Good morning. Thank you for standing by. I would like to introduce Tony C. McKim, President and Chief Executive Officer of The First Bancorp, who will chair the company's annual meeting.
Good morning and welcome to The First Bancorp's 2026 Annual Shareholders Meeting. I would like to begin by introducing several individuals who are joining us today. Beginning with the accounting firm of Berry, Dunn, McNeil & Parker, LLC , Todd Desjardins. From our corporate legal counsel, Pierce Atwood LLP, Michael J. Anderson. The directors of The First Bancorp that are present are Robert B. Gregory , Ingrid H. Kachmar , Renee W. Kelly , Cornelius J. Russell, Stuart G. Smith, Kimberly S. Swan, and Bruce Tindall, our Chair, who is retiring at the end of this meeting after serving on the board since 1999, and the last three years as chair of the board. Also F. Stephen Ward is one of our directors. First, we will proceed with the formal business for which the meeting was called.
We will then provide a brief overview of 2025's financial highlights, the results of the first quarter of 2026, followed by a question and answer period. I now call the meeting to order and ask Christopher J. Austin, clerk of The First Bancorp, to present to the meeting the list of shareholders of record February 19, 2026, who are entitled to vote and report on the mailing of the notice of the meeting.
Mr. Chair, the list of shareholders shows that on the record date of February 19th, 2026, there were 11,270,319 outstanding shares of common stock of The First Bancorp entitled to notice of and to vote at this meeting. I have reviewed the affidavit of distribution provided by Broadridge Financial Solutions, showing that the notice of this meeting, accompanied by the proxy materials, was mailed to shareholders on or about March 16th, 2026.
Thank you, Christopher J. Austin. The First Bancorp's affidavit regarding the mailing of the notice of the meeting of the shareholders will be filed with the records of the corporation. The corporation has appointed Carrie Warren as inspector for this meeting. For the purpose of determining the existence of a quorum, Carrie, the Inspector of Elections will now report on the number of shares represented at this meeting.
Mr. Chair, of the total 11,270,319 shares, which the clerk has reported as being entitled to vote, at least 9,593,345 shares have voted. That number is more than the one-third required under the corporate bylaws of the shares entitled to vote; therefore, a quorum is present for voting on all of the proposals.
The voting inspector is directed to file a final report of the shares represented at this meeting with the minutes of the proceedings. Legal notice of the meeting having been given and the quorum being present, the meeting is now duly convened and ready to transact business. If you've logged in as a shareholder, you may submit questions on matters related to the company throughout the meeting by using the box on the lower left of the screen. I will answer any questions at the report of the voting results in my presentation. The results of voting on each item of business will be announced later in the meeting to allow the voting inspector adequate time to tabulate the votes. I recommend that in the interest of saving time, we waive the reading of the minutes of the April 30, 2025 annual meeting and accept them as printed.
Mr. Chair, I move to waive the reading of the minutes of the April 30, 2025 annual meeting.
Seconded.
If you have already voted, thank you. You do not need to vote again. If you wish to change your vote or have not yet voted, please click on the link in the lower portion of the portal and cast your vote at this time. The items we are voting on this year are as follows. To vote for the following directors nominated by the Board of Directors Nominating and Governance Committee for a one-year term. Robert B. Gregory, Ingrid H. Kachmar, Renee W. Kelly, Tony C. McKim, Cornelius J. Russell, Stuart G. Smith, Kimberly S. Swan, F. Stephen Ward. Two, to approve on a non-binding basis the compensation of the company's executives, as disclosed in the company's annual report and proxy statement. Three, to approve on a non-binding basis the frequency of non-binding shareholder votes on executive compensation.
Four, to ratify the Board of Directors Audit Committee's selection of Berry, Dunn, McNeil & Parker, LLC as the independent auditors for the company for 2026. The polls are now officially closed. At this time, Richard Elder, Treasurer of The First Bancorp, will present a review of the financial highlights of the company in 2025 as well as the financial results for the first quarter of 2026.
Thank you, Tony, and good morning to the shareholders and guests online with us today for The First Bancorp's annual meeting. I will be reviewing the company's performance in 2025, discussing balance sheet changes, reviewing credit composition and quality, and highlighting key performance metrics. I'll also speak briefly to our first quarter results, which were released last week. To begin, I'd like to highlight several achievements realized in 2025. The company maintained total assets at $3.2 billion, while experiencing net income growth of 27% versus the prior year. Loan growth of $53 million was more than fully funded by local core deposits, which grew $77 million. We are pleased to distribute cash dividends of $1.47 per share to our shareholders.
The chart on the right of your screen provides a five-year look back at total assets along with a breakdown of asset composition over that span. In 2025, the loan portfolio grew by $53 million. Investments fell by $23 million as incoming cash flow was redeployed to loans and to wholesale funding reductions. Cash balances were also reduced by $18 million. As of year-end, loans comprised nearly 76% of total assets, which was up from 74% at the year-end of 2024, and 63% when compared back to 2020. These changes are consistent with our long-term strategic goal of achieving asset growth and growing our balance sheet by lending to the communities that we serve.
Looking closer at the loan portfolio, total loans have grown appreciably over the past five years, reaching $2.39 billion at the end of 2025. Our proportion of commercial loans to total loans has steadily increased over the same period. As of year-end 2025, commercial real estate and commercial and industrial loans combined to comprise 59% of the total loan portfolio. Loans secured by one to four family residential real estate account for 38% of the portfolio. We are often asked about the types of commercial lending we do and the industries that we lend to. As a Maine bank with the vast majority of our loan portfolio consisting of loans to Maine-based individuals and companies, the portfolio's industry profile very much mirrors the economy of our state.
Collectively, the top 10 industries represent 67% of our total commercial loan portfolio and 41% of total loans. Lessors of buildings and dwellings are the largest industry segment in the portfolio at 18% of total commercial loans, followed closely by hotels and motels at 16% and lessors of non-residential buildings at 12%. Overall asset quality continues to be satisfactory. At year-end 2025, the ratio of non-performing assets to total assets was 0.41%, and non-performing loans were 0.54% of total loans. While each ratio moved up from several years of extraordinary post-pandemic lows, each non-performing ratio remains below pre-pandemic norms as demonstrated on the chart. On the funding side of the balance sheet, total deposits actually had a decrease of $60 million in 2025 and ordinarily would not be something to celebrate.
However, in this case, it was a very positive development for our funding mix. As mentioned, core deposits increased by $77 million. At the same time, borrowings increased by $41 million. What this allowed us to do was to reduce total time deposits, which consisted mostly of expensive wholesale CDs by $138 million, which contributed significantly to lowering our overall cost of funds. Overall, the company's funding sources are stable. Our preference is always to obtain funding from local markets in the form of deposits, but we maintain numerous sources of non-local funding rather, providing liquidity and flexibility when needed, as evidenced by day one access to external funding of over $700 million. In 2025, the company's earnings rebounded nicely.
Net income for the year was $34.4 million, which was up 27% from 2024. Driving the increase was a 21% increase in net interest income, coupled with gains in non-interest income and controlled expenses. The chart to the right of your screen is comparison of First National Bank, which is at the far left. First National Bank's return on assets as represented by the blue bars, and return on equity as represented by the orange line as compared to eight other publicly traded New England peers ranging from $3 billion–$7 billion in assets based upon bank- level call report data. As shown, First National Bank reported the third highest ROA amongst this peer group for 2025 and had the highest return on equity.
As final comment on 2025, the slide up now provides a long-term look back of a few key metrics that we follow as drivers of profitability and performance. Our improved profitability in 2025 saw both our return on assets and return on average tangible equity ratios improve and move closer to our long-term performance levels. Efficiency remains at the bedrock of our culture, and we were pleased to witness the efficiency ratio also improve to be in line with long-term performance levels. Finally, our tangible book value per share shows year-over-year growth and ongoing value creation up 70% over the past 10 years. To wrap up, a brief comment on the first quarter of 2026.
Earnings for the first quarter were released a week ago. A few highlights are shown on your screen. Most notably, earnings increased 27.1% from the first quarter of 2025, centered in net interest margin expansion and growth in revenue from fee-based business lines. The loan portfolio grew in the first quarter. Asset quality continues to be satisfactory. W e are pleased to pay out a dividend of $0.37 per share for the period to our shareholders. With that, I'll now turn it back over to Tony for his presentation.
Thank you very much, Richard Elder. Terrific as always. The ballots have been tabulated. Will the Inspector of Election please report on the outcome of the vote for each proposal.
Mr. Chair, as Inspector of Election, I wish to report that the ballots have been tabulated and the votes were cast as follows. Item number one, to elect as directors of the corporation for a one-year term. Each nominee received the affirmative vote of the holders of a majority of the shares outstanding and entitled to vote at this meeting and are therefore elected to serve for a term extended to the next annual meeting. Item number two, to approve on a non-binding basis the compensation of the company's executives. 67% of the outstanding shares were voted, with 97% voting in the affirmative. Item number three, to approve on a non-binding basis the frequency of non-binding shareholder votes on executive compensation.
61% of the outstanding shares were voted, with 88% voting for a yearly vote. Item number four, to ratify the Board of Directors Audit Committee's selection of Berry, Dunn, McNeil & Parker, LLC as the independent auditors of the company for 2026. 85% of the outstanding shares were voted, with 99% voting in the affirmative.
In view of the affirmative votes on the proposals, each motion is carried. I'll now dive into my report to you as shareholders and start out with just a quick overview of the remarks that I'll be making. A s always, I've added a couple of others since the slides were sent along to our presentation company. A fter 11 years of performance with this management team, we truly want to thank you for your trust and your investment in First National Bank. 2020 continued our margin expansion, which I'll show you in just a minute, while keeping our efficiency ratio at regional highs compared to peers. Meaning that like your golf score, the efficiency ratio, the lower the better, and ours is terrific. We delivered performance expansion over 2024 levels while remaining committed to our team and our communities.
I'm going to talk to you a little bit about 2026 and the path forward using our strategic plan as an example, as well as some shareholder value charts. Two things I wanted to talk about before Richard Elder flips to the next slide. The first is another thank you to you all. Thank you for all of your votes. At 85.12% of the shares outstanding, as Carrie Warren reported earlier, 9.5 million out of 11.2 million outstanding. This vote result represents the highest vote get in six years. I want to thank my mini team, Carrie Warren and Paige Klosky, for pulling on the same rope while we went these votes and some side help from Peter Nicholson in our Wealth Management department for also helping us gather votes.
Wanted to point out that Carrie Warren will be retiring sometime in the first six months of this year. She's been for both me and the previous CEO, Daniel R. Daigneault , our right arm, our left arm, right leg, left leg, and has really keeps things all together here at the main office as far as I'm concerned. Her successor, Paige Klosky, is being prepped to do just exactly that for us after Carrie retires. We're also in July, having our CIO, Tammy Plummer, retire. Her replacement has already been hired as well in Brad Martin. We've been on a six or seven-month trajectory those two working together to provide a seamless transition for that area of the bank, which is critical in so many ways on our technology front. Thank you to Tammy Plummer.
Also, before my slides, I thought I would give you some notes that I've done up on the U.S. economy in 2015 and the first quarter of 2025 and the first quarter of 2026. The U.S. economy slowed but remained resilient in 2025. Real GDP was at 2.1% for the year, down from 2.8% in 2024, supported mainly by consumer spending, as always, and business investment. Growth became uneven in the latter part of 2025, as Q4 GDP rose only 0.5% annualized as exports and government spending weakened. Geopolitical events have been on the radar, on the news, any place you want to look, and they've really acted as a tax on growth in the latter part of 2025 and into 2026.
Trade tensions, higher tariffs, supply chain reshuffling, and a conflict-related energy volatility have raised input costs and have raised uncertainty. By the end of 2025, U.S. tariffs were described as the highest since World War II, shifting trade flows away from the U.S.-China corridor. In Q1 2026, Middle East tensions pushed energy sharply higher. In March, gasoline prices rose 21.2% in one month, helping to lift CPI inflation to 3.3% year-over-year. In U.S. fiscal policy, it remains stimulative in the near term, but increasingly restrictive through interest rate pressure. Federal deficits stay large. The CBO projected a $1.9 trillion deficit in fiscal year 2026, equal to 5.8% of GDP, with rising interest rate costs as the major driver.
The deficit spending supported demand. It also kept the treasury borrowing at high rates, contributing to elevated long-term rates and limiting Washington D.C.'s room to respond to future shocks. Monetary policy from the Federal Reserve moved from restrictive towards cautiously easier. The Federal Reserve did cut rates in 2025, and the target range is now at 3.50%-3.75%. By Q1 2026, the Federal Reserve was hesitant to ease further because inflation risks had reappeared, especially from energy and tariffs. In March 2026, the Federal Reserve emphasized that uncertainty remained elevated and that the Middle East developments created risks to both inflation and employment. That in and of itself brings us to today, and where we are stalled out on any future rate cuts, so it seems for the foreseeable future. The bottom line: 2025 was a year of slower growth but positive growth.
The first quarter of 2026 showed a more complicated economy. Business investment remained solid, but consumers faced higher energy prices. Inflation stopped improving, trade uncertainty increased, and the Federal Reserve has less flexibility to cut rates. The result was an economy that was still expanding but with narrower margins of error. Okay, Richard Elder, you can go ahead and flip. I wanted to talk to you one final time, and I'll explain that one final time precursor in a moment. This is a slide that shows just an escalating margin from 3.31%, 2024, to the Q1 of 2026. We bottomed out in the 2.22% range and have accelerated back to 2.86%.
As I mentioned, this is probably the last time I'll show you this, but this is the margin in the post 525 basis point rate shock era, the highest since 1988. This is back in 2022 and 2023 when the Federal Reserve attacked inflation with major Federal Reserve fund rate increases. T he reason I say the last time I'll probably show you this is that most of our legacy three -year , five -year , and seven-year fixed rate commercial loans have repriced. We've gotten the most of the benefit that we will probably get. We'll get a little more in 2026, but we've gotten the most of it that we'll get from the asset side so far. We're predicting the margin will return to that 3% level in the latter part of 2026, knock on wood. Margin recovery.
While the margin recovers, we keep costs in check, and net income in and of itself has recovered as a result of that. An approximate 26% increase in earnings per share. It's important to note also that we've taken several strategic balance sheet steps to remove as much interest rate risk as we can from our balance sheet. It's not always possible. We are using a fair amount of balance sheet derivatives to stabilize our balance sheet, and we're constantly looking for ways to improve our net interest income. Outside balance sheet strategies, we're remaining extremely disciplined on loan pricing and deposit pricing, which are critical, as you all know, to the margin. You can go ahead and flip, Richard Elder.
This is nothing more than the numbers on the previous slide put into a bar graph for all you shareholders and guests that like to see things visually rather than me listing numbers out to you. Same exact numbers. This shows a nice bar graph recovery of the margin. Okay, Richard Elder, you can move on. These next three slides, and as I mentioned an 11-year thank you at the beginning of my presentation, this management team, although we've added to and had a couple of retirements, this management team, having been appointed at 1/1/2015, has had 11 years together now to run your bank and to provide return to you as shareholders.
I just wanted to give you some stats on the balance sheet, on the income statement, and in some of our ratios, what those stats look like over the last 11 years. Total securities at 12/31/2014 was $485 million. It has grown to $659 million at the end of 2025. A $173 million increase. This number would actually be quite a bit higher, but we have been taking cash flows from the investment securities portfolio and moving those into loan growth instead of reinvesting in securities. A slight shift in the balance sheet, but a slight shift to higher rates in this low-rate environment that we've been experiencing. Total loans are up $1.4 billion over the time continuum, 160%.
In OREO, we had about $3.8 million in OREO when we started out. It's $0 now. T hese things can be cyclical matters and can be driven by the economy. As it stands right, at 12/31/2025, we had zeroed out OREO, which is nice. Local deposits grew almost $1 billion in this time continuum. Great efforts by everyone on the deposit side of the bank. Shareholders' equity has expanded to support our capital levels and our growth by $121 million, but it's also supported a very generous dividend. Total assets have increased $1.7 billion. We were a $1.4 billion company at the end of 2014, and we're now a $3.1 billion company today. Next slide, Richard Elder .
This 11-year review grabs some key components of the income statement. I won't read them all off to you. I do want to share a few. Net interest income is up $38 million, 95%. Fee income up $8 million, over 100%. Just fee income in our wealth management and investment services division is up $3.2 million or 153%. Net income has expanded nicely by $20 million in this time frame. The market price per share is up $8.35, or 46%. Our tangible book value per share up $10 a share, 82%. Earnings per share has expanded nicely from $1.41 to $3.16. Our dividend has expanded very nicely, increasing $0.64 over the time frame.
I'll share with you also that we are in our fourth week of our OCC exam. The Office of the Comptroller of the Currency does our annual audit this time of year, and it's nearly concluded. In an exit meeting with the examiner in charge yesterday, which isn't always the case with examiners, he pointed out to me that the dividend and our dividend ratio and just the flat-out dollars we pay is one of the highest he has in his portfolio of national banks that he's reviewing. I thought I would pass that on to you as a comment from another party about our dividend. Our net interest margin, that has gone down over the time continuum.
I t speaks to those prior slides where we have been recovering from the Federal Reserve's actions when they took on inflation in grand style. Next chart, Richard Elder. Next slide. Some key ratios for you that I hope you have your eyes on as we report to you on a quarterly basis and you follow the stock. Leverage capital has expanded some, not a lot. Your bank has always been very lean in capital, but we have been expanding, and it expanded even more in the first quarter of 2026. Our legal lending limit has more than doubled. This is a measure that we can't lend to any one customer more than $45 million, as is the case at 12/31/2025.
This is just a percent of capital that's used in the regulatory world to make sure we don't have too many concentrations in one borrower. The classified to capital ratio, this is a bit of a negative ratio. This shows you classified loans to our capital. It was 32% at the end of 2014, down to 10%, and hopefully continuing to head downward. A s we work through this economy, we'll see what happens. ROA and ROE both up nicely over the time continuum. Three critical, four actually, critical expense control ratios over the 11 years, all of which have gone down. Our personnel expense to average assets down 17 basis points. Net occupancy to average assets down six basis points . Total overhead down 47 basis points .
Our efficiency ratio down 456 basis points to 51.16%. As Richard Elder mentioned, part of our culture, part of our bedrock, part of who we are is keeping that ratio low. Next slide, Richard Elder. Just wanted to share with you three slides on the first quarter. I left these in bar charts, for those of you that prefer. Year- over- year, earnings per share is up nicely from $0.64 to $0.81, a 26.2% increase again year- over- year. Diluted earnings per share by quarter is shown in the bar chart below that.
The far right being the first quarter of 2026, which always, I guess never say always, but nearly always dips against the link quarter 12/31/2025 because the third and fourth quarters of our year generally are the strongest for your bank. We always see a dip in the first quarter. Nothing to be alarmed about. Next slide, Richard Elder. The first quarter, again, moving forward, this is the market value price per share. Last March, it was $24.72. At the end of March this year, $28.03. A nice increase of 13%.
I looked at it right before I came online here today, we're still pushing that a little bit further, as we move into April, towards the end of April, at $29 a share. One more time, Richard Elder. M aybe a couple more times. Next slide. This is a slide on our efficiency ratio year-over-year of 56.93% efficiency ratio last year against the 52.64% this year. We continue to be pleased. Y ou can see it ticking up a little bit in the first quarter, and that's simply because September and December are such strong quarters for us. This efficiency we've been able to accomplish this, as I mentioned in my 11-year charts, by having grown the balance sheet $1.7 billion, or 116%.
Which is, in my view, a really, really nice story for you to have as shareholders. Go ahead and flip, Richard Elder. Lastly, I wanted to talk to you about the remaining part of 2026, with a little bit of 2025 here in this first chart. This is, I haven't shown this one to you before, but this is the final year of our 4th three-year strategic plan together. S ince 1/1/2015 to today. This chart shows here our 8 goals on the left are in the strategic action steps that support strategies within those goals. We have 881 action steps to complete in this three-year plan. We've completed 695 of those through 12/31/2025, about 79% of the plan.
If you do the quick math, we're supposed to be 2/3 of the way through this plan, which would have been about 587 action steps, or 67% or 66.666% of the plan. Sorry to be granular there, I just wanted to give you the full story. I mentioned this is our fourth strategic plan. Our others before this were the 2015 strategic plan that had 350 action steps. Our 2018 strategic plan, which had 443 action steps. Our 2021 strategic plan had 728 action steps . As I mentioned, the 2024 plan has 881 action steps . In the fall of this year, we will begin our planning for our fifth strategic plan.
This will be the 2027 - 2029 plan. Anecdotally, each time along the way, I have said to the executive team and to the board, we ought to find a way to have a few less action steps in these plans. As you can see from the numbers I just gave you, it continues to expand. I'm not going to say it this year at our fall retreat. This current strategic plan, just so you have a sense of it, again, nine primary goals, 121 strategies, and 881 action steps to help us execute those strategies to achieve our goals, our nine primary goals. We measure this using this chart. I have quarterly coaching with my executive team where we talk about the strategic plan, our progress.
What we thought was great maybe two years ago doesn't work for us today. Sometimes we'll abandon action steps. We've added to the plan before. It's not usual, but sometimes we add outside the plan for things that come up. I just wanted to give you that snapshot of where we're going for the rest of 2026 with regard to the plan is to complete that delta between 881 action steps - 695 action steps. Very proud of our planning process. Next slide, Richard Elder. These last two slides are about increasing shareholder value. I wanted to show you our year-to-date return, total return through the Q1 of 2026. Your bank being the blue bar on the left. Three banks thereafter being Bar Harbor Bankshares, Camden National Bank , and Katahdin Trust Company.
Four bars of indices, the Nasdaq Bank Index, the KBW Nasdaq Regional Banking Index , the ABA NASDAQ Community Bank Index, and the State Street SPDR S&P Regional Banking ETF. That's a mouthful. As you can see, our total return in the first quarter compares nicely to our peers. I wanted to specifically mention Katahdin Trust Company here as great bank. Jon Prescott's a friend of mine, the CEO. Their market cap is only $104 million, and they only average about 960 shares traded per day. That is going to really move around that total return number as the stock price goes up and down with such low volatility in the shares. Just as a point of reference, our market cap is $367 million. Theirs $104.
We trade on an average of 19,900 shares per day versus that 960 shares I just referenced. My final slide, next slide, Richard Elder, is a look at total return with the same peers and the same indices over a 10-year period. Y our bank to the left comparing quite nicely to both Bar Harbor Bankshares and Camden National Bank. Katahdin Trust Company that anomaly in the middle, positive for them. How we compare very, very nicely to all four of the indices over the last 10-year period. That concludes my remarks. I would like to take a moment and answer any shareholder questions that we have out there. Excuse me one second. I've had my computer logged off here. I quickly have to check with the person monitoring the search for questions. She has chatted me with none so far.
We did have one mailed into us or emailed to us that I want to address. A shareholder wrote to us a two-part question, both of which were surrounding charts in The First Bancorp's 2025 annual report. The first question was related to a chart on page 36 of the report. Obviously, don't expect you to flip to that, but it's a chart of contractual maturities on all of our loans. His question was focused on commercial and residential construction, and he wanted to know how construction loans in the commercial and residential category can have maturities over five years. Gave some examples in dollars, and we also noted that we have some maturities in over 10 years in both categories, commercial and construction. Excuse me, commercial and residential construction.
His overall question is what type of loan makes up a construction loan that allows five years of construction? What I want to point out here for the shareholder and for you, if you were all of you, if you were confused by it, this table is contractual maturities. Both of those products, residential and commercial construction products, have a two-year or less construction period, commercial, one year or less for residential, and then they convert automatically into their term loan. The contractual maturity is the actual maturity as if it went to term or in its term; rather, the answer is no, we do not do five-year and 10-year construction periods.
His second question was noting that our charge-offs on page 39 of the report increased 133% or about $1 million year-over-year. The core of his question was not that it so much had increased, although we'd all like it not to. He was wondering if there were any similar reasons for each of the charge-offs or did each one have its own special reason. It's a great question. The largest bucket of increase we saw was in our commercial and industrial loans, our C&I loans, about $0.8 million of the $1 million. We had 3 bankruptcies and one company became insolvent, akin to bankruptcy, that comprised that $0.8 million. The commonalities are three bankruptcies. I appreciate the question.
I'll check one more time if anything else has come in while I was answering that one. Looks like none. With that said, I will accept a motion for adjournment of the meeting.
I move to adjourn the meeting.
Seconded.
I would like to thank all the shareholders, guests, directors, officers and employees for attending this year's virtual annual meeting. Thank you.
We just got a question.
Okay.
Any effect on the private markets for failures to FNLC?
Say that one more time, Carrie.
Any effect on the private markets failures to FNLC?
Certainly not to our balance sheet. Our stock price gets caught up in anything that happens negatively in the equities market, but our balance sheet has been doing quite well. T hat's kind of a knock on wood as well, not to be a flip. I think we're back to adjournment.
Thank you. The annual meeting for The First Bancorp has now come to an end. A recording of the meeting is available to view for one year at www.virtualshareholdermeeting.com/fnlc2026. We thank you for attending today's presentation. You may now disconnect.