EX-99.1 2 ex99-1.htm EXHIBIT 99.1
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August 2011

This report contains statements that could be deemed forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of 1934 and the
Private Securities Litigation Reform Act, 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. Further, forward-looking statements
are intended to speak only as of the date made. Such statements are often
characterized by the use of qualifying words (and their derivatives) such as “expect,”
“believe,” “estimate,” “plan,” “project,” or other statements concerning our opinions or
judgment 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 our customers, our level of success in integrating acquisitions,
actions of government regulators, the level of market interest rates, and general
economic conditions. For additional information that could affect the matters discussed
in this paragraph, see the “Risk Factors” section in Item 1A of Part I of Form 10-K filed
for the year ended December 31, 2010 and in Item 1A of Part II of Forms 10-Q filed
for the quarterly periods ended March 31, 2011 and June 30, 2011.
Caution Regarding Forward-Looking Statements
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NASDAQ ticker FBNC
Headquarters Troy, NC
Subsidiary Bank First Bank
Established 1935 as Bank of Montgomery
Assets1 $3.3 billion
Loans1 $2.4 billion
Deposits1 $2.7 billion
Branches 97 in NC, SC, VA
Employees 822 full-time equivalent employees
Customers 270,000
Ranking 4th largest bank in North Carolina
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1 Note: Financial data as reported on Earnings Release for the quarter ended June 30, 2011.
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First Bank Branches (91)
First Bank of Virginia Branches*(6)
Loan Production Office
*Operating as a branch of First Bank NC
Branch Network

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Company Highlights
• Seasoned Management and Board of Directors
• High Growth Company
• Organic
• Acquired
• Earnings
• Strong Net Interest Margin
• 24 consecutive years of Profitability since 1987 IPO
• Asset Quality
• Non-performing assets elevated compared to prior periods
• Stable and Manageable
• Capital
• Strong Capital Ratios
• Stock Valuation
• Trading at a discount compared to historical valuation
measures
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Experienced Executive Officers to Lead Growth Strategy

Name / Position | Experience with First Bank
Jerry L. Ocheltree Director, President & Chief Executive Officer | 13 years (26 years Banking Experience)
Anna G. Hollers EVP, Chief Operating Officer & Corporate Secretary | 39 years
Teresa C. Nixon EVP & Chief Lending Officer | 22 years
Eric P. Credle EVP & Chief Financial Officer | 14 years
David C. Grigg EVP & Chief Information Officer | 39 years
Lee C. McLaurin EVP & Controller | 24 years
Timothy S. Maples EVP & Chief Investment Officer | 11 years

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Board of Directors
Keen Vision and Diverse Experience
Board Members Include:
§ Former State Treasurer
§ Former Lieutenant Governor
§ Former Speaker of North Carolina House of Representatives
and current member of North Carolina Senate
§ 8 Business Executives from a wide range of industries
§ 1 CPA in public practice
§ 3 Former CEOs from Acquired Banks
§ FBNC common stock ownership:
• Board of Directors and Executive Officers
• 401(k) and pension plans
14% Ownership
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Management Structure
Trusted Financial Professionals Provide a Suite of Services
• 10 Regional Executives report to the President
• Branch Managers report to Regional Managers
• Regional Executives review loans with CLO and credit staff weekly
• Cash management, remote deposit, online banking, mobile banking and i-Phone®
app sales and support services are provided by experienced specialists
• Residential Mortgages are underwritten and processed by the Mortgage Loan
Department
• Conforming mortgages are sold with servicing released
• Department supports 33 residential mortgage specialists throughout
branch network
• Property and Casualty Insurance Services are provided by dedicated
professionals
• Wealth Management services are expanding to further complement our deposit
products

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Total Assets
Asset Growth - June 1999 to June 2011
534% Growth

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DeNovo Branches
22 New Branches Opened from 1999 - 2010
With Current Deposits of $525 Million
Deposits as of 6-30-2011

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Cooperative Bank
Wilmington, NC
Acquisition Date: June 19, 2009
Assets: $959 million
Deposits: $717 million
Loans: $835 million
Number offices: 21 in NC and 3 in SC
Retained: 17 in NC and 2 in SC
Discount Bid: $123 million
Deposit Premium: 0
Bargain Purchase Gain: $68 million
FDIC-Assisted Acquisition
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FDIC-Assisted Acquisition
Acquisition Date: January 21, 2011
Assets: $190 million
Deposits: $192 million
Loans: $154 million
Number Offices: 5
Discount Bid: $23.9 million
Deposit Premium: 0
Bargain Purchase Gain: $10 million
Bank of Asheville
Asheville, NC
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Bank of Asheville Acquisition
January 21, 2011
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American Defense Corridor
Growth Opportunities in Existing Markets
§ North Carolina has the third largest
military presence in America.
§ The American Defense Corridor
(ADC) is an emerging defense
industry in NC. By 2013 available
jobs in the ADC will increase to
54,000.
§ We have market presence in 7 of
the 11 counties within the
ADC, including the
Wilmington, Jacksonville and
Morehead City areas that serve
other military installations.
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%

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%
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1 See Appendix for list of Companies.

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(%)

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Noninterest Income
Core noninterest income to average assets -
Generally below peer ratios
Presents opportunities for improvement
First Bank Insurance Services - Offers P&C insurance products
Wealth Management Division - New hire starting August 15 to build
out full platform
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Non-Interest Expenses1 / Average Assets
FBNC consistently operates more efficiently than the Peer Group
1 Non-interest expenses adjusted to exclude losses on OREO
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Asset Quality
Nonperforming assets and provisions for loan
losses remain at elevated levels
North Carolina property values have declined significantly
and unemployment rates remain high
NPA’s - stable and manageable
Non-covered NPA’s/Total Assets = 3.89% to 4.25% over the
past 12 months
Covered NPA’s (FDIC loss share assets)
Declining trend as we work through failed bank problem assets
down from $187 million at June 30, 2010 to $164 million at
June 30, 2011 (despite addition of Bank of Asheville)
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Unemployment Rates Per County
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4% - 8%
8% - 12%
12% +

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Asset Quality:
Elevated Levels of Nonperforming Assets Compared to Prior Periods
Stabilizing Over the Past Two Quarters
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Provision for Loan Losses
Excluding Provisions for Loans Covered under FDIC Loss Share Agreements
Ø First Bancorp has remained profitable in spite of elevated provisions
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Commercial, financial, and agricultural
Real Estate - construction, land development & other land loans
Real Estate - mortgage - residential (1-4 family first mortgages)
Real Estate - mortgage - home equity loans
Real Estate - mortgage - commercial and other
Installment loans to individuals
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Capital
Capital Ratios are at/near 20+ year highs
$65 million of TARP capital remains
Has been leveraged for growth (two FDIC acquisitions)
Insurance against an uncertain economy
Provides flexibility for future growth, including M&A
Applied for SBLF
Preference is to repay from retained earnings,
possibly in installments
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Note: TARP equity represents approximately 3.00% of the Total Risk Based Capital
Ratio and 2.00% of the Leverage Capital Ratio
Capital Ratios
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First Bancorp Stock Valuation - FBNC
FBNC - August 4, 2011 Closing Price = $ 9.84
June 30, 2011 Tangible Book Value Common = $12.88
Consensus 2012 Diluted Earnings
Per Share - Common (4 analysts) = $ 1.01
2011 Annualized Dividend Rate (Per Share) = $ 0.32
Price to Tangible Book = 0.76x
Price to 2012 Consensus EPS = 9.7x
Dividend Yield (as of 8/4/11) = 3.23%
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First Bancorp
§ Longevity and Experienced Management Team
§ Solid Capital Position
§ Positioned as a Regional Consolidator
• M&A and FDIC Assisted Deals
§ Diversified Markets and Revenues
§ Funded by Stable Core Deposits - True Retail Franchise
§ Effective Management of Interest Rate Risk
§ Resilient Net Interest Margin and operating efficiencies
§ Opportunities in expanding our Business Banking and
Wealth Management
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Appendix
Select SE Peer Group