The First Bancorp Declares Second Quarter Dividend

Rhea-AI Summary

The First Bancorp (NASDAQ: FNLC) declared a quarterly cash dividend of 34 cents per share, marking a 6.25% increase from the prior quarter's 32 cents. This dividend is payable on July 22, 2022, to shareholders of record as of July 11, 2022. Based on the June 29, 2022 closing price of $29.92, the annualized dividend yields 4.55%. The company's President, Tony C. McKim, noted strong performance in 2021 and into 2022, showcasing commitment to rewarding shareholders.

Positive

• Quarterly dividend increased by 6.25% from previous quarter.
• Strong earnings reported for the first quarter of 2022.

Negative

• None.

DAMARISCOTTA, Maine--(BUSINESS WIRE)-- The First Bancorp (NASDAQ: FNLC), the parent company of First National Bank, today declared a quarterly cash dividend of 34 cents per share. This second quarter dividend is payable July 22, 2022 to shareholders of record as of July 11, 2022. The quarterly cash dividend of 34 cents per share is an increase of 2 cents or 6.25% from the 32 cents per share paid in each of the prior four quarters. Based on the June 29, 2022 closing price of $29.92 per share, the annualized dividend of $1.36 per share translates to a yield of 4.55%.

"The First Bancorp performed very well in 2021 and has continued to do so in 2022 with record earnings reported for the first quarter," remarked President & Chief Executive Officer, Tony C. McKim. "The Board of Directors is committed to sharing the Company's success with our shareholders, and I'm pleased to do so in the form of an increased cash dividend."

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 eighteen 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.

Category: Dividends
Source: The First Bancorp

View source version on businesswire.com: https://www.businesswire.com/news/home/20220630005852/en/

The First Bancorp

Richard M. Elder, EVP, Chief Financial Officer

207-563-3195

rick.elder@thefirst.com

Source: The First Bancorp

FAQ

What is the dividend amount declared by The First Bancorp (FNLC)?

The First Bancorp declared a dividend of 34 cents per share.

When will the FNLC dividend be paid?

The FNLC dividend will be payable on July 22, 2022.

What is the record date for The First Bancorp's dividend?

The record date for the dividend is July 11, 2022.

What is the annualized dividend yield for FNLC?

The annualized dividend yield for FNLC is 4.55% based on the closing price of $29.92.

What was the previous dividend amount before the increase?

The previous dividend amount was 32 cents per share.