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Exhibit 107

 

Calculation of Filing Fee Tables

 

S-4

(Form Type)

 

First Bancorp

(Exact Name of Registrant as Specified in its Charter)

 

Table 1: Newly Registered and Carry Forward Securities

 

    Security
Type		   Security
Class
Title		   Fee
Calculation
or Carry
Forward
Rule		   Amount
Registered		     Proposed
Maximum
Offering
Price Per
Unit		     Maximum
Aggregate
Offering
Price		     Fee
Rate		   Amount of
Registration
Fee		     Carry
Forward
Form
Type		     Carry
Forward
File
Number		     Carry
Forward
Initial
effective
date		     Filing Fee
Previously 
Paid In
Connection
with
Unsold
Securities
to be
Carried
Forward
Newly Registered Securities
Fees to Be Paid   Equity   Common stock, no par value   Rule 457(c) and Rule 457(f)(1); Rule 457(a)     6,128,853 (1)     N/A     $ 202,313,438 (2)   $92.70 per $1,000,000   $ 18,754.46 (3)                            
Fees Previously Paid                                                                            
                                                                             
Carry Forward Securities
Carry Forward Securities                                                                            
    Total Offering Amounts     $ 202,313,438         $ 18,754.46                              
    Total Fees Previously Paid                 $ 18,754.46                              
    Total Fee Offsets                 $ 0.00                              
    Net Fee Due                 $ 0.00                              

 

  (1) Represents the maximum number of shares of common stock of First Bancorp that may be issued to holders of shares of common stock and preferred stock of GrandSouth Bancorporation in the merger described herein, assuming the exercise of the outstanding options to acquire shares of GrandSouth Bancorporation common stock.

 

  (2)

Estimated solely for purposes of calculating the amount of the registration fee pursuant to Rule 457(c) and Rule 457(f)(1) under the Securities Act of 1933, as amended, based upon the market value of the shares of GrandSouth Bancorporation common stock and preferred stock expected to be exchanged for First Bancorp’s common stock in connection with the merger, as established by the average of the high and low sales prices of GrandSouth Bancorporation common stock on the OTC Markets Group OTC QX Best Market on August 23, 2022 (such date being within five business days of the date this registration statement was first filed with the Securities and Exchange Commission) of $33.01 per share. The registration fee was calculated as follows: 5,222,042 shares of GrandSouth Bancorporation common stock outstanding and 282,828 shares of GrandSouth Bancorporation preferred stock outstanding (which shares of preferred stock will be converted into shares of common stock, on a one-for-one basis, immediately prior to the closing of the merger), with 623,983 options outstanding. Assuming all options are exercised, the market value of the (GrandSouth Bancorporation) securities to be received by First Bancorp equals 6,128,853 x $33.01 = $202,313,438.

 

  (3) Computed pursuant to Rules 457(c) and 457(f)(1) of the Securities Act, based on a rate of $92.70 per $1,000,000 of the proposed maximum aggregate offering price. The rate of $92.70 per $1,000,000 results in a filing fee of $18,754.46.