The First Bancorp (FNLC) Proxy Filing summary

Executive summary

• Net income for 2025 reached $34.4 million, a 27.2% increase from 2024, with diluted EPS of $3.07 and total assets of $3.17 billion.

• Core deposits grew by $77 million and total loans increased by $53.2 million in 2025.

• Efficiency ratio improved to 52.09%, and tangible book value per share rose 13.2% to $22.49.

• The company was recognized as a top employer, ranking #3 among large employers in Maine in 2025.

• Succession planning addressed several retirements and new executive appointments for 2026.

Voting matters and shareholder proposals

• Shareholders will vote on the election of eight director nominees for one-year terms.

• Advisory votes include approval of executive compensation (Say-on-Pay) and the frequency of such votes, with the board recommending annual votes.

• Ratification of BDMP Assurance, LLP as independent auditors for 2026 is on the agenda.

• Board recommends voting FOR all proposals.

Board of directors and corporate governance

• Eight of nine directors are independent; three are women; board chair is independent.

• Board diversity, expertise in banking, finance, governance, and risk management highlighted.

• Annual director evaluations and retirement policy in place; majority vote required in uncontested elections.

• Board and committees met regularly, with over 96% aggregate attendance in 2025.

• Succession planning and leadership structure reviewed annually.