The First Bancorp (FNLC) Proxy Filing summary

Executive summary

• Net income for 2024 was $27.0 million, down 8.4% from the prior year, with diluted EPS of $2.43, a decrease of 8.9%.

• Total assets grew to $3.16 billion, loans increased by $211.5 million (9.9%), and deposits rose to $2.73 billion.

• Asset quality remained strong, with a non-performing assets to total assets ratio of 0.14%.

• The company began executing a new three-year strategic plan in 2024, focusing on succession planning, employee engagement, community engagement, growth, and risk management.

• Tangible book value increased to $19.87 per share, and the efficiency ratio remained favorable at 56.66%.

Voting matters and shareholder proposals

• Shareholders will vote on the election of nine director nominees for a one-year term.

• Advisory approval of executive compensation (Say-on-Pay) and ratification of BDMP Assurance, LLP as independent auditors for 2025 are on the agenda.

• The board recommends voting FOR all proposals.

Board of directors and corporate governance

• Eight of nine directors are independent; all committee members are independent.

• The board is diverse, with three women and a mix of new and experienced directors.

• Annual director evaluations, majority vote in uncontested elections, and a board retirement policy are in place.

• The board regularly reviews financial performance, strategy, and succession planning.