# EDGAR Filing Document

**Accession Number:** 0000811589
**File Stem:** 0000811589-25-000029
**Filing Date:** 2025-6
**Character Count:** 43914
**Document Hash:** a3ada930194dcaa8036c2e2025d03c0d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000811589-25-000029.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0000811589-25-000029

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST BANCORP /NC/
- **CENTRAL INDEX KEY:** 0000811589
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 561421916
- **STATE OF INCORPORATION:** NC
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-15572
- **FILM NUMBER:** 251085304

**BUSINESS ADDRESS:**
- **STREET 1:** 300 SW BROAD STREET
- **CITY:** SOUTHERN PINES
- **STATE:** NC
- **ZIP:** 28387
- **BUSINESS PHONE:** 910-246-2500

**MAIL ADDRESS:**
- **STREET 1:** 300 SW BROAD STREET
- **CITY:** SOUTHERN PINES
- **STATE:** NC
- **ZIP:** 28387

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549** 

**FORM 11-K** 

[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2024

OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission File Number 333-197114

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Full title of the plan and address of the plan, if different from that of the issuer named below:

**First Bancorp Employees' 401(k) Savings Plan**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

**First Bancorp**

**300 SW Broad Street**

**Southern Pines, NC 28387**

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**First Bancorp Employees' 401(k) Savings Plan**

**INDEX** 

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| | |
|:---|:---|
| | **Page** |
| Reports of Independent Registered Public Accounting Firms | <u>[3](#i517d6574520d430fbfad055674e8154b_7)</u> |
| Statements of Net Assets Available for Benefits as of December 31, 2024 and 2023 | <u>[5](#i517d6574520d430fbfad055674e8154b_10)</u> |
| Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2024 | <u>[6](#i517d6574520d430fbfad055674e8154b_13)</u> |
| Notes to the Financial Statements | <u>[7](#i517d6574520d430fbfad055674e8154b_16)</u> |
| Supplemental Schedule\*: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule H, Line 4i - Schedule of Assets (Held at End of Year) | <u>[13](#i517d6574520d430fbfad055674e8154b_19)</u> |
| Signature | <u>[14](#i517d6574520d430fbfad055674e8154b_22)</u> |
| Exhibit Index | <u>[15](#i517d6574520d430fbfad055674e8154b_25)</u> |
| \* All other schedules required by Section 2520.103-10 of the U.S. Department of Labor's rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable. | \* All other schedules required by Section 2520.103-10 of the U.S. Department of Labor's rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable. |

---

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Plan Participants and Plan Administration

First Bancorp Employees' 401(k) Savings Plan

Southern Pines, North Carolina

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets available for benefits of First Bancorp Employees' 401(k) Savings Plan (the "Plan") as of December 31, 2024, the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024, and the changes in net assets available for benefits for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

**Supplemental Information**

The supplemental Schedule H, Line 4(i) – Schedule of Assets (Held at End of Year) as of December 31, 2024 has been subjected to audit procedures performed in conjunction with the audit of First Bancorp Employees' 401(k) Savings Plan's financial statements. The supplemental schedule is the responsibility of the Plan's management. Our audit procedures included determining whether the information presented in the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedule is fairly stated in all material respects in relation to the financial statements as a whole.

/s/ Crowe LLP

We have served as the Plan's auditor since 2025.

New York, New York

June 27, 2025

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**Report of Independent Registered Public Accounting Firm**

Plan Administrator and Participants

First Bancorp Employees' 401(k) Savings Plan

Southern Pines, North Carolina

**Opinion on the Financial Statement**

We have audited the accompanying statement of net assets available for benefits of the First Bancorp Employees' 401(k) Savings Plan (the "Plan") as of December 31, 2023, and the related notes to the financial statement (the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

This financial statement is the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risk of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by the Plan's management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

/s/ BDO USA, P.C.

We served as the Plan's auditor from 2020 to 2024.

Raleigh, North Carolina

June 28, 2024

------

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| | | |
|:---|:---|:---|
| **First Bancorp Employees' 401(k) Savings Plan**<br>***Statements of Net Assets Available for Benefits***<br>***As of December 31, 2024 and 2023*** | | |
|  | **2024** | **2023** |
| **Assets** |  |  |
| &nbsp;&nbsp;Investments, at fair value | $160958982 | $134736633 |
| &nbsp;&nbsp;Investments, at contract value |  | 977943 |
| &nbsp;&nbsp;Notes receivable from participants | 3196641 | 2713230 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | 164155623 | 138427806 |
| ***Net assets available for benefits*** | $164155623 | $138427806 |

---

***See Accompanying Notes to Financial Statements***

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| | |
|:---|:---|
| **First Bancorp Employees' 401(k) Savings Plan**<br>***Statement of Changes in Net Assets Available for Benefits***<br>***For the year ended December 31, 2024*** | |
| **Changes in net assets attributed to:** | |
| &nbsp;&nbsp;Investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net appreciation in fair value of investments | $16196069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 5311182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 21507251 |
| &nbsp;&nbsp;Interest income on notes receivable from participants | 228570 |
| &nbsp;&nbsp;Contributions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Participant deferral | 7970722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employer match | 4122932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employer profit sharing | 2965492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rollover | 1203862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total contributions | 16263008 |
| Deductions: |  |
| &nbsp;&nbsp;Benefits paid to participants | 14837194 |
| &nbsp;&nbsp;Administrative expenses | 125906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deductions | 14963100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase before transfer | 23035729 |
| Transfer from merger (See Note 9) | 2692088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase, after transfer | 25727817 |
| ***Net assets available for benefits, beginning of year*** | 138427806 |
| ***Net assets available for benefits, end of year*** | $164155623 |

---

***See Accompanying Notes to Financial Statements***

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**First Bancorp Employees' 401(k) Savings Plan**

**Notes to the Financial Statements**

**Note 1.**&nbsp;&nbsp;&nbsp;&nbsp;**Description of the Plan**

The following description of the First Bancorp Employees' 401(k) Savings Plan (the "Plan") provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions.

*<u>General:</u>*

The Plan is a defined contribution plan covering all employees of First Bancorp (the "Company", "Plan Sponsor", or "Employer"), who are age 21 or older except union and part time employees with less than 1,000 hours of service, beginning on the employment commencement date. First Bank, a wholly owned subsidiary of the Company, serves as the Plan administrator. The Plan is subject to provisions of the Employee Retirement Income Security Act of 1974 ("ERISA").

*<u>Trustee and Recordkeeper:</u>*

The trustee and recordkeeper of the Plan is Fidelity Management Trust Company ("Fidelity").

*<u>Contributions:</u>*

Employees electing participation in the Plan may contribute up to the annual Internal Revenue Service ("IRS") deferral limit, pursuant to a salary reduction agreement. Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions. Participants may also contribute amounts representing distributions from other qualified defined benefit or contribution plans. The Plan includes an auto-enrollment provision whereby all newly eligible employees are automatically enrolled in the Plan unless they affirmatively elect not to participate in the Plan. Automatically enrolled participants have their deferral rate set at 6% of eligible compensation and their contributions invested in a designated balanced fund until changed by the participant.

The Plan allows for Roth elective deferrals. The Roth deferrals are included in a participant's ordinary taxable income and are maintained in a separate account from pre-tax deferrals. Earnings on a participant's Roth account accumulate on a tax-free basis. Plan participants may elect all pre-tax, all Roth, or a combination of elective deferrals each pay period. In addition, the Plan accepts direct rollovers from other Roth 401(k) accounts. Upon hardship withdrawals, an employee's Roth account is distributed last.

The Company has elected a safe harbor match and contributed 100% of the first 4% of participant deferrals in 2024 and the first 6% in 2023. Employer safe harbor matching contributions totaled approximately $4.1 million in 2024. The Company may make additional discretionary contributions to the Plan to be allocated amongst participants. The Company made a discretionary contribution for the 2024 Plan year as discussed below. Employer contributions are invested according to the same investment elections each participant has established for their deferral contributions. Contributions are subject to certain IRS limitations.

As of year end, the Plan performs a true-up calculation of the employer matching contribution for all participants and makes any necessary additional matching contributions. True-up contributions received in 2024 totaled $218,310.

With the termination of the First Bancorp Employees' Pension Plan (the "Pension Plan") in 2023, the Pension Plan settled benefits, reducing the Pension Plan's obligations at December 31, 2023 to zero. After the settlement of the benefit obligations and payment of expenses, the Company had excess assets in the Pension Plan of approximately $3.0 million. The Company transferred the remaining surplus to the Plan in 2024. During 2025, the Company allocated the remaining Pension Plan surplus to participants calculated as approximately 3% of eligible 2024 compensation for all employees, regardless of the employee's deferral rate in 2024.

*<u>Participant accounts:</u>*

Individual accounts are maintained for each Plan participant. Each participant's account is credited with the participant's contributions and Company matching contributions, as well as allocations of the Company's discretionary contributions and net Plan earnings or losses. Participant accounts are charged with an allocation of administrative expenses that are paid by the Plan. Allocations are based on participant earnings, account balances, or specific participant transactions, as defined. The benefit to which a participant is entitled is the amount in the participant's vested account.

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*<u>Vesting:</u>*

Participants are vested immediately in their contributions, the Company's matching contribution portion, any discretionary contribution and the actual earnings on the aforementioned contributions.

*<u>Notes receivable from participants:</u>*

Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their account balance. Only one loan per participant may be outstanding at a time. The highest outstanding balance for prior loans plus any new loans may not exceed $50,000 in a 12-month period. The loans are secured by the balance in the participant's account and bear interest at rates that are commensurate with the prime rate plus 1.00%, as fixed at inception of the loan. Principal and interest are paid ratably through bi-weekly payroll deductions.

*<u>Payment of benefits:</u>*

On termination of service, a participant may elect to receive an amount equal to the value of the participant's interest in his or her account in either a lump sum, other installment options as provided by the Plan, or may be kept in the Plan. If a participant's account is less than $5,000, the participant will receive a lump-sum distribution as soon as practical following termination. Any distribution greater than $1,000 and less than $5,000 that is made to the participant without the participant's consent before the participant's normal retirement age will be rolled over to an individual retirement plan designated by the Plan Administrator. Hardship distributions are permitted upon demonstration of financial hardship. All balances are available for distribution after the participant reaches the age of 59 ½. In the event of the death of a participant, the total account shall be paid to the participant's beneficiary.

*<u>Forfeited accounts:</u>*

Forfeited accounts are used to reduce future employer contributions or pay administrative expenses. At December 31, 2024 and 2023, the balance in the forfeited accounts were not material to the Plan's financial statements. During 2024, $1,579 of forfeited account balances were used by the Plan to offset employer contributions.

**Note 2.**&nbsp;&nbsp;&nbsp;&nbsp;**Summary of Significant Accounting Policies**

*<u>Basis of accounting:</u>*

The financial statements of the Plan have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP").

*<u>Use of estimates:</u>*

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from these estimates.

*<u>Investment valuation and income recognition:</u>*

The Plan's investments are reported at fair value with the exception of fully benefit-responsive contracts. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Plan's management determines the Plan's valuation policies utilizing information provided by the investment advisors. See Note 3 for discussion of fair value measurements.

The Plan's fully benefit-responsive investment contracts (Note 4) are valued at contract value.

The Revenue Credit Program provides income in situations where recordkeeping revenue earned in connection with plan services exceeds agreed-upon compensation. Fidelity will deposit any excess revenue, regardless of source, in a plan-level suspense account (i.e. Revenue Credit Account) in the Plan. The Plan Administrator can then direct Fidelity to pay qualified plan-level expenses or allocate unused credit to eligible participants via funds from the Revenue Credit Account. At December 31, 2024 and 2023, the balances in the Revenue Credit Account was $48,591 and $26,334, respectively. No credits were utilized by the Plan during 2024.

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Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation in fair value of investments includes the Plan's gains and losses on investments bought and sold as well as held during the year.

*<u>Notes receivable from participants:</u>*

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed when they are incurred. If a participant ceases to make loan repayments and the plan administrator deems the participant loan to be in default, the participant loan balance is reduced and a benefit payment is recorded.

*<u>Payment of benefits:</u>*

Benefit payments are recorded when paid.

*<u>Expenses:</u>*

All reasonable expenses of administering the Plan are either charged to participants and paid out of the Plan or paid by the Company. Expenses paid by the Company are not included in the Plan's financial statements. Fees related to participant requested transactions are charged to the participant's account. All other administrative fees are charged on a pro-rata basis based upon account balances of participants. Investment related expenses reduce the reported amount of net appreciation in the fair value of investments on the Statement of Changes in Net Assets Available for Benefits.

**Note 3.**&nbsp;&nbsp;&nbsp;&nbsp;**Fair Value Measurements**

The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described as follows:

Level 1:&nbsp;&nbsp;&nbsp;&nbsp;Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.

Level 2: &nbsp;&nbsp;&nbsp;&nbsp;Inputs to the valuation methodology include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quoted prices for similar assets or liabilities in active markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quoted prices for identical or similar assets or liabilities in inactive markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inputs other than quoted prices that are observable for the asset or liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3:&nbsp;&nbsp;&nbsp;&nbsp;Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of relevant observable inputs and minimize the use of unobservable inputs.

Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2024 and 2023.

<u>Money market fund</u>: Valued at net asset value ("NAV") of $1 per share. The money market fund is invested in the Fidelity Government Money Market Fund. The Plan invests in the money market fund to provide daily liquidity.

<u>Common collective trust fund:</u> Valued at NAV. The NAV, as provided by the trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. Participant transactions (purchases and sales) may occur daily. Were the Plan to initiate a full redemption of the collective trust, the investment adviser reserves the right to temporarily delay withdrawal from the trust in

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order to ensure that securities liquidations will be carried out in an orderly business manner. This investment is a direct filing entity.

<u>Mutual funds:</u> Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily NAV and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

<u>Common stock</u>: Valued at the closing price reported on the active market on which the individual securities are traded.

The following table sets forth by level, within the fair value hierarchy, the Plan's fair value measurements as of December 31, 2024 and 2023.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Money market fund | $— | $8662962 | $— | $8662962 |
| Mutual funds | 133134335 |  |  | 133134335 |
| Common stock | 12934398 |  |  | 12934398 |
| Total assets included in the fair value hierarchy | $146068733 | $8662962 | $— | 154731695 |
| Investments measured at NAV (a) |  |  |  | 6227287 |
| Total investments at fair value |  |  |  | $160958982 |
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Money market fund | $— | $3405694 | $— | $3405694 |
| Mutual funds | 111270555 |  |  | 111270555 |
| Common stock | 13050412 |  |  | 13050412 |
| Total assets included in the fair value hierarchy | $124320967 | $3405694 | $— | 127726661 |
| Investments measured at NAV (a) |  |  |  | 7009972 |
| Total investments at fair value |  |  |  | $134736633 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Investments reported at NAV as a practical expedient to estimate fair value include a common collective trust fund. The investment has not been classified in the fair value hierarchy. The fair value amounts presented in the above tables are intended to permit reconciliation of the fair value hierarchy to investments at fair value presented in the Statements of Net Assets Available for Benefits.

The following table for December 31, 2024 and 2023 sets forth a summary of the Plan's investments reported at NAV as a practical expedient to estimate fair value:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Investment** | **Fair Value** | **Unfunded commitment** | **Redemption frequency** | **Redemption notice period** |
| Common collective trust fund | $6227287 | $— | (b) | (b) |
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| **Investment** | **Fair Value** | **Unfunded commitment** | **Redemption frequency** | **Redemption notice period** |
| Common collective trust fund | $7009972 | $— | (b) | (b) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The NAV of the common collective trust fund (the "Fund") is determined each business day (valuation date) by the fund trustee. Contributions to the Fund may be made daily at the current NAV and are considered as made immediately after the daily valuation. Withdrawals from the Fund for benefit payments and participant transfers to noncompeting options to be paid to plan participants shall be made within 30 days after written notification has been received and are considered as made immediately after the next valuation date subsequent to the fund trustee's approval. Withdrawals, other than for benefit payments and participant transfers to noncompeting options, require a ninety day advance written notice. Included in this advance written notice requirement are full or partial withdrawals of assets invested in the Fund resulting from plan sponsor directed actions.

**Note 4.**&nbsp;&nbsp;&nbsp;&nbsp;**Fully Benefit-responsive Investment Contracts**

As of December 31, 2023, the Plan held an investment contract that comprised a traditional investment contract. This contract met the fully benefit-responsive investment contract criteria and therefore was reported at contract value. Contract value is the relevant measure for fully benefit-responsive investment contracts because this is the amount received by participants if they were to initiate permitted transactions under the terms of the Plan. Contract value represents contributions made under each contract, plus earnings, less participant withdrawals, and administrative expenses. The following represents the contract value of the investment contract held by the Plan.

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2024** | **2023** |
| Key Guaranteed Portfolio Fund | $— | $977943 |

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The guaranteed portfolio option held by the Plan was a guaranteed investment contract. The contract issuer was contractually obligated to repay the principal and interest at a specified interest rate that was guaranteed to the Plan. There were no reserves against contract value for credit risk of the contract issuers or otherwise. The crediting interest rate was based on a formula agreed upon with the issuers, but it could not be less than 0%. Such interest rates were reviewed on a quarterly basis for resetting.

The Plan's ability to receive amounts due in accordance with fully benefit-responsive investment contracts was dependent on the third-party issuer's ability to meet its financial obligations. The issuer's ability to meet its contractual obligations could have been affected by future economic and regulatory developments.

**Note 5.**&nbsp;&nbsp;&nbsp;&nbsp;**Related Party and Party-In-Interest Transactions**

Certain Plan investments are managed by Fidelity. Fidelity is the trustee as defined by the Plan and, therefore, these transactions and any revenue credits received qualify as party-in-interest transactions. Fees incurred by the Plan for the investment management services are included in net appreciation in fair value of the investment, as they are paid through revenue sharing, rather than a direct payment. The Plan made direct payments to the third party administrator totaling $125,906 in 2024 which were not covered by revenue sharing. The Company pays directly any other fees related to the Plan's operations.

Certain administrative functions are performed by officers or employees of the Company or its subsidiaries. No such officer or employee receives compensation from the Plan.

Investments in First Bancorp common stock represent investment in shares of common stock of the Company, which is the Plan Sponsor. As of December 31, 2024, the Plan held 294,110 shares of First Bancorp common stock with a cost basis of $7,817,752. As of December 31, 2023, the Plan held 352,563 shares of First Bancorp common stock with a cost basis of $9,320,371. In 2024, the net appreciation in the First Bancorp common stock was $960,516 and the Plan received First Bancorp stock dividends totaling $302,382. Transactions in First Bancorp common stock also qualify as party in interest transactions. For the year ended December 31, 2024, the Plan purchased, on behalf of participants, $525,229 and sold $3,290,990 of the Company's common stock.

Participants may borrow from their fund accounts and these loans are considered party-in-interest transactions.

**Note 6.**&nbsp;&nbsp;&nbsp;&nbsp;**Plan Termination**

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue contributions at any time and to terminate the Plan subject to the provisions of ERISA.

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**Note 7.**&nbsp;&nbsp;&nbsp;&nbsp;**Tax Status**

Effective April 25, 2022, the Plan was restated under the Fidelity Pre-Approved Plan Document. Fidelity has received an advisory letter from the IRS dated June 30, 2020 which states the form of the Fidelity Pre-Approved Plan is acceptable under Section 401 of the Internal Revenue Code ("IRC"). Although the Plan has been amended since the date of the IRS advisory letters, Plan management believes that the Plan currently is designed and is being operated in compliance with the applicable requirements of the IRC.

GAAP requires management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by the related taxing authorities. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

**Note 8.**&nbsp;&nbsp;&nbsp;&nbsp;**Risks and Uncertainties**

*<u>Concentration of market risk:</u>*

The Plan invests certain Plan assets in the Company's common stock. These investments comprised approximately 7.9% and 9.4% of Plan net assets at December 31, 2024 and 2023, respectively. It is reasonably possible that a decline in the value of the Company's common stock could occur and that such a change could severely impact certain participant account balances and the amounts reported on the Statements of Net Assets Available for Benefits. At December 31, 2024 and 2023, the Plan held Company stock valued at $12,934,398 and $13,050,412, respectively.

*<u>Other risks:</u>*

The Plan invests in various investment securities which are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, including investments in excess of 10% of Plan net assets, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the Statements of Net Assets Available for Benefits.

**Note 9.**&nbsp;&nbsp;&nbsp;&nbsp; **Transfer from ADP TotalSource Retirement Savings Plan, a multiple employer plan, in regards to employees of SBA Complete, Inc.**

In conjunction with the Company's dissolution of SBA Complete, Inc., a subsidiary of First Bank, the Plan was amended effective August 12, 2024 to provide for the partial plan merger of assets related to employees of SBA Complete, Inc. that were previously in the ADP TotalSource Retirement Savings Plan, a multiple employer plan. Net assets of approximately $2.7 million, including loan balances, were transferred to the Plan in 2024.

**Note 10.**&nbsp;&nbsp;&nbsp;&nbsp; **Subsequent Events**

The Plan has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Except as disclosed below, there were no events that require adjustment to or disclosure in the financial statements of the Plan.

Effective January 1, 2025, the Company amended the Plan such that the safe harbor match is 100% of the first 6% of participant deferrals into the Plan.

Effective May 1, 2025, the Company amended the Plan by reducing the minimum age for participation from 21 to 18.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **First Bancorp Employees' 401(k) Savings Plan EIN; 56-1421916, Plan No. 001** | **First Bancorp Employees' 401(k) Savings Plan EIN; 56-1421916, Plan No. 001** | **First Bancorp Employees' 401(k) Savings Plan EIN; 56-1421916, Plan No. 001** | **First Bancorp Employees' 401(k) Savings Plan EIN; 56-1421916, Plan No. 001** | | | |
| ***Schedule H, Line 4i - Schedule of Assets (Held at End of Year)*** | ***Schedule H, Line 4i - Schedule of Assets (Held at End of Year)*** | ***Schedule H, Line 4i - Schedule of Assets (Held at End of Year)*** | | | | |
| ***As of December 31, 2024*** | ***As of December 31, 2024*** | | | | | |
| | | **(c)** | **(c)** | **(c)** | | |
| | | **Description of investment including** | **Description of investment including** | **Description of investment including** | | |
| | | **maturity date, rate of interest** | **maturity date, rate of interest** | **maturity date, rate of interest** | | |
| **(a)**<br> | **(b)**<br>**Identity of issue,**<br>**borrower, lessor,**<br>**or similar party** | **collateral, par or maturity value** | **collateral, par or maturity value** | **collateral, par or maturity value** | **(d)**<br><br>**Cost** | **(e)**<br>**Current**<br>**value** |
| | **Money Market Fund** | | | | | |
| \* | Fidelity | Government Money Market Fund | 8662962.0600 | units | \*\* | $8662962 |
|  | **Common Collective Trust Fund** |  |  |  |  |  |
|  | Principal Global Investors Trust Company | Morley Stable Value Fund | 211097.3300 | units | \*\* | 6227287 |
|  | **Mutual Funds** |  |  |  |  |  |
|  | GQG | Emerging Markets Equity Fund | 99575.3590 | shares | \*\* | 1646978 |
|  | Dodge & Cox | Income Fund | 274308.9980 | shares | \*\* | 3395945 |
| \* | Fidelity | 500 Index Fund | 63793.7380 | shares | \*\* | 13026043 |
| \* | Fidelity | Mid-Cap Index Fund | 87827.1720 | shares | \*\* | 2965924 |
| \* | Fidelity | Small Cap Index Fund | 99614.0910 | shares | \*\* | 2757318 |
| \* | Fidelity | Global ex U.S. Index Fund | 127892.2520 | shares | \*\* | 1844206 |
| \* | Fidelity | U.S. Bond Index Fund | 244615.8980 | shares | \*\* | 2499974 |
| \* | Fidelity | Freedom Index Income Fund | 15408.8080 | shares | \*\* | 180283 |
| \* | Fidelity | Freedom Index Fund 2015 | 116650.8540 | shares | \*\* | 1662275 |
| \* | Fidelity | Freedom Index Fund 2020 | 124996.5710 | shares | \*\* | 1971196 |
| \* | Fidelity | Freedom Index Fund 2025 | 289775.6260 | shares | \*\* | 5384031 |
| \* | Fidelity | Freedom Index Fund 2030 | 288635.2670 | shares | \*\* | 5821773 |
| \* | Fidelity | Freedom Index Fund 2035 | 330305.8780 | shares | \*\* | 7706036 |
| \* | Fidelity | Freedom Index Fund 2040 | 371296.7840 | shares | \*\* | 9141327 |
| \* | Fidelity | Freedom Index Fund 2045 | 387159.7110 | shares | \*\* | 10035180 |
| \* | Fidelity | Freedom Index Fund 2050 | 249905.8310 | shares | \*\* | 6490054 |
| \* | Fidelity | Freedom Index Fund 2055 | 77118.1290 | shares | \*\* | 1648014 |
| \* | Fidelity | Freedom Index Fund 2060 | 84391.7800 | shares | \*\* | 1528335 |
| \* | Fidelity | Freedom Index Fund 2065 | 50746.9810 | shares | \*\* | 743443 |
| \* | Fidelity | Blue Chip Growth K6 Fund | 620014.8670 | shares | \*\* | 22835148 |
| \* | Fidelity | Freedom Index Fund 2070 | 80.8010 | shares | \*\* | 835 |
|  | Hartford | Mid-Cap R6 Fund | 126228.0700 | shares | \*\* | 4012790 |
|  | T. Rowe Price | Overseas Stock Fund I | 264777.3060 | shares | \*\* | 3317660 |
|  | Carillon Family of Funds | Mid Cap Growth Fund Class R5 | 76220.6430 | shares | \*\* | 5860605 |
|  | Vanguard | Equity-Income Admiral Fund | 110905.7240 | shares | \*\* | 9778558 |
|  | Vanguard | Wellington Admiral Fund | 86079.0160 | shares | \*\* | 6365543 |
|  | Principal | Small Cap Growth | 18097.0510 | shares | \*\* | 514861 |
|  |  |  |  |  |  | 133134335 |
|  | **Common Stock** |  |  |  |  |  |
| \* | First Bancorp | Common Stock | 294110.0040 | shares | \*\* | 12934398 |
| \* | Notes receivable from participants | Interest rates currently range from 4.25% to 9.50% | Interest rates currently range from 4.25% to 9.50% |  | N/A | 3196641 |
|  |  |  |  |  |  | $164155623 |
| \* | Denotes a party-in-interest to the Plan | Denotes a party-in-interest to the Plan |  |  |  |  |
| \*\* | Cost information omitted due to participant-directed funds | Cost information omitted due to participant-directed funds |  |  |  |  |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.

First Bancorp Employees' 401(k) Savings Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: &nbsp;&nbsp;&nbsp;&nbsp;/s/ Brent Hicks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brent Hicks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Accounting Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on Behalf of the Plan Administrator

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date:&nbsp;&nbsp;&nbsp;&nbsp;June 27, 2025

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| Exhibit Number | Document |
| <u>[Exhibit 23.1](exhibit231-consent2024x12x.htm)</u> | Consent of Independent Registered Public Accounting Firm - Crowe, LLP |
| <u>[Exhibit 23.2](exhibit232-consent2024x12x.htm)</u> | Consent of Independent Registered Public Accounting Firm - BDO USA, P.C. |

---

## Exhibit 23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Registration Statement No. 333-197114 on Form S-8 of First Bancorp of our report dated June 27, 2025 appearing in this Annual Report on Form 11-K of the First Bancorp Employees' 401(k) Savings Plan for the year ended December 31, 2024.

/s/ Crowe LLP

New York, New York

June 27, 2025

## Exhibit 23.2

Exhibit 23.2

<u>Consent of Independent Registered Public Accounting Firm</u>

We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (333-197114) of First Bancorp of our report dated June 28, 2024, relating to the financial statement of First Bancorp Employees' 401(k) Savings Plan which appears in this Form 11-K as of December 31, 2023.

/s/ BDO USA, P.C.

Raleigh, North Carolina

June 27, 2025

<br>