Slide 1: First Bancorp January 2017
January 2017 Bank Local. www.localfirstbank.com First Bank
Slide 2: Important Information: Forward Looking Statements
_________________________________________________________________ www.localfirstbank.com FIRST BANCORP Important Information _________________________________________________________________ 2 Forward Looking Statements Information in this presentation contains forward - looking statements within th
Slide 3: 2016 Highlights
_________________________________________________________________ www.localfirstbank.com FIRST BANCORP 3 2016 Highlights _________________________________________________________________ Results / Strategic Initiatives Q4 2016 EPS of $0.40 - up 21.2% over Q4 2015 Loan Growth - 8.9% Q4 Annualized, 7.
Slide 4: Company Profile
_________________________________________________________________ www.localfirstbank.com FIRST BANCORP Company Profile* _________________________________________________________________ 4 * All data as of 12/31/16; Market Capitalization as of 1/24/17 Bank Holding Company First Bancorp Subsidiary Ban
Slide 5: North Carolina's Most Populous Markets
_________________________________________________________________ www.localfirstbank.com FIRST BANCORP 5 North Carolina’s Most Populous Markets Wilmington Asheville Charlotte Raleigh Winston - Salem Greensboro Fayetteville Greenville Less than 50 50 - 99 100 - 249 250 - 499 500 - 999 1,000 - 1,999 2
Slide 6: We traded / We received
_________________________________________________________________ www.localfirstbank.com FIRST BANCORP 6 We traded We received
Slide 7: Carolina Bank Holdings, Inc. Overview
_________________________________________________________________ www.localfirstbank.com FIRST BANCORP 7 Branch Network Financial Highlights Company Overview Headquarters Greensboro, NC Year Established 1996 Balance Sheet Total Assets $706 Total Loans 491 Deposits 601 Loans / Deposits 81.7% % Core D
Slide 8: _________________________________________________________________ www.localfirstbank.com FIRST BANCORP 8
_________________________________________________________________ www.localfirstbank.com FIRST BANCORP 8
Slide 9: Branch Locations – January 2017
_________________________________________________________________ www.localfirstbank.com FIRST BANCORP 9 Branch Locations – January 2017
Slide 10: Bank Consolidation in North Carolina
_________________________________________________________________ www.localfirstbank.com FIRST BANCORP Bank Consolidation in North Carolina Community Banks at 12/31/14 * Asset Size 1 Yadkin Bank $7.5 billion 2 Bank of North Carolina $5.7 billion 3 First Bancorp $3.5 billion 4 Square 1 Bank $3.1 bill
Slide 11: Our Promise to Service Excellence
_________________________________________________________________ www.localfirstbank.com FIRST BANCORP 11 Our Promise to Service Excellence “We help our customers realize their dreams by providing financial solutions and building trusted relationships.”
Slide 12: Service Excellence Principles
_________________________________________________________________ www.localfirstbank.com FIRST BANCORP 12 KNOWLEDGE & ACCURACY We employ the best associates and ensure all are well trained, establish quality standards, and hold each other accountable. COURTEOUS SERVICE We treat customers and fellow
Slide 13: Q4 2016 – Highlights
_________________________________________________________________ www.localfirstbank.com FIRST BANCORP 13 Percentages annualized where applicable Q4 2016 Q4 2015 Change Net income $8.4 million $6.8 million +23.6% EPS Common - Diluted $0.40 $0.33 +21.2% Return on Average Assets 0.94% 0.82% +12 bps Re
Slide 14: 2016 – Full Year Highlights
_________________________________________________________________ www.localfirstbank.com FIRST BANCORP 14 2016 2015 Change Net income - common $27.3 million $26.4 million +3.4% EPS Common - Diluted $1.33 $1.30 +2.3% Nonperforming Assets $59.1 million $89.3 million - 33.8% Net Interest Margin (2) 4.0
Slide 15: Investment Thesis
_________________________________________________________________ www.localfirstbank.com FIRST BANCORP Investment Thesis _________________________________________________________________ 15 ▪ Bank that offers many of the product capabilities found in larger regional banks but delivers those services
Slide 16: Valuation – Price to Tangible Common Book Value
_________________________________________________________________ www.localfirstbank.com FIRST BANCORP 16 16 16 ▪ Closing stock price on January 25, 2017 = $29.06 ▪ Price to tangible book value – 2.10x ▪ Based on 12/31/16 tangible book value – common – $13.85 Valuation – Price to Tangible Common Boo
Slide 17: Valuation – Price to Trailing 12 Month Earnings
_________________________________________________________________ www.localfirstbank.com FIRST BANCORP 17 17 • Price to trailing twelve month earnings – 21.8x • Based on trailing 12 month diluted common earnings per share of $1.33 and 1/25/17 share price of $29.06 • 2016 Full Year Negatively Impacte