<SEC-DOCUMENT>0001174947-19-000739.txt : 20190529
<SEC-HEADER>0001174947-19-000739.hdr.sgml : 20190529
<ACCEPTANCE-DATETIME>20190529164834
ACCESSION NUMBER:		0001174947-19-000739
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20181130
FILED AS OF DATE:		20190529
DATE AS OF CHANGE:		20190529

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST BANCORP /NC/
		CENTRAL INDEX KEY:			0000811589
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				561421916
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-15572
		FILM NUMBER:		19862638

	BUSINESS ADDRESS:	
		STREET 1:		341 NORTH MAIN ST
		STREET 2:		PO BOX 508
		CITY:			TROY
		STATE:			NC
		ZIP:			27371-0508
		BUSINESS PHONE:		9105766171
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>form11k-22306_asbp.htm
<DESCRIPTION>11-K
<TEXT>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-right: 0; margin-left: 0"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549 </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-right: 0; margin-left: 0"><B>FORM&nbsp;11-K</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Wingdings">x</FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-right: 0; margin-left: 0">For the period ended November
30, 2018</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-right: 0; margin-left: 0">OR</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Wingdings">o</FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">For the transition period from ______ to ______</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-right: 0; margin-left: 0">Commission File Number
000-15572</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-right: 0; margin-left: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A.</TD><TD STYLE="text-align: center">Full title of the plan and address of the plan, if different from that of the issuer named below:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-right: 0; margin-left: 0.5in; margin-top: 9pt"><B>Asheville Savings
Bank Retirement Savings Plan</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">B.</TD><TD STYLE="text-align: center">Name of issuer of the securities held pursuant to the plan and the address of its principal executive
office:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: center"><B>First Bancorp</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>300 SW Broad Street</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Southern Pines, NC 28387</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-right: 0; margin-left: 0"><B><A NAME="index"></A>Asheville Savings Bank
Retirement Savings Plan<BR>
INDEX</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 86%; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="width: 3%; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="width: 5%; font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="width: 5%; font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-family: Courier New, Courier, Monospace; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 7.5pt; font-family: Courier New, Courier, Monospace; text-indent: -7.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.4in; font-family: Courier New, Courier, Monospace; text-indent: -0.4in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="#a_001">Report of Independent Registered Public Accounting Firm as of and for the period ended November 30, 2018 and for the year ended December 31, 2017</A></FONT></TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.5pt; font-family: Courier New, Courier, Monospace; text-indent: -7.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.5pt; font-family: Courier New, Courier, Monospace; text-indent: -7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="#a_002">Statements of Net Assets Available for Benefits as of November 30, 2018 and December 31, 2017 (In liquidation)</A></FONT></TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 7.5pt; font-family: Courier New, Courier, Monospace; text-indent: -7.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 7.5pt; font-family: Courier New, Courier, Monospace; text-indent: -7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="#a_003">Statement of Changes in Net Assets Available for Benefits for the period ended November 30, 2018 (In liquidation)</A></FONT></TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 7.5pt; font-family: Courier New, Courier, Monospace; text-indent: -7.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 7.5pt; font-family: Courier New, Courier, Monospace; text-indent: -7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="#a_004">Notes to the Financial Statements</A></FONT></TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</FONT></TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 7.5pt; font-family: Courier New, Courier, Monospace; text-indent: -7.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 7.5pt; font-family: Courier New, Courier, Monospace; text-indent: -7.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="#a_005">Signature</A></FONT></TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</FONT></TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Courier; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">All schedules required by Section 2520.103-10 of the U.S. Department
of Labor&rsquo;s rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have
been omitted because they are not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B></B><IMG SRC="image_003.jpg" ALT=""></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><A NAME="a_001"></A>Report of Independent Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0 0">To the Audit Committee and Participants</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Asheville Savings Bank Retirement Savings Plan</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify"><B>Opinion on the Financial Statements</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify">We have audited the accompanying statements
of net assets available for benefits of the Asheville Savings Bank Retirement Savings Plan (the &ldquo;Plan&rdquo;) as of November
30, 2018 (liquidation basis) and December 31, 2017 (going concern basis), and the related statement of changes in net assets available
for benefits for the period ended November 30, 2018 (liquidation basis), and the related notes (collectively, the &ldquo;financial
statements&rdquo;). In our opinion, the financial statements present fairly, in all material respects, the net assets available
for benefits of the Plan as of November 30, 2018 and December&nbsp;31, 2017, and the changes in net assets available for benefits
for the period ended November&nbsp;30, 2018, in conformity with accounting principles generally accepted in the United States of
America.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify"><B>Basis for Opinion</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify">These financial statements are the responsibility
of the Plan&rsquo;s management. Our responsibility is to express an opinion on the Plan&rsquo;s financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (&ldquo;PCAOB&rdquo;)
and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify">We conducted our audits in accordance
with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to
have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are
required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Plan&rsquo;s internal control over financial reporting. Accordingly, we express no such opinion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify">Our audits included performing procedures
to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made
by the Plan&rsquo;s management, as well as evaluating the overall presentation of the financial statements. We believe that our
audits provide a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify"><B>Emphasis of Matter &ndash; Plan Termination
and Use of Liquidation Basis of Accounting</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As described in Notes 1 and 5 to the financial
statements, on March 31, 2018, the Plan was terminated and management determined that liquidation was imminent. Accordingly, the
Plan has changed its basis of accounting from the going concern basis used in presenting the Plan&rsquo;s 2017 financial statements
to the liquidation basis used in presenting the Plan&rsquo;s 2018 financial statements. Our opinion is not modified with respect
to this matter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify">/s/ Smith Leonard PLLC</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0">We have served as the Plan&rsquo;s auditor since 2017.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0 0; text-align: justify; color: Black">High Point, North Carolina</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">May 29, 2019</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#index" STYLE="font-style: italic">Index</A>&nbsp;</DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B></B></P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">Asheville Savings Bank Retirement Savings Plan</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; border-bottom: Black 1pt solid"><A NAME="a_002"></A>Statements of Net Assets Available for Benefits</P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">November 30,<BR>
 2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">December 31,<BR>
 2017</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; white-space: nowrap">(In Liquidation)</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-weight: bold">Assets</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; white-space: nowrap">Investments at fair value</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; padding-left: 20pt; white-space: nowrap">Mutual funds</TD><TD STYLE="width: 1%; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; white-space: nowrap">$</TD><TD STYLE="width: 10%; text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="width: 1%; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="width: 1%; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; white-space: nowrap">$</TD><TD STYLE="width: 10%; text-align: right; white-space: nowrap">5,623,102</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 20pt; white-space: nowrap">Time deposit fund</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">629,812</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 20pt; white-space: nowrap">Unitized stock fund</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">1,033,026</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 20pt; white-space: nowrap">Total investments</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">7,285,940</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; white-space: nowrap">Receivables</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; white-space: nowrap">Notes receivable from participants</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">202,451</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt; white-space: nowrap">Participant contribution receivable</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">20,341</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 20pt; white-space: nowrap">Employer contribution receivable</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">7,398</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 20pt; white-space: nowrap">Total receivables</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">230,190</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left; padding-bottom: 2.5pt; white-space: nowrap">Net assets available for benefits</TD><TD STYLE="padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; white-space: nowrap">7,516,130</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>See Notes to Financial Statements&nbsp;</B></P>

<!-- Field: Page; Sequence: 4; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#index" STYLE="font-style: italic">Index</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">Asheville Savings Bank Retirement Savings Plan</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><A NAME="a_003"></A>Statement of Changes in Net Assets Available for Benefits</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; border-bottom: Black 1pt solid">For the period ended November 30, 2018 (In Liquidation)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; white-space: nowrap">Additions:</TD><TD STYLE="font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; white-space: nowrap">Investment income</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left; padding-left: 20pt; white-space: nowrap">Net appreciation in fair value of investments</TD><TD STYLE="width: 1%; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; white-space: nowrap">$</TD><TD STYLE="width: 10%; text-align: right; white-space: nowrap">276,526</TD><TD STYLE="width: 1%; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 20pt; white-space: nowrap">Interest and dividends</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">14,704</TD><TD STYLE="padding-bottom: 1pt; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 30pt; white-space: nowrap">Total investment income</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">291,230</TD><TD STYLE="padding-bottom: 1pt; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt; white-space: nowrap">Interest income on notes receivable from participants</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">3,056</TD><TD STYLE="padding-bottom: 1pt; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; white-space: nowrap">Contributions</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; white-space: nowrap">Participant</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">166,317</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 20pt; white-space: nowrap">Employer</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">58,408</TD><TD STYLE="padding-bottom: 1pt; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">224,725</TD><TD STYLE="padding-bottom: 1pt; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 30pt; white-space: nowrap">Total additions</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">519,011</TD><TD STYLE="padding-bottom: 1pt; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; white-space: nowrap">Deductions:</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt; white-space: nowrap">Benefits paid to participants</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">8,007,260</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt; white-space: nowrap">Administrative expenses</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">27,881</TD><TD STYLE="padding-bottom: 1pt; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 30pt; white-space: nowrap">Total deductions</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">8,035,141</TD><TD STYLE="padding-bottom: 1pt; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt; white-space: nowrap">Net decrease</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">(7,516,130</TD><TD STYLE="text-align: left; white-space: nowrap">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt; white-space: nowrap">Net assets available for benefits, beginning of year</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">7,516,130</TD><TD STYLE="padding-bottom: 1pt; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left; padding-bottom: 2.5pt; white-space: nowrap">Net assets available for benefits, end of year</TD><TD STYLE="padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>See Notes to Financial Statements&nbsp;</B></P>

<!-- Field: Page; Sequence: 5; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#index" STYLE="font-style: italic">Index</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Asheville Savings Bank Retirement Savings
Plan</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><A NAME="a_004"></A>Notes to the Financial Statements</B></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: italic bold 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.75in"><FONT STYLE="font-style: normal">Note 1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-style: normal">Description of the Plan</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following description of the Asheville Savings
Bank Retirement Savings Plan (the &quot;Plan&quot;) provides only general information. Participants should refer to the plan agreement
for a more complete description of the Plan&rsquo;s provisions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/200% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>General:</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Plan was a defined contribution plan covering
all participants of the former Asheville Savings Bank, S.S.B. Effective October 1, 2017, First Bancorp acquired Asheville Savings
Bank, S.S.B. (collectively the &ldquo;Company&rdquo;) and also acquired the Plan in the transaction. This transaction had no impact
on the Plan until the Plan termination date of March 31, 2018. After termination, all participant funds were distributed for the
benefit of the participants, which were finalized as of November 30, 2018. Employees who were retained by First Bancorp after the
plan termination date were eligible to participate in the First Bancorp Employees&rsquo; 401(k) Plan beginning on April 1, 2018.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Plan covered participants who had one year
and 1,000 hours of service. The Retirement Committee of the Company controlled and managed the operation and administration of
the Plan. Pentegra Trust Company (&ldquo;Pentegra&rdquo;) served as the Trustee for the Plan. Reliance Trust Company (&ldquo;Reliance&rdquo;)
served as the custodian for the Plan. The Plan was subject to provisions of the Employee Retirement Income Security Act of 1974
(&ldquo;ERISA&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/200% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>Contributions:</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Each year, participants could contribute up
to 60% of their pretax annual compensation, as defined in the Plan document and subject to certain Internal Revenue Code (&ldquo;IRC&rdquo;)
limitations. Participants who had attained age 50 before the end of the Plan year were eligible to make catch-up contributions.
Participants could also contribute amounts representing distributions from other qualified defined benefit or defined contribution
plans. In 2018 and 2017, the Company contributed a safe harbor matching contribution equal to the sum of 1) 100% of the participant&rsquo;s
pre-tax salary contributed up to 3% and 2) 50% of the participant&rsquo;s pre-tax salary contributed between 3% and 5%. Contributions
were subject to certain IRS limitations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>Investment options:</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Participants were able to direct the investment
of their accounts into various investment options offered by the Plan. The Plan offered various mutual funds, a fund that invested
in the common stock of First Bancorp, and a fund that invested in time deposits issued by the Company as investment options for
participants.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>Participant accounts:</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Each participant's account was credited with
the participant's contributions and allocations of the Company&rsquo;s matching contributions and Plan earnings. Participant accounts
were charged with benefit payments and allocations of administrative expenses and Plan losses. Allocations were based on participant
earnings or account balances, as defined. The benefit to which a participant was entitled was the benefit that could be provided
from the participant's vested account.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#index" STYLE="font-style: italic">Index</A>&nbsp;</DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/200% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>Vesting:</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Participants were immediately vested in their
voluntary contributions and their portion of the Company&rsquo;s matching contributions plus actual earnings thereon.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/200% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>Notes receivable from participants:</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Participants could borrow from their fund accounts
a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their account balance. The loans were secured by the
balance in the participant&rsquo;s account and bore interest at the prime rate plus 1% at the date of application. Principal and
interest were paid ratably through payroll deductions. All loans were settled at termination.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/200% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>Payment of benefits:</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On termination of service due to death, disability
or retirement, a participant could elect to receive an amount equal to the value of the participant&rsquo;s vested interest in
his or her account in either a lump-sum amount or various installment options as provided by the Plan. For termination of service
due to other reasons, a participant could receive the value of the vested interest in his or her account as a lump-sum distribution.
Amounts contributed on a before-tax basis could be withdrawn only upon demonstration of financial hardship, disability, or after
the participant reaches the age of 59 &frac12;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: italic bold 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.75in"><FONT STYLE="font-style: normal">Note 2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-style: normal">Summary of Significant Accounting Policies and Activities</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/200% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>Basis of accounting:</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The financial statements of the Plan have been
prepared on a liquidation basis, in accordance with accounting principles generally accepted in the United States of America (&ldquo;GAAP&rdquo;).&nbsp;
This basis of accounting is considered appropriate when, among other things, liquidation of an entity is probable and the net realizable
value of assets is reasonably determinable.&nbsp; Under the liquidation basis of accounting, assets are stated at their estimated
net realized cash value and liabilities are stated at their anticipated settlement amounts. As a result of the Plan termination
effective March 31, 2018, the Plan&rsquo;s financial statements as of November 30, 2018 and for the period then ended have been
prepared on the liquidation basis and the December 31, 2017 financial statements have been prepared on a going concern basis, in
accordance with GAAP. &nbsp;&nbsp;There were no material changes to the 2018 financial statements as a result of the change under
the liquidation basis of accounting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/200% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>Use of estimates:</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and
changes therein, and disclosure of contingent assets and liabilities. Accordingly, actual results may differ from these estimates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/200% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>Investment valuation and income recognition:</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Plan's investments were reported at fair
value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The Plan&rsquo;s management determines the Plan&rsquo;s valuation policies
utilizing information provided by the investment advisors. See Note 3 for discussion of fair value measurements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Purchases and sales of securities were recorded
on a trade-date basis. Interest income from notes receivable from participants was recorded when received. Other interest income
was recorded on the accrual basis. Dividends were recorded on the ex-dividend date. Net appreciation included the Plan&rsquo;s
gains and losses on investments bought and sold as well as held during the year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#index" STYLE="font-style: italic">Index</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/200% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>Notes receivable from participants:</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Notes receivable from participants were measured
at their unpaid principal balance. Delinquent participant loans were reclassified as distributions based upon the terms of the
Plan document.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/200% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>Payment of benefits:</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Benefit payments were recorded when paid.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/200% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>Administrative Expenses:</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Plan&rsquo;s administrative expenses could
be paid by either the Plan or the Company, as provided by the plan document. Certain administrative functions were performed by
employees of the Company. No such employee received compensation from the Plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>Subsequent events:</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Management has evaluated events occurring subsequent
to the date of the financial statements through May 29, 2019, the date the financial statements were available to be issued and
has determined that no additional events have occurred that required adjustments to or disclosure in the financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.75in"><B>Note 3.</B></TD>
    <TD STYLE="text-align: justify"><B>Fair Value Measurements</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The framework for measuring fair value provides
a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the
highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority
to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5in 0 81pt; text-align: justify; text-indent: -45pt">Level 1:&nbsp;&nbsp;&nbsp;&nbsp;Inputs
to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has
the ability to access.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0.5in 0 81pt; text-align: justify; text-indent: -45pt">Level
2:&nbsp;&nbsp;&nbsp;&nbsp;Inputs to the valuation methodology include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quoted prices for
similar assets or liabilities in active markets;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quoted prices for
identical or similar assets or liabilities in inactive markets;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Inputs other than
quoted prices that are observable for the asset or liability;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Inputs that are derived
principally from or corroborated by observable market data by correlation or other means.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5in 0 81pt; text-align: justify">If the asset or liability has a
specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5in 0 81pt; text-align: justify; text-indent: -45pt">Level 3:&nbsp;&nbsp;&nbsp;Inputs
to the valuation methodology are unobservable and significant to the fair value measurement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The asset or liability&rsquo;s fair value measurement
level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
Valuation techniques used need to maximize the use of relevant observable inputs and minimize the use of unobservable inputs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#index" STYLE="font-style: italic">Index</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Following is a description of the valuation
methodologies used for assets measured at fair value. There have been no changes in the methodologies used at November 30, 2018
and December 31, 2017. There were no Plan assets at November 30, 2018.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 81.35pt; text-align: justify; text-indent: -45.35pt">Mutual funds:
Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered
with the Securities and Exchange Commission. These funds are required to publish their daily Net Asset Value (&ldquo;NAV&rdquo;)
and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 81pt; text-align: justify; text-indent: -45pt">Unitized stock
fund: Valued at the unit price, which is based on the closing price of the underlying stock reported on the active market on which
the individual security is traded. The unitized stock fund also maintains a cash portion to provide daily liquidity. Cost approximates
fair value for the cash portion of the unitized stock fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">Time deposit fund: Valued at the NAV of units
in the fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The following table sets forth by level, within the fair value hierarchy,
the Plan&rsquo;s fair value measurements as of November 30, 2018 and December 31, 2017.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: justify; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">November 30, 2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: justify; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Level 1</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Level 2</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Level 3</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: justify; white-space: nowrap">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Courier New, Courier, Monospace; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; white-space: nowrap">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Courier New, Courier, Monospace; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; white-space: nowrap">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Courier New, Courier, Monospace; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; white-space: nowrap">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Courier New, Courier, Monospace; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; white-space: nowrap">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: justify; white-space: nowrap">Mutual funds</TD><TD STYLE="width: 1%; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; white-space: nowrap">$</TD><TD STYLE="width: 10%; text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="width: 1%; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="width: 1%; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; white-space: nowrap">$</TD><TD STYLE="width: 10%; text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="width: 1%; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="width: 1%; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; white-space: nowrap">$</TD><TD STYLE="width: 10%; text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="width: 1%; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="width: 1%; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; white-space: nowrap">$</TD><TD STYLE="width: 10%; text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="width: 1%; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; white-space: nowrap">Unitized stock fund</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; white-space: nowrap">Total assets included in the fair value hierarchy</TD><TD STYLE="padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; white-space: nowrap">Investments measured at NAV (a)</TD><TD STYLE="font-family: Courier New, Courier, Monospace; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-family: Courier New, Courier, Monospace; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-family: Courier New, Courier, Monospace; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-family: Courier New, Courier, Monospace; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-family: Courier New, Courier, Monospace; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-family: Courier New, Courier, Monospace; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-family: Courier New, Courier, Monospace; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-family: Courier New, Courier, Monospace; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-family: Courier New, Courier, Monospace; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-family: Courier New, Courier, Monospace; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; white-space: nowrap">Total investments at fair value</TD><TD STYLE="font-family: Courier New, Courier, Monospace; padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-family: Courier New, Courier, Monospace; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Courier New, Courier, Monospace; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Courier New, Courier, Monospace; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-family: Courier New, Courier, Monospace; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Courier New, Courier, Monospace; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Courier New, Courier, Monospace; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-family: Courier New, Courier, Monospace; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Courier New, Courier, Monospace; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Courier New, Courier, Monospace; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: justify; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">December 31, 2017</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: justify; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Level 1</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Level 2</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Level 3</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: justify; white-space: nowrap">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Courier New, Courier, Monospace; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; white-space: nowrap">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Courier New, Courier, Monospace; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; white-space: nowrap">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Courier New, Courier, Monospace; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; white-space: nowrap">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Courier New, Courier, Monospace; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: justify; white-space: nowrap">Mutual funds</TD><TD STYLE="width: 1%; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; white-space: nowrap">$</TD><TD STYLE="width: 10%; text-align: right; white-space: nowrap">5,623,102</TD><TD STYLE="width: 1%; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="width: 1%; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; white-space: nowrap">$</TD><TD STYLE="width: 10%; text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="width: 1%; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="width: 1%; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; white-space: nowrap">$</TD><TD STYLE="width: 10%; text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="width: 1%; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="width: 1%; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; white-space: nowrap">$</TD><TD STYLE="width: 10%; text-align: right; white-space: nowrap">5,623,102</TD><TD STYLE="width: 1%; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; white-space: nowrap">Unitized stock fund</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">1,033,026</TD><TD STYLE="padding-bottom: 1pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">1,033,026</TD><TD STYLE="padding-bottom: 1pt; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; white-space: nowrap">Total assets included in the fair value hierarchy</TD><TD STYLE="padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; white-space: nowrap">5,623,102</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; white-space: nowrap">1,033,026</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; white-space: nowrap">&mdash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; white-space: nowrap">6,656,128</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; white-space: nowrap">Investments measured at NAV (a)</TD><TD STYLE="font-family: Courier New, Courier, Monospace; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-family: Courier New, Courier, Monospace; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-family: Courier New, Courier, Monospace; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-family: Courier New, Courier, Monospace; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-family: Courier New, Courier, Monospace; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-family: Courier New, Courier, Monospace; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-family: Courier New, Courier, Monospace; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-family: Courier New, Courier, Monospace; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-family: Courier New, Courier, Monospace; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-family: Courier New, Courier, Monospace; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">629,812</TD><TD STYLE="padding-bottom: 1pt; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; white-space: nowrap">Total investments at fair value</TD><TD STYLE="font-family: Courier New, Courier, Monospace; padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-family: Courier New, Courier, Monospace; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Courier New, Courier, Monospace; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Courier New, Courier, Monospace; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-family: Courier New, Courier, Monospace; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Courier New, Courier, Monospace; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Courier New, Courier, Monospace; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="font-family: Courier New, Courier, Monospace; padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-family: Courier New, Courier, Monospace; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Courier New, Courier, Monospace; text-align: right; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Courier New, Courier, Monospace; text-align: left; white-space: nowrap">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; white-space: nowrap">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; white-space: nowrap">7,285,940</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; white-space: nowrap">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Certain investments that were measured at NAV per share (or its equivalent) have not been classified
in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value
hierarchy to investments at fair value presented in the Statements of Net Assets Available for Benefits.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: italic bold 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.75in"><FONT STYLE="font-style: normal">Note 4.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-style: normal">Related Party and Party-In-Interest Transactions</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The trustee of the Plan is Pentegra, while Reliance
serves as the Plan&rsquo;s custodian. Fees incurred by the Plan for the investment management services were included in net appreciation
in fair value of investments, as they were paid through revenue sharing, rather than a direct payment. Fees paid to Pentegra or
Reliance by the Plan for administrative services were $27,881 for the period ended November 30, 2018.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#index" STYLE="font-style: italic">Index</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Investments in the Unitized Stock Fund represented
investments in shares of common stock of First Bancorp, the Plan Sponsor. Investments in the Time Deposit Fund represented investments
in certificate of deposits held at the Company. Transactions in the Company&rsquo;s common stock and certificate of deposits qualified
as party-in-interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in"><B>Note 5.</B></TD>
    <TD><B>Plan Termination</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Plan was terminated as of March 31, 2018,
subject to the provisions of ERISA. Subsequent to March 31, 2018, no contributions, loan payments or new loans were allowed into
or out of the Plan. All balances were distributed as of November 30, 2018.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in"><B>Note 6.</B></TD>
    <TD><B>Tax Status</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company has adopted the Plan based on a
prototype plan document sponsored by Pentegra. Pentegra has received an opinion letter from the IRS dated March 31, 2014 that states
that the form of the prototype plan is acceptable under Section 401 of the Internal Revenue Code (&ldquo;IRC&rdquo;). The Plan
administrator has not requested a determination letter from the IRS on the Plan. The Plan has been amended since the date of the
IRS opinion letter on the prototype plan. While the Plan cannot rely on the IRS opinion letter, the Company and the Plan administrator
believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in"><B>Note 7.</B></TD>
    <TD><B>Risks and Uncertainties</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Plan invested in various investment securities
which were exposed to various risks such as interest rate, market, and credit risks.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#index" STYLE="font-style: italic">Index</A>&nbsp;</DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><A NAME="a_005"></A>SIGNATURE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its
behalf by the undersigned thereunto duly authorized.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Courier New, Courier, Monospace"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Asheville Savings Bank Retirement Savings Plan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; width: 0.5in">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; width: 2in">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; width: 2in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; border-bottom: Black 1pt solid; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/ Erica Smith</FONT></TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Erica Smith</FONT></TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Senior Vice President</FONT></TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Plan Administrator</FONT></TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Courier New, Courier, Monospace; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace; border-bottom: Black 1pt solid; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">May 29, 2019&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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