Investor Presentaiton

Transaction Pricing Metrics s TheFirst + BANCSHARES, INC. SGB Southwest Georgia Financial Corporation PRICE / TANGIBLE BOOK VALUE (%) 182% Recent Georgia Transactions (1) ST TheFirst BANCSHARES, INC. (1) Includes all bank and thrift transactions with targets headquartered in Georgia since 12/31/2016 Data as of most recent quarter available prior to announcement; pricing data as of December 17, 2019 FBMS data as of 9/30/2019, pro forma for completed acquisition of First Florida Bancorp, Inc. Source: S&P Global Market Intelligence 184% 191% ST TheFirst BANCSHARES, INC. 12

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