Investor Presentaiton

Transaction Rationale STRATEGIC RATIONALE ■ Advances strategy of building a regional community bank across the Southeast by naturally extending our footprint further east into Southern Georgia ■ Diversifies deposit base with stable core funded institution Leverages existing Tallahassee administrative support, loan operations, compliance, credit administration, and appraisal department Creates opportunity to expand relationships with SGB customers ° Stronger balance sheet and capital base Broader array of products and services offered ■ ~3.6% accretion to earnings per share in 1st full year (1) Initial tangible book value dilution less than 1% (1) FINANCIAL RATIONALE ■ Tangible book value earnback period of 1.75 years (1)(2) RISK MITIGATION ◉ ■ >20% internal rate of return exceeds internal thresholds Pro forma capital ratios (1) remain strong; no new capital needed ■ Well aligned values with similar conservative credit cultures ■ Extensive due diligence completed by FBMS management, including third party loan review Key lenders have already executed employment agreements, providing continuity and expertise in SGB's core markets FBMS management experienced in acquisitions - completing 10 acquisitions since 2011 (1) Fully inclusive of CECL (2) Tangible book value earnback period calculated using the crossover method Source: S&P Global Market Intelligence; Company-provided documents $1 TheFirst BANCSHARES, INC.

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