The First Bancorp Declares Second Quarter Dividend

Rhea-AI Summary

The First Bancorp (NASDAQ: FNLC), the holding company for First National Bank, has declared a quarterly cash dividend of 36 cents per share for the second quarter. This dividend marks a one-cent increase from the previous four quarters and will be payable on July 19, 2024, to shareholders of record as of July 9, 2024. Based on the closing price of $23.53 per share on June 26, 2024, this annualized dividend of $1.44 per share offers a yield of 6.12%. The announcement underscores the company's commitment to providing value to its shareholders.

First Bancorp, headquartered in Damariscotta, Maine, operates First National Bank with 18 offices across Mid-Coast and Down East Maine. The Bank offers a comprehensive range of consumer and commercial banking products and services, as well as investment management and trust services through First National Wealth Management.

Positive

• The quarterly cash dividend increased by one cent to 36 cents per share, indicating financial stability and potential income for shareholders.
• Annualized dividend yield is 6.12%, based on the closing price of $23.53 per share on June 26, 2024, which could attract income-focused investors.

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 36 cents per share. This second quarter dividend is payable July 19, 2024 to shareholders of record as of July 9, 2024. The quarterly cash dividend of 36 cents per share is an increase of one cent per share from the dividend paid in each of the prior four quarters.

"I'm pleased to announce that the Board of Directors approved a one cent increase in the second quarter dividend to 36 cents per share," remarked President & Chief Executive Officer, Tony C. McKim. "The quarterly dividend continues to be an important component of the value we offer our shareholders. Based on the June 26, 2024 closing price of $23.53 per share, the annualized dividend of $1.44 per share represents an attractive yield of 6.12%."

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20240627833868/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 declared by The First Bancorp for the second quarter?

The First Bancorp declared a quarterly cash dividend of 36 cents per share for the second quarter.

When will The First Bancorp pay the second-quarter dividend?

The second-quarter dividend will be payable on July 19, 2024.

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

The record date for the second-quarter dividend is July 9, 2024.

By how much did The First Bancorp increase its quarterly dividend?

The First Bancorp increased its quarterly dividend by one cent per share.

What is the annualized dividend yield for FNLC based on the recent closing price?

The annualized dividend yield for FNLC is 6.12%, based on the closing price of $23.53 per share on June 26, 2024.