Item 5.07 Submission of Matters to a Vote of Security Holders.

GrandSouth Bancorporation ("GrandSouth") held a special meeting of its shareholders on Tuesday, November 8, 2022, in Greenville, South Carolina related to GrandSouth's proposed merger with First Bancorp. On the record date of September 14, 2022, GrandSouth had 5,222,042 shares of common stock outstanding and 282,828 shares of preferred stock outstanding, each entitled to vote at the special meeting. At the special meeting, holders of GrandSouth common stock (the "Common Shareholders") voted on three proposals and holders of GrandSouth Series A preferred stock (the "Preferred Shareholders") voted on one proposal, each as described in the proxy statement/prospectus dated September 23, 2022, and cast their votes as described below:

Proposal 1- Approval of the Merger Agreement

GrandSouth's shareholders approved the Agreement and Plan of Merger and Reorganization, dated June 21, 2022, by and between GrandSouth and First Bancorp (the "merger agreement"), pursuant to which GrandSouth will merge with and into First Bancorp, with First Bancorp continuing as the surviving entity. The following is a tabulation of the voting results:





Common Stock:



 Votes For     Votes Against    Abstentions    Broker Non-Votes
4,355,294        1                5,000               0




Series A Preferred Stock:



Votes For     Votes Against    Abstentions    Broker Non-Votes
211,006         713              3,004               0

Common Stock and Series A Preferred Stock, voting together as a single class:





 Votes For     Votes Against    Abstentions    Broker Non-Votes
4,566,300        714              8,004               0

Proposal 2 - Compensation Proposal

GrandSouth's Common Shareholders approved, on a non-binding, advisory basis, the compensation that may be paid or become payable to GrandSouth's named executive officers that is based on or otherwise relates to the merger. The following is a tabulation of the voting results:



 Votes For    Votes Against    Abstentions    Broker Non-Votes
4,170,087       167,304          22,904              0

Proposal 3 - Adjournment, Postponement, Continuation Proposal

GrandSouth's Common Shareholders approved a proposal to adjourn the GrandSouth special meeting, if necessary or appropriate, to permit further solicitation of proxies in favor of Proposal 1, the GrandSouth merger proposal. Although Proposal 3 was approved, the adjournment of the special meeting was not necessary because GrandSouth's shareholders approved Proposal 1. The following is a tabulation of the voting results:

Votes For Votes Against Abstentions Broker Non-Votes 4,328,172 2

                32,121              0

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