First Bancorp · NASDAQ:FBNC
First Bancorp — Q4 2025 Earnings Presentation
28 slides from First Bancorp's earnings presentation, Dec 1, 2025
Slide 1: Fourth Quarter Update
FIRST BANK 2025 Fourth Quarter Update
Slide 2: Important Information
Caution Regarding Forward-Looking Statements This presentation contains certain forward-looking expected impact on future earnings, the Company's results to differ materially from forward-looking statements within the meaning of Section 21E of the plans, objectives, expectations and intentions and o
Slide 3: Company Overview
Company Overview Bank Holding Company First Bancorp Subsidiary Bank First Bank Headquarters Southern Pines, North Carolina Established 1935 as Bank of Montgomery Assets * $12.7 billion Loans * $8.7 billion Deposits * $10.7 billion Branches * 113 in NC & SC Employees * 1,353 full-time equivalent empl
Slide 4: Our Promise, Our Footprint, Our Core Values
Our Promise Our Core Values We help our customers realize their dreams by providing financial solutions Courteous Service Convenience and and building trusted relationships. We treat customers and associates with Ease respect, communicate Our customers choose effectively, and when, where and how cel
Slide 5: National Recognition
National Recognition KBW Bank Best Employer in S&P Global – Top 10 Forbes - Best In- Honor Roll North Carolina Public Banks State Banks Top 4% of Banks Over $500 – 2023, 2024, and 2025 Recognition million in Assets - 2022 Ranked 10th in – 2019, 2020, 2021, 2024 First Bank has formally performance of
Slide 6: Q4 2025 Highlights
Q4 2025 Highlights Q4 2025 Q3 2025 CHANGE Net income (1) (2) $15.7 million $20.4 million -$4.7 million Provision for Credit Losses (1) $4.7 million $3.4 million -$1.3 million Diluted EPS (1) (2) $0.38 $0.49 -$0.11 Adjusted Diluted EPS $1.19 $1.01 +$0.18 ROA 0.49% 0.64% -15 bps Adjusted ROA 1.54% 1.3
Slide 7: Q4 2025 Summary
Q4 2025 Summary Capital Ratios • 4Q 25 net income of $15.7 million ($49.3 million on an adjusted basis) • ROA of 0.49% (Adjusted ROA of 1.54%) $49.3 million $15.7 million Earnings • ROCE of 3.83% (Adjusted ROCE of 12.01%) Adjusted net income Net income • ROTCE 5.80% (Adjusted ROTCE of 17.45%) • Mana
Slide 8: Net Interest Margin
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 Reported Core 3.70% 3.60% 3.47% 3.50% 3.54% 3.31% 3.32% 3.27% 3.40% 3.
Slide 9: Loan Yields
Loan Yields Stated Core 5.80% 5.69% 5.70% 5.58% 5.60% 5.53% 5.51% 5.51% 5.52% 5.60% 5.47% 5.50% 5.45% 5.39% 5.51% 5.40% 5.32% 5.44% 5.41% 5.26% 5.39% 5.30% 5.37% 5.22% 5.34% 5.30% 5.20% 5.25% 5.10% 5.16% 5.08% 5.00% 5.03% 4.90% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Slide 10: Asset Yield Trends
Asset Yield Trends Total Loans, Fees, & Accretion 5.80% 5.75% 5.67% 5.69% 5.70% 5.65% 5.60% 5.58% 5.58% 5.58% 5.60% 5.50% 5.40% 5.30% 5.20% 5.10% 5.00% July August September October November December 3rd Quarter 4th Quarter 2025 2025 2025 2025 2025 2025 2025 2025 Total Securities Interest Earning As
Slide 11: Cost of Funds and Total Cost of Deposits
Cost of Funds and Total Cost of Deposits Cost of Funds Deposits 2.00% 1.81% 1.81% 1.79% 1.80% 1.64% 1.62% 1.76% 1.60% 1.72% 1.51% 1.51% 1.46% 1.48% 1.56% 1.57% 1.36% 1.40% 1.29% 1.46% 1.46% 1.43% 1.41% 1.32% 1.20% 1.27% 0.94% 1.00% 1.08% 0.80% 0.75% 0.60% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2
Slide 12: Deposit Cost
Deposit Cost Interest Bearing Deposits Total Cost of Deposits 2.30% 1.60% 2.20% 2.20% 2.18% 2.18% 2.15% 1.50% 1.48% 1.47% 1.46% 1.44% 2.10% 2.06% 1.40% 1.38% 2.00% 1.96% 1.97% 1.31% 1.32% 1.90% 1.88% 1.30% 1.26% 1.80% 1.20% 1.70% 1.10% 1.60% 1.50% 1.00% July August September October November Decembe
Slide 13: Strong Capital Levels
Capital Ratios Strong Capital Levels 50 bps 18.00% 31 bps 16.00% 29 bps 16.58% 16.08% First Bancorp maintains strong 15.14% 14.83% 14.00% 14.35% 14.06% capital levels. The fourth quarter 1 bps loan growth of $303.2 million was 12.00% the driver of the decrease in 11.18% 11.19% regulatory capital
Slide 14: Strong Deposit Franchise Supported by Attractive Markets
Strong Deposit Franchise Supported 8.00% Deposits End-of-Period ($ in millions) $10,830 $10,881 $10,748 $11,000 $10,745 by Attractive $10,531 7.00% $10,500 Markets 6.00% $10,000 Total deposits ended at $10.7 5.00% $9,500 billion, a decrease of $133 million 4.50% 4.50% 4.50% 4.25% for the quarter, or
Slide 15: Granular, Diverse and Relationship-focused Customer Funding Base
Granular, Diverse and Relationship- Deposits End-of-Period ($ in millions) focused Customer Funding Base $10,531 $10,745 $10,830 $10,881 $10,748 The Company benefits from a 32% 32% 33% 33% 32% granular deposit franchise, with the top twenty depositors representing approximately 8% of total deposits.
Slide 16: Allowance for Credit Losses – 12/31/25
Allowance for Credit Losses – 12/31/25 Allowance for Credit Allowance for Credit Loans Losses (ex Hurricane Losses (Hurricane % of Loans Outstanding Helene) Helene) Outstanding Commercial and industrial $ 1,046,438 $ 20,044 $ 0 1.92% Construction, development & other land loans 753,199 11,465 0 1.52
Slide 17: Asset Quality Trends
Asset Quality Trends Annualized Net Charge Offs ACL / Loans 0.30% 1.60% 1.51% 1.49% 0.25% 1.50% 1.47% 1.44% 1.42% 0.20% 0.17% 1.40% 0.14% 0.15% 1.30% 0.10% 1.20% 0.06% 0.05% 0.04% 0.05% 1.10% 0.00% 1.00% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Nonperforming Loan Ratio Nonperformi
Slide 18: Noninterest Income
Noninterest Income (Dollars in thousands) Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Service charges on deposit accounts $ 4,320 $ 4,293 $ 3,767 $ 3,976 $ 4,225 $ 4,269 Other service charges and fees 5,555 5,828 5,883 6,595 6,355 5,653 Presold mortgage loan fees and gains on sale 690 676 450 315 471 583 Co
Slide 19: Noninterest Expense
Noninterest Expense (Dollars in thousands) Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Salaries, incentives and commissions expense $29,995 $28,447 $28,661 $29,005 $31,065 $30,747 Employee benefit expense 6,495 6,702 6,095 6,187 5,751 6,673 Total personnel expense 36,490 35,149 34,756 35,192 36,816 37,420 O
Slide 20: Investment Thesis
Investment Thesis Bank that offers many of the product capabilities found in larger Stable, low-cost core deposit franchise regional banks but delivers those services with a local • Built over 90 years of serving our communities community bank focus • Strength of rural markets • Strong culture • Q4
Slide 21: Valuation: Price / Tangible Common Book Value
2.15x Valuation Price / Tangible Common Book Value 2.x 2.02x 2.00 1.92x Median = 1.82X 1.86x 1.78x 1.72x 1.62x 1.57x Price to Tangible Common 1.50 Book Value 1.28x Chart reflects data available through S&P 1.00 Global, and therefore the tangible book values are as of September 30, 2025 and the stock
Slide 22: Valuation: Price / 2026 Consensus EPS
Valuation Price / 2026 Consensus EPS - Normalized Median – 12.3x 13.3x 13.5x 12.5x 12.7x 12.8x 12.1x 12.1x 11.4x Price to Earnings 10.4x 9.8x Based on SNL Mean Normalized 2026 EPS Estimate of $4.35, the FBNC price to earnings ratio is 13.3x based on January 16, 2026, closing price for FBNC stock of
Slide 23: North Carolina & South Carolina
North Carolina & South Carolina Great States for Business High Influx of Population North Carolina is currently the 9th most populous state – America’s Top States for Business • Projected 7th by 2040 – and within 1% of 5th most populated • North Carolina ranked No. 1 in America’s Top States for Busi
Slide 24: Service Excellence Standards
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 as
Slide 25: Corporate Citizenship
FIRST BANK Corporate Citizenship 25
Slide 26: Corporate Citizenship
Ensuring Equitable Access to Education — Area public schools and community colleges — HBCU and college scholarships — Communities in schools — Literacy programs and book drives Corporate — STEAM Programs — Summer camps — Boys and Girls Club chapters Citizenship Improving the Lives of Neighbors in Ne
Slide 27: Social Responsibility
Social Responsibility Diversity and Inclusion Financial Wellness We treat customers and associates with respect, communicate effectively We provide financial education resources and tools to help members of our and celebrate the unique contributions of each individual. We strive to build communities
Slide 28: Thank you!
FIRST BANK Thank you!