The First Bancorp Declares First Quarter Dividend

Rhea-AI Summary

The First Bancorp (NASDAQ: FNLC) declared a quarterly cash dividend of 31 cents per share, payable on April 16, 2021. Shareholders of record as of April 6, 2021 will receive this dividend. As of March 24, 2021, the annualized dividend of $1.24 per share yields 4.42%. The company's President & CEO, Tony C. McKim, emphasized that these dividends reflect the bank's record annual earnings in 2020, underlining the board's commitment to sharing success with shareholders.

Positive

• Quarterly cash dividend of 31 cents per share indicates strong financial performance.
• Annualized dividend yields 4.42%, attractive return for shareholders.
• Record annual earnings reported in 2020 showcases the company's growth and stability.

Negative

• None.

The Board of Directors of The First Bancorp (NASDAQ: FNLC), the parent company of First National Bank, today declared a quarterly cash dividend of 31 cents per share. This first quarter dividend is payable April 16, 2021 to shareholders of record as of April 6, 2021. Based on the March 24, 2021 closing price of $28.08 per share, the annualized dividend of $1.24 per share translates to a yield of 4.42%.

"The First Bancorp reported record annual earnings in 2020," remarked President & Chief Executive Officer, Tony C. McKim. "I'm pleased that the Company's Board of Directors continues to view paying a generous cash dividend as an appropriate way to share this success with our shareholders."

The First Bancorp, headquartered in Damariscotta, Maine, is the holding company for First National Bank. Founded in 1864, the Bank serves Mid-Coast and Down East Maine with seventeen offices in Lincoln, Knox, Hancock, Penobscot, Waldo and Washington Counties. The Bank provides a full range of consumer and commercial banking products and services. First National Wealth Management, a division of First National Bank, provides investment management and trust services from five offices in Lincoln, Knox, Penobscot and Hancock Counties.

Forward-looking and cautionary statements: except for the historical information and discussions contained herein, statements contained in this release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results and events to differ materially, as discussed in the Company's filings with the Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210325005852/en/

FAQ

What is the dividend amount declared by FNLC for Q1 2021?

The dividend amount declared by FNLC for Q1 2021 is 31 cents per share.

When will the dividend be paid to FNLC shareholders?

The dividend will be paid on April 16, 2021, to shareholders of record as of April 6, 2021.

What is the yield of FNLC's annualized dividend based on March 24, 2021 closing prices?

The yield of FNLC's annualized dividend is 4.42% based on the closing price of $28.08 per share.

How does FNLC's 2020 performance compare to previous years?

FNLC reported record annual earnings in 2020, indicating significant growth compared to prior years.