First Bancorp

The Company is the fourth largest commercial bank holding company headquartered in North Carolina. As of December 31, 2025, the Company reported total consolidated assets of $12.7 billion, total loans of $8.7 billion, total deposits of $10.7 billion, and shareholders' equity of $1.7 billion. Its primary business involves owning and operating the Bank, a state-chartered bank headquartered in Southern Pines, North Carolina, which conducts a full range of banking activities. The Company was incorporated in North Carolina on December 8, 1983. The Bank began operations in 1935 as the Bank of Montgomery, changing its name to First Bank in 1985. In September 2013, the Company and the Bank relocated their headquarters to Southern Pines, North Carolina. As of December 31, 2025, the Bank had two wholly-owned subsidiaries: Magnolia Financial and First Troy SPE, LLC. Magnolia Financial is a business financing company that provides accounts receivable financing and factoring, inventory financing, and purchase order financing across the southeastern United States. First Troy SPE, LLC serves as a holding entity for specific foreclosed real estate. SBA Complete, a former subsidiary of the Bank that offered consulting services for financial institutions nationwide regarding SBA loan origination and servicing, was in the process of dissolution as of December 31, 2024. The Company is also the parent of statutory business trusts that issue trust preferred debt securities for regulatory capital purposes.