First Bancorp : Investor Presentation

2023 First Quarter Update

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Important Information

Caution Regarding Forward-Looking Statements

This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including those regarding First Bancorp's and GrandSouth Bancorporation's expectations or predictions of future financial or business performance or conditions. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," "positions," "prospects" or "potential," by future conditional verbs such as "will," "would," "should," "could" or "may", or by variations of such words or by similar expressions. Such forward-looking statements include, but are not limited to, statements about the benefits of the combination of First Bancorp and GrandSouth Bancorporation, including future financial and operating results, expected cost savings, expected impact on future earnings, the combined company's plans, objectives, expectations and intentions and other statements that are not historical facts. These forward-looking statements are subject to numerous assumptions, risks and uncertainties which change over time. Forward-looking statements speak only as of the date they are made and you are cautioned not to place undue reliance on any forward-looking statements. We assume no duty to update forward-looking statements.

In addition to factors previously disclosed in First Bancorp's reports filed with the Securities and Exchange Commission ("SEC"), including without limitation its Annual Reports on Form 10-K, its Quarterly Reports on Form 10-Q, and its Current Reports on Form 8-K, the following factors, among others, could cause actual results to differ materially from forward-looking statements: difficulties and delays in integrating acquisitions, such as the GrandSouth Bancorporation acquisition, or fully realizing cost savings and other benefits; business disruptions following acquisitions; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions and divestitures; economic conditions; the reaction to the transaction of the companies' customers, employees and counterparties; and the impact, extent and timing of technological changes, capital management activities, and other actions of the Board of Governors of the Federal Reserve and legislative and regulatory actions and reforms.

Non-GAAP Measures

Statements included in this presentation include non-GAAP (Generally Accepted Accounting Principles) measures and should be read along with related earnings releases for the respective quarters and period ends, which provide a reconciliation of non-GAAP measures to GAAP measures. Management believes that these non-GAAP measures provide additional useful information that allows readers to evaluate the ongoing performance of each company. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider each company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of each company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of each company's results or financial condition as reported under GAAP.

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Company Overview

Bank Holding Company	First Bancorp
Subsidiary Bank	First Bank
Headquarters	Southern Pines, North Carolina
Established	1935 as Bank of Montgomery
Assets	$12.4 billion
Loans	$7.8 billion
Deposits	$10.4 billion
Branches	118 in NC & SC
Employees	1,280 full-time equivalent employees
Ranking	4th largest bank headquartered in NC (largest community bank)
Market Capitalization	$1.3 billion - Ticker FBNC
Stock Market/Indices	NASDAQ Global Select Market, S&P SmallCap 600 Index, Russell 2000
Daily Average Trading Volume	258,000 shares
Insider Ownership	3.8%
Institutional Ownership	63%
Member of Russell 2000	Yes

localfirstbank.com	* Data is as of	3
4/28/23

National

Recognition

KBW Bank Honor Roll - Top 4% of Banks Over $500 million in Assets

Included for the first time in a select group of 14 banks (4% of banking industry over $500 million) for increasing earnings per share for each of the past 10 years.

S&P Global - Top 10 Public Banks

Ranked 10th in performance of all public banks over $10 billion in assets for 2022.

Forbes - Best In-State Banks Recognition - 2019, 2020, 2021

Ranked number one bank in North Carolina, and the only bank in the state on the list. Based on customer survey on satisfaction and the following attributes:

• Trust
• Terms & Conditions
• Branch Services
• Digital Services
• Financial Advice

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Acquisition of

GrandSouth Bancorporation

Closed January 1, 2023

Systems Converted Successfully - March 10, 2023

Added $1.2 billion Assets, $1.0 billion loans, $1.0 billion deposits Branches - 8 branches in SC

High single digit fully-phased EPS Accretion

Tangible book value earnback of approximately 2.5 years

Transaction Multiples at Announcement -

1.80x tangible book value, 6.9x LTM EPS plus fully realized cost savings

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