Exhibit 10.s

                Description of Director Compensation pursuant to
                    Item 601(b)(10)(iii)(A) of Regulation S-K

Directors of First Bancorp (the "Company") are paid a monthly  retainer of $600.
In  addition,  the  Company's  directors  receive  a fee of $250 for each  board
meeting they attend.  Board  meetings are normally held  monthly.  Directors who
serve on the Executive Committee, Nominating and Corporate Governance Committee,
Audit Committee,  or Compensation Committee also receive $250 for each committee
meeting they attend.

The  Company's  directors are also paid $250 for each board meeting of a Company
subsidiary they attend. All directors of the Company are members of the board of
directors of First Bank,  the Company's  most  significant  subsidiary.  Various
combinations  of six to ten  directors  of the  Company  serve on the  boards of
Montgomery Data Services and First Bancorp Financial  Services,  subsidiaries of
the Company,  and First Bank Insurance Services, a subsidiary of First Bank. The
boards of First Bank and  Montgomery  Data  Services  normally meet on a monthly
basis,  the First Bank  Insurance  Services  board normally meets on a quarterly
basis,  and the board of First Bancorp  Financial  Services is scheduled to meet
one time each year.

Non-employee  directors of the Company also  participate in the Company's  stock
option plan. In June of each year for the  five-year  period  beginning  June 1,
2004 and ending on June 1,  2009,  each  non-employee  director  of the  Company
received or will receive an option to acquire  2,250 shares (as adjusted for the
November  2004 stock split) of the Company's  common stock.  The options have an
exercise price equal to the fair market value of such stock on the date of grant
and have a maximum term of 10 years.

In addition,  the Company  provides one of its directors,  Mr. Jordan  Washburn,
with  approximately  100 square feet of office  space,  which Mr.  Washburn uses
primarily in connection with his work with various charitable organizations.

Directors are also entitled to reimbursement  of costs and expenses  incurred in
connection with attending bank educational conferences.