1. Name and Address of Reporting Person
TAYLOR, FREDERICK H.
P. O. BOX 748
TROY, NC 27371
2. Issuer Name and Ticker or Trading Symbol
FIRST BANCORP (FBNC)
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
1/2003
5. If Amendment, Date of Original (Month/Day/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner
( ) Officer (give title below) ( ) Other (specify below)
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
TABLE I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
+---------------------------------+----------+-------------+-----------------------------+----------------+-----------+------------+
|1. Title of Security |2. Trans- |3. Trans- |4. Securities Acquired (A) |5. Amount of |6. Owner- |7. Nature |
| | action | action | or Disposed of (D) | Securities | ship | of In- |
| | Date | Code | | Beneficially | Form: | direct |
| | | | | Owned at | Direct | Bene- |
| | (Month/ | | | End of | (D) or | ficial |
| | Day/ +-------+-----+-----------+------+----------+ Month | Indirect| Owner- |
| | Year) |Code |V |Amount |A/D |Price | | (I) | ship |
+---------------------------------+----------+-------+-----+-----------+------+----------+----------------+-----------+------------+
Common Stock 70681 D
Common Stock 42798 I SPOUSE
Common Stock 01/28/2003 S -77739 D $23.5750 0 I BUSINESS
Common Stock 6.1163 I TRUSTEE
TABLE II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
+-------------+--------+----------+---------+-----------+---------------------+----------------+----------+--------+-------+-------+
|1. |2. |3. |4. |5. |6. |7. |8. |9. |10. |11. |
| | | | | | | | |Number |Owner- | |
| | | | | | | | |of |ship | |
| | | | | | | | |Deriv- |Form of| |
| | | | | | |Title and Amount| |ative |Deriv- | |
| | | | | | |of Underlying | |Secur- |ative |Nature |
| |Conver- | | |Number of | |Securities | |ities |Secur- |of |
| |sion or | | |Derivative |Date Exercisable +-------+--------+ |Benefi- |ity: |In- |
| |Exercise| | |Securities |and Expiration Date | |Amount | |cially |Direct |direct |
| |Price of|Transac- |Transac- |Acquired(A)|(Month/Day/Year) | |or | |Owned |(D) or |Bene- |
|Title of |Deriv- |tion Date |tion Code|Disposed(D)+----------+----------+ |Number |Price of |at End |In- |ficial |
|Derivative |ative |(Month/ +------+--+-----+-----+Date Exer-|Expira- | |of |Derivative|of |direct |Owner- |
|Security |Security|Day/Year) |Code |V |(A) |(D) |cisable |tion Date |Title |Shares |Security |Month |(I) |ship |
+-------------+--------+----------+------+--+-----+-----+----------+----------+-------+--------+----------+--------+-------+-------+
Stock Options $6.667 06/01/2004 Common 1500 D
(Right to buy) Stock
Stock Options $7.25 06/01/2005 Common 1500 D
(Right to buy) Stock
Stock Options $9.833 06/01/2006 Common 1500 D
(Right to buy) Stock
Stock Options $15.333 06/01/2007 Common 1500 D
(Right to buy) Stock
Stock Options $15.75 06/01/2010 Common 1500 D
(Right to buy) Stock
Stock Options $16.667 06/01/2009 Common 1500 D
(Right to buy) Stock
Stock Options $22 06/01/2008 Common 1500 D
(Right to buy) Stock
Stock Options $23.05 06/01/2012 Common 1500 D
(Right to buy) Stock
Stock Options $24 06/01/2011 Common 1500 D
(Right to buy) Stock
Explanation of Responses:
SIGNATURE OF REPORTING PERSON
/s/ FREDERICK H. TAYLOR
DATE
01/29/2003