judgment and breakdowns resulting from human failures. Internal control over financial reporting also can be circumvented by collusion or improper management override. Because of its inherent limitations, internal controls over financial reporting may not prevent, or detect and correct, misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures may deteriorate. Management assessed the effectiveness of First Bancorp, Inc. and Subsidiary’s internal control over financial reporting, including controls over the preparation of regulatory financial statements in accordance with the instructions for the Consolidated Financial Statements for a Bank Holding Company (FR Y-9C), Parent Company Only Financial Statements for Large Bank Holding Companies (FR Y-9LP), and Consolidated Reports of Condition and Income for a Bank with Domestic Offices Only (FFIEC 041), as of December 31, 2025, based on the framework set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework . Based upon its assessment, management has concluded that, as of December 31, 2025, First Bancorp Inc. and Subsidiary’s internal control over financial reporting, including controls over the preparation of regulatory financial statements in accordance with the instructions for the Consolidated Financial Statements for a Bank Holding Company (FR Y-9C), Parent Company Only Financial Statements for Large Bank Holding Companies (FR Y-9LP), and Consolidated Reports of Condition and Income for a Bank with Domestic Offices Only (FFIEC 041), is effective based on the criteria established in Internal Control – Integrated Framework . First Bancorp, Inc. and Subsidiary’s control over financial reporting, including controls over the preparation of regulatory financial statements in accordance with the instructions for Consolidated Financial Statements for a Bank Holding Company (FR Y-9C), Parent Company Only Financial Statements for Large Bank Holding Companies (FR Y-9LP), and Consolidated Reports of Condition and Income for a Bank with Domestic Offices Only (FFIEC 041), as of December 31, 2025, has been audited by Hess, Stewart & Campbell, PLLC, an independent public accounting firm, as stated in their report dated February 24, 2026.
Statement of Management’s Responsibilities The management of First Bancorp, Inc. and Subsidiary (The First Bank and Trust Company) is responsible for preparing the institution’s annual consolidated financial statements in accordance with generally accepted accounting principles; for designing, implementing and maintaining an adequate internal control structure and procedures for financial reporting, including controls over the preparation of regulatory financial statements in accordance with the instructions for the Consolidated Financial Statements for a Bank Holding Company (FR Y-9C), Parent Company Only Financial Statements for Large Bank Holding Companies (FR Y-9LP), and Consolidated Reports of Condition and Income for a Bank with Domestic Offices Only (FFIEC 041); and for complying with Federal laws and regulations pertaining to insider loans and the Federal and State laws and regulations pertaining to dividend restrictions . Management’s Assessment of Compliance with Designated Laws and Regulations The management of First Bancorp, Inc. and Subsidiary has assessed the Institution’s compliance with the Federal laws and regulations pertaining to insider loans and the Federal and State laws and regulations pertaining to dividend restrictions during the fiscal year that ended on December 31, 2025. Based upon its assessment, management has concluded that First Bancorp, Inc. and Subsidiary has complied with the Federal laws and regulations pertaining to insider loans and the Federal and State laws and regulations pertaining to dividend restrictions during the fiscal year that ended on December 31, 2025. Management’s Assessment of Internal Control over Financial Reporting First Bancorp, Inc. and Subsidiary’s internal control over financial reporting is a process effected by those charged with governance, management, and other personnel, designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of reliable consolidated financial statements in accordance with accounting principles generally accepted in the United States of America and financial statements for regulatory reporting purposes including Consolidated Financial Statements for a Bank Holding Company (FR Y-9C), Parent Company Only Financial Statements for Large Bank Holding Companies (FR Y- 9LP), and Consolidated Reports of Condition and Income for a Bank with Domestic Offices Only (FFIEC 041). First Bancorp, Inc. and Subsidiary’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of First Bancorp, Inc. and Subsidiary; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America and financial statements for regulatory reporting purposes, and that receipts and expenditures of First Bancorp, Inc. and Subsidiary are being made only in accordance with authorizations of management and directors of First Bancorp, Inc. and Subsidiary; and (3) provide reasonable assurance regarding prevention, or timely detection and correction of unauthorized acquisition, use, or disposition of First Bancorp, Inc. and Subsidiary’s assets that could have a material effect on the consolidated financial statements. Internal control over financial reporting has inherent limitations. Internal control over financial reporting is a process that involves human diligence and compliance and is subject to lapses in
First Bancorp, Inc. and Subsidiary
W. Mark Nelson President & Chief Executive Officer February 24, 2026
A. Eric Moore Chief Financial Officer February 24, 2026
2025 Annual Report | 18
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