First Bancorp is a bank holding company that operates First Bank, a community bank headquartered in Southern Pines, North Carolina. First Bank takes deposits and makes loans to individuals and small- to medium-sized businesses across North Carolina and South Carolina through 113 branches. The bank's loan portfolio is centered on commercial real estate (owner-occupied and income-producing properties), with residential mortgages, construction loans, commercial business loans, and consumer loans rounding out the mix. First Bank also operates Magnolia Financial, which provides accounts receivable financing, factoring, inventory financing, and purchase order financing to businesses in the southeastern U.S., and a CarBucks division that offers used car floor-plan financing to small dealers. First Bank earns money primarily through net interest income — the spread between deposit rates paid and loan rates earned — with fee income from wealth management, insurance placement, and standard banking services as secondary contributors. First Bancorp has grown through acquisitions of smaller community banks in the Carolinas, completing five deals over the past decade totaling over $4.5B in acquired assets. The most recent acquisition was GrandSouth Bancorp in January 2023, a Greenville, SC-based bank with $1.2B in assets, which expanded First Bancorp's footprint into South Carolina's Greenville, Charleston, and Columbia markets.