Employers › First Bancorp
Recordkeeping fees per participant · First Bancorp Employees' 401(k) Savings Plan · plan year 2024
$60.68
Higher than 43% of the 5,847 plans $50 to 250M that report it.
= $98,904 / 1,630
Schedule H, line 2i(3); OTH_RECORDKEEPING_FEES_AMT pos 160; filing 20250701092342NAL0012530497001, received 2025-07-01
participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20250701092342NAL0012530497001, received 2025-07-01
Percentiles compare this plan with the Schedule H plans $50 to 250M in assets of the same plan year, excluding final filings; shown only where at least 50 comparable plans report the figure. Plan year 2024-01-01 to 2024-12-31, filing received 2025-07-01.
Administrative expenses excluding investment management, per participant
$60.68
Higher than 30% of the 8,758 plans $50 to 250M that report it.
= $98,904 / 1,630
derived, admin_expenses (2i(12)) minus invst_mgmt_fees (2i(5)), floored at 0; filing 20250701092342NAL0012530497001, received 2025-07-01
participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20250701092342NAL0012530497001, received 2025-07-01
Administrative expenses per participant
$77.24
Higher than 26% of the 9,042 plans $50 to 250M that report it.
= $125,906 / 1,630
Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20250701092342NAL0012530497001, received 2025-07-01
participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20250701092342NAL0012530497001, received 2025-07-01
Administrative expenses as a share of assets
0.077%
Higher than 29% of the 9,049 plans $50 to 250M that report it.
= $125,906 / $164,155,623
Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20250701092342NAL0012530497001, received 2025-07-01
assets_eoy: Schedule H, Part I line 1f col (b); TOT_ASSETS_EOY_AMT pos 61; filing 20250701092342NAL0012530497001, received 2025-07-01
Employer contributions per participant
$4,349
Higher than 72% of the 9,105 plans $50 to 250M that report it.
= $7,088,424 / 1,630
Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20250701092342NAL0012530497001, received 2025-07-01
participants_with_balance: Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20250701092342NAL0012530497001, received 2025-07-01
Employer share of total contributions
43.6%
Higher than 82% of the 9,112 plans $50 to 250M that report it.
= $7,088,424 / $16,263,008
Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20250701092342NAL0012530497001, received 2025-07-01
total_contrib: Schedule H, line 2a(3); TOT_CONTRIB_AMT pos 72; filing 20250701092342NAL0012530497001, received 2025-07-01
Employer match
“The Company has elected a safe harbor match and contributed 100% of the first 6% of participant deferrals in 2025 and 100% of the first 4% in 2024.”
Form 11-K filed 2026-06-17, for the year ended 2025-12-31 · plan description note, contributions · source document
Vesting
“Participants are vested immediately in their contributions, the Company's matching contribution portion, any discretionary contribution and the actual earnings on the aforementioned contributions.”
Form 11-K filed 2026-06-17, for the year ended 2025-12-31 · plan description note, vesting · source document
Automatic enrollment
“The Plan includes an auto-enrollment provision whereby all newly eligible employees are automatically enrolled in the Plan unless they affirmatively elect not to participate in the Plan.”
Form 11-K filed 2026-06-17, for the year ended 2025-12-31 · plan description note, contributions · source document
Terms quoted from the filing for the year ended 2025-12-31. Figures cover plan year 2024. The plan document governs.
2K 401(m) arrangement · 2S pre-approved plan document · 2T default investment (QDIA) · 3I · 2E profit-sharing · 2F ERISA 404(c) plan · 2G fully participant-directed · 2J 401(k) feature · 3D IRS pre-approved plan · Form 5500, line 8a; TYPE_PENSION_BNFT_CODE pos 81; filing 20250701092342NAL0012530497001, received 2025-07-01
| Field | Value | Source |
|---|---|---|
| Plan sponsor | FIRST BANCORP | Form 5500, Part II line 2a; SPONSOR_DFE_NAME pos 19; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Plan name | FIRST BANCORP EMPLOYEES' 401(K) SAVINGS PLAN | Form 5500, line 1a; PLAN_NAME pos 16; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Sponsor EIN / plan number | 56-1421916 / 001 | Form 5500, line 2b; SPONS_DFE_EIN pos 44; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Plan type | single-employer | Form 5500, Part I line A; TYPE_PLAN_ENTITY_CD pos 4; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Sponsor location | SOUTHERN PINES, NC | Form 5500, line 2a; SPONS_DFE_MAIL_US_STATE pos 25; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Industry (business code) | 522110, Finance and insurance | Form 5500, line 2d; BUSINESS_CODE pos 46; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Plan year | 2024-01-01 to 2024-12-31 | Form 5500, Part I plan year; FORM_PLAN_YEAR_BEGIN_DATE pos 2; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Filing received | 2025-07-01 | Form 5500, EFAST2 receipt date; DATE_RECEIVED pos 102; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Final filing | no | Form 5500, Part I line B; FINAL_FILING_IND pos 8; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Amended filing | no | Form 5500, Part I line B; AMENDED_IND pos 7; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Participants, beginning of year | 1,678 | Form 5500, line 5; TOT_PARTCP_BOY_CNT pos 71; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Active participants | 1,396 | Form 5500, line 6a(2); TOT_ACTIVE_PARTCP_CNT pos 72; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Participants, end of year | 1,692 | Form 5500, line 6f; TOT_ACT_RTD_SEP_BENEF_CNT pos 77; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Participants with an account balance | 1,630 | Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Total assets, beginning of year | $138,427,806 | Schedule H, Part I line 1f col (a); TOT_ASSETS_BOY_AMT pos 30; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Total assets, end of year | $164,155,623 | Schedule H, Part I line 1f col (b); TOT_ASSETS_EOY_AMT pos 61; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Net assets, end of year | $164,155,623 | Schedule H, line 1l col (b); NET_ASSETS_EOY_AMT pos 67; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Total income | $37,998,829 | Schedule H, Part II line 2d; TOT_INCOME_AMT pos 97; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Net income | $23,035,729 | Schedule H, line 2k; NET_INCOME_AMT pos 111; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Employer contributions | $7,088,424 | Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Participant contributions | $7,970,722 | Schedule H, line 2a(1)(B); PARTICIPANT_CONTRIB_AMT pos 69; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Other contributions (incl. rollovers) | $1,203,862 | Schedule H, line 2a(1)(C); OTH_CONTRIB_RCVD_AMT pos 70; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Total contributions | $16,263,008 | Schedule H, line 2a(3); TOT_CONTRIB_AMT pos 72; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Benefit payments | $14,837,194 | Schedule H, line 2e(4); TOT_DISTRIB_BNFT_AMT pos 101; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Total expenses (incl. benefit payments) | $14,963,100 | Schedule H, line 2j; TOT_EXPENSES_AMT pos 110; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Total administrative expenses | $125,906 | Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Contract administrator fees | $0 | Schedule H, line 2i(2); CONTRACT_ADMIN_FEES_AMT pos 106; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Recordkeeping fees | $98,904 | Schedule H, line 2i(3); OTH_RECORDKEEPING_FEES_AMT pos 160; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| IQPA audit fees | $0 | Schedule H, line 2i(4); IQPA_AUDIT_FEES_AMT pos 161; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Investment advisory and management fees | $27,002 | Schedule H, line 2i(5); INVST_MGMT_FEES_AMT pos 107; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Administrative expenses excluding investment management | $98,904 | derived, admin_expenses (2i(12)) minus invst_mgmt_fees (2i(5)), floored at 0; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Held in master trusts | $0 | Schedule H, line 1c(11) col (b); INT_MASTER_TR_EOY_AMT pos 53; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Held in common/collective trusts | $6,227,287 | Schedule H, line 1c(9) col (b); INT_COMMON_TR_EOY_AMT pos 51; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Held in mutual funds | $133,134,335 | Schedule H, line 1c(13) col (b); INT_REG_INVST_CO_EOY_AMT pos 55; filing 20250701092342NAL0012530497001, received 2025-07-01 |
| Independent auditor | CROWE LLP | Schedule H, Part III line 3a; ACCOUNTANT_FIRM_NAME pos 116; filing 20250701092342NAL0012530497001, received 2025-07-01 |
Position = column in the DOL layout for form year 2024. Filing 20250701092342NAL0012530497001, received 2025-07-01.
| Provider | Relationship | Service codes | Direct compensation | Indirect |
|---|---|---|---|---|
| FIDELITY INVESTMENTS INSTITUTIONALrecordkeeper | RECORDKEEPER | 37 Participant loan processing; 60 Sub-transfer agency fees; 64 Recordkeeping fees; 65 Account maintenance fees; 71 Securities brokerage commissions and fees | $98,835 | yes |
| STRATEGIC ADVISORS, INC. | ADVISOR | 27 Investment advisory (plan) | $27,002 | no |
Schedule C Part I line 2: name (a), service codes (b), relationship (c), direct compensation paid by the plan (d), indirect compensation received (e). Filing 20250701092342NAL0012530497001, received 2025-07-01.
| Figure | 2023 | 2024 | Change |
|---|---|---|---|
| Total assets | $138,427,806 | $164,155,623 | 18.6% |
| Participants with a balance | 1,625 | 1,630 | 0.3% |
| Administrative expenses | $106,052 | $125,906 | 18.7% |
| Recordkeeping fees per participant | $51.80 | $60.68 | 17.1% |
| Employer contributions | $6,261,978 | $7,088,424 | 13.2% |
Prior filing 20240703101858NAL0006236881001, received 2024-07-03; the plan years are contiguous.
Sponsor name as filed: FIRST BANCORP; SEC registrant: FIRST BANCORP /NC/ (CIK 811589, matched by EIN; display name from the Form 11-K cover).