Company Overview

First Bancorp is the bank holding company for First Bank, a community-focused financial institution headquartered in Southern Pines, North Carolina. The company operates primarily in the banking and financial services industry, providing commercial and retail banking products to individuals, businesses, and professional clients. Its core offerings include commercial and industrial lending, commercial real estate lending, residential mortgages, consumer banking, treasury management, wealth and investment services, and deposit products. Revenue is generated primarily through net interest income from loans and securities, along with noninterest income from service charges, mortgage banking, and asset management activities.

The company’s operating model centers on relationship banking across the southeastern United States, with a strong presence in North Carolina and expansion into neighboring high-growth markets. First Bancorp traces its origins to 1935 with the establishment of First Bank in Troy, North Carolina. Over time, the institution expanded organically and through acquisitions, broadening its commercial banking capabilities and geographic reach. Its positioning has historically emphasized local market expertise, conservative credit underwriting, and a decentralized community banking structure designed to maintain regional customer relationships while scaling operational capabilities.

Business Operations

First Bancorp conducts substantially all operations through First Bank, which serves retail, commercial, and governmental customers. The company operates as a single reportable banking segment under U.S. regulatory reporting standards, though its activities encompass several major business lines, including commercial lending, consumer banking, residential mortgage lending, and wealth management. Commercial real estate and commercial business lending represent significant portions of the loan portfolio, while deposits from businesses and consumers form the primary funding base. The bank also generates fee income through debit card services, mortgage origination and servicing, investment advisory activities, and treasury management services.

Operations are concentrated in the southeastern United States, particularly across North Carolina, South Carolina, and parts of Virginia. The company maintains a branch banking network alongside digital banking capabilities supporting mobile and online services. Strategic acquisitions have contributed to market expansion, including the acquisition of Select Bancorp, Inc. in 2019 and GrandSouth Bancorporation in 2022. These transactions expanded commercial banking scale, customer relationships, and market penetration in attractive regional growth corridors. The company’s controlled assets primarily consist of its banking franchise, branch infrastructure, loan portfolio, securities portfolio, and digital banking systems.

Strategic Position & Investments

The strategic direction of First Bancorp has focused on disciplined regional expansion, commercial banking growth, and strengthening fee-based revenue streams. Management has emphasized organic loan growth in metropolitan and high-growth southeastern markets while maintaining conservative credit standards and capital management practices. The acquisition of GrandSouth Bancorporation significantly expanded the company’s footprint in South Carolina and enhanced commercial banking capabilities, while prior integration of Select Bancorp, Inc. increased scale across North Carolina and Virginia markets.

The company has also invested in digital banking infrastructure, treasury management solutions, and operational efficiency initiatives to support customer retention and competitive positioning against larger regional banks. Wealth management and mortgage banking continue to serve as complementary service lines supporting relationship-based banking strategies. Public filings and investor communications indicate a continued focus on middle-market commercial clients, small businesses, healthcare professionals, municipalities, and consumers in growing southeastern economic regions. While the company participates in broader banking technology modernization efforts, publicly available disclosures do not identify material proprietary emerging technology ventures beyond standard financial services digital transformation initiatives.

Geographic Footprint

First Bancorp operates primarily within the southeastern United States, with its headquarters located in Southern Pines, North Carolina. The company maintains banking offices and lending operations throughout North Carolina, South Carolina, and portions of Virginia, serving both urban and rural markets. Key metropolitan areas include Raleigh, Wilmington, Greensboro, Asheville, Greenville, and Charleston, among others. Its footprint reflects a concentration in economically expanding southeastern corridors with population and business growth trends favorable to regional banking activity.

Although the company does not maintain a significant direct international operating presence, it supports customers engaged in interstate and limited international business activities through commercial banking and treasury services. Its operational influence remains overwhelmingly domestic, with strategy and investment priorities concentrated on strengthening market share across southeastern U.S. banking markets rather than pursuing multinational expansion.

Leadership & Governance

Leadership of First Bancorp combines long-tenured banking executives with regional market expertise. Governance is overseen by the company’s board of directors and executive management team, with strategic priorities centered on credit quality, shareholder returns, operational discipline, and long-term franchise expansion. Public filings and investor materials consistently emphasize community banking values alongside scalable regional banking growth.

Key executives include:

• Richard H. Moore – Executive Chairman
• Richard M. Hipp – Chief Executive Officer
• Cynthia S. Wolfe – President
• Jason E. Quick – Chief Financial Officer
• Suzanne S. DeFerie – Chief Administrative Officer
• Patrick A. Ryan – Chief Credit Officer

Management’s stated strategic philosophy has focused on balanced growth through disciplined acquisitions, strong risk management, local decision-making authority, and expansion in attractive southeastern banking markets while maintaining capital strength and profitability metrics consistent with regional banking peers.