Peer mentoring programs can be a valuable support mechanism for new faculty transitioning from clinical practice to academia. Mentors play a crucial role in this process. This study described mentors' perceived competence in 21 areas of the mentor role and their experiences as mentors following the first year of a structured peer mentoring program. This study employed a mixed-methods approach, using the Mentoring Competency Assessment-21 alongside open-ended questions. These instruments were electronically administered to a convenience sample consisting of eight mentors with varying experience ranging from 2 to 16 years in the nursing program at a mid-sized university, following an intentional first-year peer mentoring program. The highest-performing items were "Establishing a relationship based on trust" (M 6.50, SD 0.53), "Considering how personal and professional differences may impact expectations" (M 6.25, 0.83), and "Acknowledging your mentee's professional contributions" (M 6.13, SD 0.99). The lowest scores were focused on estimating scientific knowledge and scholarly productivity. Responses to the Mentoring Competency Assessment-21 indicated that mentors felt at least moderately competent in the various aspects of the faculty mentor role. Mentors valued the professional development and supporting materials provided by the development team. An identified area for improvement was the support provided to assist the mentees' scholarly development. This study underscores the importance of supportive materials, such as handbooks and regular communication, in fostering mentor competence and facilitating successful nursing faculty peer mentoring programs. Future research implications include assessment of mentor competence by mentees and long-term follow-up of program outcomes.