Annual Shareholders' Meeting

May 4, 2023

Bank Local.

LOCALFIRSTBANK.COM

I M P O RTA N T I N F O R M AT I O N

CAUTION REGARDING FORWARD LOOKING STATEMENTS

All forward looking statements are inherently subject to risks and uncertainties.

See Form 10-K for additional information on this matter.

2

2022 HIGHLIGHTS

  • Earnings of $146.9 million, a 53.7% increase from 2021
    • Earnings Per Share of $4.12, a 29.2% increase from 2021
  • Entered into an agreement to buy GrandSouth Bank, Greenville, South Carolina
    • $1.2 billion in assets and 8 branches
  • Dividend increase for the fourth consecutive year in 2022
  • Recognitions
    • KBW Honor Roll - Top 4% of Banks Over $500 Million in Assets for increasing EPS for each of the past 10 years
    • S&P Global Market Intelligence - March 2023 - Ranked #10 Top Public Bank in over $10 billion in assets
      • Based on financial performance for 2022

3

Acquisition of

GrandSouth

BancorporationClosed Ja uary 1, 2023

Systems Converted Successfully - March 10, 2023

Added $1.2 billion Assets, $1.0 billion loans, $1.0 billion deposits

Branches - 8 branches in SC

High single digit fully-phased EPS Accretion

Tangible book value earnback of approximately 2.5 years

Transaction Multiples at Announcement -

1.80x tangible book value, 6.9x LTM EPS plus fully realized cost savings

localfirstbank.com

4

EARNINGS PER SHARE - DILUTED

$4.50 $4.25 $4.00 $3.75 $3.50 $3.25 $3.00 $2.75 $2.50 $2.25 $2.00 $1.75 $1.50 $1.25 $1.00 $0.75 $0.50 $0.25 $0.00

5 Year Compound Annual Growth Rate = 17.75%

$4.12

$3.01

$3.10

$3.19

$2.81

$1.82

2017

2018

2019

2020

2021

2022

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Disclaimer

First Bancorp published this content on 05 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 May 2023 15:30:10 UTC.