2024 Digital Annual Report

Letter from the President

Dear Shareholders, Momentum. Every company wants it, but very few have the people and products necessary to realize it or are unwilling to expend the effort and dedication required to make it a reality. As the following financial statements will attest, First Bancorp, Inc. continued to build on a history of success by producing outstanding results in 2024, and is poised to carry that momentum into 2025 and beyond. In 2024, your company produced record income of $55.4 million, equating to $3.34 per share and representing a return on equity of 16.5%. Dividends of $1.19 per share represented a 9.2% increase over the previous year and stands as the 34th consecutive year in which the dividend has increased. Fueling this performance was robust loan growth of over $365 million in the communities we serve while continuing to maintain outstanding asset quality and yield. Deposit growth of $469 million directly from depositors in our market areas not only provided the funding for that loan growth, but also significantly strengthened on-balance sheet liquidity. I am frequently asked what is the “secret” of the success of First Bank and Trust Company, but in all honesty, there is no secret - the success of the bank is predicated on offering cutting-edge, convenient products, expertly delivered and serviced by our 455 outstanding bankers, providing an unmatched experience for our customers. In short, what differentiates First Bank and Trust Company is our people and our products. This report highlights a few of those people, as well as the depth and breadth of our product offerings. We firmly believe that we must continue to invest in and leverage technology to create added convenience and functionality for customers while at the same time increasing the safety and security of our banking channels. We are also committed to investing in our employees, because every single employee plays a key role in maintaining the success and momentum of the Company with each customer interaction. The attached financial reports bear witness to the dedication and effort from all of our employees. In 2000, a mere twenty-five years ago, there were 162 banks that were headquartered in Virginia. Today, industry consolidation has left only 58 banks based in the state, a trend that will undoubt- edly continue. Remaining an independent community bank is not a right – it is a privilege that must be earned by performance, while never overlooking the needs of the individuals,

businesses, and communities we serve. We believe at the end of the day, First Bank and Trust Company has the potential to be the last bank standing, continuing our legacy of providing the best possible banking experience for our customers, investing in the communities that make us what we are today, maintaining employee security and longevity, and providing an exceptional return for our shareholders. Sincerely,

02 | 2024 Annual Report

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