ☒ Yes ☐ No Indicate by check mark if the registrant is not requ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 Commission File Number 0-15572 FIRST BANCORP (Exact Name of Registrant as Specified in its Charter) | North Carolina | | | 56-1421916 | | --- | --- | --- | --- | | (State or Other Jurisdiction of Incorporation or Organization) | | | (I.R.S. Employer Identification Number) | | 300 SW Broad St ...

[Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) This section covers First Bancorp's unaudited financial statements, management's analysis, market risk, and internal controls [Financial Statements (Unaudited)](index=4&type=section&id=Item%201%20-%20Financial%20Statements%20(unaudited)) This section presents First Bancorp's unaudited consolidated financial statements for Q2 2023, detailing financial position, performance, and cash flows, including the impact of the GrandSouth acquisition [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to **$12.03 billion**, driven by the GrandSouth acquisition, with corresponding growth in loans, deposits, and shareholders' equity Consolidated Balance Sheet Highlights ($ in thousands) | Account | June 30, 2023 (unaudited) | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$12,032,998** | **$10,625,049** | | Net Loans | $7,788,399 | $6,574,178 | | Goodwill | $478,750 | $364,263 | | Total Deposits | $10,168,569 | $9,227,529 | | Borrowings | $481,658 | $287,507 | | **Total Liabilities** | **$10,735,356** | **$9,593,453** | | **Total Shareholders' Equity** | **$1,297,642** | **$1,031,596** | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Net income for Q2 2023 decreased to **$29.4 million**, primarily due to a significant increase in interest expense and higher noninterest expenses, including merger costs Income Statement Summary ($ in thousands, except per share data) | Metric | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $86,985 | $78,270 | $179,471 | $155,148 | | Provision for Credit Losses | $2,361 | $0 | $14,863 | $2,000 | | Noninterest Income | $14,235 | $17,264 | $27,771 | $36,515 | | Noninterest Expense | $61,593 | $49,398 | $135,768 | $100,863 | | **Net Income** | **$29,403** | **$36,585** | **$44,564** | **$70,554** | | **Diluted EPS** | **$0.71** | **$1.03** | **$1.08** | **$1.98** | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities decreased, while investing activities saw a lower net cash outflow due to the GrandSouth acquisition and securities sales Cash Flow Summary for Six Months Ended June 30, ($ in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $65,154 | $130,517 | | Net cash used by investing activities | ($10,213) | ($377,466) | | Net cash provided by financing activities | $35,416 | $219,890 | | **Increase (decrease) in cash and cash equivalents** | **$90,357** | **($27,059)** | [Notes to Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail the GrandSouth acquisition's impact, significant unrealized losses in the securities portfolio, and the allowance for credit losses - On January 1, 2023, the Company completed its acquisition of GrandSouth Bancorporation in an all-stock transaction valued at **$229.5 million**. This resulted in the recognition of **$114.5 million** in goodwill[40](index=40&type=chunk)[41](index=41&type=chunk)[45](index=45&type=chunk) - The securities portfolio had unrealized losses of **$536.1 million** as of June 30, 2023, primarily due to interest rate factors, not credit quality concerns. The company does not intend to sell these securities and expects to recover the amortized cost[62](index=62&type=chunk)[63](index=63&type=chunk) - The Allowance for Credit Losses (ACL) on loans increased to **$109.2 million** at June 30, 2023, from **$91.0 million** at year-end 2022. The increase was driven by a **$5.6 million** 'Day 1' allowance for acquired PCD loans and a **$12.2 million** 'Day 2' provision for acquired non-PCD loans from the GrandSouth acquisition[84](index=84&type=chunk)[85](index=85&type=chunk) [Management's Discussion and Analysis (MD&A)](index=43&type=section&id=Item%202%20%E2%80%93%20Management%27s%20Discussion%20and%20Analysis%20of%20Consolidated%20Results%20of%20Operations%20and%20Financial%20Condition) Management discusses financial results, emphasizing the GrandSouth acquisition's impact, declining net income, NIM compression, and strong asset quality and capital position - The GrandSouth acquisition on January 1, 2023, added **$1.02 billion** in loans and **$1.05 billion** in deposits, expanding the company's presence in high-growth South Carolina markets[160](index=160&type=chunk)[161](index=161&type=chunk) - Net interest margin (NIM) on a tax-equivalent basis decreased to **3.08%** in Q2 2023 from **3.18%** in Q2 2022, driven by higher cost of funds which outpaced the increase in yields on earning assets[167](index=167&type=chunk) - Noninterest income for Q2 2023 decreased by **17.5%** YoY, primarily due to lower bankcard revenues resulting from the Durbin Amendment limitation on debit card interchange fees, which became applicable in July 2022[167](index=167&type=chunk)[212](index=212&type=chunk) - Noninterest expense increased **24.7%** in Q2 2023 YoY, driven by higher personnel costs, merger expenses (**$1.3 million** in Q2), and intangible amortization related to the GrandSouth acquisition[167](index=167&type=chunk)[218](index=218&type=chunk)[219](index=219&type=chunk) - Credit quality remains strong, with the nonperforming assets (NPA) to total assets ratio improving to **0.30%** at June 30, 2023, from **0.36%** at December 31, 2022[175](index=175&type=chunk)[230](index=230&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=60&type=section&id=Item%203%20%E2%80%93%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, monitored via earnings simulation and EVE models, with short-term net interest income projected to be flat or decline in varying rate environments - The company's most significant market risk is interest rate risk, managed through earnings simulation and economic value of equity (EVE) modeling[255](index=255&type=chunk)[256](index=256&type=chunk) - The company's short-term net interest income sensitivity is projected to be flat or decline in both rising and falling rate environments due to a flat/inverted yield curve and a shift in funding mix[261](index=261&type=chunk) - The economic value of equity (EVE) is generally liability-sensitive in a rising interest rate environment, a position that has not changed significantly from year-end 2022[265](index=265&type=chunk) [Controls and Procedures](index=62&type=section&id=Item%204%20%E2%80%93%20Controls%20and%20Procedures) Based on an evaluation by the CEO and CFO, the company's disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures are effective[271](index=271&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter[271](index=271&type=chunk)[272](index=272&type=chunk) [Part II. Other Information](index=63&type=section&id=Part%20II.%20Other%20Information) This section includes information on legal proceedings, risk factors, and exhibits [Legal Proceedings](index=63&type=section&id=Item%201%20%E2%80%93%20Legal%20Proceedings) The company and its subsidiaries are not involved in any pending legal proceedings that management believes would be material to the consolidated financial position - There are no material pending legal proceedings against the Company or its subsidiaries[273](index=273&type=chunk) [Risk Factors](index=63&type=section&id=Item%201A%20%E2%80%93%20Risk%20Factors) There have been no material changes from the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2022 - No material changes have been made to the risk factors disclosed in the 2022 Annual Report on Form 10-K[274](index=274&type=chunk) [Exhibits](index=64&type=section&id=Item%206%20%E2%80%93%20Exhibits) This section lists the exhibits filed with the report, including certifications by the CEO and CFO and XBRL data files - Exhibits filed include CEO/CFO certifications under Sarbanes-Oxley Sections 302 and 906, and financial statements formatted in XBRL[276](index=276&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 Commission File Number 0-15572 FIRST BANCORP (Exact Name of Registrant as Specified in its Charter) | North Carolina | | | 56-1421916 | | --- | --- | --- | --- | | (State or Other Jurisdiction of Incorporation or Organization) | | | (I.R.S. Employer Identification Number) | | 300 SW Broad St., | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 Commission File Number 0-15572 FIRST BANCORP (Exact Name of Registrant as Specified in its Charter) North Carolina 56-1421916 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification Number) 300 SW Broad St., Southern Pines, North Carolina 28387 (Address of Princ ...

1 | --- | --- | --- | |-----------------------------------------|-------|-------| | | | | | | | | | | | | | 2022 Fourth Quarter and Annual Update | | | | localfirstbank.com | | | Important Information 0.56% 0.35% 0.26% 0.21% 0.17% 0.14% 0.11% 0.10% 0.10% 0.09% 0.47% 0.30% 0.24% 0.19% 0.15% 0.12% 0.09% 0.08% 0.08% 0.07% 0.08% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 0.36% 0.12% 0.26% 2016 2017 2018 20 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 Commission File Number 0-15572 FIRST BANCORP (Exact Name of Registrant as Specified in its Charter) North Carolina 56-1421916 | --- | --- | --- | --- | |-------------------------------------------------|----------------------------------------------------------|------------------------------ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 Commission File Number 0-15572 FIRST BANCORP (Exact Name of Registrant as Specified in its Charter) North Carolina 56-1421916 | --- | --- | --- | --- | |-------------------------------------------------|----------------------------------------------------------|----------------------------------- ...