# EDGAR Filing Document

**Accession Number:** 0000811589
**File Stem:** 0000811589-25-000035
**Filing Date:** 2025-7
**Character Count:** 151785
**Document Hash:** d2405afe8cb79f1208cb85755be314d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000811589-25-000035.hdr.sgml**: 20250723

**ACCESSION NUMBER**: 0000811589-25-000035

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20250723

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250723

**DATE AS OF CHANGE**: 20250723

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-15572
- **FILM NUMBER:** 251143176

**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

?xml version='1.0' encoding='ASCII'? fbnc-20250723

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________

**Form 8-K** 

__________________

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

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| | |
|:---|:---|
| Date of Report (Date of earliest event reported): | **July 23, 2025** |

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**First Bancorp** 

(Exact Name of Registrant as Specified in its Charter)

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| | | |
|:---|:---|:---|
| North Carolina | 0-15572 | 56-1421916 |
| (State or Other Jurisdiction | (Commission | (I.R.S. Employer |
| of Incorporation) | File Number) | Identification Number) |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; 300 SW Broad Street, | &nbsp;&nbsp;&nbsp;&nbsp; 300 SW Broad Street, | |
| Southern Pines, | NC | 28387 |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Zip Code) |

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(910) 246-2500

____________________

(Registrant's telephone number, including area code)

Not Applicable

___________________

(Former Name or Former Address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

<u>Title of each class</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Trading symbol</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Name of each exchange on which registered:</u>

Common Stock, No Par Value&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FBNC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Nasdaq Global Select Market

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First Bancorp

**INDEX**

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| | |
|:---|:---|
| | **Page** |
| Item 2.02 – Results of Operations and Financial Condition | 3 |
| Item 9.01 – Financial Statements and Exhibits | 3 |
| Signatures | 3 |
| <u>[Exhibit 99.1 News Release dated July 23, 2025](exhibit991newsreleasedated.htm)</u> | 4 |
| <u>[Exhibit 99.2 Earnings Release Presentation dated July 23, 2025](fbncinvestorpresentation.htm)</u> | 18 |

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**Item 2.02 - Results of Operations and Financial Condition**

On July 23, 2025, First Bancorp (the "Registrant" or "Company") issued an earnings release to announce its financial results for the three month period ended June 30, 2025. The earnings release contains forward-looking statements regarding the Company and includes cautionary language identifying important factors that could cause actual results to differ materially from those anticipated. The earnings release is furnished as Exhibit 99.1. Consequently, it is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. Such materials may only be incorporated by reference into another filing under the Exchange Act or Securities Act of 1933 if such subsequent filing specifically references this Form 8-K.

**Item 9.01 – Financial Statements and Exhibits**

(d) Exhibits

<u>[Exhibit 99.1 – News Release issued on](exhibit991newsreleasedated.htm)[July](exhibit991newsreleasedated.htm)[23, 2025](exhibit991newsreleasedated.htm)</u>

<u>[Exhibit 99.2 Earnings Release Presentation dated](fbncinvestorpresentation.htm)[July](fbncinvestorpresentation.htm)[23, 2025](fbncinvestorpresentation.htm)</u>

**Disclosures About Forward Looking Statements**

This news release contains 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, which statements are inherently subject to risks and uncertainties. Forward-looking statements are statements that include projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact. Such statements are often characterized by the use of qualifying words (and their derivatives) such as "expect," "believe," "estimate," "plan," "project," "anticipate," or other statements concerning opinions or judgments of the Company and its management about future events. Factors that could influence the accuracy of such forward-looking statements include, but are not limited to, the financial success or changing strategies of the Company's customers, the Company's level of success in integrating acquisitions, actions of government regulators, the level of market interest rates, and general economic conditions. For additional information about the factors that could affect the matters discussed in this paragraph, see the "Risk Factors" section of the Company's most recent Annual Report on Form 10-K. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements. The Company is also not responsible for changes made to the press release by wire services, internet services or other media.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | First Bancorp |
| July 23, 2025 | <br>By: | <br>/s/ Richard H. Moore |
|  |  | Richard H. Moore |
|  |  | Chief Executive Officer |

---

## Exhibit 99.1

&nbsp;&nbsp;&nbsp;&nbsp;![fblogoa09a.jpg](fblogoa09a.jpg)

**News Release**

---

| | |
|:---|:---|
| For Immediate Release: | For More Information, Contact: |
| July 23, 2025 | Hillary Kestler |
| | 704-644-4137 |

---

First Bancorp Reports Second Quarter Results

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Second Quarter 2025 Financial Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Second Quarter 2025 Financial Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Second Quarter 2025 Financial Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Second Quarter 2025 Financial Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Second Quarter 2025 Highlights** |
| (Dollars in 000s, except per share data) | Q2-2025 | Q1-2025 | Q2-2024 | • Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter. <br>• Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.<br>• The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter. <br>• Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.<br>• We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense. <br>• Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.<br>• Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.<br>• The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.  |
| **Summary Income Statement** | **Summary Income Statement** | **Summary Income Statement** | **Summary Income Statement** | • Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter. <br>• Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.<br>• The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter. <br>• Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.<br>• We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense. <br>• Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.<br>• Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.<br>• The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.  |
| Total interest income | $136741 | $132660 | $128822 | • Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter. <br>• Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.<br>• The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter. <br>• Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.<br>• We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense. <br>• Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.<br>• Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.<br>• The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.  |
| Total interest expense | 40065 | 39777 | 47707 | • Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter. <br>• Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.<br>• The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter. <br>• Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.<br>• We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense. <br>• Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.<br>• Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.<br>• The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.  |
| Net interest income | 96676 | 92883 | 81115 | • Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter. <br>• Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.<br>• The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter. <br>• Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.<br>• We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense. <br>• Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.<br>• Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.<br>• The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.  |
| Provision for credit losses | 2212 | 1116 | 541 | • Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter. <br>• Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.<br>• The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter. <br>• Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.<br>• We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense. <br>• Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.<br>• Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.<br>• The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.  |
| Noninterest income | 14341 | 12902 | 14601 | • Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter. <br>• Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.<br>• The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter. <br>• Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.<br>• We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense. <br>• Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.<br>• Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.<br>• The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.  |
| Noninterest expenses | 58983 | 57893 | 58291 | • Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter. <br>• Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.<br>• The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter. <br>• Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.<br>• We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense. <br>• Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.<br>• Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.<br>• The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.  |
| Income tax expense | 11256 | 10370 | 8172 | • Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter. <br>• Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.<br>• The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter. <br>• Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.<br>• We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense. <br>• Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.<br>• Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.<br>• The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.  |
| Net income | $38566 | $36406 | $28712 | • Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter. <br>• Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.<br>• The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter. <br>• Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.<br>• We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense. <br>• Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.<br>• Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.<br>• The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.  |
|  |  |  |  | • Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter. <br>• Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.<br>• The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter. <br>• Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.<br>• We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense. <br>• Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.<br>• Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.<br>• The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.  |
| **Key Metrics** | **Key Metrics** | **Key Metrics** | **Key Metrics** | • Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter. <br>• Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.<br>• The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter. <br>• Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.<br>• We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense. <br>• Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.<br>• Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.<br>• The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.  |
| Diluted EPS | $0.93 | $0.88 | $0.70 | • Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter. <br>• Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.<br>• The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter. <br>• Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.<br>• We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense. <br>• Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.<br>• Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.<br>• The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.  |
| Book value per share | 37.53 | 36.46 | 34.10 | • Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter. <br>• Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.<br>• The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter. <br>• Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.<br>• We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense. <br>• Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.<br>• Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.<br>• The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.  |
| Tangible book value per share | 25.82 | 24.69 | 22.19 | • Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter. <br>• Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.<br>• The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter. <br>• Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.<br>• We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense. <br>• Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.<br>• Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.<br>• The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.  |
| Return on average assets | 1.24% | 1.21% | 0.96% | • Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter. <br>• Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.<br>• The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter. <br>• Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.<br>• We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense. <br>• Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.<br>• Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.<br>• The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.  |
| Return on average common equity | 10.11% | 10.06% | 8.38% | • Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter. <br>• Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.<br>• The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter. <br>• Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.<br>• We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense. <br>• Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.<br>• Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.<br>• The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.  |
| Return on average tangible common equity | 15.25% | 15.54% | 13.60% | • Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter. <br>• Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.<br>• The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter. <br>• Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.<br>• We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense. <br>• Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.<br>• Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.<br>• The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.  |
| NIM | 3.32% | 3.25% | 2.84% | • Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter. <br>• Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.<br>• The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter. <br>• Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.<br>• We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense. <br>• Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.<br>• Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.<br>• The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.  |
| NIM- T/E | 3.32% | 3.27% | 2.87% | • Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter. <br>• Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.<br>• The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter. <br>• Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.<br>• We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense. <br>• Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.<br>• Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.<br>• The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.  |
| Quarterly net charge-offs to average loans - annualized | 0.06% | 0.17% | 0.07% | • Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter. <br>• Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.<br>• The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter. <br>• Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.<br>• We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense. <br>• Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.<br>• Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.<br>• The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.  |
| Allowance for credit losses to total loans | 1.47% | 1.49% | 1.36% | • Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter. <br>• Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.<br>• The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter. <br>• Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.<br>• We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense. <br>• Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.<br>• Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.<br>• The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.  |
|  |  |  |  | • Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter. <br>• Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.<br>• The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter. <br>• Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.<br>• We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense. <br>• Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.<br>• Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.<br>• The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.  |
| **Capital Ratios (1)** | **Capital Ratios (1)** | **Capital Ratios (1)** | **Capital Ratios (1)** | • Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter. <br>• Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.<br>• The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter. <br>• Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.<br>• We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense. <br>• Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.<br>• Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.<br>• The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.  |
| Tangible common equity to tangible assets | 8.83% | 8.55% | 7.90% | • Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter. <br>• Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.<br>• The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter. <br>• Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.<br>• We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense. <br>• Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.<br>• Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.<br>• The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.  |
| Common equity tier I capital ratio | 14.62% | 14.52% | 13.99% | • Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter. <br>• Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.<br>• The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter. <br>• Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.<br>• We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense. <br>• Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.<br>• Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.<br>• The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.  |
| Total risk-based capital ratio | 16.87% | 16.80% | 16.24% | • Diluted earnings per share ("D-EPS") was $0.93 per share for the second quarter of 2025 compared to $0.88 for the linked quarter and $0.70 for the like quarter. <br>• Total loan yield expanded to 5.53%, up 1 basis point from the linked quarter and 3 basis points from the like quarter. Total cost of funds contracted 3 basis points to 1.48% for the quarter ended June 30, 2025 from 1.51% for the linked quarter and from 1.81% for the like quarter.<br>• The yield on securities increased 13 basis points to 2.41% for the quarter ended June 30, 2025 from 2.28% for the linked quarter. The Company purchased $127.0 million of CMOs yielding 5.16% during the second quarter. <br>• Average core deposits were $10.7 billion for the second quarter of 2025, an increase of $140.4 million from the linked quarter, with $147.0 million of growth in noninterest bearing deposits and $21.3 million of growth in average money market accounts, partially offset by a decline of $30.7 million in average time deposits. Total cost of deposits was 1.43%, a decrease of 3 basis points from 1.46% for the linked quarter and 29 basis points from the like quarter at 1.72%. The Company continues to maintain a low level of wholesale funding with average borrowings of $92.2 million for the quarter ended June 30, 2025.<br>• We continue to focus on expense management. Noninterest expenses of $59.0 million represented a $1.1 million increase from the linked quarter and $0.7 million from the like quarter. The linked quarter increase was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in Total personnel expense. <br>• Total loans were $8.2 billion at June 30, 2025, reflecting growth of $122.6 million, or 6.07% annualized, for the quarter and growth of $155.8 million, or 1.93%, from June 30, 2024.<br>• Noninterest-bearing demand deposits were $3.5 billion, representing 33% of total deposits at June 30, 2025. During the second quarter of 2025, customer deposits grew $85.6 million driven by increases of $65.8 million in noninterest bearing deposits and $60.0 million in money market accounts.<br>• The on-balance sheet liquidity ratio was 20.0% at June 30, 2025, an increase from 19.8% for the linked quarter. Available off-balance sheet sources totaled $2.3 billion at June 30, 2025, resulting in a total liquidity ratio of 36.1%.  |

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(1) June 30, 2025 ratios are preliminary.

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| ![fb_logoxwithoutmarkxbancora.gif](fb_logoxwithoutmarkxbancora.gif) | **Second Quarter 2025 Results** |

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SOUTHERN PINES, N.C. - First Bancorp (the "Company") (NASDAQ - FBNC), the parent company of First Bank, reported unaudited second quarter earnings today. The Company announced net income of $38.6 million, or $0.93 D-EPS, for the three months ended June 30, 2025 compared to $36.4 million, or $0.88 D-EPS, for the three months ended March 31, 2025 ("linked quarter") and $28.7 million, or $0.70 D-EPS, for the second quarter of 2024 ("like quarter"). For the six months ended June 30, 2025, the Company recorded net income of $75.0 million, or $1.81 per diluted common share, compared to $54.0 million, or $1.31 per diluted common share, for the six months ended June 30, 2024.

The Company continued to enhance net interest income and net interest margin ("NIM"). The Company recorded net interest income of $96.7 million for the second quarter of 2025, compared to $92.9 million for the linked quarter and $81.1 million for the like quarter. NIM for the second quarter of 2025 expanded to 3.32% from 3.25% for the linked quarter and 2.84% for the like quarter.

First Bancorp also continued to maintain expense control with noninterest expenses of $59.0 million for the second quarter of 2025, up slightly from $57.9 million for the linked quarter and $58.3 million for the like quarter. For the six months ended June 30, 2025, the Company recorded noninterest expense of $116.9 million, down from $117.5 million, for the six months ended June 30, 2024.

Richard H. Moore, Chairman and CEO of the Company, stated "First Bancorp continues to improve financial results in 2025 as second quarter net income was $38.6 million and diluted EPS was $0.93, both resulting from expanded net interest margin and disciplined expense management. We improved our liquidity position and increased our capital levels, while credit quality remains strong with low levels of charge-offs and nonperforming assets. We grew loans 6% annualized in the quarter and benefited from our favorable cost of funds and increased yields on our earning assets. Our Board also increased our quarterly dividend to $0.23 per share effective June 30, 2025. We are very pleased with the Bank's performance halfway through this year."

**Net Interest Income and Net Interest Margin**

Net interest income for the second quarter of 2025 was $96.7 million, an increase of 4.1% from the linked quarter of $92.9 million and 19.2% from the like quarter of $81.1 million. The increase in net interest income from the linked and like quarters was primarily driven by our focused efforts to manage deposit costs while increasing loan yields after the rate cuts by the Federal Reserve in the second half of 2024 along with the increased securities yield resulting from the loss-earnback transaction executed in the fourth quarter of 2024.

The Company's NIM for the second quarter of 2025 was 3.32%, an increase of 7 basis points from the linked quarter and 48 basis points from the like quarter. Within interest-earning assets, the purchase of $127.0 million of CMOs yielding 5.16% during the second quarter aided in the 13 basis point increase in the yield on securities as compared to the linked quarter. In addition, loan yields increased 1 basis point to 5.53%. During the quarter ended June 30, 2025, interest-bearing deposits remained consistent with the linked quarter and fell 0.40% from the like quarter, attributable to the three rate cuts by the Federal Reserve between September and December. The like quarter expansion of NIM was driven by the same factors described above resulting in an increase of 69 basis points in securities yield, an increase of 3 basis points in loan yields, and a decrease of 40 basis points in the rate on interest-bearing deposits.

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| ![fb_logoxwithoutmarkxbancora.gif](fb_logoxwithoutmarkxbancora.gif) | **Second Quarter 2025 Results** |

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|:---|:---|:---|:---|
| | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended |
| **YIELD INFORMATION** | June 30, 2025 | March 31, 2025 | June 30, 2024 |
| Yield on loans | 5.53% | 5.52% | 5.50% |
| Yield on securities | 2.41% | 2.28% | 1.72% |
| Yield on other earning assets | 4.63% | 4.42% | 4.71% |
| &nbsp;&nbsp;&nbsp;Yield on total interest-earning assets | 4.69% | 4.65% | 4.51% |
| Cost of interest-bearing deposits | 2.14% | 2.14% | 2.54% |
| Cost of borrowings | 7.22% | 7.31% | 7.09% |
| &nbsp;&nbsp;&nbsp;Cost of total interest-bearing liabilities | 2.20% | 2.21% | 2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of funds | 1.48% | 1.51% | 1.81% |
| Cost of total deposits | 1.43% | 1.46% | 1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest margin (1) | 3.32% | 3.25% | 2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest margin - tax-equivalent (2) | 3.32% | 3.27% | 2.87% |
| Average prime rate | 7.50% | 7.50% | 8.50% |
| (1) Calculated by dividing annualized net interest income by average earning assets for the period. | (1) Calculated by dividing annualized net interest income by average earning assets for the period. | (1) Calculated by dividing annualized net interest income by average earning assets for the period. |  |
| (2) Calculated by dividing annualized tax-equivalent net interest income by average earning assets for the period. The tax-equivalent amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax-exempt status. This amount has been computed using the expected tax rate and is reduced by the related nondeductible portion of interest expense. | (2) Calculated by dividing annualized tax-equivalent net interest income by average earning assets for the period. The tax-equivalent amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax-exempt status. This amount has been computed using the expected tax rate and is reduced by the related nondeductible portion of interest expense. | (2) Calculated by dividing annualized tax-equivalent net interest income by average earning assets for the period. The tax-equivalent amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax-exempt status. This amount has been computed using the expected tax rate and is reduced by the related nondeductible portion of interest expense. | (2) Calculated by dividing annualized tax-equivalent net interest income by average earning assets for the period. The tax-equivalent amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax-exempt status. This amount has been computed using the expected tax rate and is reduced by the related nondeductible portion of interest expense. |

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See <u>Appendix F</u> regarding loan purchase discount accretion and its impact on the Company's NIM.

**Provision for Credit Losses and Credit Quality**

For the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, the Company recorded $2.2 million, $1.1 million and $0.5 million in provision for credit losses, respectively. The provision for the second quarter of 2025 was driven by net charge-offs of $1.2 million, reserves related to loan growth of $122.6 million, and declining macro-economic projections, partially offset by the $3.5 million reduction in reserves for potential credit exposure from Hurricane Helene. Additionally, the $1.1 million provision for unfunded commitments during the quarter was the result of increased reserve rates for specifc segments of the loan portfolio and an increase in the level of available unfunded lending commitments. The June macro-economic forecasts are a key driver in the Company's CECL model and reflected declines from the prior quarter.

Within the portions of Western North and South Carolina that were significantly impacted by Hurricane Helene starting late in the third quarter of 2024, the Company identified borrowers that were potentially impacted by the storm and subsequent economic impacts which represented approximately $703 million of loans outstanding as of June 30, 2025. Based upon its continuing evaluation of these potential impacts, the Company adjusted the incremental reserve for potential exposure from Hurricane Helene to $7.5 million as of June 30, 2025. The remaining incremental reserve contributes 10 basis points to the Allowance for Credit Losses at period end. The results for the second quarter of 2025 included a $3.5 million reduction to the potential impacts to the allowance for credit losses from Hurricane Helene ($2.7 million after-taxes or $0.06 per diluted share). The reconciliations from net income and D-EPS to adjusted net income and adjusted D-EPS (both non-GAAP measures) for the first and second quarters of 2025 are presented in <u>Appendix E</u>.

Asset quality remained strong with annualized net loan charge-offs of 0.06% for the second quarter of 2025. Total nonperforming assets ("NPAs") remained at a low level at $35.8 million at June 30, 2025, or 0.28% of total assets, up slightly from 0.27% at March 31, 2025 and consistent with June 30, 2024.

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| ![fb_logoxwithoutmarkxbancora.gif](fb_logoxwithoutmarkxbancora.gif) | **Second Quarter 2025 Results** |

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The following table presents the summary of NPAs and asset quality ratios for each period.

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|:---|:---|:---|:---|
| **ASSET QUALITY DATA** <br>*($ in thousands)* | June 30, 2025 | March 31, 2025 | June 30, 2024 |
| **<u>Nonperforming assets</u>** |  |  |  |
| Nonaccrual loans | $34625 | $29081 | $33102 |
| Accruing loans > 90 days past due |  |  |  |
| Total nonperforming loans | 34625 | 29081 | 33102 |
| Foreclosed real estate | 1218 | 4769 | 1150 |
| Total nonperforming assets | $35843 | $33850 | $34252 |
| **<u>Asset Quality Ratios</u>** |  |  |  |
| Quarterly net charge-offs to average loans - annualized | 0.06% | 0.17% | 0.07% |
| Nonperforming loans to total loans | 0.42% | 0.36% | 0.54% |
| Nonperforming assets to total assets | 0.28% | 0.27% | 0.28% |
| Allowance for credit losses to total loans | 1.47% | 1.49% | 1.36% |

---

**Noninterest Income**

Total noninterest income for the second quarter of 2025 was $14.3 million, an 11.2% increase from the $12.9 million recorded in the linked quarter and a 1.8% decrease from the $14.6 million recorded for the like quarter. As compared to the linked quarter, noninterest income was higher primarily due to higher Other service charges, commissions and fees and Other income, net of $0.7 million and $0.6 million, respectively.

**Noninterest Expenses**

Noninterest expenses amounted to $59.0 million for the second quarter of 2025 compared to $57.9 million for the linked quarter and $58.3 million for the like quarter. The $1.1 million, or 1.9%, increase in noninterest expense from the linked quarter was driven by a $0.7 million increase in Other operating expenses and a $0.4 million increase in total personnel expenses arising from increased incentives expense.

The $0.7 million increase from the like quarter was driven by a $0.7 million increase in total personnel expenses and a $0.3 million increase in Occupancy and equipment related expenses, partially offset by declines in other expenses.

**Income Taxes**

Income tax expense totaled $11.3 million for the second quarter of 2025 compared to $10.4 million for the linked quarter and $8.2 million for the like quarter. These equated to effective tax rates of 22.6%, 22.2% and 22.2% for the respective periods.

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| | |
|:---|:---|
| ![fb_logoxwithoutmarkxbancora.gif](fb_logoxwithoutmarkxbancora.gif) | **Second Quarter 2025 Results** |

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**Balance Sheet**

Total assets at June 30, 2025 amounted to $12.6 billion, an increase of $172.0 million, or 5.5% annualized, from the linked quarter and an increase of $547.5 million, or 4.5%, from a year earlier. The increase from the linked quarter was primarily driven by loan growth and an increase in our available for sale securities portfolio as a result of $127.0 million of purchases and a decrease in the unrealized loss on those securities, partially offset by repayments.

Key period end balance sheet components are presented below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BALANCES**<br>*($ in thousands)* | June 30, 2025 | March 31, 2025 | June 30, 2024 | Change <br>2Q25 vs 1Q25 | Change <br>2Q25 vs 2Q24 |
| Total assets | $12608265 | $12436245 | $12060805 | 1.4% | 4.5% |
| Loans | 8225650 | 8103033 | 8069848 | 1.5% | 1.9% |
| Investment securities | 2661236 | 2582781 | 2390811 | 3.0% | 11.3% |
| Total cash and cash equivalents | 711286 | 772441 | 608412 | (7.9)% | 16.9% |
| Noninterest-bearing deposits | 3542626 | 3476786 | 3339678 | 1.9% | 6.1% |
| Interest-bearing deposits | 7287754 | 7267873 | 7148151 | 0.3% | 2.0% |
| Borrowings | 92237 | 92055 | 91513 | 0.2% | 0.8% |
| Shareholders' equity | 1556180 | 1508176 | 1404342 | 3.2% | 10.8% |

---

Primarily the result of securities purchases and decreased unrealized losses on the available for sale securities portfolio during the second quarter of 2025, total investment securities increased to $2.7 billion at June 30, 2025, reflecting a $78.5 million increase from the linked quarter. Total unrealized losses on available for sale investment securities was $298.9 million at June 30, 2025, as compared to $321.2 million at March 31, 2025 and $410.1 million at June 30, 2024. During the second quarter of 2025, the Company purchased $127.0 million of securities with a weighted average yield of 5.16%.

Total loans amounted to $8.2 billion at June 30, 2025, an increase of $122.6 million, or 6.1% annualized, from March 31, 2025 and an increase of $155.8 million, or 1.9%, from June 30, 2024. Please see below table for total loan portfolio mix. As of June 30, 2025, there were no notable concentrations in geographies within North Carolina and South Carolina or industries, including in office or hospitality categories, which are included in the "commercial real estate - non-owner occupied" category in the table below. The Company's exposure to non-owner occupied office loans represented approximately 6.5% of the total portfolio at June 30, 2025, with the largest loan being $30.0 million and with an average loan outstanding balance of $1.4 million. Non-owner occupied office loans are generally in non-metro markets and the ten largest loans in this category represent less than 2% of the total loan portfolio.

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| | |
|:---|:---|
| ![fb_logoxwithoutmarkxbancora.gif](fb_logoxwithoutmarkxbancora.gif) | **Second Quarter 2025 Results** |

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The following table presents the period end balance and portfolio percentage by loan category.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LOAN PORTFOLIO** | June 30, 2025 | June 30, 2025 | March 31, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2024 |
| *($ in thousands)* | Amount | Percentage | Amount | Percentage | Amount | Percentage |
| Commercial and industrial | $911227 | 11% | $890071 | 11% | $863366 | 11% |
| Construction, development & other land loans | 633529 | 8% | 644439 | 8% | 764418 | 9% |
| Commercial real estate - owner occupied | 1254596 | 15% | 1233732 | 15% | 1250267 | 16% |
| Commercial real estate - non-owner occupied | 2758629 | 34% | 2701746 | 34% | 2561803 | 32% |
| Multi-family real estate | 509419 | 6% | 512958 | 6% | 497187 | 6% |
| Residential 1-4 family real estate | 1731397 | 21% | 1709593 | 21% | 1729050 | 21% |
| Home equity loans/lines of credit | 355876 | 4% | 341240 | 4% | 326411 | 4% |
| Consumer loans | 70137 | 1% | 68115 | 1% | 76638 | 1% |
| &nbsp;&nbsp;&nbsp;Loans, gross | 8224810 | 100% | 8101894 | 100% | 8069140 | 100% |
| Unamortized net deferred loan fees | 840 |  | 1139 |  | 708 |  |
| &nbsp;&nbsp;&nbsp;Total loans | $8225650 |  | $8103033 |  | $8069848 |  |

---

Total deposits were $10.8 billion at June 30, 2025, an increase of $85.7 million, or 3.2% annualized, from March 31, 2025 and an increase of $342.6 million, or 3.3%, from June 30, 2024.

The Company has a diversified and granular deposit base which has remained a stable funding source with noninterest-bearing deposits comprising 33% of total deposits at June 30, 2025. As presented in the table below, our deposit mix has remained relatively consistent.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DEPOSIT PORTFOLIO** | June 30, 2025 | June 30, 2025 | March 31, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2024 |
| *($ in thousands)* | Amount | Percentage | Amount | Percentage | Amount | Percentage |
| Noninterest-bearing checking accounts | $3542626 | 33% | $3476786 | 32% | $3339678 | 32% |
| Interest-bearing checking accounts | 1443010 | 13% | 1448377 | 14% | 1400071 | 13% |
| Money market accounts | 4446485 | 41% | 4386469 | 41% | 4150429 | 40% |
| Savings accounts | 536247 | 5% | 539632 | 5% | 558126 | 5% |
| Other time deposits | 514865 | 5% | 533723 | 5% | 601212 | 6% |
| Time deposits >$250,000 | 337382 | 3% | 349990 | 3% | 389281 | 4% |
| &nbsp;&nbsp;&nbsp;Total customer deposits | 10820615 | 100% | 10734977 | 100% | 10438797 | 100% |
| Brokered deposits | 9765 | —% | 9682 | —% | 49032 | —% |
| &nbsp;&nbsp;&nbsp;Total deposits | $10830380 | 100% | $10744659 | 100% | $10487829 | 100% |

---

As of June 30, 2025 and March 31, 2025, estimated insured deposits totaled $6.5 billion, or 59.7%, and $6.5 billion, or 60.2%, respectively, of total deposits. In addition, at June 30, 2025 and March 31, 2025, there were collateralized deposits of $707.0 million and $725.9 million, respectively, such that approximately 66.3% and 66.9%, respectively, of our total deposits were insured or collateralized at those dates.

**Capital**

The Company maintains capital in excess of well-capitalized regulatory requirements, with an estimated total risk-based capital ratio at June 30, 2025 of 16.87%, up from the linked quarter ratio of 16.80% and the like quarter ratio of 16.24%. The increase during the second quarter of 2025 in risk-based capital ratios was driven by earnings in excess of dividends, partially offset by an increase in risk weighted assets.

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| | |
|:---|:---|
| ![fb_logoxwithoutmarkxbancora.gif](fb_logoxwithoutmarkxbancora.gif) | **Second Quarter 2025 Results** |

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The Company has elected to exclude accumulated other comprehensive income ("AOCI") related primarily to available for sale securities from common equity tier 1 capital. AOCI is included in the Company's tangible common equity ("TCE") to tangible assets ratio (a non-GAAP financial measure) which was 8.83% at June 30, 2025, an increase of 28 basis points from the linked quarter and 93 basis points from June 30, 2024. The second quarter increase in TCE was driven by earnings in excess of dividends and improvements in the level of unrealized losses on the available for sale securities portfolio during the quarter. Refer to <u>Appendix B</u> for a reconciliation of common equity to TCE (a non-GAAP measure) and <u>Appendix D</u> for a calculation of the TCE ratio (a non-GAAP measure).

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| | | | |
|:---|:---|:---|:---|
| **CAPITAL RATIOS** | June 30, 2025 (estimated) | March 31, 2025 | June 30, 2024 |
| Tangible common equity to tangible assets (non-GAAP) | 8.83% | 8.55% | 7.90% |
| Common equity tier I capital ratio | 14.62% | 14.52% | 13.99% |
| Tier I leverage ratio | 11.45% | 11.41% | 11.24% |
| Tier I risk-based capital ratio | 15.42% | 15.34% | 14.79% |
| Total risk-based capital ratio | 16.87% | 16.80% | 16.24% |

---

**Liquidity**

Liquidity is evaluated as both on-balance sheet (primarily cash and cash-equivalents, unpledged securities and other marketable assets) and off-balance sheet (readily available lines of credit and other funding sources). The Company continues to manage liquidity sources, including unused lines of credit, at levels believed to be adequate to meet its operating needs for the foreseeable future.

The Company's on-balance sheet liquidity ratio (net liquid assets as a percent of net liabilities) at June 30, 2025 was 20.0%. In addition, the Company had approximately $2.3 billion in available lines of credit at that date resulting in a total liquidity ratio of 36.1%.

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| | |
|:---|:---|
| ![fb_logoxwithoutmarkxbancora.gif](fb_logoxwithoutmarkxbancora.gif) | **Second Quarter 2025 Results** |

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**About First Bancorp**

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets of $12.6 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 113 branches in North Carolina and South Carolina. Since 1935, First Bank has taken a tailored approach to banking, combining best-in-class financial solutions, helpful local expertise, and technology to manage a home or business. First Bank also provides SBA loans to customers through its nationwide network of lenders. Member FDIC, Equal Housing Lender.

Please visit our website at www.LocalFirstBank.com for more information.

First Bancorp's common stock is traded on The NASDAQ Global Select Market under the symbol "FBNC."

<u>Caution about Forward-Looking Statements</u>: This press release contains 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, which statements are inherently subject to risks and uncertainties. Forward-looking statements are statements that include projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact. Such statements are often characterized by the use of qualifying words (and their derivatives) such as "expect," "believe," "estimate," "plan," "project," "anticipate," or other words or phrases concerning opinions or judgments of the Company and its management about future events. Factors that could influence the accuracy of such forward-looking statements include, but are not limited to, the financial success or changing strategies of the Company's customers, the Company's level of success in integrating acquisitions, actions of government regulators, the level of market interest rates, and general economic conditions. For additional information about the factors that could affect the matters discussed in this paragraph, see the "Risk Factors" section of the Company's most recent Annual Report on Form 10-K available at www.sec.gov. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements. The Company is also not responsible for changes made to this press release by wire services, internet services or other media.

**Non-GAAP Measures**

In this Earnings Release, we present certain measures of our performance that are calculated by methods other than in accordance with generally accepted accounting principles ("GAAP"). Company management uses these non-GAAP measures for purposes of evaluating our performance. Non-GAAP measures exclude or include amounts that are not normally excluded or included in the most directly comparable measure determined in accordance with GAAP. Company management believes an appropriate analysis of the Company's financial performance requires an understanding of the factors underlying such performance. Non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP. Please see the Appendices attached to this Earnings Release for reconciliations of return on tangible common equity, tangible common equity, tangible book value per share, the tangible common equity ratio, adjusted net income and adjusted D-EPS.

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| | |
|:---|:---|
| ![fb_logoxwithoutmarkxbancora.gif](fb_logoxwithoutmarkxbancora.gif) | **Second Quarter 2025 Results** |

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**First Bancorp and Subsidiaries<br>Financial Summary**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CONSOLIDATED INCOME STATEMENT** | **CONSOLIDATED INCOME STATEMENT** | **CONSOLIDATED INCOME STATEMENT** | **CONSOLIDATED INCOME STATEMENT** | **CONSOLIDATED INCOME STATEMENT** | **CONSOLIDATED INCOME STATEMENT** |
|  | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Six Months Ended | For the Six Months Ended |
| *($ in thousands, except per share data - unaudited)* | June 30, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 |
| <u>Interest income</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest and fees on loans | $112931 | $110533 | $110472 | $223464 | $220270 |
| &nbsp;&nbsp;&nbsp;Interest on investment securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable interest income | 16857 | 15524 | 11291 | 32381 | 24019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt interest income | 1116 | 1116 | 1117 | 2232 | 2234 |
| &nbsp;&nbsp;&nbsp;Other, principally overnight investments | 5837 | 5487 | 5942 | 11324 | 8913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 136741 | 132660 | 128822 | 269401 | 255436 |
| <u>Interest expense</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest on deposits | 38405 | 38119 | 44744 | 76524 | 83879 |
| &nbsp;&nbsp;&nbsp;Interest on borrowings | 1660 | 1658 | 2963 | 3318 | 11168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 40065 | 39777 | 47707 | 79842 | 95047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 96676 | 92883 | 81115 | 189559 | 160389 |
| &nbsp;&nbsp;&nbsp;Provision for credit losses | 2212 | 1116 | 541 | 3328 | 1741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 94464 | 91767 | 80574 | 186231 | 158648 |
| <u>Noninterest income</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 3976 | 3767 | 4139 | 7743 | 8007 |
| &nbsp;&nbsp;&nbsp;Other service charges and fees | 6595 | 5883 | 5314 | 12478 | 10884 |
| &nbsp;&nbsp;&nbsp;Presold mortgage loan fees and gains on sale | 315 | 450 | 588 | 765 | 926 |
| &nbsp;&nbsp;&nbsp;Commissions from sales of financial products | 1388 | 1408 | 1377 | 2796 | 2697 |
| &nbsp;&nbsp;&nbsp;SBA loan sale gains | 151 | 52 | 1336 | 203 | 2231 |
| &nbsp;&nbsp;&nbsp;Bank-owned life insurance income | 1221 | 1228 | 1179 | 2449 | 2343 |
| &nbsp;&nbsp;&nbsp;Securities losses, net |  |  | (186) |  | (1161) |
| &nbsp;&nbsp;&nbsp;Other Income, net | 695 | 114 | 854 | 809 | 1570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | 14341 | 12902 | 14601 | 27243 | 27497 |
| <u>Noninterest expenses</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries, incentives and commissions expense | 29005 | 28661 | 27809 | 57666 | 55451 |
| &nbsp;&nbsp;&nbsp;Employee benefit expense | 6187 | 6095 | 6703 | 12282 | 12972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total personnel expense | 35192 | 34756 | 34512 | 69948 | 68423 |
| &nbsp;&nbsp;&nbsp;Occupancy and equipment expense | 5195 | 5192 | 4877 | 10387 | 10952 |
| &nbsp;&nbsp;&nbsp;Intangibles amortization expense | 1468 | 1516 | 1669 | 2984 | 3428 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 17128 | 16429 | 17233 | 33557 | 34675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expenses | 58983 | 57893 | 58291 | 116876 | 117478 |
| Income before income taxes | 49822 | 46776 | 36884 | 96598 | 68667 |
| Income tax expense | 11256 | 10370 | 8172 | 21626 | 14683 |
| Net income | $38566 | $36406 | $28712 | $74972 | $53984 |
| Earnings per common share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.93 | $0.88 | $0.70 | $1.81 | $1.31 |
| &nbsp;&nbsp;&nbsp;Diluted | 0.93 | 0.88 | 0.70 | 1.81 | 1.31 |

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| | |
|:---|:---|
| ![fb_logoxwithoutmarkxbancora.gif](fb_logoxwithoutmarkxbancora.gif) | **Second Quarter 2025 Results** |

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**First Bancorp and Subsidiaries<br>Financial Summary**

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| | | | |
|:---|:---|:---|:---|
| **CONSOLIDATED BALANCE SHEETS**  | **CONSOLIDATED BALANCE SHEETS**  | **CONSOLIDATED BALANCE SHEETS**  | **CONSOLIDATED BALANCE SHEETS**  |
| *($ in thousands - unaudited)* | June 30,<br>2025 | March 31,<br>2025 | June 30,<br>2024 |
| **Assets** |  |  |  |
| Cash and due from banks, noninterest-bearing | $139486 | $149781 | $90468 |
| Due from banks, interest-bearing | 571800 | 622660 | 517944 |
| &nbsp;&nbsp;&nbsp;Total cash and cash equivalents | 711286 | 772441 | 608412 |
| Securities available for sale | 2144831 | 2064516 | 1867211 |
| Securities held to maturity | 516405 | 518265 | 523600 |
| Presold mortgages and SBA loans held for sale | 8928 | 5166 | 7247 |
| Loans | 8225650 | 8103033 | 8069848 |
| Allowance for credit losses on loans | (120545) | (120631) | (110058) |
| &nbsp;&nbsp;&nbsp;Net loans | 8105105 | 7982402 | 7959790 |
| Premises and equipment, net | 141661 | 141954 | 147110 |
| Accrued interest receivable | 36681 | 35452 | 35605 |
| Goodwill | 478750 | 478750 | 478750 |
| Other intangible assets, net | 19920 | 21388 | 26080 |
| Bank-owned life insurance | 190817 | 189597 | 186031 |
| Other assets | 253881 | 226314 | 220969 |
| &nbsp;&nbsp;&nbsp;Total assets | $12608265 | $12436245 | $12060805 |
| **Liabilities** |  |  |  |
| Deposits: |  |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | $3542626 | $3476786 | $3339678 |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits | 7287754 | 7267873 | 7148151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 10830380 | 10744659 | 10487829 |
| Borrowings | 92237 | 92055 | 91513 |
| Accrued interest payable | 4340 | 4935 | 5728 |
| Other liabilities | 125128 | 86420 | 71393 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 11052085 | 10928069 | 10656463 |
| **Shareholders' equity** |  |  |  |
| Common stock | 973041 | 971174 | 967239 |
| Retained earnings | 812657 | 783630 | 752294 |
| Stock in rabbi trust assumed in acquisition | (869) | (1166) | (1139) |
| Rabbi trust obligation | 869 | 1166 | 1139 |
| Accumulated other comprehensive loss | (229518) | (246628) | (315191) |
| &nbsp;&nbsp;&nbsp;Total shareholders' equity | 1556180 | 1508176 | 1404342 |
| Total liabilities and shareholders' equity | $12608265 | $12436245 | $12060805 |

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| | |
|:---|:---|
| ![fb_logoxwithoutmarkxbancora.gif](fb_logoxwithoutmarkxbancora.gif) | **Second Quarter 2025 Results** |

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**First Bancorp and Subsidiaries<br>Financial Summary**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TREND INFORMATION** | **TREND INFORMATION** | **TREND INFORMATION** | **TREND INFORMATION** | **TREND INFORMATION** | **TREND INFORMATION** |
|  | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended |
|  | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 |
| **PERFORMANCE RATIOS** (annualized) |  |  |  |  |  |
| Return on average assets <sup>(1)</sup> | 1.24% | 1.21% | 0.12% | 0.61% | 0.96% |
| Return on average common equity <sup>(2)</sup> | 10.11% | 10.06% | 0.96% | 5.14% | 8.38% |
| Return on average tangible common equity <sup>(3)</sup> | 15.25% | 15.54% | 1.93% | 8.30% | 13.60% |
| **COMMON SHARE DATA** |  |  |  |  |  |
| Cash dividends declared - common | $0.23 | $0.22 | $0.22 | $0.22 | $0.22 |
| Book value per common share | $37.53 | $36.46 | $34.96 | $35.74 | $34.10 |
| Tangible book value per share <sup>(4)</sup> | $25.82 | $24.69 | $23.17 | $23.91 | $22.19 |
| Common shares outstanding at end of period | 41468098 | 41368828 | 41347418 | 41340099 | 41187943 |
| Weighted average shares outstanding - diluted | 41441393 | 41406525 | 41422973 | 41366743 | 41262091 |
| **CAPITAL INFORMATION** (preliminary for current quarter) | **CAPITAL INFORMATION** (preliminary for current quarter) |  |  |  |  |
| Tangible common equity to tangible assets <sup>(5)</sup> | 8.83% | 8.55% | 8.22% | 8.47% | 7.90% |
| Common equity tier I capital ratio | 14.62% | 14.52% | 14.35% | 14.37% | 13.99% |
| Total risk-based capital ratio | 16.87% | 16.80% | 16.63% | 16.65% | 16.24% |
| (1) Calculated by dividing annualized net income by average assets. | (1) Calculated by dividing annualized net income by average assets. | (1) Calculated by dividing annualized net income by average assets. | (1) Calculated by dividing annualized net income by average assets. | (1) Calculated by dividing annualized net income by average assets. | (1) Calculated by dividing annualized net income by average assets. |
| (2) Calculated by dividing annualized tangible net income (net income adjusted for intangible asset amortization, net of tax), by average common equity. See <u>Appendix A</u> for the components of the calculation. | (2) Calculated by dividing annualized tangible net income (net income adjusted for intangible asset amortization, net of tax), by average common equity. See <u>Appendix A</u> for the components of the calculation. | (2) Calculated by dividing annualized tangible net income (net income adjusted for intangible asset amortization, net of tax), by average common equity. See <u>Appendix A</u> for the components of the calculation. | (2) Calculated by dividing annualized tangible net income (net income adjusted for intangible asset amortization, net of tax), by average common equity. See <u>Appendix A</u> for the components of the calculation. | (2) Calculated by dividing annualized tangible net income (net income adjusted for intangible asset amortization, net of tax), by average common equity. See <u>Appendix A</u> for the components of the calculation. | (2) Calculated by dividing annualized tangible net income (net income adjusted for intangible asset amortization, net of tax), by average common equity. See <u>Appendix A</u> for the components of the calculation. |
| (3) Return on average tangible common equity is a non-GAAP financial measure. See <u>Appendix A</u> for the components of the calculation and the reconciliation of average common equity to average TCE.  | (3) Return on average tangible common equity is a non-GAAP financial measure. See <u>Appendix A</u> for the components of the calculation and the reconciliation of average common equity to average TCE.  | (3) Return on average tangible common equity is a non-GAAP financial measure. See <u>Appendix A</u> for the components of the calculation and the reconciliation of average common equity to average TCE.  | (3) Return on average tangible common equity is a non-GAAP financial measure. See <u>Appendix A</u> for the components of the calculation and the reconciliation of average common equity to average TCE.  | (3) Return on average tangible common equity is a non-GAAP financial measure. See <u>Appendix A</u> for the components of the calculation and the reconciliation of average common equity to average TCE.  | (3) Return on average tangible common equity is a non-GAAP financial measure. See <u>Appendix A</u> for the components of the calculation and the reconciliation of average common equity to average TCE.  |
| (4) Tangible book value per share is a non-GAAP financial measure. See <u>Appendix B</u> for a reconciliation of common equity to tangible common equity and <u>Appendix C</u> for the resulting calculation. | (4) Tangible book value per share is a non-GAAP financial measure. See <u>Appendix B</u> for a reconciliation of common equity to tangible common equity and <u>Appendix C</u> for the resulting calculation. | (4) Tangible book value per share is a non-GAAP financial measure. See <u>Appendix B</u> for a reconciliation of common equity to tangible common equity and <u>Appendix C</u> for the resulting calculation. | (4) Tangible book value per share is a non-GAAP financial measure. See <u>Appendix B</u> for a reconciliation of common equity to tangible common equity and <u>Appendix C</u> for the resulting calculation. | (4) Tangible book value per share is a non-GAAP financial measure. See <u>Appendix B</u> for a reconciliation of common equity to tangible common equity and <u>Appendix C</u> for the resulting calculation. | (4) Tangible book value per share is a non-GAAP financial measure. See <u>Appendix B</u> for a reconciliation of common equity to tangible common equity and <u>Appendix C</u> for the resulting calculation. |
| (5) Tangible common equity ratio is a non-GAAP financial measure. See <u>Appendix B</u> for a reconciliation of common equity to tangible common equity and <u>Appendix D</u> for the resulting calculation. | (5) Tangible common equity ratio is a non-GAAP financial measure. See <u>Appendix B</u> for a reconciliation of common equity to tangible common equity and <u>Appendix D</u> for the resulting calculation. | (5) Tangible common equity ratio is a non-GAAP financial measure. See <u>Appendix B</u> for a reconciliation of common equity to tangible common equity and <u>Appendix D</u> for the resulting calculation. | (5) Tangible common equity ratio is a non-GAAP financial measure. See <u>Appendix B</u> for a reconciliation of common equity to tangible common equity and <u>Appendix D</u> for the resulting calculation. | (5) Tangible common equity ratio is a non-GAAP financial measure. See <u>Appendix B</u> for a reconciliation of common equity to tangible common equity and <u>Appendix D</u> for the resulting calculation. | (5) Tangible common equity ratio is a non-GAAP financial measure. See <u>Appendix B</u> for a reconciliation of common equity to tangible common equity and <u>Appendix D</u> for the resulting calculation. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended |
| **INCOME STATEMENT**<br>*($ in thousands except per share data)* | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 |
| Net interest income | $96676 | $92883 | $88841 | $83043 | $81115 |
| Provision for credit losses | 2212 | 1116 | 507 | 14200 | 541 |
| Noninterest income | 14341 | 12902 | (23177) | 13579 | 14601 |
| Noninterest expense | 58983 | 57893 | 58279 | 59850 | 58291 |
| Income before income taxes | 49822 | 46776 | 6878 | 22572 | 36884 |
| Income tax expense | 11256 | 10370 | 3327 | 3892 | 8172 |
| Net income | 38566 | 36406 | 3551 | 18680 | 28712 |
| Earnings per common share - diluted | $0.93 | $0.88 | $0.08 | $0.45 | $0.70 |
| (1) This amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax-exempt status. This amount has been computed assuming the expected tax rate and is reduced by the related nondeductible portion of interest expense. | (1) This amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax-exempt status. This amount has been computed assuming the expected tax rate and is reduced by the related nondeductible portion of interest expense. | (1) This amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax-exempt status. This amount has been computed assuming the expected tax rate and is reduced by the related nondeductible portion of interest expense. | (1) This amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax-exempt status. This amount has been computed assuming the expected tax rate and is reduced by the related nondeductible portion of interest expense. | (1) This amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax-exempt status. This amount has been computed assuming the expected tax rate and is reduced by the related nondeductible portion of interest expense. | (1) This amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax-exempt status. This amount has been computed assuming the expected tax rate and is reduced by the related nondeductible portion of interest expense. |

---

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| | |
|:---|:---|
| ![fb_logoxwithoutmarkxbancora.gif](fb_logoxwithoutmarkxbancora.gif) | **Second Quarter 2025 Results** |

---

**First Bancorp and Subsidiaries<br>Financial Summary**

**AVERAGE BALANCES AND NET INTEREST INCOME ANALYSIS - QUARTERS** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended |
| | June 30, 2025 | June 30, 2025 | June 30, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2024 | June 30, 2024 |
| *($ in thousands)* | Average<br>Volume | Interest<br>Earned<br>or Paid | Average<br>Rate | Average<br>Volume | Interest<br>Earned<br>or Paid | Average<br>Rate | Average<br>Volume | Interest<br>Earned<br>or Paid | Average<br>Rate |
| **Assets** |  |  |  |  |  |  |  |  |  |
| Loans (1) (2) | $8187662 | $112931 | 5.53% | $8107394 | $110533 | 5.52% | $8070815 | $110472 | 5.50% |
| Taxable securities | 2697338 | 16857 | 2.50% | 2629066 | 15524 | 2.36% | 2591617 | 11291 | 1.74% |
| Non-taxable securities | 287848 | 1116 | 1.55% | 288905 | 1116 | 1.55% | 292045 | 1117 | 1.53% |
| Short-term investments, primarily interest-bearing cash | 505912 | 5837 | 4.63% | 503377 | 5487 | 4.42% | 507635 | 5942 | 4.71% |
| Total interest-earning assets | 11678760 | 136741 | 4.69% | 11528742 | 132660 | 4.65% | 11462112 | 128822 | 4.51% |
| Cash and due from banks | 153074 |  |  | 133756 |  |  | 84674 |  |  |
| Premises and equipment | 142090 |  |  | 143064 |  |  | 149643 |  |  |
| Other assets | 484448 |  |  | 421248 |  |  | 358852 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $12458372 |  |  | $12226810 |  |  | $12055281 |  |  |
| **Liabilities** |  |  |  |  |  |  |  |  |  |
| Interest-bearing checking | $1434559 | $2426 | 0.68% | $1431556 | $2497 | 0.71% | $1397367 | $2424 | 0.70% |
| Money market deposits | 4358877 | 29947 | 2.76% | 4337560 | 29180 | 2.73% | 4004175 | 32411 | 3.26% |
| Savings deposits | 538843 | 252 | 0.19% | 539104 | 240 | 0.18% | 570283 | 317 | 0.22% |
| Other time deposits | 534242 | 3088 | 2.32% | 558648 | 3353 | 2.43% | 738290 | 6053 | 3.30% |
| Time deposits >$250,000 | 345916 | 2692 | 3.12% | 352174 | 2849 | 3.28% | 371471 | 3539 | 3.83% |
| &nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 7212437 | 38405 | 2.14% | 7219042 | 38119 | 2.14% | 7081586 | 44744 | 2.54% |
| Borrowings | 92199 | 1660 | 7.22% | 91960 | 1658 | 7.31% | 167976 | 2963 | 7.09% |
| Total interest-bearing liabilities | 7304636 | 40065 | 2.20% | 7311002 | 39777 | 2.21% | 7249562 | 47707 | 2.65% |
| Noninterest-bearing checking | 3522117 |  |  | 3375098 |  |  | 3350723 |  |  |
| Other liabilities | 101069 |  |  | 72839 |  |  | 76713 |  |  |
| **Shareholders' equity** | 1530550 |  |  | 1467871 |  |  | 1378283 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $12458372 |  |  | $12226810 |  |  | $12055281 |  |  |
| Net yield on interest-earning assets and net interest income |  | $96676 | 3.32% |  | $92883 | 3.25% |  | $81115 | 2.84% |
| Net yield on interest-earning assets and net interest income – tax-equivalent (3) |  | $96887 | 3.32% |  | $93320 | 3.27% |  | $81847 | 2.87% |
| Interest rate spread |  |  | 2.49% |  |  | 2.44% |  |  | 1.86% |
| Average prime rate |  |  | 7.50% |  |  | 7.50% |  |  | 8.50% |

---

(1) Average loans include nonaccruing loans, the effect of which is to lower the average rate shown. Interest earned includes recognized net loan fees, including late fees, prepayment fees, and net deferred loan (cost)/fee amortization in the amounts of $(296,000), $(294,000) and $(414,000) for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively.

(2) Includes accretion of discount on acquired loans of $1.5 million, $1.8 million and $2.3 million for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively.

(3) Includes tax-equivalent adjustments to reflect the tax benefit that we receive related to tax-exempt securities and loans as reduced by the related nondeductible portion of interest expense.

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| | |
|:---|:---|
| ![fb_logoxwithoutmarkxbancora.gif](fb_logoxwithoutmarkxbancora.gif) | **Second Quarter 2025 Results** |

---

**First Bancorp and Subsidiaries<br>Financial Summary**

**AVERAGE BALANCES AND NET INTEREST INCOME ANALYSIS - YEAR-TO-DATE**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the Six Months Ended | For the Six Months Ended | For the Six Months Ended | For the Six Months Ended | For the Six Months Ended | For the Six Months Ended |
| | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2024 | June 30, 2024 | June 30, 2024 |
| *($ in thousands)* | Average<br>Volume | Interest<br>Earned<br>or Paid | Average<br>Rate | Average<br>Volume | Interest<br>Earned<br>or Paid | Average<br>Rate |
| **Assets** |  |  |  |  |  |  |
| Loans (1) (2) | $8147750 | $223464 | 5.52% | $8087101 | $220270 | 5.47% |
| Taxable securities | 2663390 | 32381 | 2.43% | 2703441 | 24019 | 1.78% |
| Non-taxable securities | 288373 | 2232 | 1.55% | 292622 | 2234 | 1.53% |
| Short-term investments, primarily interest-bearing cash | 504652 | 11324 | 4.52% | 392790 | 8913 | 4.56% |
| Total interest-earning assets | 11604165 | 269401 | 4.67% | 11475954 | 255436 | 4.47% |
| Cash and due from banks | 143469 |  |  | 87754 |  |  |
| Premises and equipment | 142574 |  |  | 150401 |  |  |
| Other assets | 453023 |  |  | 369132 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $12343231 |  |  | $12083241 |  |  |
| **Liabilities** |  |  |  |  |  |  |
| Interest-bearing checking | $1433066 | $4923 | 0.69% | $1400425 | $4784 | 0.69% |
| Money market deposits | 4348277 | 59126 | 2.74% | 3854453 | 60223 | 3.14% |
| Savings deposits | 538973 | 493 | 0.18% | 581339 | 625 | 0.22% |
| Other time deposits | 546377 | 6441 | 2.38% | 723904 | 11509 | 3.20% |
| Time deposits >$250,000 | 349028 | 5541 | 3.20% | 363640 | 6738 | 3.73% |
| &nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 7215721 | 76524 | 2.14% | 6923761 | 83879 | 2.44% |
| Borrowings | 92081 | 3318 | 7.27% | 372987 | 11168 | 6.02% |
| Total interest-bearing liabilities | 7307802 | 79842 | 2.20% | 7296748 | 95047 | 2.62% |
| Noninterest-bearing checking | 3449013 |  |  | 3331811 |  |  |
| Other liabilities | 87032 |  |  | 77795 |  |  |
| **Shareholders' equity** | 1499384 |  |  | 1376887 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $12343231 |  |  | $12083241 |  |  |
| Net yield on interest-earning assets and net interest income |  | $189559 | 3.29% |  | $160389 | 2.81% |
| Net yield on interest-earning assets and net interest income – tax-equivalent (3) |  | $190207 | 3.30% |  | $161852 | 2.83% |
| Interest rate spread |  |  | 2.47% |  |  | 1.85% |
| Average prime rate |  |  | 7.50% |  |  | 8.50% |

---

(1) Average loans include nonaccruing loans, the effect of which is to lower the average rate shown. Interest earned includes recognized net loan fees, including late fees, prepayment fees, and net deferred loan (cost)/fee amortization in the amounts of $(590,000) and $(886,000) for the six months ended June 30, 2025 and June 30, 2024, respectively.

(2) Includes accretion of discount on acquired loans of $3.2 million and $4.7 million for the six months ended June 30, 2025 and June 30, 2024, respectively.

(3) Includes tax-equivalent adjustments to reflect the tax benefit that we receive related to tax-exempt securities and loans as reduced by the related nondeductible portion of interest expense.

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| | |
|:---|:---|
| ![fb_logoxwithoutmarkxbancora.gif](fb_logoxwithoutmarkxbancora.gif) | **Second Quarter 2025 Results** |

---

**Reconciliation of non-GAAP measures**

**APPENDIX A: Calculation of Return on TCE**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended |
| *($ in thousands)* | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 |
| Net Income | $38566 | $36406 | $3551 | $18680 | $28712 |
| &nbsp;&nbsp;&nbsp;Intangible asset amortization, net of taxes | 1123 | 1159 | 1195 | 1240 | 1283 |
| Tangible Net income | $39689 | $37565 | $4746 | $19920 | $29995 |
| Average common equity | $1530550 | $1467871 | $1466181 | $1445029 | $1378284 |
| &nbsp;&nbsp;&nbsp;Less: Average goodwill and other intangibles, net of related taxes | (486393) | (487395) | (488624) | (489987) | (491318) |
| Average tangible common equity | $1044157 | $980476 | $977557 | $955042 | $886966 |
| Return on average common equity | 10.11% | 10.06% | 0.96% | 5.14% | 8.38% |
| Return on average tangible common equity | 15.25% | 15.54% | 1.93% | 8.30% | 13.60% |

---

**APPENDIX B: Reconciliation of Common Equity to TCE**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended |
| *($ in thousands)* | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 |
| Total shareholders' common equity | $1556180 | $1508176 | $1445611 | $1477525 | $1404342 |
| &nbsp;&nbsp;&nbsp;Less: Goodwill and other intangibles, net of related taxes | (485657) | (486749) | (487660) | (489139) | (490439) |
| Tangible common equity | $1070523 | $1021427 | $957951 | $988386 | $913903 |

---

**APPENDIX C: Tangible Book Value Per Share** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended |
| *($ in thousands except per share data)* | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 |
| Tangible common equity (<u>Appendix B</u>) | $1070523 | $1021427 | $957951 | $988386 | $913903 |
| Common shares outstanding | 41468098 | 41368828 | 41347418 | 41340099 | 41187943 |
| Tangible book value per common share | $25.82 | $24.69 | $23.17 | $23.91 | $22.19 |

---

**APPENDIX D: TCE Ratio** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended |
| *($ in thousands)* | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 |
| Tangible common equity (<u>Appendix B</u>) | $1070523 | $1021427 | $957951 | $988386 | $913903 |
| Total assets | 12608265 | 12436245 | 12147694 | 12153430 | 12060805 |
| &nbsp;&nbsp;&nbsp;Less: Goodwill and other intangibles, net of related taxes | (485657) | (486749) | (487660) | (489139) | (490439) |
| Tangible assets ("TA") | $12122608 | $11949496 | $11660034 | $11664291 | $11570366 |
| TCE to TA ratio | 8.83% | 8.55% | 8.22% | 8.47% | 7.90% |

---

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| | |
|:---|:---|
| ![fb_logoxwithoutmarkxbancora.gif](fb_logoxwithoutmarkxbancora.gif) | **Second Quarter 2025 Results** |

---

**Reconciliation of non-GAAP measures, continued**

**APPENDIX E: Adjusted D-EPS**

---

| | | | |
|:---|:---|:---|:---|
| | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended |
| *($ in thousands)* | June 30, 2025 | March 31, 2025 | June 30, 2024 |
| Net income | $38566 | $36406 | $28712 |
| Impact of Hurricane Helene |  |  |  |
| &nbsp;&nbsp;&nbsp;Provision for (benefit from) credit losses | (3500) | (2000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | (3500) | (2000) |  |
| &nbsp;&nbsp;&nbsp;Less, tax impact | 812 | 464 |  |
| After-tax impact of Hurricane Helene | (2688) | (1536) |  |
| Adjusted net income | $35878 | $34870 | $28712 |
| Weighted average shares outstanding - diluted | 41441393 | 41406525 | 41262091 |
| D-EPS | $0.93 | $0.88 | $0.70 |
| Adjusted D-EPS | $0.87 | $0.84 | $0.70 |

---

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| | |
|:---|:---|
| ![fb_logoxwithoutmarkxbancora.gif](fb_logoxwithoutmarkxbancora.gif) | **Second Quarter 2025 Results** |

---

**Supplemental information**

**APPENDIX F: Loan purchase discount accretion and its impact on the Company's NIM**

Included in interest income for the second quarter of 2025 was loan purchase accounting discount accretion of $1.5 million compared to $1.8 million for the linked quarter and $2.3 million for the like quarter, with the activity related to the continued repayments/reduction of the loan portfolio acquired from GrandSouth Bancorporation in January of 2023. Loan discount accretion had positive impacts of 4 basis points, 5 basis points and 6 basis points, respectively, on the Company's NIM and NIM-T/E in the second quarter of 2025, the linked quarter and the like quarter.

The following table presents the impact to net interest income of the purchase accounting adjustments for each period.

---

| | | | |
|:---|:---|:---|:---|
| | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended |
| **NET INTEREST INCOME PURCHASE ACCOUNTING ADJUSTMENTS** <br>*($ in thousands)* | June 30, 2025 | March 31, 2025 | June 30, 2024 |
| Interest income - increased by accretion of loan discount on acquired loans | $1457 | $1789 | $2303 |
| &nbsp;&nbsp;&nbsp;Total interest income impact | 1457 | 1789 | 2303 |
| Interest expense - increased by discount accretion on deposits | (102) | (103) | (224) |
| Interest expense - increased by discount accretion on borrowings | (194) | (191) | (190) |
| &nbsp;&nbsp;&nbsp;Total net interest expense impact | (296) | (294) | (414) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total impact on net interest income | $1161 | $1495 | $1889 |

---

## Exhibit 99.2

![](fbncinvestorpresentation001.jpg)

Second Quarter Update 2025

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![](fbncinvestorpresentation002.jpg)

2 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's expectations or predictions of future financial or business performance or conditions. The forward-looking statements are inherently subject to risks and uncertainties. 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 future financial and operating results, expected cost savings, expected impact on future earnings, the 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: the financial success or changing strategies of the Company's customers; the Company's level of success in integrating acquisitions; actions of government regulators; the level of market interest rates; success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues; the impact, extent and timing of technological changes; capital management activities; and general economic conditions. Non-GAAP Measures This presentation contains financial information, performance measures and statements that include non- GAAP (Generally Accepted Accounting Principles) measures and should be read along with related earnings releases and Forms 10-Q/K 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 First Bancorp. Non- GAAP measures should not be considered as an alternative to any measure of performance or financial condition as determined in accordance with GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of First Bancorp. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.

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![](fbncinvestorpresentation003.jpg)

3 Bank Holding Company First Bancorp Subsidiary Bank First Bank Headquarters Southern Pines, North Carolina Established 1935 as Bank of Montgomery Assets $12.6 billion Loans $8.2 billion Deposits $10.8 billion Branches \* 113 in NC & SC Employees \* 1,380 full-time equivalent employees Ranking 4th largest bank headquartered in NC (largest community bank) Market Capitalization # $1.9 billion – Ticker FBNC Stock Market/Indices NASDAQ Global Select Market, S&P SmallCap 600 Index, Russell 2000 Daily Average Trading Volume # 177,000 shares Insider Ownership # 1.82% Institutional Ownership # 69.02% Member of Russell 2000 Yes \* Data is as of 6/30/25 # Data is as of 7/21/25 Company Overview

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![](fbncinvestorpresentation004.jpg)

4 Our Core Values To be the best community bank in every community we serve and through every delivery channel we offer. Safety and Soundness We ensure long term financial stability by enhancing trust and confidence and providing a safe environment. Knowledge and Accuracy Employ the best associates and ensure all are well trained, establish quality standards and hold each other accountable. Courteous Service We treat customers and associates with respect, communicate effectively, and celebrate our unique contributions Convenience and Ease Our customers choose when, where and how they do business with us. Our Mission Our Footprint

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![](fbncinvestorpresentation005.jpg)

5 National Recognition KBW Bank Honor Roll Top 4% of Banks Over $500 million in Assets - 2022 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. #1 Best Employer in North Carolina – 2023 and 2024 First Bank has formally been named the NUMBER ONE BEST EMPLOYER in North Carolina, in the extra-large employer category, by Business NC for the last two 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, 2024 Ranked 1st or 2nd in North Carolina. Based on customer survey on satisfaction and the following attributes: • Trust • Terms & Conditions • Branch Services • Digital Services • Financial Advice

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6 Q2 2025 Highlights Q2 2025 Q1 2025 CHANGE Net income (1) $38.6 million $36.4 million $2.2 million Provision for Credit Losses (1) $2.2 million $1.1 million $1.1 million Diluted EPS (1) $0.93 $0.88 $0.05 Return on Average Assets 1.24% 1.21% +3 bps Return on Average Common Equity 10.11% 10.06% +5 bps Return on Average Tangible Common Equity (2) 15.25% 15.54% -29 bps Net Interest Margin (3) 3.32% 3.25% +7 bps Loan Yield 5.53% 5.52% +1 bps Total Cost of Deposits 1.43% 1.46% -3 bps Total Cost of Funds 1.48% 1.51% -3 bps 1. Q1 25 and Q2 25 include reductions of credit reserves for Hurricane Helene of $2.0 million pre-tax, or $0.04 per share after-tax and $3.5 million pre-tax, or $0.06 per share after- tax, respectively. 2. Annualized net income divided by: average common shareholders' equity less average total intangible assets, net. 3. Net-interest income divided by average earning assets.

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7 "We are very pleased with the Bank's performance halfway through this year." Richard H. Moore, First Bancorp Chairman and CEO Capital Ratios Q2 2025 Summary • 2Q 25 net income of $38.6 million • ROA of 1.24% (highest since Q4 22) • ROCE of 10.11% • ROTCE 15.25% • Diligent expense control resulting in $59.0 million of Noninterest Expenses • NIM increased 7 basis points to 3.32% • Net Interest Income +$3.8 million to $96.7 million • Loan Yield +1bp to 5.53% • Securities yield of 2.41% (+13 bps) • Total Cost of Deposits -3bps to 1.43% • Total assets +$172.0 million 3.32% $96.7 million • Loan growth of $122.6 million NIM Net Interest Income • Invested $127.0 million in securities • Deposit growth of $85.7 million • ACL coverage ratio of 1.47% 52.9% 1.24% • Annualized net charge-offs of 0.06% ($1.2 million) Efficiency ratio Return on average assets • Reduced foreclosed real estate by $3.5 million • Helene credit reserves down $3.5 million to $7.5 million • NPA/Assets ratio remains low at 0.28% • Capital position remains strong – o Tangible Common Equity Ratio 8.83% (+28 bps) Linked quarter loan growth Linked quarter deposit growth o CET 1 Ratio 14.59%1 (+7bps) o Total Risk-Based Capital 16.85%1 (+5bps) o C&D and CRE concentration ratios within target range 1.47% 14.59%1 • Book value of $37.53 per share, (+ $1.07) ACL ratio CET1 ratio • Tangible book value of $25.82 per share, (+ $1.13) Balance Sheet Credit $122.6 million, or +6.1% $85.7 million, or +3.2% Capital Earnings $38.6 million Net income Margin $0.93 Diluted EPS

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8 3.31% 3.08% 2.97% 2.88% 2.80% 2.87% 2.90% 3.08% 3.27% 3.32% 3.18% 2.95% 2.86% 2.78% 2.69% 2.77% 2.82% 2.99% 3.19% 3.26% 2.50% 2.60% 2.70% 2.80% 2.90% 3.00% 3.10% 3.20% 3.30% 3.40% 3.50% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Reported Core 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

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9 Margin Trends 3.23% 3.27% 3.26% 3.32% 3.33% 3.30% 3.25% 3.32% 2.50% 2.60% 2.70% 2.80% 2.90% 3.00% 3.10% 3.20% 3.30% 3.40% January 2025 February 2025 March 2025 April 2025 May 2025 June 2025 1st Quarter 2025 2nd Quarter 2025 Net Interest Margin 3.25% 3.30% 3.29% 3.32% 3.33% 3.30% 3.27% 3.32% 2.50% 2.60% 2.70% 2.80% 2.90% 3.00% 3.10% 3.20% 3.30% 3.40% January 2025 February 2025 March 2025 April 2025 May 2025 June 2025 1st Quarter 2025 2nd Quarter 2025 NIM – T/E

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10 Loan Yields 5.22% 5.26% 5.32% 5.39% 5.45% 5.51% 5.51% 5.47% 5.52% 5.53% 5.03% 5.08% 5.16% 5.25% 5.30% 5.37% 5.39% 5.34% 5.41% 5.44% 4.90% 5.00% 5.10% 5.20% 5.30% 5.40% 5.50% 5.60% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Stated Core

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11 Asset Yield Trends 2.30% 2.26% 2.29% 2.36% 2.43% 2.44% 2.28% 2.41% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% 2.20% 2.40% 2.60% January 2025 February 2025 March 2025 April 2025 May 2025 June 2025 1st Quarter 2025 2nd Quarter 2025 Total Securities 4.63% 4.67% 4.66% 4.70% 4.70% 4.68% 4.65% 4.69% 4.00% 4.10% 4.20% 4.30% 4.40% 4.50% 4.60% 4.70% 4.80% January 2025 February 2025 March 2025 April 2025 May 2025 June 2025 1st Quarter 2025 2nd Quarter 2025 Interest Earning Assets 5.51% 5.54% 5.50% 5.55% 5.53% 5.51% 5.52% 5.53% 5.00% 5.10% 5.20% 5.30% 5.40% 5.50% 5.60% January 2025 February 2025 March 2025 April 2025 May 2025 June 2025 1st Quarter 2025 2nd Quarter 2025 Total Loans, Fees, & Accretion

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12 Cost of Funds and Total Cost of Deposits 0.94% 1.29% 1.46% 1.64% 1.79% 1.81% 1.81% 1.62% 1.51% 1.48% 0.75% 1.08% 1.27% 1.41% 1.56% 1.72% 1.76% 1.57% 1.46% 1.43% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Cost of Funds Deposits

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13 Deposit Cost 2.15% 2.14% 2.14% 2.13% 2.13% 2.15% 2.14% 2.14% 1.50% 1.60% 1.70% 1.80% 1.90% 2.00% 2.10% 2.20% January 2025 February 2025 March 2025 April 2025 May 2025 June 2025 1st Quarter 2025 2nd Quarter 2025 Interest Bearing Deposits 1.47% 1.46% 1.45% 1.43% 1.43% 1.44% 1.46% 1.43% 1.00% 1.05% 1.10% 1.15% 1.20% 1.25% 1.30% 1.35% 1.40% 1.45% 1.50% January 2025 February 2025 March 2025 April 2025 May 2025 June 2025 1st Quarter 2025 2nd Quarter 2025 Total Cost of Deposits

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14 Strong Capital Levels First Bancorp maintains strong capital levels with continued growth in every measure from Q1 2025 to Q2 2025. Capital levels afford management strategic flexibility. Capital Ratios 8.55% 11.41% 14.52% 15.34% 16.80% 8.83% 11.45% 14.62% 15.42% 16.87% 4.00% 7.00% 8.50% 10.50% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% TCE Tier 1 Leverage Capital Common Equity Tier 1 Tier 1 Capital Total Capital 3/31/2025 6/30/2025 Minimum 28 bps 4 bps 10 bps 8 bps 7 bps Capital ratios for Q2 2025 are preliminary and subject to change.

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15 $10,488 $10,505 $10,531 $10,745 $10,830 1.72% 1.76% 1.57% 1.46% 1.43% 2.54% 2.59% 2.31% 2.14% 2.14% 5.50% 5.00% 4.50% 4.50% 4.50% $7,000 $7,500 $8,000 $8,500 $9,000 $9,500 $10,000 $10,500 $11,000 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 2Q '24 3Q '24 4Q '24 1Q '25 2Q '25 Deposits Total cost of deposits Interest bearing deposits Fed funds Strong Deposit Franchise Supported by Attractive Markets Total deposits ended at $10.8 billion, an increase of $86 million for the quarter, or 3% annualized. Brokered deposits remain minimal at June 30, 2025 at $10 million. Management has controlled Total Cost of Deposit, with total cost of deposits decreasing 3 basis points in Q2 2025 after an 11 basis points decrease in Q1 2025 and a 19 basis point decrease in Q4 2024. Deposits End-of-Period ($ in millions)

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16 Granular, Diverse and Relationship- focused Customer Funding Base The Company benefits from a granular deposit franchise, with the top twenty depositors representing approximately 7% of total deposits. Consumer deposits represent 42% of total deposits. Business deposits represent 58% of total deposits. Uninsured and uncollateralized deposits represent approximately 34% of total deposits. Deposits End-of-Period ($ in millions) 9% 9% 9% 8% 8% 1% 0% 0% 0% 0% 40% 40% 41% 41% 41% 5% 5% 5% 5% 5% 13% 14% 13% 14% 13% 32% 32% 32% 32% 33% 2Q '24 3Q '24 4Q '24 1Q '25 2Q '25 Time deposits Brokered Money market Savings NOW Nonint trans accts $10,488 $10,505 $10,531 $10,745 $10,830

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17 Allowance for Credit Losses – 6/30/25 Loans Outstanding Allowance for Credit Losses (ex Hurricane Helene) Allowance for Credit Losses (Hurricane Helene) % of Loans Outstanding Commercial and industrial $911,227 $18,267 $239 2.03% Construction, development & other land loans 633,529 8,167 493 1.37% Commercial real estate - owner occupied 1,254,596 19,968 778 1.65% Commercial real estate - non owner occupied 2,758,629 22,419 2,006 0.89% Multi-family real estate 509,419 4,433 312 0.93% Residential 1-4 family real estate 1,731,397 32,632 3,151 2.07% Home equity loans/lines of credit 355,876 2,924 521 0.97% Consumer loans 70,137 4,235 0 6.04% Unamortized net deferred loan costs (fees) 840 Total loans $8,225,650 $113,045 $7,500 1.47%

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18 Asset Quality Trends 1.36% 1.53% 1.51% 1.49% 1.47% 1.00% 1.10% 1.20% 1.30% 1.40% 1.50% 1.60% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 ACL / Loans 0.28% 0.29% 0.30% 0.27% 0.28% 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% 0.35% 0.40% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Nonperforming Asset Ratio 0.07% 0.11% 0.04% 0.17% 0.06% 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Annualized Net Charge Offs 0.41% 0.43% 0.39% 0.36% 0.42% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Nonperforming Loan Ratio

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19 Noninterest Expense (Dollars in thousands) Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Salaries, incentives and commissions expense $27,642 $27,809 $29,995 $28,447 $28,661 $29,005 Employee benefit expense 6,269 6,703 6,495 6,702 6,095 6,187 Total personnel expense 33,911 34,512 36,450 35,149 34,756 35,192 Occupancy and equipment expense 6,075 4,877 4,883 4,700 5,192 5,195 Intangibles amortization expense 1,759 1,669 1,613 1,563 1,516 1,468 Other operating expenses 17,442 17,233 16,903 16,867 16,429 17,128 Total noninterest expenses $59,187 $58,291 $59,850 $58,279 $57,893 $58,983 $59,187 $58,291 $59,850 $58,279 $57,893 $58,983 63.4% 61.0% 61.0% 56.5% 54.3% 52.9% 45% 50% 55% 60% 65% $45,000 $47,500 $50,000 $52,500 $55,000 $57,500 $60,000 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Th ou sa nd s Non interest expense Efficiency ratio

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20 Investment Thesis Bank that offers many of the product capabilities found in larger regional banks but delivers those services with a local community bank focus • Strong culture • Mobile Banking, Wealth Management, Credit Card, Treasury Services, and Mortgage Banking Centered in one of the fastest-growing regions in the U.S. Focused on high growth markets Stable, low-cost core deposit franchise • Built over 90 years of serving our communities • Strength of rural markets • Q2 2025 Total Cost of Deposits was 1.43% • Minimal wholesale funding Conservative Balance Sheet • Minimal credit risk in investment portfolio • Core funded • In market loan portfolio – almost no participations Market disruptions provide opportunity

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21 Valuation Price to Tangible Common Book Value Chart reflects data available through S&P Global, and therefore the tangible book values are as of March 31, 2025 and the stock prices are as of July 21, 2025 for all companies presented. Based on 6/30/25 amounts for tangible common book value ($25.82) and FBNC stock price ($44.09), the Price to Tangible Book was 1.71x at that date. Source: S&P Global The above chart reflects the 7/21/2025 closing stock price and 3/31/2025 tangible common book value. .97x 1.53x 1.6x 1.63x 1.67x 1.68x 1.71x 1.74x 1.92x 2.2x SFST UCB TOWN UBSI FBK ABCB AUB SBCF FBNC FCBC Price / Tangible Common Book Value Median = 1.67X

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22 Valuation Price to Earnings Based on SNL Mean Normalized 2025 EPS Estimate of $3.56, the FBNC price to earnings ratio is 13.35x based on July 21, 2025, closing price for FBNC stock of $47.52. Source: S&P Global 10.6x 12.x 12.4x 12.5x 13.x 13.3x 13.5x 13.8x 17.5x AUB UBSI UCB ABCB FBK FBNC TOWN SFST SBCF Price / 2025 Consensus EPS - Normalized Median - 13.0x The above chart reflects the 7/21/2025 closing stock price and 2025 EPS Estimate as of that date.

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23 North Carolina & South Carolina Great States for Business High Influx of Population North Carolina is currently the 9th most populous state – • Projected 7th by 2040 – and within 1% of 5th most populated • 4th highest net increase in population in 2024 • Projected to grow 20% over the next 20 years – 5th highest total growth South Carolina is the 23rd most populous state – • The No. 1 fastest growing state by percentage change in 2023 and 4th fastest in 2024. 5th highest net increase in population in 2023 and 10th highest in 2024. • Projected to increase 18% between 2024 and 2042 America's Top States for Business • North Carolina ranked No. 1 in America's Top States for Business – 2022 and 2023 (CNBC), 2022 (Forbes), and Top Five in 2024 (CNBC, Forbes, CEO Magazine, Business Facilities). • South Carolina has trended up 20 points since 2021 to No. 19 for 2024 (CNBC) • South Carolina's economy is 12th in the nation (CNBC) Tax-friendly states – NC is phasing out corporate income tax and SC's corporate tax rate is among the lowest in the Southeast North Carolina Pension System – Ranked strongest in the nation by Moody's Both states have an AAA Bond Rating

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24 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 associates and ensure all associates are well trained, establish quality standards, and hold each other accountable. Safety and Soundness We ensure long term financial stability by enhancing trust and confidence by providing a safe environment.

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25 Corporate Citizenship

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26 Corporate Citizenship First Bank has long been a committed partner in the many communities it serves across the Carolinas. The following are just some of the investment areas made over the recent years. A proud Carolinas community partner since 1935 Ensuring Equitable Access to Education — Area public schools and community colleges — Communities in schools — STEAM Programs — Summer camps Improving the Lives of Neighbors in Need — HBCU and college scholarships — Literacy programs and book drives — Boys and Girls Club chapters — United Way chapters across the Carolinas — Habitat for Humanity affiliates as volunteers and with our Habitat Loan Origination Program — Women's shelters and organizations — Food banks and numerous drives — The American Red Cross — Partnership for Children — Smart Start — COVID relief funds, meals for frontline workers, and programs for victims of domestic violence Promoting Business and Economic Growth — Foundations — Business incubators — Local community economic development organizations — Entrepreneurship competitions — Small business financial education seminars — Events recognizing local business leaders

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27 We treat customers and associates with respect, communicate effectively and celebrate the unique contributions of each individual. We strive to build an inclusive organization that represents the communities we serve. Social Responsibility Diversity Council Represent the ideas and concerns of associates regarding diversity and inclusion and ensure all efforts align with Our Promise to Service Excellence Serve as a communication channel, providing advice and assistance to leadership in promoting respect, inclusion, opportunity and community in our workplace Create a work environment that demonstrates all views are respected and provides equal access to opportunities for growth and advancement Ensure all open positions have a diverse pool of candidates, and our job requirements align with the markets we serve • Established recruiting relationships with North Carolina HBCUs • Joined NCWorks to improve visibility of open positions Diversity and Inclusion We provide financial education resources and tools to help members of our communities build brighter financial futures. Financial Wellness Teach Children to Save First Bank is an active participant in the American Bankers Association's Teach Children to Save efforts, with associates making more than 185 visits to schools across the Carolinas and the bank matching those visits with $172,000 in donations. First@Work Through the Bank's First@Work program, Bank associates offer in-person and online financial education seminars for employees at local businesses and at events in their communities. Educational Resources First Bank maintains many educational resources covering a range of topics like personal finance, budgeting, starting a business, buying a home, and understanding a credit score. These are frequently and widely shared through the Bank's social media channels, including Facebook, Twitter, LinkedIn, and Instagram. The Learning Lab Built specifically for teens ages 12-18, the Learning Lab online modules provide financial education through fun, game-like scenarios on a variety of topics, including budgeting, savings, and investing.

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28 Thank you!

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