Press Release: First Bancorp Ranked Fifth Among Top Performing Banks for 2009

For Immediate Release

June 7, 2010

  Troy, N.C. -- In a recent study published by the American Bankers Association, First Bancorp ranked fifth among the

nation's top performing public banks and thrifts with total assets of more than $3 billion.       

The study, which was published in the ABA Banking Journal's May 2010 issue, ranked the performance of domestic

depository institutions based on return on average total equity (ROAE) for 2009. The study found that First Bancorp's

ROAE was 19.24 percent, as compared to the national average of -5.74 percent.

"We are happy to see that, in a time when profitable banks are few and far between, First Bancorp has achieved

such a high ranking," said First Bancorp President and CEO Jerry Ocheltree. "This success is a wonderful validation

of our mission to make responsible business decisions, maintain good loan quality, and most of all to take care of the

communities we serve."

The study found that top ranking banks differentiated themselves from lesser performing institutions in terms of asset

quality, holding a low number of nonperforming loans. At the end of 2009, a mere 3.14 percent of First Bancorp's

total loans were nonperforming, as compared to the 4.56 percent national average.

According to the study, top performing institutions also capitalized on short-term opportunities such as First

Bancorp's FDIC-assisted acquisition of Cooperative Bank in June of 2009.

The study found that top performing banks had also benefited from a flight-to-quality of deposits and by offering

loans during a time when the competition for loans had lessened.

To access a full summary of the study, click here.

For more information about First Bank, visit www.FirstBancorp.com.

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For more information or to request hi-res images, please contact Rivers Agency:

Melissa Couchon

mcouchon@riversagency.com

919-932-9985

First Bancorp is a bank holding company headquartered in Troy, North Carolina with total assets of approximately

$3.4 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank

that operates 92 branches, with 77 branches operating in the central piedmont and coastal regions of North

Carolina, 9 branches in South Carolina (Cheraw, Dillon, Florence, Latta, Jefferson, and Little River), and 6 branches

in Virginia (Abingdon, Christiansburg, Dublin, Fort Chiswell, Radford, and Wytheville), where First Bank does

business as First Bank of Virginia. First Bank also has a loan production office in Blacksburg, Virginia. First Bancorp's

common stock is traded on the NASDAQ Global Select Market under the symbol "FBNC."