Slide 1: First Quarter Update
© a FIRST BANK First Quarter Update
Slide 2: Important information: Caution Regarding Forward-Looking Statements
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'
Slide 3: Company overview
Company overview First BancorpBank Holding Company First BankSubsidiary Bank Southern Pines, North CarolinaHeadquarters 1935 as Bank of MontgomeryEstablished $12.9 billionAssets * $8.8 billionLoans * $11.0 billionDeposits * 113 in NC & SCBranches * 1,353 full-time equivalent employeesEmployees * 4th
Slide 4: About us
About us Our mission To be the best community bank in every community we serve and through every delivery channel we offer. Our core values Be committed to safety and soundness. Provide accurate, prompt, courteous service. Help our clients and associates build and achieve goals. Make it easy for our
Slide 5: Best Employer and national recognition
Best Employer in North Carolina 2023, 2024, 2025 First Bank was named a BEST EMPLOYER in North Carolina by Business NC. National recognition #14 in S&P Top 50 Public Banks 2026 First Bank was ranked #14 best U.S. public bank by S&P Global Market Intelligence. #23 in Forbes America’s Best Banks 2026
Slide 6: Q1 2026 highlights
Q1 2026 highlights CHANGEQ4 2025Q1 2026 +$31.0 million$15.7 million$46.7 millionNet income (1) (2) -$1.6 million$4.7 million$3.1 millionProvision for Credit Losses (2) +$0.75$0.38 $1.13 Diluted EPS (1) (2) -$0.06$1.19$1.13Adjusted Diluted EPS +99 bps0.49%1.48%ROA -6 bps1.54%1.48%Adjusted ROA +739 bp
Slide 7: Q1 2026 summary
Q1 2026 summary 1. Preliminary • 1Q 26 net income of $46.7 million • ROA of 1.48% • ROCE of 11.22% • ROTCE 16.05% • Management continues to control expenses resulting in $60.2 million of NIE Earnings • NIM increased 9 basis points to 3.68% • Net Interest Income +$0.9 million to $107.1 million despit
Slide 8: Net interest margin (NIM tax-equivalent)
Net interest margin (NIM tax-equivalent ) 2.80% 2.87% 2.90% 3.08% 3.27% 3.32% 3.47% 3.60% 3.69% 2.69% 2.77% 2.82% 2.99% 3.19% 3.26% 3.40% 3.54% 3.64% 2.50% 2.70% 2.90% 3.10% 3.30% 3.50% 3.70% 3.90% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Reported Core Net interest mar
Slide 9: Loan yields
Loan yields 5.45% 5.51% 5.51% 5.47% 5.52% 5.53% 5.69% 5.59% 5.58% 5.30% 5.37% 5.39% 5.34% 5.41% 5.44% 5.60% 5.51% 5.52% 4.90% 5.00% 5.10% 5.20% 5.30% 5.40% 5.50% 5.60% 5.70% 5.80% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Stated Core
Slide 10: Asset yield trends
Asset yield trends 1.96% 2.28% 2.41% 2.55% 2.69% 2.74% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% 2.20% 2.40% 2.60% 2.80% 3.00% 4th Quarter 2024 1st Quarter 2025 2nd Quarter 2025 3rd Quarter 2025 4th Quarter 2025 1st Quarter 2026 Total Securities 4.55% 4.65% 4.69% 4.86% 4.84% 4.89% 4.00% 4.10% 4.20% 4.30%
Slide 11: Cost of funds and total cost of deposits
Cost of funds and total cost of deposits 1.79% 1.81% 1.81% 1.62% 1.51% 1.48% 1.51% 1.36% 1.31% 1.56% 1.72% 1.76% 1.57% 1.46% 1.43% 1.46% 1.32% 1.28% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Cost of Funds Deposits
Slide 12: Deposit cost
Deposit cost 2.31% 2.14% 2.14% 2.18% 1.97% 1.89% 1.50% 1.60% 1.70% 1.80% 1.90% 2.00% 2.10% 2.20% 2.30% 2.40% 4th Quarter 2024 1st Quarter 2025 2nd Quarter 2025 3rd Quarter 2025 4th Quarter 2025 1st Quarter 2026 Interest Bearing Deposits 1.57% 1.46% 1.43% 1.46% 1.32% 1.28% 1.00% 1.10% 1.20% 1.30% 1.4
Slide 13: Strong capital levels
Strong capital levels First Bancorp maintains strong capital levels. Through earnings, First Bancorp continues to increase equity and capital. The asset and loan growth in the first quarter increased the denominator in the capital ratios, particularly in risk based measures as loans generally carry
Slide 14: Strong deposit franchise supported by thriving markets
Strong deposit franchise supported by thriving markets Total deposits ended at $11.0 billion, an increase of $264 million for the quarter, or 10% annualized. Brokered deposits remain minimal at $5 million as of March 31, 2026. Management has controlled interest expense, with total cost of deposits o
Slide 15: Diverse deposit base
Diverse deposit base The Company benefits from a granular deposit franchise, with the top twenty depositors representing approximately 8% of total deposits. Consumer deposits represent 42% of total deposits. Business deposits represent 58% of total deposits. Uninsured and uncollateralized deposits r
Slide 16: Allowance for credit losses
Allowance for credit losses Percent of loans outstanding Allowance for credit losses (Hurricane Helene) Allowance for credit losses (ex Hurricane Helene) Loans outstanding 1.94%$ 0$ 19,373$ 1,000,037Commercial and industrial 1.80%014,778821,826Construction, development & other land loans 1.41%019,06
Slide 17: Asset quality trends
Asset quality trends 0.17% 0.06% 0.14% 0.05% 0.06% 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Annualized Net Charge Offs 0.36% 0.42% 0.44% 0.42% 0.47% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Nonperforming Loan Ratio 1.49% 1.47% 1.44% 1.42%
Slide 18: Investment thesis
Investment thesis Regional bank with strong culture that offers many of the product capabilities found in larger national banks but delivers those services with a local community bank focus. Capabilities include Mobile Banking, Wealth Management, Credit Card, Treasury Services, and Mortgage Banking.
Slide 19: Valuation: Price to Tangible Common Book Value
Valuation Price to Tangible Common Book Value Chart reflects data available through S&P Global, and therefore the tangible book values are as of December 31, 2025 and the stock prices are as of April 16, 2026 for all companies presented. Based on March 31, 2026 amounts for tangible common book value
Slide 20: Valuation: Price to Earnings
Valuation Price to Earnings Based on SNL Mean Normalized 2026 EPS Estimate of $4.35, the FBNC price to earnings ratio is 13.3 x based on April 16, 2026, closing price for FBNC stock of $57.93. The above chart reflects the 4/16/2026 closing stock price and 2026 EPS Estimate as of that date. . 9.8x 10
Slide 21: North Carolina & South Carolina: Thriving states for business
North Carolina & South Carolina: Thriving states for business Growing populations North Carolina • 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
Slide 22: Corporate citizenship
Corporate citizenship
Slide 23: Investing in our communities
Investing in our communities A proud community partner in the Carolinas since 1935 First Bank has long been a committed partner in the communities it serves across the Carolinas. The following are just some of the investment areas made over the recent years. . Ensuring equitable access to education
Slide 24: Social responsibility
Social responsibility Diversity and inclusion We treat customers and associates with respect, communicate openly, and value the unique contributions of every individual. We strive to build an inclusive organization that reflects the communities we serve. • Our Diversity Council represents associate
Slide 25: Thank you!
© a FIRST BANK Thank you!