June 2021

Bank Local.

LOCALFIRSTBANK.COM

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 Select Bancorp, Inc.'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 Select Bancorp, Inc., 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 and Select Bancorp, Inc.'s reports filed with the Securities and Exchange Commission ("SEC"), including without limitation

their Annual Reports on Form 10-K, their Quarterly Reports on Form 10-Q, and their Current Reports on Form 8-K, the following factors, among others, could cause actual results to differ materially from forward-looking statements: ability to obtain regulatory approvals and meet other closing conditions to the merger, including approval by First Bancorp and Select Bancorp, Inc.'s shareholders, on the expected terms and schedule; delay in closing the merger; difficulties and delays in integrating the First Bancorp and Select Bancorp, Inc. businesses or fully realizing cost savings and other benefits; business disruption following the proposed transaction; 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 PROFILE*

Bank Holding Company

First Bancorp

Subsidiary Bank

First Bank

Headquarters

Southern Pines, North Carolina

Established

1935 as Bank of Montgomery

Assets

$7.7 billion

Loans

$4.6 billion

Deposits

$6.7 billion

Branches

101 in NC & SC

Employees

1,088 full-time equivalent employees

Ranking

5th largest bank headquartered in NC (largest community bank)

Market Capitalization

$1.2 billion - Ticker FBNC

Stock Market/Indices

NASDAQ Global Select Market, S&P SmallCap 600 Index, Russell 2000

Daily Average Trading Volume

104,000 shares

Insider Ownership

2%

Institutional Ownership

74%

Member of Russell 2000

Yes

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* Data on this page is as of 3/31/21

Market Capitalization as of 6/7/21

MANAGEMENT TEAM - DIVERSE BACKGROUND

Richard Moore, CEO, First Bancorp - Director since 2010/CEO since 2012

  • Former Managing Director, Relational Investors, Investment Advisor to some of the largest pension funds in the world
  • Former State Treasurer of North Carolina - oversaw more than $80 billion in pension funds
  • Finalist, Institutional Investor, Public Funds Manager of the Year
  • National Public Official of the Year, Governing Magazine
  • Director of NYSE; Former Trustee of Wake Forest University
  • Honors Graduate of Wake Forest University and its School of Law
  • Graduate Degree in Accounting and Finance, London School of Economics

Michael Mayer, CEO/President, First Bank - Since 2014

  • CEO - First Financial Services Corporation/Mountain 1st Bank, 2009-2014; negotiated sale to First Citizens in January 2014
  • CEO for Carolina Commerce Bank, 2008-2009; negotiated sale to Carolina Trust Bank
  • Bank of America, 1982-2006
  • Graduate of Clemson University, BS in Business

Eric Credle, CFO - Since 1997

  • Overseen growth at First Bank from $370 million in assets in 1997 to over $7 billion in 2020
  • Senior Audit Manager with KPMG LLP, 1990-1997
  • Certified Public Accountant since 1992

• Graduate of Wake Forest University, BS in Accounting

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FORBES & FORTUNE RECOGNITIONS

June 2020 - Forbes - Best In-State Banks Recognition

Ranked number one bank in North Carolina and the only bank headquartered in the state in the North Carolina rankings.

  • 2nd consecutive year recognized

Based on customer survey on satisfaction and the following attributes:

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

October 2020- Fortune - Fastest Growing Companies for 2020

Ranked #76 in this nationwide ranking of all public companies

  • 2nd consecutive year recognized

Based on three-year growth rates in revenue, earnings per share, and total stock return

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First Bancorp published this content on 09 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 June 2021 21:59:06 UTC.