First Bancorp Inc ME

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Pay Versus Performance

As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation S-K, the Company is required to provide annual disclosure of certain information regarding the relationship between compensation actually paid to our CEO and other NEOs and our financial performance.

The following table sets forth information required by Item 402(v) of Regulation S-K for each of the last four recently completed fiscal years, including: (i) the total compensation earned by our PEO (as reported on our Summary Compensation Table),

(ii) the compensation “actually paid” to our PEO (calculated in accordance with Regulation S-K), (iii) the average of the total compensation earned by our other NEOs (calculated based upon our Summary Compensation Table), (iv) the average compensation “actually paid” to our other NEOs (calculated in accordance with Regulation S-K), (v) our total shareholder return, (vi) the total shareholder return of our peer group, (vii) our net income, and (viii) a Company selected measure of performance:

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(1)

For each of the years presented above, our PEO was Tony C. McKim. In 2020 our other NEOs were Susan A. Norton, Richard M. Elder, Sarah J. Tolman, and Charles A. Wootton. In 2021, 2022 and 2023 our other NEOs were Susan A. Norton, Richard M. Elder, Sarah J. Tolman and Jonathan W. Nicholson.

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(2)

The table below details amounts deducted and added to calculate Average Compensation Actually Paid to the PEO and non-PEO NEOs.

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(3)

TSR is calculated based on a fixed investment of $100 made at the closing price as of December 31, 2019, for the period ending December 31 of each year in the table above, assuming reinvestment of all cash dividends and retention of all stock dividends.

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(4)

Peer group as defined on Page 24 under Compensation Bookmarking.

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(1)

Column totals may be impacted by rounding.

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Analysis of the Information Presented in the Pay versus Performance Table

As described in more detail in the section “Executive Compensation — Compensation and Analysis,” our executive compensation plan rewards annually the achievement of established long-term and strategic goals and aligns executives’ interests with those of Shareholders and the long-term

interests of the Company. In accordance with Item 402(v) of Regulation S-K, we are providing the following graphs that describe the relationships between information presented in the Pay versus Performance table.

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COMPENSATION ACTUALLY PAID AND CUMULATIVE TSR

a group (excluding Mr. McKim) to our cumulative TSR and our peer group’s TSR over the four years presented in the table.

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COMPENSATION ACTUALLY PAID AND NET INCOME

a group (excluding Mr. McKim) and our net income over the four years presented in the table.

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COMPENSATION ACTUALLY PAID AND RETURN ON AVERAGE TANGIBLE COMMON EQUITY

a group (excluding Mr. McKim) and our return on average tangible common equity over the four years presented in the table.

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Tabular List of Financial Performance Measures

The performance measures below were used for the year ended 2023 and represent the most important financial measures used by the Company to link compensation paid to the NEOs, including the PEO, during the most recent fiscal year

to the Company’s performance. The following unranked list of Financial Performance Measures applies to each NEO, including the PEO:

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Return on Average Tangible Common Equity

Total Shareholder Return

Net Income

Efficiency Ratio

For further information regarding our compensation philosophy and how our executive compensation aligns with performance, refer to the discussion under “Compensation Discussion and Analysis” beginning on page 21