FIRST BANCORP /NC/ Business Summary

First Bancorp /NC/ (FBNC) is a regional bank holding company that operates primarily through its wholly owned subsidiary, First Bank. The company generates revenue through a traditional spread-based model, earning net interest income from a diverse portfolio of commercial, consumer, and mortgage loans, as well as non-interest income from wealth management, trust services, and insurance products. Its primary business segments include Commercial and Consumer Banking, Mortgage Banking, and Wealth Management, supported by a network of 113 branches across the Carolinas. As of early 2026, the company manages approximately $12.8 billion in total assets, positioning it as a mid-tier regional player. It competes directly with other regional institutions such as First Busey (BUSE), Renasant (RNST), S&T Bancorp (STBA), and First Financial Bancorp (FFBC), distinguishing itself through a localized, community-focused service model and a strong presence in the high-growth Piedmont and coastal regions. The leadership team is headed by Richard H. Moore, who serves as CEO and Chairman of First Bancorp; Moore brings significant public and private sector pedigree as the former State Treasurer of North Carolina and a former managing director at Relational Investors. G. Adam Currie serves as the CEO of First Bank, having been promoted to the role in February 2025 following a decade of leadership at the firm and prior senior roles at PNC Capital Markets and RBC Bank. The executive suite also includes Elizabeth B. Bostian as EVP and Chief Financial Officer and Christian Wilson as EVP and Chief Operating Officer. The company is characterized by high institutional ownership, with major stakeholders including Invesco Ltd., Goldman Sachs, and Dimensional Fund Advisors, while its board is strengthened by Lead Independent Director James C. Crawford III.