First Bancorp · NASDAQ:FBNC

First Bancorp — Merger or Acquisition (July 2026)

14 slides from First Bancorp's merger presentation, Jul 14, 2026

  1. Slide 1: Acquisition of First Carolina Bancshares Corporation

    First Bancorp Acquisition of First Carolina Bancshares Corporation July 14, 2026

  2. Slide 2: Important Information

    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'

  3. Slide 3: Transaction Summary

    Transaction Summary  First Bancorp (“FBNC”), parent company of First Bank Buyer  Southern Pines, NC  Established 1935  First Carolina Bancshares Corporation (“First Carolina”), parent company of Carolina Bank & Trust (“Carolina Bank”) Seller  Florence, SC  Established 1936  1,967,017 shares i

  4. Slide 4: Transaction Highlights

    Transaction Highlights Deepening South Carolina franchise  Increases South Carolina deposit base by over 50% and doubles branch footprint in the state(1)  Top 10 pro forma deposit market share in South Carolina; #2 pro forma deposit market share in Pee Dee Region Familiar community banking culture

  5. Slide 5: Overview of Carolina Bank

    Overview of Carolina Bank Franchise Highlights 85 Chesterfield County Greenville Darlington  Founded in 1936 and currently in 4th generation of 95 family ownership and operation Marlboro County Florence 20 Columbia  One of 15 remaining South Carolina banks between $700 million to $5 billion in ass

  6. Slide 6: Carolina Bank Financial Highlights

    Carolina Bank Financial Highlights Pre-Tax, Pre-Provision ROAA ROAA Efficiency Ratio #2 #1 #1 Rank(1) Rank(1) Rank(1) 57.0% 2.20% 2.30% 1.51% 1.60% 50.8% 50.4% 2.14% 2.09% 1.49% 1.45% 48.6% 48.7% 46.9% 1.75% 1.18% 1.26% 1.61% 2021 2022 2023 2024 2025 Q1'26 2021 2022 2023 2024 2025 Q1'26 2021 2022 20

  7. Slide 7: The Pee Dee Region of South Carolina

    The Pee Dee Region of South Carolina <150 Mi. The Pee Dee Region, as defined by the Pee Dee Regional Council of Governments, comprises six counties (Chesterfield, Darlington, Dillon, Florence, Marion and Marlboro) and is South Carolina’s northeastern inland economic $6.9B 5.2% ~$3.4B Charlotte, NC c

  8. Slide 8: Key Transaction Assumptions and Summary Impact

    Key Transaction Assumptions and Summary Impact  ~75% stock / 25% cash consideration  FBNC earnings assumptions per consensus estimates through 2027 with ~7% earnings growth thereafter  Carolina Bank earnings assumptions per internal projections (~5% annual balance sheet growth / ROAA in-line with

  9. Slide 9: First Bank: The Bank of The Carolinas

    First Bank: The Bank of The Carolinas Southeast Banks’(2) 2027E Profitability 77 Winston Salem Greensboro ROAA 95 1.6% Asheville Raleigh Charlotte 85 Greenville Darlington Morehead City Florence Wilmington Columbia ROATCE 15% 20 95 Myrtle Beach Carolina Bank (14) Charleston FBNC (113) Pro Forma Fina

  10. Slide 10: With A Strong Market Presence in The Region

    With A Strong Market Presence in The Region Only bank under $100 billion in assets with top 10 market share in both North Carolina and South Carolina North Carolina South Carolina Pee Dee Region(1) Deps. Mkt. Sh. Deps. Mkt. Sh. Deps. Mkt. Sh. Rank Institution (ST) Branches ($M) (%) Rank Institution

  11. Slide 11: Appendix

    °O ix endi p Ap ee

  12. Slide 12: Carolina Bank – Historical Financial Highlights

    Carolina Bank – Historical Financial Highlights For the Fiscal Year Ended 12/31, YTD, Dollars in Thousands 2021 2022 2023 2024 2025 3/31/26 Balance Sheet Total Assets $749,136 $790,549 $750,636 $784,699 $886,375 $830,628 Gross Loans (Excl. HFS) 415,235 495,306 538,214 582,865 588,349 596,356 Deposit

  13. Slide 13: Pro Forma Loan and Deposit Composition

    Pro Forma Loan and Deposit Composition FBNC Carolina Bank Pro Forma(1) Consumer Consumer Consumer & Other & Other & Other 4.6% 1.9% 4.5% C&D C&D C&D 9.3% 5.6% 9.1% C&I C&I C&I Multifamily 7.9% 1-4 Family Multifamily 8.5% 1-4 Family 16.7% 1-4 Family Strong and 6.2% 19.7% Multifamily 1.1% 28.7% 5.9% 2

  14. Slide 14: Additional Information

    Additional Information Additional Information About the Proposed Transaction and Where to Find It This communication is being made in respect of the proposed transaction involving First Bancorp and First Carolina Bancshares Corporation. This material is not a solicitation of any vote or approval by

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